Heritage Global Q2 2025 Earnings Call Transcript

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Provided by Quartr
August 7, 2025

Key Takeaways

  • Positive Sentiment: Heritage Global beat its $2 million NOI target by delivering $2.2 million in consolidated operating income in Q2 2025.
  • Positive Sentiment: The company reports a diversified pipeline evenly spread across industrial and financial services with a healthy mix of new and repeat clients.
  • Positive Sentiment: The Industrial Assets segment saw late-model equipment fetching premium prices amid supply chain and tariff concerns, boosting auction volumes.
  • Positive Sentiment: On the Financial Assets side, NLEX continues to add new sellers—including regional banks and fintechs—while pricing normalizes and performance remains stable.
  • Positive Sentiment: Management is in serious acquisition mode, leveraging a “fat wallet” to pursue strategic deals within the next 6–12 months to accelerate growth.
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Earnings Conference Call
Heritage Global Q2 2025
00:00 / 00:00

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Operator

Good day, everyone, and welcome to today's Heritage Global Inc. Second Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. Later, you will have the opportunity to ask questions during the question and answer session. Please note this call will be recorded and I will be standing by should you need any assistance.

Operator

It is now my pleasure to turn the conference over to John Nesbitt with IMS Investor Relations. Please go ahead.

John Nesbett
Founder & President at IMS Investor Relations

Thank you, and good afternoon, everyone. Before we begin, I'd like to remind everyone that this conference call contains forward looking statements based on current expectations and projections about future events and are subject to change based on various important factors. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward looking statements, which speak only as of the date For of this more detailed factors that could affect these expectations, please see our filings with the Securities and Exchange Commission. Now I'd like to turn the call over to Heritage Global's Chief Executive Officer, Mr. Ross Dove. Ross?

Ross Dove
Ross Dove
CEO & Director at Heritage Global

Thank you, John. Hello, and good afternoon, everyone. Thank you for joining, and once again, you for your continued interest. As always, Brian will drill down on the corners performance nuts and bolts across the board. Clearly, it was a solid quarter.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

And actually more importantly, it was a solid quarter with no real concentration issues, but a solid corner countrywide. We are proud to say we blew by the 2,000,000 NOI goal to 2,200,000 and it felt very encouraging. Let me start by trying to add some color beyond the numbers on how we're currently feeling, where we see ourselves headed, and with some of the reasons on the how and the why. So this last month, I was at a CEO peer group conference, a virtual conference with micro cap and small cap CEOs. We were all asked around the horn to basically talk about how we felt in this virtual room briefly about the state of the economy, how our company was facing the challenges in the current macro economy, etcetera.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

I spoke last. Pretty much everyone seemed to mirror each other's comments with the same safeguards I'm sure you're all hearing regularly. Typical flight to safety, which makes sense in this macro geopolitical economy. They were saying it's very hard to forecast with so much uncertainty. They were saying we're unsure when in here and how severe the impact of the tariffs will be on our supply chains.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

They were then again reiterating, it's unclear if capital will be available near term. Then it was my turn. I heard myself say, wow, Heritage Global feels really very, very able, very stable, and very capable right now. I just have the sense we're built to last for whatever comes opportunistically. I know that sounded arrogant, and this is an earnings call and not a sales pitch.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

So forgive me any over exuberance, let me just focus on where that confidence right now is coming from. First off, I believe now and I've always believed very much in the context of SINLOA, S I N L O A, safety in numbers, law of averages. It's paramount to my CEO dashboard. I measure everything both short term and long term where I get my confidence from safety and numbers. Right now, our pipeline is very, very strong and it's not just strong, it's equally spread out across all of our revenue sectors, which is most important.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

It's also very important that we have a really good mixture of both new clients we're attempting to add and ongoing business from repeat clients in all of our sectors spread out pretty equally. Let me begin a bit on the industrial side before I then shift to the financial and back to Brian to more details. What we're seeing is a very healthy spread of both large successful multinational firms we do business with increasingly and aggressively managing their surplus even more diligently, combined with a more meaningful move to get their surplus on the market and out the doors of their factories and warehouses. That's combined with a venture community and a buyout sector that is now really becoming a bit more Darwinian in their approach to where companies who are not performing on fast paths to profitability are under greater pressure to right size and we're seeing increased surplus assets, continued plant closures, and pressure on downsizing and rightsizing. At both our ALT and our industrial auctions, what's happening now in this supply chain and this marketplace is the magic really happens when we're able to offer new and late model assets.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

The late model assets are really selling on the industrial side at a very large premium now with supply chain and tariff fears. So we're getting more and more late time assets and we're getting more and more bidders at our auctions and we've done a fantastic job, in my opinion, the leadership at ALT of upgrading our bio inventory to where we have really modern, fresh assets and an aggressive base of buyers that are looking to buy secondhand equipment that's really in pristine condition. So industrial side, I feel very confident that's kind of the how and the why, and why I said that I think we're stable and capable and able right now. Transfer over to the financial assets and back to my same statements. When it comes to selling charged off consumer loans, our team at NLEX has built the most respected and trusted brand in the industry.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

It's really well deserved our success because of the effort our team has put in. They've invested in best in class services for both the sellers and the buyers. With the singular best data protections in the industry and the most transparent ease of use in their trusted offerings, They have a growing cadre of repeat sellers, and they're adding new sellers and new bulk sellers on a regular basis, literally week by week and month by month. So it's very, very strong approaching at NLICS. As we move through the year and into next year, I feel that this will continue on a regular basis.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

That blowing by $2,000,000 NOI was no fluke, it should continue and be pretty stable the next few quarters and onward past that. More important than that, being stable and able is not our goal. Our goal is to put a massive effort now into next stage of our company, which is to giddy up and make hay stage. So we're now in a very, very serious acquisition mode, and that would be an understatement to tell you how serious we are. We're looking at multiple companies.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

We're sitting here because we've worked very hard and we've planned very well with what I'll brag to say is a fat wallet. And we got a fat wallet and we got an empty belly ready to fill up. So we're looking hard as we speak at multiple deals. I think that we're gonna get some announcements done. Definitely within the next six to twelve months.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

Our goal is even sooner. We're talking to multiple people at once. We know that that's the secret sauce to get the kind of growth we need to go from able and stable to really on a takeoff position to really build this thing into something significantly larger. I feel good about where we are, I feel proud of our team. And I'll let Brian walk you through the details of this quarter.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

I'll quiet down now and give him his turn. Before I do that, thank you all. And anytime you wanna talk with us, we're available, we're around, and we very much appreciate you guys joining in. Brian, go ahead and get down to the nuts and bolts.

Brian Cobb
Brian Cobb
CFO at Heritage Global

Thank you, Ross, and good afternoon, everyone. I'll begin with a brief overview of our second quarter operating results before walking through our Industrial and Financial segment performance. I'll then conclude with consolidated financials. Consolidated operating income was $2,200,000 in the second quarter twenty twenty five compared to $3,500,000 in the 2024. Our Industrial Assets division reported operating income of $1,300,000 in the 2025 compared to $2,100,000 in the prior year quarter.

Brian Cobb
Brian Cobb
CFO at Heritage Global

Our financial assets division reported operating income of $2,200,000 in the 2025 compared to $2,700,000 in the 2024. Our Industrial Assets division had a solid quarter benefiting from a high volume of auctions and steady asset pricing levels for both the auction liquidation and refurbishment and resale segments. Our appraisals business delivered a sound quarter with operating income of approximately $250,000 compared to a loss in the first quarter of the year. Our ALP business benefited from an increased number of auctions in addition to its core retail channel achieving operating income of approximately $400,000 compared to a breakeven quarter in the prior year period. Taking out the $1,300,000 in earnings achieved in the 2024 from the Fenton Missouri Pharmaceutical Plant the Industrial Auctions Group HCP had improved day to day operating results this quarter compared to the prior year period.

Brian Cobb
Brian Cobb
CFO at Heritage Global

As we move through the second half of the year we're focused on continuing to execute on the opportunities in our auction pipeline to build momentum and drive operational success. Our Financial Assets division delivered relatively consistent performance as compared to the 2024 and drove strong sequential improvement in the quarter. We saw a meaningful improvement in the brokerage business which continued to add high quality portfolio sales resulting in increased pricing during the quarter as compared to the first quarter, yet pricing is still in closer alignment with a normalized market. The NLEX team has been and continues to be actively onboarding new clients. This focus coupled with a strong pipeline of opportunities has led to an increase transactions and we anticipate that this segment will continue to see strong performance throughout 2025.

Brian Cobb
Brian Cobb
CFO at Heritage Global

Additional consolidated financial results include the following: adjusted EBITDA was $2,660,000 compared to $4,000,000 in the prior year period. The difference quarter over quarter was primarily due to earnings recorded from our pharmaceutical plant transaction in the 2024 mentioned earlier. Net income was 1,600,000 or $05 per diluted share compared to net income of $2,500,000 or $07 per diluted share in the 2024. Our balance sheet is strong with stockholders' equity of $65,700,000 as of 06/30/2025 compared to $65,200,000 at 12/31/2024 with net working capital of 16,400,000.0 Our cash balance reflects a total of $19,800,000 as of 06/30/2025 and after removing amounts due to our clients payables to sellers on our balance sheet, our net available cash balance was 11,700,000.0 We also repurchased approximately 750,000 shares in the open market during the second quarter for a total of $1,600,000,000 or an average cost of $2.13 per share. And as of July 31, the company has formally extended the repurchase program for an additional three years with an allowable spend of 7,500,000.0 On the M and A front acquisitions remain a capital allocation focus as the company continues to evaluate several strategic opportunities both the industrial and financial assets segments of the business.

Brian Cobb
Brian Cobb
CFO at Heritage Global

We look forward to reporting on any developments as they occur. And with that, back over to you, Ross.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

Thank you, Brian. So I've been doing this a very long time, and the only thing I can give you is my feelings. It just feels like Heritage Global is in the right place at the right time with the right board of directors fully supporting us, the right young, strong management team other than old Ross, really ready to step forward. I couldn't pick a better time or a better opportunity for us to seize the day, to seize the month, to seize the year, and to produce everything that we should produce. So we're at the point in time right now.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

The assets are there, the marketplace is there, and we're at a no excuses place that it's our turn to shine. Thank you all for paying attention, and thank you for your continued interest. And we're always around, we're grateful that you're here with us. Brian and I are ready to take any questions that anybody has, and we're anxious to hear from you. Thanks again, and the lines are open.

Operator

And we'll take our first question from Mark Argento with Lake Street. Your line is open.

Mark Argento
President, Co-Founder & Head - Institutional Equities at Lake Street Capital Markets

Hey, Rossi, Brian. Just had a couple just a couple of questions here. First off, when we when we're thinking about just kinda, you know, 10,000 feet in terms of the model, you've kind of thrown out that $2,000,000 in operating income. Is that kind of a good baseline for you guys the way the business is today, kind of on a quarter in and quarter out basis? And if that's the case, how should we think about the opportunity to start nudging that higher?

Mark Argento
President, Co-Founder & Head - Institutional Equities at Lake Street Capital Markets

I think historically, guys there's a decent amount of variability in terms of quarter in, quarter out operating income, but maybe just fill us off when you talk about how you're thinking about the business and Right. How how that could expand over time.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

So in q one, we were lower than the $2,000,000 number. So it wouldn't be fair to say that by any stretch of the means, it's an automatic. We gotta work really hard and everybody's gotta perform and show up and things have to work to make over $2,000,000 We're a 100 people and we gotta roll hard, but it's a reasonable expectation. And, you know, our hope is to get it to where that is pretty much a baseline that we can build the platform and grow from. So looking at q three and looking at q four, you know, our goal is to get past the 2,000,000 each quarter without m and a and without any special one time significant big hit and have that be pretty much a really solid, proud operating company with growth platforms of both DNA, organic growth, some spiked earnings, and getting some m and a done.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

So it's fair to say we're very pleased with that quarter. We're not pleased with thinking that's gonna be the quarter that we perform for the rest of our careers. So I'll take it for today. It's not the answer for tomorrow. The answer for tomorrow is to beat it up and go way past it.

Mark Argento
President, Co-Founder & Head - Institutional Equities at Lake Street Capital Markets

Got it. And you you mentioned a year ago, 3 and a half million, but a million 3 of that was real estate. So you guys are kinda on par with, you know, kinda run rate with where you were last year.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

We're we're we're we're always going to be close to getting one or have one because we're focusing on it on a regular basis. They're not an anomaly. So we've never seen the last one. They're just not the kind of transactions that you can pin a date on or forecast, exactly when you close it or exactly when, once you close it, you monetize it. I mean, we have one in the works now that we're already in control of, and we have multiple ones that we're chasing.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

They're not in the $2,000,000 number, And when we get them, that's where we leave past it, Mark.

Mark Argento
President, Co-Founder & Head - Institutional Equities at Lake Street Capital Markets

Right. No, understood. That makes sense. In terms of the asset flows and kind of pricing, you touched a little bit on, looks like on the financial assets pricing continue to normalize. Are you guys seeing more portfolios coming to market?

Mark Argento
President, Co-Founder & Head - Institutional Equities at Lake Street Capital Markets

Any kind of anecdotal you know, stories you have with, you know, you can share with us in terms of how you see that financial What

Ross Dove
Ross Dove
CEO & Director at Heritage Global

the NLEX guys are telling me is that they're seeing now more meetings and more signing of people that haven't traditionally been using, an outside broker or people that hadn't been selling over the last year or two. So they're seeing some new entries to the market, coupled with, the existing entries. The volume on the existing entries isn't really growing. Our good quarters are because we're continuing to maintain all of our clients, and we've been adding new clients to our portfolio or suite of existing clients. So our growth there is obviously that we think that we're we're gaining market share with new sellers, Mark. Right.

Mark Argento
President, Co-Founder & Head - Institutional Equities at Lake Street Capital Markets

Shifting gears, tariffs, obviously, you guys aren't directly impacted. Can you do a good resell and used equipment? But have you seen that play out in terms of like at more demand for used equipment, especially if, know, you're looking to buy equipment that might have a tariff attached to it?

Ross Dove
Ross Dove
CEO & Director at Heritage Global

I think it really the reaction now is preliminary that, you know, we are we're seeing really good crowds when we have really modern equipment that that it's a little bit harder to sell some of the older, more dated equipment. And there's really a lot of people that are very aggressive when there's six month old, one year old, two year old equipment for kind of an early fear that they could have some troubles down the road in the supply chain. Not always just with the cost, but with the timing mark that when you're a biotech company and you need the assets or any kind of manufacturing company, you know, it's not always as price sensitive. Sometimes it's time sensitive. And when it's time sensitive, they will pay a premium to get the equipment today, and that's when used equipment really can move the needle for us.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

If we have it and it's six months to get it, you know, new. So it hasn't really got to a point where there's real fear in the market, but I'd say there's real concern in the market now.

Mark Argento
President, Co-Founder & Head - Institutional Equities at Lake Street Capital Markets

Great. I'll hop back in the queue. Thanks, guys.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

Thank you, Mark.

Operator

We'll move next to George Sutton with Craig Hallum. Your line is open.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

Hi, George.

Logan Lillehaug
Equity Research Associate at Craig-Hallum

Hey, guys. This is Logan on for George this afternoon. On the nice quarter here.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

Thank you.

Logan Lillehaug
Equity Research Associate at Craig-Hallum

Ross, as you talk about kind of new sellers coming into the NLEX market, I wonder if you can just give us a little more color on that. Like, is it concentrated at all? Is it pretty broad based? Kind of what types of companies are you seeing coming to the market?

Ross Dove
Ross Dove
CEO & Director at Heritage Global

So it is somewhat broad based. I wouldn't really say that it's a lot of what you'd call the money center banks to really the major big national banks. It'll be a combination of regional banks, some of which have not been aggressive sellers, but kind of in this new economy where you're having the FDIC and people really want banks to to really increase the comfort level by the regulators. You're seeing some more regional banks enter the market. You're seeing some of the, what I'll call, alternative lending companies that have now basically built up a larger amount of NPL assets than they had.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

Some of these companies, obviously, are only two, three, four, five years old, and it took them a while to get to the point where they had to develop a program for selling non performing loans, you know, because they're not 50 year old or a 100 year old financial institutions. So we're seeing some of the newer, alternative lenders now growing to the point where they need the service. So it's kind of across the board. It's half fintech and half smaller banks. There's been an increase in the residential real estate portfolios we've been selling to.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

So overall, it's just kind of a healthy, steady growth, not some massive exponential growth, but a little bit more each quarter.

Logan Lillehaug
Equity Research Associate at Craig-Hallum

Got it. That's helpful. And then if we can turn to the acquisition front, I think you've previously indicated that there might be some opportunities for you in Europe. I'm just curious if that's still the case and are, you know, is the back and forth of tariffs having any impact on those potential conversations?

Ross Dove
Ross Dove
CEO & Director at Heritage Global

We're definitely in the marketplace to expand internationally. The first place to expand internationally would be obviously in Europe. We're looking obviously at multiple opportunities. We're actively engaged with, that is one of our strategies. And it's one of the strategies we've been talking about that is ongoing.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

So nothing material to announce other than there's no shift in that strategy and, we're farther down the road than we were, when we were not as far down the road.

Logan Lillehaug
Equity Research Associate at Craig-Hallum

Okay. Got it. And then if I can just throw out one more, on the specialty lending side with your with your large borrower, are you having any any sort of traction with the legal collections, which I think you're kinda turning to? I'm just curious to get an update there.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

I'll let Brian answer that. Would tell you it's steady as it goes and I haven't had any earth shattering news because it's a long haul and it's years and years before you get to an end result. So I guess I'm not as focused on it every ninety days, you know, understanding now what a long haul it is. But Brian is focused on it. So Brian, I'll let you give the update.

Brian Cobb
Brian Cobb
CFO at Heritage Global

Yeah, sure. So we are working really hard on the underlying loans, the underlying collateral and working with everyone, as I said in the prior quarters, our senior lenders and the borrower to essentially make the collateral or get the collateral into the most valuable spot or best position to collect over the long term. So work there has been a lot and it's been progressing. I said at this point we don't have any big news or key developments to disclose. However, we are trending in the right direction.

Brian Cobb
Brian Cobb
CFO at Heritage Global

We continue to pursue the legal initiative and we're analyzing the data and the performance of all those accounts as we go throughout here. And we're getting better data and better insight into how that looks. So that's kind of all I got for today.

Mark Argento
President, Co-Founder & Head - Institutional Equities at Lake Street Capital Markets

Okay. Thanks. Well, good to see

Logan Lillehaug
Equity Research Associate at Craig-Hallum

the momentum and thanks for taking my questions.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

Thank you.

Operator

We'll take our next question from David Marsh with Singular Research. Your line is open.

David Marsh
Equity Analyst at Singular Research

Hey, guys. Thanks for taking the questions. Hey, Ross, you caught my attention with your comment about regional banks on the financial the asset side. Hey, Are you seeing any flow at all from other institutions that may be, like, less likely to be participants, such as credit unions and things of that nature?

Ross Dove
Ross Dove
CEO & Director at Heritage Global

I mean, across the board, there is a greater pressure for people to monetize non performing loans now. I mean, it started at the top with the fallout from commercial back mortgage securities, and it kind of trickled down into our space, which is primarily much more on the consumer focus. Pretty much across the board, people are looking at monetizing NPL on consumer loans. As you know, we've reached pretty much all time highs in the amount of defaults right now. So there is a multi year period of working through the existing amount of consumer defaults And they're across the board.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

They're everything from auto to credit card to buy now, pay later to peer to peer. They're they're pretty much, not category specific. So they kind of touch every regional bank, and they kind of touch every alternative lending company from a BNPL to a peer to peer to a fintech. And what's happening now is, simultaneously, every quarter, you read about somebody raising, not a regional bank, but a fintech, another 100,000,000, 500,000,000, billion dollars. So it's putting more capital out into the marketplace.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

So we feel pretty safe going forward on that end of it. On the regional bank end of it, there's going to be, I think, growth in the regional banks wanting to have a really open transparent platform rather than just selling direct, a competitive marketplace right now. I mean, are not going up. So with prices not going up, they want to make sure they're getting the right price. And the best way to get the right price, pretty much at least is our belief, is through enough exposure and having enough different potential buyers look at the assets.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

So we think that the regional bank business is gonna grow from people who don't wanna just deal with one buyer, but wanna look at the marketplace at large. So the NLX team feels pretty comfortable that their business is in a great position for the next year or two.

David Marsh
Equity Analyst at Singular Research

Yeah. It sounds like you have some pretty strong momentum there. That's that's pretty encouraging for you all. Not sitting up too sure if it's great for the overall economy, but that's great for you guys. Hey.

David Marsh
Equity Analyst at Singular Research

Another one of the companies that I covered just had a they did a they they had a call they have a call center business for a solar operator, and solar operator went bankrupt. Is that something that you guys have played in the past and or

Ross Dove
Ross Dove
CEO & Director at Heritage Global

or We've done we've done we've done dozens we've done dozens of solar projects. Everything from the complete manufacturing plants down to a massive amount of the actual physical inventory for literally 40 or 50 different companies over the long run. We were kind of the early innovator in taking solar assets to the marketplace when we did the Solyndra auction, which was the, during the Obama administration, you can remember Solyndra was kind of the big political, really major solar difficulty that came number one. So that kind of branded us in the solar industry, but every quarter pretty much since then, we've done solar projects. So it would be not as big a business for us right now as our pharma business, but it's an ongoing business that we're an industry leader in.

David Marsh
Equity Analyst at Singular Research

Got it. That's helpful. Yeah. I guess, you know, some of these new regulations, took a toll on this, on this little solar operator. I don't know.

David Marsh
Equity Analyst at Singular Research

Maybe you guys A lot a lot lot of it was

Ross Dove
Ross Dove
CEO & Director at Heritage Global

lot of it was there was a lot of impact from solar moving, you know, not just to North America, but, you know, the Asian companies became pretty dominant in the solar industry, impacted a lot of the North American manufacturers, which eventually trickled down to some of the installers, etcetera. So and it's also in any kind of relatively new industry, even though it's fifteen or twenty years old, is still going through Darwinian transactions and, you know, m and a, and there'll be ongoing activity for multiple years in the solar sector that we intend to kinda stay with.

David Marsh
Equity Analyst at Singular Research

Great. Well, hey. Thanks for taking the question. Congrats on the quarter, and good luck for the rest of the

Ross Dove
Ross Dove
CEO & Director at Heritage Global

Thank you.

Operator

And it does appear that there are no further questions at this time. I would now like to turn it back to management for any additional or closing remarks.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

Hi, this is Ross. I'd like to thank everybody who's paid attention, everybody who joined in and listened. We're feeling good about where we're at. Hopefully, as investors, you're feeling good about our performance and our ability. And we know that it's time to go from doing good to doing great. So our focus isn't on just doing good.

Ross Dove
Ross Dove
CEO & Director at Heritage Global

Our focus is on stepping it up and building from here. So hopefully you'll stick with this and hopefully we'll do what's needed to earn your trust and respect going forward. Thank you all and everybody have a thank you all period. Goodbye.

Operator

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful afternoon.

Executives
Analysts
    • John Nesbett
      Founder & President at IMS Investor Relations
    • Mark Argento
      President, Co-Founder & Head - Institutional Equities at Lake Street Capital Markets
    • Logan Lillehaug
      Equity Research Associate at Craig-Hallum
    • David Marsh
      Equity Analyst at Singular Research
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