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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting Information, Additional Information [Abstract]  
Segment Information

Note 14 – Segment Information

The following tables sets forth certain financial information for the Company's reportable segments for the three month periods ended September 30, 2025 and 2024 (in thousands):

 

 

Three Months Ended September 30, 2025

 

 

 

Auction and Liquidation

 

 

Refurbishment & Resale

 

 

Brokerage

 

 

Specialty Lending

 

 

Corporate and other

 

 

Consolidated

 

Gross profit [1]

 

$

2,405

 

 

$

1,430

 

 

$

3,166

 

 

$

299

 

 

$

—

 

 

$

7,300

 

Operating expenses [2]

 

 

(1,964

)

 

 

(984

)

 

 

(1,701

)

 

 

(257

)

 

 

(1,182

)

 

 

(6,088

)

Earnings from equity method investments

 

 

32

 

 

 

—

 

 

 

—

 

 

 

57

 

 

 

—

 

 

 

89

 

Operating income (loss)

 

$

473

 

 

$

446

 

 

$

1,465

 

 

$

99

 

 

$

(1,182

)

 

$

1,301

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

Auction and Liquidation

 

 

Refurbishment & Resale

 

 

Brokerage

 

 

Specialty Lending

 

 

Corporate and other

 

 

Consolidated

 

Gross profit [1]

 

$

2,418

 

 

$

1,066

 

 

$

3,297

 

 

$

436

 

 

$

—

 

 

$

7,217

 

Operating expenses [2]

 

 

(1,864

)

 

 

(913

)

 

 

(1,642

)

 

 

(351

)

 

 

(1,068

)

 

 

(5,838

)

Earnings from equity method investments

 

 

29

 

 

 

—

 

 

 

—

 

 

 

71

 

 

 

—

 

 

 

100

 

Operating income (loss)

 

$

583

 

 

$

153

 

 

$

1,655

 

 

$

156

 

 

$

(1,068

)

 

$

1,479

 

 

 

The following tables sets forth certain financial information for the Company's reportable segments for the nine month periods ended September 30, 2025 and 2024 (in thousands):

 

 

Nine Months Ended September 30, 2025

 

 

 

Auction and Liquidation

 

 

Refurbishment & Resale

 

 

Brokerage

 

 

Specialty Lending

 

 

Corporate and other

 

 

Consolidated

 

Gross profit [1]

 

$

8,134

 

 

$

4,173

 

 

$

10,252

 

 

$

1,099

 

 

$

64

 

 

$

23,722

 

Operating expenses [2]

 

 

(6,053

)

 

 

(3,052

)

 

 

(5,210

)

 

 

(921

)

 

 

(3,762

)

 

 

(18,998

)

Earnings from equity method investments

 

 

31

 

 

 

—

 

 

 

—

 

 

 

181

 

 

 

—

 

 

 

212

 

Operating income (loss)

 

$

2,112

 

 

$

1,121

 

 

$

5,042

 

 

$

359

 

 

$

(3,698

)

 

$

4,936

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

Auction and Liquidation

 

 

Refurbishment & Resale

 

 

Brokerage

 

 

Specialty Lending

 

 

Corporate and other

 

 

Consolidated

 

Gross profit [1]

 

$

8,022

 

 

$

2,874

 

 

$

10,794

 

 

$

2,099

 

 

$

—

 

 

$

23,789

 

Operating expenses [2]

 

 

(5,913

)

 

 

(2,702

)

 

 

(5,132

)

 

 

(1,581

)

 

 

(3,502

)

 

 

(18,830

)

Earnings from equity method investments

 

 

1,391

 

 

 

—

 

 

 

—

 

 

 

1,231

 

 

 

—

 

 

 

2,622

 

Operating income (loss)

 

$

3,500

 

 

$

172

 

 

$

5,662

 

 

$

1,749

 

 

$

(3,502

)

 

$

7,581

 

 

[1] Within the Company’s Industrial Asset division, management allocates gross profit resulting from certain auctions from Auctions and Liquidation (HGP) to Refurbishment & Resale (ALT). From time to time, ALT may source and refer an auction project to HGP or directly sell lab equipment inventory through the auction channel. In these instances, the profits relating to these transactions are allocated to ALT rather than accounted for under the segment profit or loss of HGP. During the three months ended September 30, 2025, the total amount of gross profit allocated to ALT from HGP was approximately $0.5 million, as compared to the total amount of gross profit allocated to ALT during the same period of 2024 of approximately $0.3 million. During the nine months ended September 30, 2025, the total amount of gross profit allocated to ALT from HGP was approximately $1.1 million, as compared to the total amount of gross profit allocated to ALT during the same period of 2024 of approximately $0.8 million.

 

[2] All financing arrangements are originated with Corporate and other. Management may determine from time to time that interest incurred from financing arrangements are directly attributable to a specific segment. As a result, interest incurred may be charged to the segment and included in that segment’s profit or loss as a charge to operating expense. During the three months ended September 30, 2024, no interest was allocated to Specialty Lending (HGC) from Corporate and other. During the nine months ended September 30, 2024, the total amount of interest allocated to Specialty Lending (HGC) from Corporate and other was approximately $0.3 million. No interest expense has been allocated to operating segments during the nine months ended September 30, 2025.