410-507-8959 [tshaeffer@hginc.com] Adam Herman General Counsel, VP Business Development, Prestige Auctions 631-249-5566 [Adam.Herman@PrestigeEquipment.com] John Nesbett/Jennifer Belodeau IMS Investor Relations 203-972-9200 [InvestorRelations@HGinc.com]More News From Heritage Global Partners Inc.Get RSS Feed## Heritage Global to Announce Fourth Quarter and Year-End 2025 Results and Host Webcast on Thursday, March 12, 2026SAN DIEGO--([BUSINESS WIRE])--Heritage Global Inc. (NASDAQ: HGBL) ("Heritage Global,†"HG ...

million of interest payments, and $51 million of cash returned to stockholders through quarterly dividends. As of December 31, 2025, the Company's net debt leverage ratio improved to 3.4x from 4.3x at December 31, 2024.As of December 31, 2025, the Company had total liquidity of $547 million, consisting of cash and cash equivalents of $7 million and borrowing availability under the Company's Revolving Credit Facility of $540 million. There were $22 million of outstanding borrowings under the Revolving Credit ...

Kennametal to Attend the Loop Capital Conference [Accessibility Statement] Skip NavigationPITTSBURGH, Feb. 17, 2026 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) announced today that they will attend the Loop Capital Conference in New York City.Details of the conference are as follows:When: Tuesday, March 10, 2026Attendees: Michael Pici, Vice President, Investor Relations John Witt, Vice President Finance & Corporate ControllerAbout KennametalWith over 85 years as an industrial technology leader, Kennametal I ...

Core Viewpoint - The announcement highlights that the wholly-owned subsidiary, Jiangsu David Precision Technology Co., Ltd., and the controlling subsidiary, Nantong Guosheng Machine Tool Components Co., Ltd., have successfully re-certified as high-tech enterprises, allowing them to continue benefiting from tax incentives for the next three years [1][2]. Group 1 - Jiangsu David Precision Technology Co., Ltd. and Nantong Guosheng Machine Tool Components Co., Ltd. received the "High-tech Enterprise Certificate" from relevant authorities, with certificate numbers GR202532002809 and GR202532004519, issued on November 18, 2025, valid for three years [1]. - The re-certification is a continuation of their previous high-tech enterprise status, which allows them to enjoy a reduced corporate income tax rate of 15% for three years, as per the relevant tax laws [2]. - The re-certification does not affect the company's current tax incentives and is not expected to have a significant impact on the company's operating performance [2].

Core Viewpoint - The 2025 Central Economic Work Conference emphasizes the expansion of international technology innovation centers in Beijing (Jing-Jin-Ji), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to enhance regional innovation capabilities and address existing bottlenecks in innovation development [1][9][20]. Group 1: Beijing and Shanghai's Current Status - Beijing has maintained its position as the top global research city for nine consecutive years, with R&D investment intensity stable at around 6% [1]. - Shanghai has established 20 major technological infrastructures, with the total market value of listed companies on the Sci-Tech Innovation Board ranking first in the country [1]. - The expansion to Jing-Jin-Ji and the Yangtze River Delta aims to overcome innovation development bottlenecks and release new momentum for growth [1][9]. Group 2: Collaborative Development in Jing-Jin-Ji - The cross-regional division of labor in Jing-Jin-Ji has developed, with R&D in Beijing, manufacturing in Tianjin, and assembly in Hebei [5][7]. - During the 14th Five-Year Plan, the technology contract transaction amount from Beijing to Tianjin and Hebei exceeded 320 billion yuan, with an annual growth rate of 23%, indicating a significant increase compared to the previous five-year period [7]. - The collaborative development strategy has allowed companies like Beijing Jingdiao Group to thrive by focusing on R&D while leveraging manufacturing capabilities in Tianjin and assembly in Hebei [5][12]. Group 3: Challenges and Solutions in Regional Cooperation - Despite the progress, challenges remain in the collaborative framework, such as insufficient industrial coordination and barriers to the free flow of talent and resources among the three regions [10][12]. - The establishment of the Xiong'an New Area's Zhongguancun Science Park exemplifies efforts to break down administrative barriers and enhance cross-regional collaboration [14][16]. - The Xiong'an initiative has attracted over 260 enterprises, with 65% from Beijing, creating specialized industrial chains and generating over 1,200 new intellectual property rights [16]. Group 4: Long-term Vision for the Yangtze River Delta - The Yangtze River Delta has established a joint mechanism for cross-regional collaboration, funding over 100 joint projects with a total investment exceeding 1.7 billion yuan since 2022 [9][18]. - The National Major Science and Technology Infrastructure for Translational Medicine aims to create a shared resource platform to facilitate innovation and reduce R&D costs for companies in the region [18][19]. - The "Yangtze River Delta Technology Resource Sharing Service Platform" has gathered over 56,000 large scientific instruments and facilitated nearly 12,000 services for enterprises, demonstrating the effectiveness of resource sharing [19]. Group 5: Future Directions and Goals - The strategic expansion aims to transform the existing collaborative foundation into a competitive advantage on the international stage, enhancing the innovation capabilities of both Jing-Jin-Ji and the Yangtze River Delta [9][20]. - By 2030, the goal is for Beijing to become a world-class source of technological innovation, while Shanghai aims to significantly enhance its position and influence in the global innovation network [20][22]. - The overall vision is to create a more integrated and efficient innovation ecosystem across these regions, fostering a new model of development that emphasizes collaboration and resource sharing [22].

Core Viewpoint - Jinan aims to implement an industrial strong city strategy by 2026, focusing on building a modern industrial system Group 1: Strengthening Advantageous Industries - The city will focus on electronic information, automotive, high-end software, and modern medicine industries, aiming to enhance scale, extend chains, and grow enterprises [2] - In the electronic information sector, Jinan plans to achieve an industry scale of 240 billion yuan by accelerating the construction of semiconductor and micro-display projects [2] - The automotive industry aims for a scale of 180 billion yuan, supporting companies like BYD and Geely in introducing high-end models and promoting collaborative development [2] - The high-end software sector targets a scale of 130 billion yuan, emphasizing the development of industrial software and AI applications [2] - The modern medicine industry, relying on key enterprises, aims for a scale of 52 billion yuan by enhancing various pharmaceutical sectors [2] Group 2: Cultivating Characteristic Industries - Jinan will focus on high-end CNC machine tools, robotics, specialized equipment, steel, advanced materials, and food and bio-manufacturing, aiming to create competitive industrial clusters [4] - The high-end CNC machine tools and robotics sector targets a scale of 55 billion yuan, with key projects like the industrial mother machine park [4] - The specialized equipment industry aims for a scale of 115 billion yuan, with support for leading companies and project expansions [4] - The steel industry will focus on green low-carbon transformation, targeting a scale of 165 billion yuan by developing high-value products [4] - The advanced materials sector aims for a scale of 35 billion yuan, promoting innovation and expansion in chemical and metal materials [4] - The food and bio-manufacturing industry targets a scale of 77.5 billion yuan, supporting innovative development of key enterprises [4]

Core Insights - Hurco Companies, Inc. (HURC) experienced a stock increase of 2.7% following its earnings report for the quarter ended October 31, 2025, outperforming the S&P 500 Index's 0.8% rise during the same period [1] Financial Performance - For Q4 fiscal 2025, Hurco reported sales and service fees of $45.5 million, a 15% decline from $53.7 million year-over-year, with a net loss widening to $3 million or $0.47 per diluted share from a loss of $1.4 million or $0.23 per share in the previous year [2] - Gross profit fell 36.4% to $7.7 million from $12.2 million, leading to a gross margin decrease to 17% from 23% year-over-year [2] - For the full fiscal year, sales and service fees decreased 4% to $178.6 million from $186.6 million, with a net loss of $15.1 million or $2.34 per diluted share compared to a loss of $16.6 million or $2.56 per share in fiscal 2024 [3] Segment Performance - In Q4, the Americas saw a 22% decline in revenues, Europe experienced an 8% drop, and Asia Pacific revenues fell 25%, attributed to lower machine shipments across most regions [3] - Fourth-quarter orders totaled $46.5 million, down 9% year-over-year from $51.1 million, while full-year orders declined 14% to $171.3 million from $198.3 million [4] - The Americas reported a 4% increase in orders, while Europe and Asia Pacific faced declines of 13% and 39%, respectively, due to weaker demand in key markets [4] Cost Management - Selling, general and administrative (SG&A) expenses decreased by 11.6% year-over-year in Q4 to $11.2 million from $12.7 million, although SG&A rose as a percentage of sales due to lower revenue [5] - Cash and cash equivalents increased to $48.7 million as of October 31, 2025, from $33.3 million a year earlier, indicating balance sheet strength [5] Management Commentary - Management described fiscal 2025 as challenging due to macroeconomic headwinds and tariff-related cost pressures, but noted that the U.S. and Germany ended the year with their strongest quarter of orders and sales [6] - CEO Greg Volovic highlighted a year-over-year cash growth of approximately $15 million and a nearly $3 million reduction in SG&A expenses, alongside continued investment in product innovation [6] Profitability Factors - Lower sales volumes and an unfavorable mix shift negatively impacted profitability, with gross margin erosion attributed to reduced shipments of higher-performance machines and a greater mix of lower-margin products [7] - Tariffs implemented in the second half of fiscal 2025 increased the cost of goods sold, further pressuring margins [7] Outlook - The company did not provide formal quantitative guidance for fiscal 2026 but expressed confidence in its positioning, citing a strong balance sheet and a diversified product portfolio [9] - Management suggested cautious optimism as the company prepares to navigate ongoing industry cyclicality and macroeconomic uncertainty [9] Strategic Developments - No acquisitions, divestitures, or major restructuring activities were disclosed during the quarter, with management focusing on leadership transitions, cost control initiatives, and operational discipline [10]

Core Viewpoint - Market conditions remain challenging for Hurco, a small manufacturer of machine tools, due to weak demand and significant uncertainty among its small to mid-sized manufacturing customers [1]. Group 1: Market Conditions - Hurco is experiencing a sluggish market environment, characterized by weak demand [1]. - There is notable caution among customers, contributing to the overall uncertainty in the market [1]. Group 2: Customer Base - The primary customers of Hurco are small to mid-sized manufacturing companies [1].

Core Viewpoint - The cold-formed CNC tube bending machine market is projected to grow from approximately $614 million in 2024 to $717 million by 2031, with a CAGR of 2.33% during this period. The demand is driven by various industries, including automotive, aerospace, and construction, alongside technological advancements and supportive policies [6][10][14]. Market Overview - The global market for cold-formed CNC tube bending machines is expected to see a sales volume of about 13,470 units in 2024, increasing to 18,199 units by 2031. The Chinese market is estimated to be around $933.8 million in 2024, accounting for approximately 15.20% of the global market share [6][20]. - North America and Europe hold significant market shares at 24.21% and 31.09%, respectively, while the Asia-Pacific region is anticipated to be the fastest-growing market due to high demand and cost advantages [6][20]. Product and Application Insights - The segment of machines for bending pipes under 50mm is the most significant, accounting for about 53.61% of the market, primarily used in automotive and medical device applications. The automotive manufacturing sector represents the largest application area, contributing approximately 59.11% of the overall market revenue [7][10]. Competitive Landscape - Major players in the global market include Numalliance, BLM GROUP, SOCO Machinery, CSM, and Schwarze-Robitec, collectively holding over 59.97% of the market share in 2024. Competition is expected to intensify, particularly in North America and China [9][20]. Market Drivers - **Strong Demand from Downstream Industries**: The automotive sector's growth, along with the increasing precision and quality requirements for components, drives the demand for cold-formed CNC tube bending machines. The aerospace and oil & gas industries also require high-precision bending for safety and efficiency [10][11]. - **Technological Advancements**: Continuous improvements in control systems and automation enhance processing precision and efficiency, allowing for higher production rates and reduced costs [11][13]. - **Policy Support**: Government initiatives, such as "Made in China 2025," promote the development of CNC bending machines through funding and tax incentives, fostering industry growth [14]. Market Challenges - **Technical Challenges**: The processing of complex materials like alloy steel and stainless steel presents difficulties in maintaining precision, while large bending radii require specialized machinery that can be costly [16]. - **Market Competition**: Foreign companies dominate the high-end market, creating significant competitive pressure for domestic firms. The low-end market suffers from severe product homogeneity and price wars, impacting profitability [17]. - **Cost and Pricing Issues**: Fluctuations in raw material prices and high costs associated with molds and equipment can challenge cost control and profitability for companies in the industry [18]. Future Trends - **Technological Innovations**: The industry is expected to adopt advanced control systems and automation technologies, enhancing precision and production efficiency while reducing labor costs [19]. - **Emerging Markets**: Rapid industrialization in regions like Asia, Africa, and Latin America is anticipated to create new growth opportunities for cold-formed CNC tube bending machines [20]. - **Customization and Sustainability**: Manufacturers are likely to focus on customized solutions to meet diverse client needs and adopt environmentally friendly practices to comply with stricter regulations [21].

Core Insights - Hurco Companies, Inc. reported a net loss of $3,041,000, or $0.47 per diluted share, for Q4 FY 2025, compared to a net loss of $1,442,000, or $0.23 per diluted share, in Q4 FY 2024. For the full fiscal year 2025, the net loss was $15,117,000, or $2.34 per diluted share, an improvement from a net loss of $16,608,000, or $2.56 per diluted share, in FY 2024 [1][2][20]. Financial Performance - Sales and service fees for Q4 FY 2025 were $45,467,000, a decrease of $8,235,000, or 15%, compared to Q4 FY 2024. For FY 2025, sales and service fees totaled $178,554,000, down $8,030,000, or 4%, from FY 2024 [2][20]. - Gross profit for Q4 FY 2025 was $7,749,000, or 17% of sales, compared to $12,186,000, or 23% of sales, in Q4 FY 2024. For FY 2025, gross profit was $32,980,000, or 18% of sales, down from $37,743,000, or 20% of sales, in FY 2024 [12][21]. - Selling, general, and administrative expenses for Q4 FY 2025 were $11,207,000, or 25% of sales, compared to $12,677,000, or 24% of sales, in Q4 FY 2024. For FY 2025, these expenses were $43,248,000, or 24% of sales, down from $46,029,000, or 25% of sales, in FY 2024 [14][21]. Geographic Sales Breakdown - Sales in the Americas for Q4 FY 2025 decreased by 22% to $18,234,000, and for FY 2025, sales decreased by 5% to $68,604,000. The decline was attributed to a change in the mix of machine model shipments [4][20]. - European sales for Q4 FY 2025 decreased by 8% to $23,475,000, and for FY 2025, sales decreased by 4% to $90,863,000. The decrease was primarily due to reduced shipments of Hurco 5-axis vertical machines [5][6][20]. - Asian Pacific sales for Q4 FY 2025 decreased by 25% to $3,758,000, while for FY 2025, sales decreased by 1% to $19,087,000, mainly due to decreased sales in India and China [7][20]. Orders and Demand - Orders for Q4 FY 2025 were $46,509,000, a decrease of $4,568,000, or 9%, compared to Q4 FY 2024. For FY 2025, orders totaled $171,290,000, down $27,012,000, or 14%, from FY 2024 [8][20]. - Orders in the Americas for Q4 FY 2025 increased by 4% to $22,003,000, while for FY 2025, they decreased by 10% to $69,148,000. The increase in Q4 was driven by higher demand for Hurco and Takumi machines [9][10][20]. - European orders for Q4 FY 2025 decreased by 13% to $20,839,000, and for FY 2025, they decreased by 18% to $81,569,000, primarily due to decreased demand in key markets [10][20]. Cash and Working Capital - Cash and cash equivalents as of October 31, 2025, totaled $48,713,000, an increase from $33,330,000 as of October 31, 2024. Working capital decreased to $173,055,000 from $180,788,000 [16][21].