Servicios de Liquidez, Inc. (LQDT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la liquidación y el remarketing de los activos en línea, Liquidity Services, Inc. (LQDT) surge como una fuerza transformadora, revolucionando cómo las empresas, las agencias gubernamentales y los compradores de activos excedentes se conectan a través de un mercado digital de vanguardia. Al aprovechar la tecnología sofisticada, las asociaciones estratégicas y las soluciones innovadoras, LQDT ha creado un modelo de negocio único que no solo optimiza la monetización de activos, sino que también defiende la eliminación sostenible y los procesos de transacción eficientes en diversas industrias.

Liquidity Services, Inc. (LQDT) - Modelo de negocio: asociaciones clave

Mercados en línea

Liquidity Services mantiene asociaciones estratégicas con los principales mercados en línea:

Mercado	Detalles de la asociación	Volumen de ventas (2023)
eBay	Plataforma de mercado para activos excedentes	$ 47.3 millones
Amazonas	Provance Electronics y ventas de equipos industriales	$ 38.6 millones
Walmart	Canal de logística inversa y liquidación	$ 29.4 millones

Agencias gubernamentales

Los servicios de liquidez colabora con entidades gubernamentales para ventas de activos excedentes:

• Agencia de logística de defensa (DLA): $ 156.2 millones en valor del contrato
• Administración de Servicios Generales (GSA): $ 87.5 millones en ventas excedentes del gobierno
• Departamento de Seguridad Nacional: $ 42.3 millones en liquidación de activos

Clientes corporativos

Industria	Número de socios corporativos	Valor de transacción anual
Minorista	87 empresas	$ 214.6 millones
Tecnología	63 empresas	$ 178.3 millones
Fabricación	52 empresas	$ 142.7 millones

Proveedores de servicios de tecnología y logística

La tecnología estratégica y las asociaciones logísticas incluyen:

• Infraestructura de Oracle Cloud: integración de la plataforma de tecnología
• Logística de FedEx: envío y distribución global
• Soluciones de la cadena de suministro de UPS: gestión y transporte de inventario

Ingresos de asociación total para 2023: $ 672.4 millones

Liquidity Services, Inc. (LQDT) - Modelo de negocio: actividades clave

Subasta en línea y gestión de plataforma de mercado

Liquidity Services opera múltiples mercados en línea especializados, que incluyen:

Mercado	Enfoque clave	Volumen de transacción anual
Liquidation.com	Activos excedentes y de rescate	$ 1.2 mil millones (2023)
Gobierno	Activos excedentes del gobierno	$ 580 millones (2023)
Propertyroom.com	Aplicación de la ley y activos municipales	$ 215 millones (2023)

Servicios de valoración de activos y remarketing

Métricas de valoración clave para 2023:

• Activos totales procesados: 3.4 millones de unidades
• Tasa de recuperación promedio: 52% del valor de activo original
• Categorías de activos procesadas:
  • Equipo tecnológico
  • Maquinaria industrial
  • Vehículos comerciales
  • Equipo gubernamental excedente

Liquidación y disposición de inventario

Sector	Volumen de liquidación	Ingresos generados
Minorista	1,2 millones de unidades	$ 425 millones
Fabricación	850,000 unidades	$ 310 millones
Tecnología	650,000 unidades	$ 275 millones

Optimización de la cadena de suministro digital

Métricas de rendimiento de la cadena de suministro digital:

• Transacciones totales procesadas: 2.8 millones
• Tiempo promedio de procesamiento de transacciones: 4.2 días
• Eficiencia de la plataforma digital: 87% de procesos automatizados

Soluciones de recuperación de activos sostenibles

Métrica de sostenibilidad	2023 rendimiento
Activos desviados de los vertederos	2.1 millones de unidades
Tasa de reciclaje	68%
Compensación de carbono generado	42,000 toneladas métricas

Liquidity Services, Inc. (LQDT) - Modelo de negocio: recursos clave

Tecnología de mercado digital patentado

A partir de 2024, Liquidity Services opera múltiples mercados en línea que incluyen:

• Liquidation.com
• Govdeals.com
• Allsurplus.com

Plataforma	Compradores registrados	Transacciones anuales
Liquidation.com	930,000	$ 840 millones
Govdeals.com	420,000	$ 510 millones

Gran red de compradores registrados

Compradores registrados totales: 1.4 millones en los mercados globales a partir del cuarto trimestre de 2023.

Análisis de datos y experiencia en valoración

Métrico	Valor
Inversión tecnológica anual	$ 22.3 millones
Tamaño del equipo de ciencias de datos	87 profesionales

Fuertes relaciones con los vendedores corporativos y gubernamentales

• Más de 3.500 clientes corporativos y gubernamentales
• Contratos con 43 agencias federales de EE. UU.
• Asociación con más de 250 compañías Fortune 1000

Infraestructura operativa global

Ubicación	Almacenes	Centros de procesamiento
Estados Unidos	12	8
Internacional	5	3

Liquidity Services, Inc. (LQDT) - Modelo de negocio: propuestas de valor

Monetización de activos eficiente para vendedores

Los servicios de liquidez generan $ 296.4 millones en ingresos anuales de los servicios de monetización de activos a partir de 2023. La Compañía procesa aproximadamente 3.2 millones de activos excedentes e inactivos anualmente en múltiples sectores.

Categoría de activos	Volumen de transacción anual	Tasa de recuperación promedio
Equipo industrial	687,000 unidades	62.3%
Hardware tecnológico	542,000 unidades	58.7%
Excedente del gobierno	412,000 unidades	71.2%

Compras rentables para compradores

Los compradores ahorran un promedio de 43.6% en los precios del mercado a través de los mercados en línea de Liquidity Services. La compañía administra más de 1.5 millones de compradores activos en plataformas globales.

• Descuento promedio en equipos industriales: 47.2%
• Descuento promedio en activos tecnológicos: 39.8%
• Descuento promedio en el excedente del gobierno: 51.5%

Soluciones de eliminación y reciclaje sostenible

Los servicios de liquidez desvían los 2,3 millones de activos de los vertederos anualmente, con una tasa de reciclaje del 68,4% en todos los activos procesados.

Categoría de material	Volumen de reciclaje anual	Impacto ambiental
Rieles	1,102,000 toneladas	Reducidas emisiones de CO2 por 412,000 toneladas métricas
Electrónica	386,000 unidades	Evitó 78,000 toneladas de desechos electrónicos

Plataforma de transacción en línea transparente y segura

La Compañía procesa las transacciones con una tasa de finalización del 99.7% y mantiene $ 127.3 millones en mecanismos de protección de valor de transacción total.

Mercado especializado para productos excedentes y secundarios del mercado

Liquidity Services opera en 5 segmentos distintos del mercado con 4,200 cuentas activas de vendedores corporativos y gubernamentales que generan $ 296.4 millones en ingresos anuales.

• Excedente del gobierno: 37.6% de los ingresos totales
• Mercadería minorista: 28.3% de los ingresos totales
• Activos industriales: 22.1% de los ingresos totales
• Activos tecnológicos: 12% de los ingresos totales

Liquidity Services, Inc. (LQDT) - Modelo comercial: relaciones con los clientes

Plataforma en línea de autoservicio

Liquidity Services opera múltiples mercados en línea que incluyen:Liquidation.com, Govdeals.com y B-Stock Solutions. A partir del cuarto trimestre de 2023, la plataforma procesó aproximadamente $ 822 millones en volumen de mercancías brutas.

Plataforma	Volumen de transacción anual	Compradores registrados
Liquidation.com	$ 412 millones	Más de 3.7 millones
Govdeals.com	$ 267 millones	Más de 2.1 millones
Soluciones B-stock	$ 143 millones	Más de 1.5 millones

Soporte de gestión de cuentas

La compañía ofrece servicios de gestión de cuentas dedicados con un equipo de soporte que maneja aproximadamente 125,000 interacciones de clientes anualmente.

• Canales de atención al cliente 24/7
• Gerentes de cuentas dedicados para clientes empresariales
• Infraestructura de soporte de varios idiomas

Coincidencia automatizada de compra-vendedor

Liquidity Services utiliza una coincidencia algorítmica avanzada con una tasa de transacción exitosa del 92% en sus plataformas en 2023.

Criterios de coincidencia	Tasa de éxito
Alineación de la categoría de productos	94%
Coincidencia de rango de precios	91%
Alineación de preferencias del comprador	90%

Seguimiento de transacciones en tiempo real

La compañía proporciona un seguimiento en tiempo real para el 100% de las transacciones con un tiempo de procesamiento promedio de 3.2 días desde la lista hasta la finalización de la venta.

Estrategias personalizadas de participación del cliente

Servicios de liquidez segmentos de su base de clientes con enfoques de participación específicos, que sirve a más de 4,3 millones de compradores registrados en varias verticales del mercado.

• Soluciones personalizadas de Cliente Enterprise
• Configuraciones de mercado específicas verticales
• Segmentación de clientes basada en datos

Liquidity Services, Inc. (LQDT) - Modelo de negocio: canales

Plataformas de mercado basadas en la web

Liquidity Services opera múltiples mercados en línea que incluyen:

• Liquidation.com
• Goindustry dovebit
• Soluciones B-stock

Plataforma	Compradores registrados activos	Volumen de transacción anual
Liquidation.com	870,000	$ 621 millones
Soluciones B-stock	385,000	$ 1.2 mil millones

Aplicaciones móviles

Métricas de plataforma móvil para 2023:

• Descargas de aplicaciones móviles: 156,000
• Porcentaje de transacción móvil: 37%
• Sesión promedio de usuario móvil: 14.2 minutos

Equipo de ventas directas

Composición del equipo de ventas:

Categoría de ventas	Número de representantes	Ingresos anuales promedio por repetición
Ventas empresariales	82	$ 1.4 millones
Ventas de pequeñas empresas	47	$623,000

Referencias de asociación estratégica

Detalles de la red de asociación:

• Socios estratégicos totales: 214
• Ingresos de las asociaciones: $ 87.3 millones
• Tasa de conversión de referencia de socios: 22.6%

Marketing digital y generación de leads

Métricas de rendimiento de marketing digital:

Canal de marketing	Volumen de generación de leads	Tasa de conversión
LinkedIn	43,200 cables	4.7%
Ads de Google	67,500 cables	3.9%
Campañas de correo electrónico	38,900 cables	5.2%

Liquidity Services, Inc. (LQDT) - Modelo comercial: segmentos de clientes

Empresas corporativas

Los servicios de liquidez se dirigen a empresas corporativas con activos excedentes y obsoletos en múltiples industrias.

Segmento de la industria	Valor de activo de excedente anual	Penetración estimada del mercado
Empresas tecnológicas	$ 124.6 millones	18.3%
Servicios financieros	$ 87.3 millones	12.7%
Fabricación	$ 215.4 millones	22.9%

Agencias gubernamentales

Liquidity Services proporciona servicios de disposición de activos excedentes para entidades gubernamentales federales y estatales.

• Ventas de excedentes del Departamento de Defensa: $ 342.7 millones en 2023
• Transacciones excedentes del gobierno estatal: $ 89.6 millones en 2023
• Recuperación de activos de la agencia federal: 15,342 transacciones anualmente

Fabricantes y minoristas

La compañía atiende a fabricantes y minoristas con soluciones de disposición de activos especializados.

Sector	Valor de activo total procesado	Número de relaciones con los clientes
Minorista	$ 276.5 millones	187 clientes
Fabricación	$ 412.3 millones	246 clientes

Compradores de activos excedentes

Los servicios de liquidez conecta a los compradores de activos excedentes con los vendedores a través de múltiples mercados en línea.

• Compradores registrados totales: 3.2 millones
• Valor de transacción promedio: $ 18,750
• Distribución geográfica del comprador global: 72 países

Pequeñas y medianas empresas

La compañía ofrece servicios de disposición de activos personalizados para pequeñas y medianas empresas.

Tamaño de negocio	Ventas de excedentes anuales	Tamaño de transacción promedio
Pequeñas empresas	$ 54.3 millones	$6,200
Empresas medianas	$ 127.6 millones	$15,400

Liquidity Services, Inc. (LQDT) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Para el año fiscal 2023, Liquidity Services, Inc. informó que la tecnología y los costos de infraestructura de $ 21.4 millones, lo que representa el 15.3% de los gastos operativos totales.

Categoría de costos	Gasto anual ($)	Porcentaje de costos tecnológicos totales
Alojamiento en la nube	7,200,000	33.6%
Seguridad de la red	4,500,000	21%
Mantenimiento del centro de datos	5,900,000	27.6%
Licencia de software	3,800,000	17.8%

Desarrollo y mejora de la plataforma

Los gastos de desarrollo de la plataforma para 2023 totalizaron $ 16.7 millones, con áreas de enfoque clave que incluyen:

• Algoritmos de aprendizaje automático
• Mejoras de la interfaz de usuario
• Optimización de la plataforma móvil

Área de desarrollo	Inversión ($)
Ingeniería de software	9,500,000
Investigación e innovación	4,200,000
Diseño de experiencia de usuario	3,000,000

Gastos de ventas y marketing

El gasto total de ventas y marketing para 2023 fue de $ 24.6 millones, lo que representa el 17.5% de los ingresos totales de la compañía.

• Marketing digital: $ 8.9 millones
• Compensación del equipo de ventas: $ 11.2 millones
• Marketing de ferias comerciales y eventos: $ 4.5 millones

Sobrecarga operativa

Los costos generales operativos para 2023 ascendieron a $ 18.3 millones, desglosados ​​de la siguiente manera:

Categoría de gastos generales	Costo anual ($)
Gastos de la instalación	6,700,000
Costos administrativos	5,400,000
Legal y cumplimiento	3,900,000
Seguro	2,300,000

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 52.1 millones.

Componente de compensación	Gasto anual ($)
Salarios base	38,500,000
Bonos de rendimiento	7,900,000
Capacitación y desarrollo	3,400,000
Beneficios para empleados	2,300,000

Liquidity Services, Inc. (LQDT) - Modelo comercial: flujos de ingresos

Comisión de ventas de activos

Liquidity Services, Inc. genera ingresos a través de comisiones en ventas de activos en múltiples plataformas de mercado. En el año fiscal 2023, la compañía informó:

Mercado	Volumen total de ventas	Porcentaje de comisión
Excedente.com	$ 412.3 millones	10-15%
Gobierno	$ 287.6 millones	12-18%
Mercado industrial	$ 203.4 millones	8-13%

Tarifas de transacción

Las tarifas de transacción representan un flujo de ingresos significativo para los servicios de liquidez:

• Rango de tarifas de transacción promedio: 5-7% por venta
• Ingresos de tarifas de transacción total en 2023: $ 64.2 millones
• Desglose por el sector:
  • Excedente del gobierno: $ 28.5 millones
  • Activos comerciales: $ 22.7 millones
  • Equipo industrial: $ 13 millones

Tarifas de listado de mercado

Estructura de tarifas de listado para 2023:

Categoría de vendedor	Tarifa de listado	Ingresos anuales de los listados
Agencias gubernamentales	$ 0- $ 250 por listado	$ 8.3 millones
Vendedores corporativos	$ 100- $ 500 por listado	$ 12.6 millones
Vendedores de pequeñas empresas	$ 50- $ 150 por listado	$ 4.2 millones

Servicios de remarketing de valor agregado

Ingresos de servicios especializados de remarketing en 2023:

• Servicios de valoración de activos: $ 5.7 millones
• Soporte de logística y transporte: $ 9.3 millones
• Calificación e inspección de activos certificados: $ 4.1 millones
• Ingresos de servicios de valor agregado total: $ 19.1 millones

Acceso a la plataforma basado en suscripción

Desglose de ingresos por suscripción para 2023:

Nivel de suscripción	Tarifa mensual	Suscriptores anuales totales	Ingresos anuales
Acceso básico a la plataforma	$ 99/mes	3,200 suscriptores	$ 3.8 millones
Acceso a la plataforma premium	$ 299/mes	1.500 suscriptores	$ 5.4 millones
Acceso a la plataforma empresarial	$ 999/mes	450 suscriptores	$ 5.4 millones

Liquidity Services, Inc. (LQDT) - Canvas Business Model: Value Propositions

You're looking at the core value Liquidity Services, Inc. (LQDT) delivers across its various customer groups as of late 2025. It's all about maximizing the return on idle or surplus assets through deep market liquidity and streamlined operations.

For Sellers: Maximizing recovery value for surplus assets via a large buyer network

For sellers, the primary value is getting the best possible price for assets they no longer need, which is directly tied to the depth and engagement of the buyer network. We see this scale in the latest figures. The company generated a total Gross Merchandise Volume (GMV) of $1.57 billion for the fiscal year ended September 30, 2025. This volume was driven by connecting sellers with a growing base of active users. As of that same date, registered buyers stood at 6.0 million, a 9.5% increase from the prior year's 5.5 million. Furthermore, the platform hosted a record 4.1 million auction participants throughout Fiscal Year 2025, showing high transaction velocity.

For Sellers: Providing a streamlined, low-touch consignment service model

Liquidity Services, Inc. helps sellers reduce the hassle of disposition by leaning heavily on consignment, which means they don't have to take on the risk of purchasing the inventory upfront. This preference for the low-touch model is clear in the latest quarter's activity. You can see that consignment sales represented 83% of consolidated GMV for the fourth fiscal quarter of 2025. This indicates that the majority of sellers prefer the service where the company manages the sale process for a fee, rather than a direct purchase model.

For Buyers: Access to a diverse, high-volume inventory of assets across multiple categories

Buyers value the sheer volume and variety of assets available across the company's marketplaces, which span retail goods, industrial equipment, and public sector assets. The scale of inventory available is reflected in the top-line GMV figures. The platform moved $1.57 billion in goods in FY2025, supported by a network of 6.0 million registered buyers. This liquidity ensures that buyers can consistently find assets relevant to their needs, whether they are looking for heavy equipment via the Capital Assets Group (CAG) or general surplus via GovDeals.

For Society: Powering the circular economy and promoting asset reuse/sustainability

The value proposition extends beyond pure finance; it's about sustainability. By facilitating the reuse and remarketing of existing assets, Liquidity Services, Inc. actively supports the circular economy. This commitment to asset reuse is demonstrated by sustained growth in marketplace activity. Over the last five years, the company's GMV has grown at a compound annual growth rate of 20.4%, showing a long-term trend of keeping assets in productive use rather than sending them to disposal.

For Government: A trusted, transparent platform for public sector asset disposition (GovDeals)

For government agencies, the value is centered on a trusted, transparent platform for disposing of public sector assets, which is primarily delivered through the GovDeals segment. This segment is showing strong operational momentum. In the fourth quarter of Fiscal Year 2025, the GovDeals segment's GMV increased by 12% year-over-year, driven by new seller acquisition and service expansion. Furthermore, this segment achieved a new quarterly record for segment direct profit of $22.3 million in Q4 FY2025, reflecting increased commission rates on high-dollar value sales.

Here's a quick look at the overall financial scale supporting these value propositions for the fiscal year ended September 30, 2025:

Metric	Amount (FY2025)
Gross Merchandise Volume (GMV)	$1.57 billion
Revenue	$476.7 million
GAAP Net Income	$28.1 million
Non-GAAP Adjusted EBITDA	$60.8 million
Registered Buyers (End of Period)	6.0 million
Cash Balance (End of Period)	$185.8 million

The company's financial health, including a cash balance of $185.8 million and zero financial debt as of September 30, 2025, gives it the stability to continue investing in the technology that underpins these value propositions. Also, the Board approved an additional $15.0 million share repurchase authorization in November 2025, signaling confidence to shareholders.

Finance: draft 13-week cash view by Friday.

Liquidity Services, Inc. (LQDT) - Canvas Business Model: Customer Relationships

You're looking to map out how Liquidity Services, Inc. (LQDT) keeps its massive network of buyers and sellers engaged across its diverse marketplaces as of late 2025. The relationships are heavily tech-driven, but with clear high-touch points for key segments.

Automated, self-service e-commerce marketplace transactions form the backbone of the customer interaction. This is where the sheer volume of activity lives. For the fiscal year ended September 30, 2025, Liquidity Services, Inc. facilitated a Gross Merchandise Volume (GMV) of $1.57 billion across all segments. Over the last three fiscal years, the platform processed more than 3.1 million online transactions, generating $4.1 billion in GMV. The self-service nature is evident in the scale; for instance, in the fourth quarter of fiscal year 2025, the company processed $404.5 million in GMV. The platform's efficiency is what allows this volume to flow without proportional increases in human support for every single sale.

The scale of the buyer ecosystem is a direct measure of the success of these automated and marketing-driven relationships. You can see the core engagement metrics below:

Metric	Latest Figure (FY 2025 or Latest Quarter)	Context/Period
Registered Buyers	6.0 million	As of September 30, 2025
Registered Buyer Growth	9.5% increase	FY 2025 (from 5.5 million)
Auction Participants (Record)	4.1 million	FY 2025 total
Auction Participants (Q3 FY25)	Approximately 1,098,000	Q3 FY25, up 8% year-over-year
Completed Transactions (Q4 FY25)	Approximately 269,000	Q4 FY25

For high-volume consignment sellers, particularly within the Retail Supply Chain Group (RSCG) and Capital Assets Group (CAG), the relationship moves toward dedicated support. While specific account manager headcount isn't public, the results show deep partnership. The RSCG segment GMV increased 30% in Q3 FY25 due to expansion with existing and new retail client programs. Similarly, CAG consignment sales drove its segment GMV up 12% in Q3 FY25. Consignment sales represented 83% of consolidated GMV in Q3 FY25, indicating that the most valuable seller relationships are structured around this high-touch, high-recovery model.

The hybrid approach is most visible with government clients, primarily through the GovDeals marketplace. This segment saw its GMV reach a record $903 million in fiscal year 2025, an 8% increase year-over-year. The relationship here blends self-service listings with specialized support, which is reflected in the revenue growth outpacing GMV growth in Q4 FY25, increasing 17% due to increased commission rates with certain sellers on high-dollar value asset sales. This suggests tailored support structures are in place to maximize recovery on complex or high-value government assets, which likely involves dedicated service components beyond the standard platform interface.

Digital marketing and personalized recommendations are key to nurturing the buyer side of the marketplace. The investment in technology, including AI-driven search and recommendations, directly supports this relationship. The growth in the buyer base-from 5.5 million to 6.0 million registered buyers in FY 2025-is a direct outcome of these efforts. Furthermore, the company is actively expanding its buyer network, which is crucial for maintaining liquidity. For example, the company is piloting the Retail Rush consumer auction channel, which targets direct-to-consumer engagement.

Finally, the subscription-based services for Machinio and Software Solutions clients represent a distinct, recurring relationship type. This segment's revenue growth reflects successful upselling and adoption of Software as a Service (SaaS) offerings. Revenue in this segment increased 29% in Q4 FY25, driven by increased Machinio subscriptions and pricing, alongside the acquisition of Auction Software, which offers online auction solutions under a SaaS model. In Q3 FY25, the segment revenue growth was 27% from similar drivers. This recurring revenue stream is a high-value relationship type, showing that a portion of Liquidity Services, Inc.'s customer base is opting for ongoing platform access and tools rather than just transactional services.

Finance: draft 13-week cash view by Friday.

Liquidity Services, Inc. (LQDT) - Canvas Business Model: Channels

You're looking at how Liquidity Services, Inc. (LQDT) gets its value proposition-connecting sellers of surplus assets with buyers-out to the market as of late 2025. It's a multi-pronged approach, heavily reliant on the scale and liquidity of its proprietary e-commerce marketplaces.

The core channel is the network of e-commerce marketplaces. For government and educational entities, GovDeals is a powerhouse, achieving a record Gross Merchandise Volume (GMV) of $903 million in fiscal year 2025, which was an 8% increase year-over-year. Then you have Liquidation.com, focused on excess, returned, and overstocked consumer goods, which contributes to the overall consolidated fiscal year 2025 GMV of $1.57 billion. The company also utilizes platforms like AllSurplus and others to serve different asset classes. Honestly, the sheer volume moving through these sites validates the channel strategy.

Digital marketing and SEO are clearly working to feed the funnel. The company set a new record for auction participants on its platform during the year ended September 30, 2025, reaching 4.1 million auction participants. This massive pool of active users is supported by an even larger ecosystem, as the registered buyer base eclipsed 6 million for the first time, representing a 9.5% increase in registered buyers for the fiscal year 2025. That network effect is a key channel advantage.

The Machinio platform, which functions as a global search engine for used equipment, is a distinct channel, especially for the Capital Assets Group (CAG) segment. For the second quarter of fiscal year 2025, the combined revenue for the Machinio & Software Solutions businesses increased 22%, driven by higher Machinio subscriptions and pricing, plus the integration of the Auction Software acquisition. This shows a clear channel strategy focused on recurring revenue software tools alongside the core marketplace transactions.

While specific numbers for the direct sales teams targeting large corporate and government sellers aren't broken out separately from segment results, the success of the GovDeals segment-growing its revenue by 17% in Q4 2025 due to increased commission rates and service expansion-suggests these high-touch channels are effective at securing premium seller relationships. Mobile applications are integral to accessing this network, allowing those 4.1 million participants to bid and manage assets on the go.

Here's a quick look at the scale of the channels based on fiscal year 2025 results:

Channel Metric	Value (Fiscal Year 2025)
Consolidated Gross Merchandise Volume (GMV)	$1.57 billion
Total Revenue	Nearly $477 million
Record Auction Participants	4.1 million
Total Registered Buyers	Over 6 million
GovDeals Segment GMV	$903 million
Machinio & Software Solutions Revenue Growth (YoY)	22%

The company's overall strategy emphasizes embedding technology into these channels. They are prioritizing low-touch consignment services and software solutions that have recurring revenue characteristics, which is a structural shift in how they monetize the channel access they've built. This is all happening within a market opportunity they estimate to be over $100 billion in GMV across government, industrial, and retail sectors.

The effectiveness of these channels is also reflected in the overall financial performance:

• Fiscal Year 2025 Revenue grew 31% year-over-year.
• Fiscal Year 2025 Non-GAAP Adjusted EBITDA reached $60.8 million, up 25%.
• The company ended the year with cash balances of $185.8 million and zero financial debt, providing capital to further enhance these channels.

Finance: draft 13-week cash view by Friday.

Liquidity Services, Inc. (LQDT) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Liquidity Services, Inc. (LQDT) as of late 2025, which is built around monetizing surplus assets across distinct, high-volume verticals. The overall scale is significant; for the fiscal year ended September 30, 2025, the company generated a total Gross Merchandise Volume (GMV) of $1.57 billion on revenue of $476.7 million. This platform supports a massive buyer ecosystem, with registered buyers reaching 6.0 million by year-end, up 9.5% from the prior year, and 4.1 million auction participants throughout FY2025.

The customer segments are clearly delineated into the three main reportable segments-GovDeals, RSCG, and CAG-plus the newer Machinio & Software Solutions group, which includes recent acquisitions like Auction Software from January 31, 2025. The reliance on consignment sales remains high, representing 83% of consolidated GMV in the fourth fiscal quarter of 2025, which speaks to a capital-light approach for Liquidity Services, Inc. (LQDT).

Here's a quick look at how the major segments contributed based on the Q3 FY2025 data, which gives us the clearest picture of segment weight near the end of the fiscal year:

Customer Segment Group	Primary Marketplace/Segment Name	Q3 FY25 GMV Contribution	Q3 FY25 GMV Amount
Government agencies (State, Local, and Education)	GovDeals	61%	$252.3 million
Large retailers and manufacturers	Retail Supply Chain Group (RSCG)	25%	$102.6 million
Industrial and capital asset owners	Capital Assets Group (CAG)	14%	(Implied Share)

The customer segments are the lifeblood of the marketplace liquidity, and you can see the focus areas clearly from the data. The GovDeals segment, which serves the public sector, is the largest, but RSCG is showing strong relative growth, increasing its share from 21% to 25% year-over-year in Q3 FY25.

The specific customer segments driving the Gross Merchandise Volume are:

• Government agencies (State, Local, and Education - SLED) via the GovDeals marketplace; while the target figure of $903 million GMV in FY25 was noted, the segment generated $252.3 million in GMV for Q3 FY25 alone, representing 61% of total Q3 GMV.
• Large retailers and manufacturers (Retail Supply Chain Group - RSCG), which saw its Q3 FY25 GMV reach $102.6 million, an increase in share to 25% of total Q3 GMV.
• Industrial and capital asset owners (Capital Assets Group - CAG), which held a 14% share of Q3 FY25 GMV, with Q4 FY25 GMV for CAG increasing 18% year-over-year.
• Small to medium-sized businesses (SMBs) and entrepreneurs who act as the 6.0 million registered buyers across all platforms, enabling the circular economy.
• Life science companies and research institutions (via Biocom California partnership); specific financial metrics tied to this group were not detailed in the latest filings.

Liquidity Services, Inc. (LQDT) - Canvas Business Model: Cost Structure

The Cost Structure for Liquidity Services, Inc. (LQDT) in fiscal year 2025 was heavily influenced by investments in its technology platform and the variable costs associated with asset transactions across its marketplaces.

Operating expenses for the full fiscal year 2025 totaled $173.75 million. This figure encompasses the fixed and variable costs required to run the global marketplace operations, including technology, sales, marketing, and general overhead. For context, the Total Gross Profit for the same period was $208.82 million, resulting in a Total Operating Income of $35.07 million.

The major components driving these costs include:

• Technology and platform development expenses, including AI enhancements.
• Selling, General, and Administrative (SG&A) costs, including sales and marketing.
• Logistics, warehousing, and asset processing costs.

The company explicitly noted that margin improvement was driven by realizing operating leverage across segments and integrating AI technologies to maintain service quality while reducing costs.

The costs associated with the purchase model, which is a key part of the Retail Supply Chain Group (RSCG) segment, are embedded within the Costs of goods sold (COGS) component, which directly impacts the Gross Profit calculation. Revenue from the client purchase model programs was a significant driver, with RSCG revenue increasing 39% year-over-year for the third quarter of fiscal 2025, though this was relative to consignment programs.

Capital investment, which supports the technology infrastructure, was also a cost factor. Liquidity Services, Inc. reported Capital Expenditures (CapEx) of $7.8 million for the full fiscal year 2025.

Here's a quick look at the key expense and profit metrics for the fiscal year ended September 30, 2025:

Financial Metric	Amount (USD Millions)
Total Operating Expenses	173.75
Total Gross Profit	208.82
Total Operating Income	35.07
Capital Expenditures (CapEx)	7.8

The company's strategy involves scaling its technology-enabled marketplaces, which suggests that technology development expenses remain a critical, ongoing cost center, even as operating leverage helps to keep the overall expense growth below revenue growth.

The breakdown of the $173.75 million in operating expenses includes:

• Costs related to expanding market share and service offerings, such as business development and buyer development investments.
• Expenses tied to the acquisition of Auction Software in 2025, which adds to technology and operational integration costs.
• Costs associated with optimizing the warehouse network and buyer base, particularly within the RSCG segment, reflecting logistics and processing expenses.

Liquidity Services, Inc. (LQDT) - Canvas Business Model: Revenue Streams

You're looking at the core ways Liquidity Services, Inc. (LQDT) converts its marketplace activity into dollars, and the numbers for fiscal year 2025 show significant top-line expansion. The total annual revenue for fiscal year 2025 was reported as \$476.7 million, marking a substantial 31% increase year-over-year. This growth is fueled by scaling its various asset remarketing platforms across government, industrial, and retail sectors.

The primary driver remains the consignment model, where Liquidity Services, Inc. acts as the facilitator. For the fourth quarter of 2025, consignment sales accounted for 83% of the consolidated Gross Merchandise Volume (GMV). The total GMV for the full fiscal year 2025 reached \$1.57 billion, up 15% from the prior year, showing the underlying transaction volume supporting these revenue streams.

Here's a quick look at the key financial scale metrics for the period ending September 30, 2025:

Metric	Fiscal Year 2025 Amount	Q4 2025 Amount
Total Annual Revenue	\$476.7 million	N/A
Consolidated GMV	\$1.57 billion	\$404.5 million
Revenue Growth (YoY FY25)	31%	N/A
Q4 Revenue	N/A	\$118.1 million

The revenue streams are diversified across the platform's core functions, with a strategic emphasis on recurring and high-margin sources. You can see the different ways the company captures value:

• Transaction fees and commissions from consignment sales (83% of Q4 2025 GMV).
• Proceeds from the sale of inventory purchased directly from sellers (purchase model).
• Subscription and advertising revenue from Machinio and Software Solutions (Q4 segment revenue grew 29%).
• Value-added service charges (e.g., inspection, logistics).

The growth in the Software Solutions segment, which includes the recently acquired Auction Software business, highlights a focus on recurring revenue characteristics. For instance, revenue in the Machinio & Software Solutions segment increased 29% in Q4 2025. To be fair, the Capital Assets Group (CAG) segment also showed strong revenue growth of 20% in Q4 2025, consistent with its 18% GMV increase. Finance: draft 13-week cash view by Friday.