Liquidity Services, Inc. (LQDT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la liquidation et du remarketing des actifs en ligne, Liquidity Services, Inc. (LQDT) émerge comme une force transformatrice, révolutionnant comment les entreprises, les agences gouvernementales et les acheteurs d'actifs excédentaires se connectent via un marché numérique de pointe. En tirant parti de la technologie sophistiquée, des partenariats stratégiques et des solutions innovantes, LQDT a conçu un modèle commercial unique qui non seulement rationalise la monétisation des actifs, mais défend également l'élimination durable et les processus de transaction efficaces dans divers industries.

Liquidity Services, Inc. (LQDT) - Modèle d'entreprise: partenariats clés

Marchés en ligne

Les services de liquidité maintiennent des partenariats stratégiques avec les principaux marchés en ligne:

Marché	Détails du partenariat	Volume des ventes (2023)
eBay	Plateforme de marché pour les actifs excédentaires	47,3 millions de dollars
Amazone	Electronics excédentaires et ventes d'équipements industriels	38,6 millions de dollars
Walmart	Channel logistique et liquidation inversé	29,4 millions de dollars

Agences gouvernementales

Les services de liquidité collaborent avec des entités gouvernementales pour les ventes de surplus:

• Agence de logistique de défense (DLA): 156,2 millions de dollars en valeur contractuelle
• General Services Administration (GSA): 87,5 millions de dollars de ventes excédentaires gouvernementales
• Département de la sécurité intérieure: 42,3 millions de dollars en liquidation d'actifs

Clients des entreprises

Industrie	Nombre de partenaires d'entreprise	Valeur de transaction annuelle
Vente au détail	87 entreprises	214,6 millions de dollars
Technologie	63 entreprises	178,3 millions de dollars
Fabrication	52 entreprises	142,7 millions de dollars

Fournisseurs de services de technologie et de logistique

La technologie stratégique et les partenariats logistiques comprennent:

• Oracle Cloud Infrastructure: Intégration de la plate-forme technologique
• FedEx Logistics: expédition et distribution mondiales
• Solutions de la chaîne d'approvisionnement UPS: gestion des stocks et transport

Revenus de partenariat total pour 2023: 672,4 millions de dollars

Liquidity Services, Inc. (LQDT) - Modèle d'entreprise: Activités clés

Gestion des enchères en ligne et de la plate-forme de marché

Liquidity Services exploite plusieurs marchés spécialisés en ligne, notamment:

Marché	Focus clé	Volume de transaction annuel
Liquidation.com	Excédent et actifs de récupération	1,2 milliard de dollars (2023)
Govdeals	Actifs excédentaires du gouvernement	580 millions de dollars (2023)
Propriété.com	Application de la loi et actifs municipaux	215 millions de dollars (2023)

Services d'évaluation des actifs et de remarketing

Mesures d'évaluation clés pour 2023:

• Total des actifs traités: 3,4 millions d'unités
• Taux de récupération moyen: 52% de la valeur d'actif d'origine
• Catégories d'actifs traitées:
  • Équipement technologique
  • Machines industrielles
  • Véhicules commerciaux
  • Équipement gouvernemental excédentaire

Liquidation et disposition des stocks

Secteur	Volume de liquidation	Revenus générés
Vente au détail	1,2 million d'unités	425 millions de dollars
Fabrication	850 000 unités	310 millions de dollars
Technologie	650 000 unités	275 millions de dollars

Optimisation de la chaîne d'approvisionnement numérique

Métriques de performance de la chaîne d'approvisionnement numérique:

• Total des transactions traitées: 2,8 millions
• Temps de traitement des transactions moyens: 4,2 jours
• Efficacité de la plate-forme numérique: 87% de processus automatisés

Solutions de récupération des actifs durables

Métrique de la durabilité	Performance de 2023
Actifs détournés des décharges	2,1 millions d'unités
Taux de recyclage	68%
Décalage de carbone généré	42 000 tonnes métriques

Liquidity Services, Inc. (LQDT) - Modèle d'entreprise: Ressources clés

Technologie de marché numérique propriétaire

En 2024, Liquidity Services exploite plusieurs marchés en ligne, notamment:

• Liquidation.com
• Govdeals.com
• Alsurplus.com

Plate-forme	Acheteurs enregistrés	Transactions annuelles
Liquidation.com	930,000	840 millions de dollars
Govdeals.com	420,000	510 millions de dollars

Grand réseau d'acheteurs enregistrés

Acheteurs enregistrés totaux: 1,4 million à travers les marchés mondiaux au quatrième trimestre 2023.

Expertise d'analyse des données et d'évaluation

Métrique	Valeur
Investissement technologique annuel	22,3 millions de dollars
Taille de l'équipe de science des données	87 professionnels

Relations solides avec les vendeurs d'entreprise et gouvernementaux

• Plus de 3 500 clients d'entreprise et gouvernementaux
• Contractes avec 43 agences fédérales américaines américaines
• Partenariat avec plus de 250 entreprises Fortune 1000

Infrastructure opérationnelle mondiale

Emplacement	Entrepôts	Centres de traitement
États-Unis	12	8
International	5	3

Liquidity Services, Inc. (LQDT) - Modèle d'entreprise: propositions de valeur

Monétisation des actifs efficace pour les vendeurs

Les services de liquidité génèrent 296,4 millions de dollars de revenus annuels des services de monétisation des actifs à partir de 2023. La société traite environ 3,2 millions d'excédent et d'actifs inactifs par an sur plusieurs secteurs.

Catégorie d'actifs	Volume de transaction annuel	Taux de récupération moyen
Équipement industriel	687 000 unités	62.3%
Matériel technologique	542 000 unités	58.7%
Surplus du gouvernement	412 000 unités	71.2%

Achats rentables pour les acheteurs

Les acheteurs économisent en moyenne 43,6% sur les prix du marché grâce à des marchés en ligne des services de liquidité. La société gère plus de 1,5 million d'acheteurs actifs sur des plateformes mondiales.

• Remise moyenne sur l'équipement industriel: 47,2%
• Remise moyenne sur les actifs technologiques: 39,8%
• Remise moyenne sur le surplus du gouvernement: 51,5%

Solutions d'élimination et de recyclage durables

Les services de liquidité détournent 2,3 millions d'actifs des décharges par an, avec un taux de recyclage de 68,4% sur tous les actifs traités.

Catégorie de matériel	Volume de recyclage annuel	Impact environnemental
Métaux	1 102 000 tonnes	Réduction des émissions de CO2 de 412 000 tonnes métriques
Électronique	386 000 unités	Empêché 78 000 tonnes de déchets électroniques

Plate-forme de transaction en ligne transparente et sécurisée

La Société traite les transactions avec un taux d'achèvement de 99,7% et maintient 127,3 millions de dollars en mécanismes totaux de protection contre la valeur des transactions.

Market spécialisé pour les marchandises excédentaires et secondaires

Les services de liquidité opère dans 5 segments de marché distincts avec 4 200 comptes de vendeurs d'entreprises et de gouvernement actifs générant 296,4 millions de dollars de revenus annuels.

• Excédent du gouvernement: 37,6% du chiffre d'affaires total
• Marchandises au détail: 28,3% du total des revenus
• Actifs industriels: 22,1% des revenus totaux
• Actifs technologiques: 12% des revenus totaux

Liquidity Services, Inc. (LQDT) - Modèle d'entreprise: relations avec les clients

Plateforme en ligne en libre-service

Liquidity Services exploite plusieurs marchés en ligne, notamment:Liquidation.com, Govdeals.com et B-Stock Solutions. Au quatrième trimestre 2023, la plate-forme a traité environ 822 millions de dollars en volume de marchandises brutes.

Plate-forme	Volume de transaction annuel	Acheteurs enregistrés
Liquidation.com	412 millions de dollars	Plus de 3,7 millions
Govdeals.com	267 millions de dollars	Plus de 2,1 millions
Solutions de stock B	143 millions de dollars	Plus de 1,5 million

Prise en charge de la gestion du compte

La société fournit des services de gestion de compte dédiés une équipe d'assistance gantant environ 125 000 interactions client par an.

• Canaux de support client 24/7
• Gestionnaires de compte dédiés pour les clients d'entreprise
• Infrastructure de support multi-langues

Association automatisée-vendeur acheteur

Liquidity Services utilise une correspondance algorithmique avancée avec un taux de transaction réussi de 92% sur ses plateformes en 2023.

Critères de correspondance	Taux de réussite
Alignement de la catégorie de produits	94%
Matchage de la gamme de prix	91%
Alignement des préférences de l'acheteur	90%

Suivi des transactions en temps réel

La Société fournit un suivi en temps réel pour 100% des transactions avec un temps de traitement moyen de 3,2 jours, de la liste à l'achèvement de la vente.

Stratégies d'engagement des clients personnalisés

Segments de services de liquidité sa clientèle avec des approches d'engagement ciblées, desservant plus de 4,3 millions d'acheteurs enregistrés sur divers marchés verticaux.

• Solutions personnalisées du client d'entreprise
• Configurations de marché spécifiques à la verticale
• Segmentation des clients basée sur les données

Liquidity Services, Inc. (LQDT) - Modèle d'entreprise: canaux

Plateformes de marché basées sur le Web

Liquidity Services exploite plusieurs marchés en ligne, notamment:

• Liquidation.com
• Goind industry Dovebid
• Solutions de stock B

Plate-forme	Acheteurs enregistrés actifs	Volume de transaction annuel
Liquidation.com	870,000	621 millions de dollars
Solutions de stock B	385,000	1,2 milliard de dollars

Applications mobiles

Métriques de la plate-forme mobile pour 2023:

• Téléchargements d'applications mobiles: 156 000
• Pourcentage de transaction mobile: 37%
• Session moyenne des utilisateurs mobiles: 14,2 minutes

Équipe de vente directe

Composition de l'équipe de vente:

Catégorie de vente	Nombre de représentants	Revenu annuel moyen par représentant
Ventes d'entreprise	82	1,4 million de dollars
Ventes de petites entreprises	47	$623,000

Partenariat stratégique RÉFÉRATIONS

Détails du réseau de partenariat:

• Total des partenaires stratégiques: 214
• Revenus des partenariats: 87,3 millions de dollars
• Taux de conversion de référence des partenaires: 22,6%

Marketing numérique et génération de leads

Métriques de performance du marketing numérique:

Canal de marketing	Volume de génération de leads	Taux de conversion
Liendin	43 200 pistes	4.7%
Publicités Google	67 500 pistes	3.9%
Campagnes par e-mail	38 900 pistes	5.2%

Liquidity Services, Inc. (LQDT) - Modèle d'entreprise: segments de clientèle

Entreprises

Les services de liquidité ciblent les entreprises avec des actifs excédentaires et obsolètes dans plusieurs secteurs.

Segment de l'industrie	Valeur annuelle de l'actif excédentaire	Pénétration estimée du marché
Entreprises technologiques	124,6 millions de dollars	18.3%
Services financiers	87,3 millions de dollars	12.7%
Fabrication	215,4 millions de dollars	22.9%

Agences gouvernementales

Liquidity Services fournit des services de disposition des actifs excédentaires aux entités gouvernementales fédérales et des États.

• Ventes excédentaires du ministère de la Défense: 342,7 millions de dollars en 2023
• Transactions excédentaires du gouvernement de l'État: 89,6 millions de dollars en 2023
• Récupération des actifs d'agence fédérale: 15 342 transactions par an

Fabricants et détaillants

La société dessert les fabricants et les détaillants avec des solutions de disposition des actifs spécialisées.

Secteur	Valeur totale de l'actif traité	Nombre de relations avec les clients
Vente au détail	276,5 millions de dollars	187 clients
Fabrication	412,3 millions de dollars	246 clients

Acheteurs d'actifs excédentaires

Liquidity Services relie les acheteurs d'actifs excédentaires aux vendeurs via plusieurs marchés en ligne.

• Acheteurs enregistrés totaux: 3,2 millions
• Valeur moyenne de la transaction: 18 750 $
• Distribution géographique de l'acheteur mondial: 72 pays

Petites et moyennes entreprises

La société fournit des services de disposition des actifs sur mesure pour les petites et moyennes entreprises.

Taille de l'entreprise	Ventes excédentaires annuelles	Taille moyenne des transactions
Petites entreprises	54,3 millions de dollars	$6,200
Entreprises moyennes	127,6 millions de dollars	$15,400

Liquidity Services, Inc. (LQDT) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Pour l'exercice 2023, Liquidity Services, Inc. a déclaré des coûts de technologie et d'infrastructure de 21,4 millions de dollars, ce qui représente 15,3% du total des dépenses d'exploitation.

Catégorie de coûts	Dépenses annuelles ($)	Pourcentage du total des coûts technologiques
Hébergement cloud	7,200,000	33.6%
Sécurité du réseau	4,500,000	21%
Maintenance du centre de données	5,900,000	27.6%
Licence de logiciel	3,800,000	17.8%

Développement et amélioration de la plate-forme

Les dépenses de développement de la plate-forme pour 2023 ont totalisé 16,7 millions de dollars, avec des domaines de mise au point clés, notamment:

• Algorithmes d'apprentissage automatique
• Améliorations de l'interface utilisateur
• Optimisation de la plate-forme mobile

Zone de développement	Investissement ($)
Génie logiciel	9,500,000
Recherche et innovation	4,200,000
Conception de l'expérience utilisateur	3,000,000

Dépenses de vente et de marketing

Les dépenses totales de ventes et de marketing pour 2023 étaient de 24,6 millions de dollars, ce qui représente 17,5% du total des revenus de l'entreprise.

• Marketing numérique: 8,9 millions de dollars
• Compensation de l'équipe de vente: 11,2 millions de dollars
• Salon du commerce et marketing d'événements: 4,5 millions de dollars

Frais généraux opérationnels

Les frais généraux opérationnels pour 2023 s'élevaient à 18,3 millions de dollars, ventilés comme suit:

Catégorie aérienne	Coût annuel ($)
Dépenses de l'installation	6,700,000
Frais administratifs	5,400,000
Juridique et conformité	3,900,000
Assurance	2,300,000

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 52,1 millions de dollars.

Composant de compensation	Dépenses annuelles ($)
Salaires de base	38,500,000
Bonus de performance	7,900,000
Formation et développement	3,400,000
Avantages sociaux	2,300,000

Liquidity Services, Inc. (LQDT) - Modèle d'entreprise: Strots de revenus

Commission des ventes d'actifs

Liquidity Services, Inc. génère des revenus grâce à des commissions sur les ventes d'actifs sur plusieurs plateformes de marché. Au cours de l'exercice 2023, la société a rapporté:

Marché	Volume total des ventes	Pourcentage de commission
Surplus.com	412,3 millions de dollars	10-15%
Govdeals	287,6 millions de dollars	12-18%
Marché industriel	203,4 millions de dollars	8-13%

Frais de transaction

Les frais de transaction représentent une source de revenus importante pour les services de liquidité:

• Plage de frais de transaction moyenne: 5-7% par vente
• Revenu total des frais de transaction en 2023: 64,2 millions de dollars
• Déchange de secteur:
  • Excédent du gouvernement: 28,5 millions de dollars
  • Actifs commerciaux: 22,7 millions de dollars
  • Équipement industriel: 13 millions de dollars

Frais d'inscription sur le marché

Structure des frais de liste pour 2023:

Catégorie de vendeur	Frais d'inscription	Revenus annuels des annonces
Agences gouvernementales	0 à 250 $ par liste	8,3 millions de dollars
Vendeurs d'entreprise	100 $ - 500 $ par liste	12,6 millions de dollars
Vendeurs de petites entreprises	50 $ - 150 $ par liste	4,2 millions de dollars

Services de remarketing à valeur ajoutée

Revenus des services de remarketing spécialisés en 2023:

• Services d'évaluation des actifs: 5,7 millions de dollars
• Support logistique et transport: 9,3 millions de dollars
• Classement et inspection des actifs certifiés: 4,1 millions de dollars
• Revenus de services à valeur ajoutée totale: 19,1 millions de dollars

Accès à la plate-forme basée sur l'abonnement

Répartition des revenus d'abonnement pour 2023:

Niveau d'abonnement	Frais mensuels	Abonnés annuels totaux	Revenus annuels
Accès de la plate-forme de base	99 $ / mois	3 200 abonnés	3,8 millions de dollars
Accès à la plate-forme premium	299 $ / mois	1 500 abonnés	5,4 millions de dollars
Accès à la plate-forme d'entreprise	999 $ / mois	450 abonnés	5,4 millions de dollars

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.