Live Ventures Incorporated (LIVE): Business Model Canvas [Dec-2025 Updated]

You're looking at Live Ventures Incorporated (LIVE), which, frankly, is a fascinating case study: it's a holding company that buys and builds middle-market firms across steel, flooring, and entertainment retail, not just one thing. This diverse engine generated a solid $112.5 million in total revenue for Q3 2025, with adjusted EBITDA hitting $13.2 million that same quarter, showing their buy-build-hold strategy is defintely producing results. To really grasp how they manage such different operations-from near-perfect 99.98% same-day steel shipments to running over 70 retail stores-you need to see the full nine-block engine room. Dive below to break down the precise Key Partnerships, Value Propositions, and Cost Structure that make this unique model tick.

Live Ventures Incorporated (LIVE) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that make the Live Ventures Incorporated model work, especially as they push for operational improvements across their diverse portfolio. These partnerships are critical because Live Ventures Incorporated relies on the expertise within its subsidiaries and external support for growth and narrative control.

The buy-build-hold strategy is heavily dependent on securing the right management teams. Live Ventures Incorporated looks to partner with the management teams of its acquired businesses to build long-term shareholder value. The criteria for these targets specify they should be closely held or family-founded businesses with a strong culture and a management team looking to continue operating the business. Target companies are generally sought with annual earnings between $5 million and $50 million.

For stakeholder dialogue and corporate narrative, Live Ventures Incorporated formalized a key external relationship in late 2025.

• Retained Brandsinger LLC, a New York City-based branding and communications consultancy, as a strategic partner on September 3, 2025.
• The campaign covers investor relations, public relations, employee communications, and community outreach.

The Steel Manufacturing segment, through its subsidiary Precision Marshall Steel, relies on a distribution network to move its products. This network is a vital partnership component for market reach.

Precision Marshall Steel supplies decarb-free tool steel, ground flat stock, drill rod, and plate to a network of independent distributors and service centers. This relationship is supported by operational excellence, as Precision Marshall Steel achieved a 99.98% same-day shipment rate on qualifying orders as of November 18, 2025.

The Flooring Manufacturing segment, which includes the production of carpets, rugs, and yarn products, operates within a market facing softness. While specific raw material supplier contracts aren't detailed, the segment's financial performance reflects the scale of its operations and, by extension, its material needs.

Here's a look at the segment context relevant to raw material procurement and sales as of the third quarter of fiscal 2025, ended June 30, 2025:

The increase in gross margin to 29.9% in Q3 FY2025 was primarily due to changes in product mix, which suggests a shift in the mix of raw materials used or products sold.

For e-commerce fulfillment, Live Ventures Incorporated's portfolio companies, such as Vintage Stock, ship product worldwide directly to the customer's doorstep. However, specific financial terms or the identity of the Third-party logistics (3PL) providers used for fulfillment are not publicly quantified in the latest available reports as of late 2025.

The overall financial health supports these operations; as of March 31, 2025, Live Ventures Incorporated maintained a current ratio of 1.65, and total cash availability was $26.6 million as of that date. By June 30, 2025, total cash availability increased to $37.1 million.

Finance: draft 13-week cash view by Friday.

Live Ventures Incorporated (LIVE) - Canvas Business Model: Key Activities

You're looking at the core actions Live Ventures Incorporated takes to run its portfolio, which is a mix of heavy industry and consumer retail. It's about buying, fixing, and running diverse businesses, so the activities are quite spread out.

Disciplined acquisition and integration of middle-market companies is central. The strategy focuses on well-run, closely held businesses with a demonstrated track record of earnings growth. The integration process immediately targets operational improvements, as seen with the acquisition of Central Steel Fabricators, LLC in May 2024. For the third quarter of fiscal year 2025, this acquisition contributed incremental revenue of $5.0 million. Over the nine months ended June 30, 2025, Central Steel added $11.9 million in revenue. Furthermore, the integration success is reflected in one-time financial benefits, such as the $1.3 million gain on the settlement of a holdback liability related to Precision Industries, Inc. ("Precision Marshall") recognized in the third quarter of fiscal year 2025.

Operational optimization and cost reduction initiatives across subsidiaries are key to driving margin expansion. The focus on efficiency is clear when you look at the gross margin improvement across the board. For the third quarter of fiscal year 2025, the consolidated gross margin expanded to 34.0%, up from 29.9% in the prior-year period, a 410 basis point improvement. This operational focus helped push Adjusted EBITDA for that quarter to $13.2 million, more than doubling the prior year's $6.1 million, an increase of 115.4%. Targeted cost reduction initiatives were also noted in the Retail-Flooring segment, contributing to a $1.5 million decrease in General and administrative expense during the second quarter of fiscal year 2025.

The manufacturing operations involve both steel and flooring products. These activities are critical revenue drivers, though they face market headwinds. The Steel Manufacturing segment generated revenue of $33.6 million for the quarter ended June 30, 2025, despite a 13.8% decrease in sales volume compared to the prior year. The Flooring Manufacturing segment brought in revenue of $29.5 million for the same period, a 5.7% decrease year-over-year.

Here's a quick look at the segment revenue performance for the third quarter of fiscal year 2025 (ended June 30, 2025), compared to the prior year:

Retail sales and the unique buy-sell-trade model for entertainment goods provide a consumer-facing revenue stream. The Retail-Entertainment segment saw a revenue increase of 9.6%, reaching approximately $18.5 million for the quarter ended March 31, 2025, driven by demand for new products. The retail flooring side, however, saw revenue drop to approximately $27.4 million for the same period, a 14.5% decrease. A significant financial event related to a retail subsidiary involved negotiating a $19 million reduction on Flooring Liquidators seller notes, which resulted in a $22.8 million net gain recorded in the second quarter of fiscal year 2025.

Digital modernization, like launching the Deluxe Steel Portal, is a newer, specific activity aimed at efficiency in the industrial segment. This effort is yielding measurable results in service delivery. As of a November 18, 2025, press release, the Precision Marshall Steel business achieved a 99.98% Same-Day Shipment rate, directly attributed to the new customer portal.

The overall impact of these key activities on the consolidated results for the third quarter of fiscal year 2025 (ended June 30, 2025) includes:

• Total Revenue: $112.5 million.
• Operating Income: Increased 607.6% to $8.0 million.
• Net Income: Swung to $5.4 million from a net loss of $2.9 million.
• Diluted EPS: $1.24.
• Total Assets: Stood at $387.5 million.

Live Ventures Incorporated (LIVE) - Canvas Business Model: Key Resources

You're looking at the core assets Live Ventures Incorporated (LIVE) relies on to execute its buy-build-hold strategy. These aren't just line items on a balance sheet; they are the engines of their diversified operation.

The financial foundation as of the end of the third fiscal quarter, June 30, 2025, shows total assets standing at $387.5 million. For immediate operational flexibility and acquisition capacity, the company maintained total cash availability, which includes cash on hand and credit facility availability, of $37.1 million.

The company's structure is built around a diversified portfolio of operating subsidiaries, which insulates it somewhat from sector-specific downturns. These key areas include steel, flooring, and entertainment, alongside textile, tools, and financial services operations.

Tangible and operational resources are critical. Live Ventures Incorporated owns the means of production and distribution, which is a significant barrier to entry for competitors in some of its niches. Here's a quick look at the physical footprint based on available data:

The management team itself is a key resource, described as experienced and highly focused on disciplined capital allocation and growth, a necessity when managing a portfolio spanning disparate industries like steel fabrication and entertainment retail. This focus on capital deployment is what they use to drive value across their holdings.

The operational scope of the key segments dictates the physical resources needed. You see this in the structure:

• Steel Manufacturing Segment: Includes Precision Industries, Inc., The Kinetic Co., Inc., Precision Metal Works, Inc., and CSF Holdings, LLC.
• Flooring Manufacturing Segment: Includes Marquis Industries, Inc., which operates the proprietary manufacturing facilities.
• Retail-Entertainment Segment: Includes Vintage Stock, Inc., an award-winning entertainment retailer.

If onboarding takes 14+ days, churn risk rises, which is why having established retail footprints like the 20 stores operated by the Flooring Liquidators subsidiary is important for immediate market presence. Finance: draft 13-week cash view by Friday.

Live Ventures Incorporated (LIVE) - Canvas Business Model: Value Propositions

You're looking at the core promises Live Ventures Incorporated (LIVE) makes to its distinct customer groups as of late 2025. It's a diversified approach, balancing industrial reliability with consumer retail engagement.

For your B2B customers in tool steel distribution, the value proposition centers on absolute supply chain certainty. Precision Marshall Steel, a key subsidiary, delivers near-perfect 99.98% same-day shipment for tool steel distributors on qualifying orders placed by 5:00 p.m. Central Time. This level of execution helps distributors maintain their own production schedules and minimizes their inventory holding costs.

On the consumer side, the entertainment businesses aim to be the definitive destination. For B2C, the value is being a one-stop shop for new and pre-owned pop culture and entertainment products. The Retail-Entertainment segment showed strength, posting revenue of approximately $19.0 million for the quarter ended June 30, 2025.

The flooring solutions group offers a different kind of integration. For B2B/B2C customers, Live Ventures Incorporated provides vertically integrated flooring solutions, managing the process from manufacturing through to retail installation. The Retail-Flooring segment generated revenue of approximately $27.4 million for the quarter ended March 31, 2025, showing the scale of this operation.

Now, let's look at what these operations deliver for shareholders and distributors, which are critical stakeholders in this model.

The commitment to distributors extends beyond speed. You get an exclusive sales channel commitment, which is a strong incentive for partners, plus that 100% Guarantee of Quality on all steel products. That's a clear risk transfer mechanism for the buyer.

For shareholders, the operational improvements are translating directly to the bottom line. Here's a quick look at the Q3 2025 performance that underpins the value proposition to them:

• Revenue for Q3 2025 was $112.5 million.
• Gross Margin expanded to 34% in Q3 2025.
• Total Stockholders' Equity stood at $94.3 million as of June 30, 2025.
• Adjusted EBITDA more than doubled year-over-year for the quarter, moving from approximately $6.1 million in Q3 2024 to $13.2 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Live Ventures Incorporated (LIVE) - Canvas Business Model: Customer Relationships

You're looking at how Live Ventures Incorporated (LIVE) manages its connections with the different groups it serves across its diverse portfolio, which is key since they operate in everything from steel to used video games. The approach definitely shifts depending on the customer segment.

High-touch, dedicated sales associates for B2B steel and flooring customers.

For the Steel Manufacturing segment, which brought in approximately $33.6 million in revenue for the third quarter of fiscal year 2025, maintaining strong relationships with B2B buyers is critical. While I don't have the exact count of dedicated associates, the focus on operational excellence in this segment suggests personalized service supports the sales volume. The segment's operating income improved year-over-year for the first nine months of fiscal 2025, which often points to stable, high-value customer accounts.

Self-service 24/7 online portal for steel distributors to manage orders and certifications.

This is where you see the drive for efficiency in the B2B space. Precision Marshall Steel Company, part of the Steel Manufacturing segment, demonstrated a significant operational win by achieving 99.98% Same-Day Shipment as of November 18, 2025, directly linked to modernization efforts like the new customer portal. This metric shows the digital relationship tool is working to meet demanding distributor expectations for speed and reliability.

Community-focused, in-store interaction via the buy-sell-trade model at Vintage Stock.

The Retail-Entertainment segment, which houses Vintage Stock, Inc., is all about the in-person, community feel. This segment saw its revenue increase by 15.2% in the third quarter of fiscal 2025, reaching approximately $19.0 million. This growth, noted as being driven by increased consumer demand for new products, suggests the buy-sell-trade model successfully draws customers into the physical stores for interaction and transaction.

Direct customer service and installation support for retail flooring clients.

For the Retail-Flooring segment, represented by Flooring Liquidators, Inc., the relationship extends beyond the sale to installation. This segment faced revenue pressure, with its nine-month revenue ending June 30, 2025, at approximately $89.5 million, a decrease of about 13.4% year-over-year, due to housing market softness. Still, the commitment to installation support is a necessary component of retaining customers in that market, even when overall demand is down.

Investor relations transparency through regular earnings calls and public filings.

Live Ventures Incorporated maintains a formal relationship with its financial stakeholders through scheduled communication. The company announced it would issue its fiscal year-end 2025 financial results before the market opened on Thursday, December 11, 2025, followed by a conference call at 2:00 p.m. Pacific Standard Time. This commitment to timely reporting, including the Q3 2025 results where net income was $5.4 million, is the core of the investor relationship.

Here's a quick look at how the revenue from the customer-facing segments performed in the third quarter of fiscal year 2025:

The overall relationship strategy balances high-touch service in specialized areas like steel and flooring installation with high-volume, community-driven retail. The company's total revenue for Q3 2025 was $112.5 million, showing the scale across these varied customer sets.

You can see the different service levels required across the business:

• Dedicated sales support for large steel contracts.
• Digital self-service with 99.98% same-day shipment success.
• In-store experience driving a 15.2% revenue jump in entertainment retail.
• Post-sale installation service for flooring clients.
• Formal, scheduled calls for investors following the $5.4 million net income in Q3 2025.

Finance: draft 13-week cash view by Friday.

Live Ventures Incorporated (LIVE) - Canvas Business Model: Channels

You're looking at how Live Ventures Incorporated (LIVE) gets its products and services to the end-user across its diverse portfolio, which is key to understanding its overall revenue generation, especially given the mixed performance across segments as of late 2025.

The physical retail footprint is split between two main operations. Vintage Stock, which falls under the Retail-Entertainment segment, operates more than 70 stores across the U.S.. For the nine months ending June 30, 2025, this segment generated revenue of approximately $58.8 million. Separately, Flooring Liquidators, the Retail-Flooring segment, operates a network of 30 warehouse-format stores and design centers, primarily serving California and Nevada. For the third quarter of fiscal 2025 alone, the Retail-Flooring segment brought in revenue of approximately $30.4 million.

E-commerce is a vital component, particularly for the entertainment side. Vintage Stock utilizes its website to ship product worldwide directly to the customer's doorstep. This direct-to-consumer channel supported the Retail-Entertainment segment's revenue growth of 9% for the nine months ending June 30, 2025.

For the Steel Manufacturing segment, driven by Precision Marshall Steel, the channel relies heavily on business-to-business distribution. Precision Marshall acts as a master distributor, supplying decarb-free tool steel and alloy products to distributors and service centers. While the exact number of independent distributors isn't specified, the segment's Q3 2025 revenue was approximately $33.6 million.

The B2B contractor and home builder sales channel is managed through Elite Builder Services, Inc. This entity is a business unit of Flooring Liquidators, which serves builder and contractor customers directly, separate from its retail store operations. This specialized channel is critical for the flooring business, though its specific revenue contribution isn't broken out separately from the overall Retail-Flooring segment figures.

Wholesale distribution is a core channel for the Flooring Manufacturing segment, which operates Marquis Industries. Marquis Industries designs, manufactures, sources, and distributes both hard and soft floor covering for the residential and commercial markets, implying a significant wholesale component to home centers and other manufacturers. The Flooring Manufacturing segment's revenue for the quarter ended June 30, 2025, was approximately $29.5 million.

Here's a quick look at the revenue contribution by segment, which reflects the output of these various channels for the nine months ended June 30, 2025:

What this estimate hides is the exact breakdown between retail sales and Elite Builder Services within the Retail-Flooring segment. For the Retail-Entertainment segment, the 9% revenue growth for the nine months ending June 30, 2025, shows the strength of its combined physical and worldwide e-commerce channels.

• Physical Retail Stores: 70+ for Vintage Stock; 30 for Flooring Liquidators.
• E-commerce: Worldwide shipping capability for entertainment products.
• B2B Steel: Supplies product to distributors and service centers.
• B2B Flooring: Served via Elite Builder Services, Inc..

Finance: draft 13-week cash view by Friday.

Live Ventures Incorporated (LIVE) - Canvas Business Model: Customer Segments

You're looking at the specific groups Live Ventures Incorporated serves across its diverse portfolio, which is key to understanding where their money actually comes from. Honestly, it's a mix of industrial B2B and direct-to-consumer retail.

The customer base is segmented across the four main operating divisions, with revenue figures from the fiscal third quarter of 2025 (ended June 30, 2025) giving us a clear picture of the current scale of interaction with each group. The total revenue for that quarter was $112.5 million.

Here's a breakdown of the revenue associated with each customer group, based on the segment that serves them:

The Steel Manufacturing segment, serving industrial B2B customers like independent steel distributors and service centers, generated the highest segment revenue in Q3 FY2025 at $33.6 million, despite an 11.7% revenue decline in the prior quarter (Q2 FY2025). This group is critical for the industrial side of Live Ventures Incorporated's operations.

For the retail side, the customer segments are more varied:

• Pop culture enthusiasts, collectors, and gamers drive the Retail - Entertainment segment, which saw revenue of $19.0 million in Q3 FY2025, showing growth of 15.2% year-over-year.
• Residential consumers and home renovators, alongside commercial end-users, builders, and contractors, form the base for the Retail - Flooring segment, which brought in $30.4 million in Q3 FY2025 revenue. This segment faced significant headwinds, with revenue dropping 17.9% year-over-year for the quarter.

The Flooring Manufacturing segment serves other flooring manufacturers and home centers (B2B) with manufactured products, reporting revenue of $29.5 million in Q3 FY2025. This segment's revenue was down 5.7% year-over-year for the quarter, reflecting the softness in the new home construction and home refurbishment markets that also pressured the retail flooring side.

If you look at the prior quarter, Q2 FY2025 (ended March 31, 2025), the revenue distribution was slightly different, showing the relative size of these customer groups then:

• Steel Manufacturing revenue was $31.3 million.
• Retail - Flooring revenue was $27.4 million.
• Flooring Manufacturing revenue was $29.8 million.
• Retail - Entertainment revenue was $18.5 million.

The overall picture shows that B2B industrial customers (Steel and Flooring Manufacturing) and B2C/B2B flooring customers are the largest revenue drivers, though the entertainment retail customer base is showing positive momentum.

Live Ventures Incorporated (LIVE) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Live Ventures Incorporated's operational spending as of late 2025. Honestly, the cost structure reflects a mix of manufacturing overhead and significant retail footprint expenses, which management is actively trying to streamline.

The Cost of Goods Sold (COGS) is a major outflow, directly tied to the revenues from the Flooring Manufacturing and Retail-Flooring segments. For the third quarter ended June 30, 2025, with total revenue at $112.5 million and a gross margin of 34.0%, the implied COGS was approximately $74.2 million.

Debt service costs remain a fixed drain, though they are showing improvement. The interest expense for the third quarter of 2025 was reported at $3.9 million, which was a 9% decrease due to lower average debt balances.

Operating expenses cover the overhead for the entire enterprise, including the physical presence of the retail segment. Live Ventures Incorporated operates a network that included 73 retail locations as of the first quarter of 2025. Key components of these operating costs for Q3 2025 include:

• Sales and marketing expense: $4 million.
• General and administrative expenses: Specific figures for this category for Q3 2025 are not isolated in the same way as Sales and Marketing, but overall operating income improved to $8.0 million.

Here's a quick look at the key financial components impacting the cost side for Q3 2025:

Management has been focused on targeted cost reduction initiatives. These efforts are explicitly noted as generating considerable savings, particularly within the Retail-Flooring segment, contributing to the segment's reduced operating loss for the nine months ended June 30, 2025, despite lower revenues.

Regarding capital expenditures, the company views its Adjusted EBITDA, which was $13.2 million for Q3 2025, as a key indicator of its ability to fund acquisitions and other capital expenditures for modernization and new equipment across its manufacturing base, such as the Precision Marshall Steel Company facilities.

Live Ventures Incorporated (LIVE) - Canvas Business Model: Revenue Streams

You're looking at the core ways Live Ventures Incorporated brings in cash as of late 2025, based on their latest reported figures. Honestly, the model is a mix of consumer-facing retail and heavy industrial sales, which gives it a certain kind of diversification.

The total picture for the third quarter ended June 30, 2025, shows consolidated revenue hitting $112.5 million. That's the top-line number we need to anchor this discussion.

Here's a quick math check on how the segments contributed to that $112.5 million total:

It's interesting to see the split, especially since the Retail-Entertainment part is actually growing. That segment, which covers new/used media and collectibles, brought in $19.0 million for the quarter, up $2.5 million from the same time last year. That growth was driven by a shift in product mix toward newer, higher-priced items, which is a smart move when overall consumer demand is soft.

The other segments, which are more tied to housing and construction, faced headwinds. You can see the pressure in the numbers:

• Sales and installation of flooring, carpet, and countertops generated $30.4 million, down 17.9%.
• Wholesale revenue from manufactured flooring products was $29.5 million, a 5.7% drop.
• Sales of manufactured steel products brought in $33.6 million, falling by 13.8%.

The combined revenue drop from the Retail-Flooring and Steel Manufacturing segments was about $12.0 million of the total revenue decrease for the quarter. Still, Live Ventures Incorporated managed to expand its overall gross margin to 34.0% from 29.9% in the prior year, so they are definitely focusing on profitability within those streams.

The key revenue drivers, segmented by their Q3 2025 performance, look like this:

• Retail-Entertainment: $19.0 million in revenue.
• Steel Manufacturing: $33.6 million in revenue.
• Retail-Flooring: $30.4 million in revenue.
• Flooring Manufacturing: $29.5 million in revenue.

Finance: draft 13-week cash view by Friday.