Liquidity Services, Inc. (LQDT): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da liquidação de ativos on-line e remarketing, a Liquidity Services, Inc. (LQDT) surge como uma força transformadora, revolucionando como as empresas, agências governamentais e compradores de ativos excedentes se conectam através de um mercado digital de ponta. Ao aproveitar a tecnologia sofisticada, parcerias estratégicas e soluções inovadoras, o LQDT criou um modelo de negócios exclusivo que não apenas simplifica a monetização de ativos, mas também defende processos de transação eficientes sustentáveis ​​em diversas indústrias.

Liquidity Services, Inc. (LQDT) - Modelo de negócios: Parcerias -chave

Mercados on -line

Os serviços de liquidez mantêm parcerias estratégicas com os principais mercados on -line:

Marketplace	Detalhes da parceria	Volume de vendas (2023)
eBay	Plataforma de mercado para ativos excedentes	US $ 47,3 milhões
Amazon	Excedente eletrônica e vendas de equipamentos industriais	US $ 38,6 milhões
Walmart	Canal de logística e liquidação reversa	US $ 29,4 milhões

Agências governamentais

Serviços de liquidez colabora com entidades governamentais para vendas de ativos excedentes:

• Agência de Logística de Defesa (DLA): US $ 156,2 milhões em valor do contrato
• Administração de Serviços Gerais (GSA): US $ 87,5 milhões em vendas de excedentes do governo
• Departamento de Segurança Interna: US $ 42,3 milhões em liquidação de ativos

Clientes corporativos

Indústria	Número de parceiros corporativos	Valor anual da transação
Varejo	87 empresas	US $ 214,6 milhões
Tecnologia	63 empresas	US $ 178,3 milhões
Fabricação	52 empresas	US $ 142,7 milhões

Provedores de serviços de tecnologia e logística

As parcerias estratégicas de tecnologia e logística incluem:

• Oracle Cloud Infrastructure: Integração da plataforma de tecnologia
• FedEx Logistics: envio e distribuição global
• Soluções da cadeia de suprimentos da UPS: Gerenciamento e transporte de inventário

Receita total de parceria para 2023: US $ 672,4 milhões

Liquidity Services, Inc. (LQDT) - Modelo de negócios: Atividades -chave

Leilão online e gerenciamento de plataforma de mercado

Os Serviços de Liquidez opera vários mercados on -line especializados, incluindo:

Marketplace	Foco principal	Volume anual de transações
Liquidation.com	Excedente e ativos de salvamento	US $ 1,2 bilhão (2023)
Govdeals	Ativos excedentes do governo	US $ 580 milhões (2023)
Propertyroom.com	Aplicação da lei e ativos municipais	US $ 215 milhões (2023)

Avaliação de ativos e serviços de remarketing

Métricas de avaliação -chave para 2023:

• Total de ativos processados: 3,4 milhões de unidades
• Taxa de recuperação média: 52% do valor do ativo original
• Categorias de ativos processadas:
  • Equipamento de tecnologia
  • Máquinas industriais
  • Veículos comerciais
  • Equipamento do governo excedente

Liquidação e disposição de estoque

Setor	Volume de liquidação	Receita gerada
Varejo	1,2 milhão de unidades	US $ 425 milhões
Fabricação	850.000 unidades	US $ 310 milhões
Tecnologia	650.000 unidades	US $ 275 milhões

Otimização da cadeia de suprimentos digital

Métricas de desempenho da cadeia de suprimentos digitais:

• Total de transações processadas: 2,8 milhões
• Tempo médio de processamento da transação: 4,2 dias
• Eficiência da plataforma digital: 87% de processos automatizados

Soluções de recuperação de ativos sustentáveis

Métrica de sustentabilidade	2023 desempenho
Ativos desviados de aterros sanitários	2,1 milhões de unidades
Taxa de reciclagem	68%
Offset de carbono gerado	42.000 toneladas métricas

Liquidity Services, Inc. (LQDT) - Modelo de negócios: Recursos -chave

Tecnologia de mercado digital proprietário

A partir de 2024, os serviços de liquidez opera vários mercados on -line, incluindo:

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

Plataforma	Compradores registrados	Transações anuais
Liquidation.com	930,000	US $ 840 milhões
Govdeals.com	420,000	US $ 510 milhões

Grande rede de compradores registrados

Total de compradores registrados: 1,4 milhão nos mercados globais a partir do quarto trimestre 2023.

Análise de dados e experiência em avaliação

Métrica	Valor
Investimento de tecnologia anual	US $ 22,3 milhões
Tamanho da equipe de ciência de dados	87 profissionais

Fortes relacionamentos com vendedores corporativos e governamentais

• Mais de 3.500 clientes corporativos e governamentais
• Contratos com 43 agências federais dos EUA
• Parceria com mais de 250 empresas da Fortune 1000

Infraestrutura operacional global

Localização	Armazéns	Centros de processamento
Estados Unidos	12	8
Internacional	5	3

Liquidity Services, Inc. (LQDT) - Modelo de negócios: proposições de valor

Monetização de ativos eficientes para vendedores

Os serviços de liquidez gera US $ 296,4 milhões em receita anual dos serviços de monetização de ativos a partir de 2023. A Companhia processa aproximadamente 3,2 milhões de ativos excedentes e ociosos anualmente em vários setores.

Categoria de ativos	Volume anual de transações	Taxa de recuperação média
Equipamento industrial	687.000 unidades	62.3%
Hardware de tecnologia	542.000 unidades	58.7%
Excedente do governo	412.000 unidades	71.2%

Compras econômicas para compradores

Os compradores economizam uma média de 43,6% nos preços de mercado através dos mercados on -line dos Serviços de Liquidez. A empresa gerencia mais de 1,5 milhão de compradores ativos em plataformas globais.

• Desconto médio em equipamentos industriais: 47,2%
• Desconto médio em ativos de tecnologia: 39,8%
• Desconto médio no superávit governamental: 51,5%

Soluções de descarte e reciclagem sustentáveis

Serviços de liquidez desvia 2,3 milhões de ativos de aterros anualmente, com uma taxa de reciclagem de 68,4% em todos os ativos processados.

Categoria de material	Volume anual de reciclagem	Impacto ambiental
Metais	1.102.000 toneladas	Emissões reduzidas de CO2 em 412.000 toneladas métricas
Eletrônica	386.000 unidades	Impediu 78.000 toneladas de lixo eletrônico

Plataforma de transação online transparente e segura

A empresa processa transações com uma taxa de conclusão de 99,7% e mantém US $ 127,3 milhões em mecanismos totais de proteção de valor da transação.

Marketplace especializada para produtos de mercado excedentes e secundários

Os Serviços de Liquidez opera em 5 segmentos de mercado distintos, com 4.200 contas de vendedores corporativos e governamentais ativos, gerando US $ 296,4 milhões em receita anual.

• Excedente do governo: 37,6% da receita total
• Mercadoria de varejo: 28,3% da receita total
• Ativo industrial: 22,1% da receita total
• Ativos de tecnologia: 12% da receita total

Liquidity Services, Inc. (LQDT) - Modelo de negócios: relacionamentos com o cliente

Plataforma online de autoatendimento

Os serviços de liquidez opera vários mercados on -line, incluindo:Soluções liquidation.com, govdeals.com e B-STOCK. A partir do quarto trimestre de 2023, a plataforma processou aproximadamente US $ 822 milhões em volume de mercadorias brutas.

Plataforma	Volume anual de transações	Compradores registrados
Liquidation.com	US $ 412 milhões	Mais de 3,7 milhões
Govdeals.com	US $ 267 milhões	Mais de 2,1 milhões
Soluções B-STOCK	US $ 143 milhões	Mais de 1,5 milhão

Suporte ao gerenciamento de contas

A empresa fornece serviços dedicados de gerenciamento de contas com uma equipe de suporte que lida com aproximadamente 125.000 interações com os clientes anualmente.

• Canais de suporte ao cliente 24/7
• Gerentes de conta dedicados para clientes corporativos
• Infraestrutura de suporte em vários idiomas

Correspondência automatizada de comprador-vendedor

Os serviços de liquidez utilizam correspondência algorítmica avançada com uma taxa de transação bem -sucedida de 92% em suas plataformas em 2023.

Critérios correspondentes	Taxa de sucesso
Alinhamento da categoria de produto	94%
Correspondência de faixa de preço	91%
Alinhamento de preferência do comprador	90%

Rastreamento de transações em tempo real

A empresa fornece rastreamento em tempo real para 100% das transações com um tempo médio de processamento de 3,2 dias, desde a listagem até a conclusão da venda.

Estratégias personalizadas de engajamento do cliente

Serviços de liquidez segmenta sua base de clientes com abordagens direcionadas de engajamento, atendendo a mais de 4,3 milhões de compradores registrados em várias verticais do mercado.

• Enterprise Client Solutions Custom
• Configurações de mercado específicas verticais
• Segmentação de clientes orientada a dados

Liquidity Services, Inc. (LQDT) - Modelo de negócios: canais

Plataformas de mercado baseadas na Web

Os serviços de liquidez opera vários mercados on -line, incluindo:

• Liquidation.com
• Goindustry Dovebid
• Soluções B-STOCK

Plataforma	Compradores registrados ativos	Volume anual de transações
Liquidation.com	870,000	US $ 621 milhões
Soluções B-STOCK	385,000	US $ 1,2 bilhão

Aplicativos móveis

Métricas de plataforma móvel para 2023:

• Downloads de aplicativos móveis: 156.000
• Porcentagem de transação móvel: 37%
• Sessão média do usuário móvel: 14,2 minutos

Equipe de vendas diretas

Composição da equipe de vendas:

Categoria de vendas	Número de representantes	Receita média anual por representante
Vendas corporativas	82	US $ 1,4 milhão
Vendas de pequenas empresas	47	$623,000

Referências de parceria estratégica

Detalhes da rede de parceria:

• Total Strategic Partners: 214
• Receita de parcerias: US $ 87,3 milhões
• Taxa de conversão de referência de parceiro: 22,6%

Marketing digital e geração de leads

Métricas de desempenho de marketing digital:

Canal de marketing	Volume de geração de leads	Taxa de conversão
LinkedIn	43.200 leads	4.7%
Google anúncios	67.500 leads	3.9%
Campanhas de e -mail	38.900 leads	5.2%

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

Empresas corporativas

Os Serviços de Liquidez visam empresas corporativas com ativos excedentes e obsoletos em vários setores.

Segmento da indústria	Valor anual de ativos excedentes	Penetração estimada de mercado
Empresas de tecnologia	US $ 124,6 milhões	18.3%
Serviços financeiros	US $ 87,3 milhões	12.7%
Fabricação	US $ 215,4 milhões	22.9%

Agências governamentais

Os Serviços de Liquidez fornecem serviços de disposição de ativos excedentes para entidades do governo federal e estadual.

• Vendas de excedentes do Departamento de Defesa: US $ 342,7 milhões em 2023
• Transações de excedentes do governo do estado: US $ 89,6 milhões em 2023
• Recuperação de ativos da agência federal: 15.342 transações anualmente

Fabricantes e varejistas

A empresa atende fabricantes e varejistas com soluções especializadas de disposição de ativos.

Setor	Valor total do ativo processado	Número de relacionamentos com o cliente
Varejo	US $ 276,5 milhões	187 clientes
Fabricação	US $ 412,3 milhões	246 clientes

Compradores de ativos excedentes

Os serviços de liquidez conectam compradores de ativos excedentes aos vendedores por meio de vários mercados on -line.

• Total de compradores registrados: 3,2 milhões
• Valor médio da transação: US $ 18.750
• Distribuição geográfica do comprador global: 72 países

Pequenas e médias empresas

A empresa fornece serviços de disposição de ativos personalizados para pequenas e médias empresas.

Tamanho comercial	Vendas de excedentes anuais	Tamanho médio da transação
Pequenas empresas	US $ 54,3 milhões	$6,200
Empresas médias	US $ 127,6 milhões	$15,400

Liquidity Services, Inc. (LQDT) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Para o ano fiscal de 2023, a Liquidity Services, Inc. relatou custos de tecnologia e infraestrutura de US $ 21,4 milhões, representando 15,3% do total de despesas operacionais.

Categoria de custo	Despesa anual ($)	Porcentagem de custos totais de tecnologia
Hospedagem em nuvem	7,200,000	33.6%
Segurança de rede	4,500,000	21%
Manutenção do data center	5,900,000	27.6%
Licenciamento de software	3,800,000	17.8%

Desenvolvimento e aprimoramento da plataforma

As despesas de desenvolvimento da plataforma para 2023 totalizaram US $ 16,7 milhões, com as principais áreas de foco, incluindo:

• Algoritmos de aprendizado de máquina
• Melhorias na interface do usuário
• Otimização da plataforma móvel

Área de desenvolvimento	Investimento ($)
Engenharia de software	9,500,000
Pesquisa e inovação	4,200,000
Design da experiência do usuário	3,000,000

Despesas de vendas e marketing

As despesas totais de vendas e marketing em 2023 foram de US $ 24,6 milhões, representando 17,5% da receita total da empresa.

• Marketing Digital: US $ 8,9 milhões
• Compensação da equipe de vendas: US $ 11,2 milhões
• Feira de feira e marketing de eventos: US $ 4,5 milhões

Sobrecarga operacional

Os custos indiretos operacionais para 2023 totalizaram US $ 18,3 milhões, divididos da seguinte forma:

Categoria de sobrecarga	Custo anual ($)
Despesas da instalação	6,700,000
Custos administrativos	5,400,000
Legal e conformidade	3,900,000
Seguro	2,300,000

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 52,1 milhões.

Componente de compensação	Despesa anual ($)
Salários da base	38,500,000
Bônus de desempenho	7,900,000
Treinamento e desenvolvimento	3,400,000
Benefícios dos funcionários	2,300,000

Liquidity Services, Inc. (LQDT) - Modelo de negócios: fluxos de receita

Comissão de Vendas de Ativos

A Liquidity Services, Inc. gera receita por meio de comissões sobre vendas de ativos em várias plataformas de mercado. No ano fiscal de 2023, a empresa informou:

Marketplace	Volume total de vendas	Porcentagem de comissão
Surplus.com	US $ 412,3 milhões	10-15%
Govdeals	US $ 287,6 milhões	12-18%
Mercado industrial	US $ 203,4 milhões	8-13%

Taxas de transação

As taxas de transação representam um fluxo de receita significativo para serviços de liquidez:

• Faixa média de transações: 5-7% por venda
• Receita total das taxas de transação em 2023: US $ 64,2 milhões
• Redução pelo setor:
  • Excedente do governo: US $ 28,5 milhões
  • Ativos comerciais: US $ 22,7 milhões
  • Equipamento industrial: US $ 13 milhões

Taxas de listagem de mercado

Estrutura de taxas de listagem para 2023:

Categoria de vendedor	Taxa de listagem	Receita anual de listagens
Agências governamentais	$ 0- $ 250 por listagem	US $ 8,3 milhões
Vendedores corporativos	$ 100- $ 500 por listagem	US $ 12,6 milhões
Vendedores de pequenas empresas	$ 50- $ 150 por listagem	US $ 4,2 milhões

Serviços de remarketing de valor agregado

Receita de serviços especializados de remarketing em 2023:

• Serviços de avaliação de ativos: US $ 5,7 milhões
• Suporte de logística e transporte: US $ 9,3 milhões
• Classificação e inspeção de ativos certificados: US $ 4,1 milhões
• Receita de serviços de valor agregado total: US $ 19,1 milhões

Acesso à plataforma baseada em assinatura

Repartição da receita de assinatura para 2023:

Camada de assinatura	Taxa mensal	Assinantes anuais totais	Receita anual
Acesso básico da plataforma	US $ 99/mês	3.200 assinantes	US $ 3,8 milhões
Acesso à plataforma premium	US $ 299/mês	1.500 assinantes	US $ 5,4 milhões
Acesso à plataforma corporativa	US $ 999/mês	450 assinantes	US $ 5,4 milhões

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.