eBay for business and government surplus assets

Carvana for business assets and equipment

• Online Auction Marketplaces: Operates a suite of B2B and B2G e-commerce marketplaces facilitating the sale and purchase of surplus commercial and government assets.
• Surplus Asset Management Services: Provides comprehensive services, including valuation, marketing, sales, and logistics, to help organizations efficiently dispose of their excess inventory and capital equipment.
• Reverse Supply Chain Solutions: Offers integrated services for managing the entire lifecycle of returned, overstock, and end-of-life products, focusing on maximizing recovery value and sustainability.

Liquidity Services (LQDT) - Major Customers

Liquidity Services (LQDT) primarily serves other companies and government agencies (B2B/B2G) that utilize its marketplaces and services to manage and sell their surplus, returned, and salvage assets. LQDT acts as a solution provider for organizations looking to optimize the recovery value of their reverse supply chain.

Due to the nature of its business, which involves serving a highly diversified global client base of thousands of sellers across various sectors, Liquidity Services does not publicly disclose specific "major customer companies" by name. Instead, it categorizes the types of organizations that rely on its services. Therefore, specific names of individual customer companies with their stock symbols cannot be provided, as LQDT does not publish this level of detail about its specific client roster.

Categories of Primary Customers:

• Fortune 1000 Retailers: Large retail corporations that leverage LQDT's platforms to efficiently liquidate customer returns, overstock, shelf pulls, and other forms of excess or salvage inventory.
• Manufacturers: Companies across a wide range of industries (e.g., automotive, electronics, industrial equipment) that use LQDT to dispose of surplus production equipment, raw materials, finished goods, or end-of-life assets.
• Federal and State Government Agencies: Various governmental bodies, including defense departments, general services administrations, and local municipalities, that utilize LQDT's GovDeals marketplace to sell surplus government property, vehicles, and equipment to the public and businesses.
• Financial Institutions: Banks and other financial entities that may need to liquidate repossessed assets or other collateral.

William P. Angrick, III Chief Executive Officer and Chairman of the Board of Directors

William P. Angrick, III co-founded Liquidity Services, Inc. in 1999 and has served as Chairman and Chief Executive Officer since January 2000. Before co-founding the company, he was a Vice President of Deutsche Banc Alex. Brown's Consumer and Business Services Investment Banking Group from 1995 to 1999, providing strategic advice to rapidly growing companies in business services, e-commerce, and direct marketing sectors. Mr. Angrick seeded Liquidity Services with $100,000 of his personal savings. He holds an MBA from the J.L. Kellogg Graduate School of Management at Northwestern University and a BBA from the University of Notre Dame. He earned his CPA certificate in 1990.

Jorge A. Celaya Chief Financial Officer

Jorge A. Celaya has served as Chief Financial Officer of Liquidity Services since 2015. He brings over 30 years of experience in strategic transformation, capital markets, financial accounting, operations, and complex public company matters across various industry sectors. Prior to joining Liquidity Services, Mr. Celaya co-founded Avanz Capital, an independent investment firm focused on private equity investing in emerging markets. He also served as Executive Vice President and Chief Financial Officer of FTI Consulting from 2007 to 2010, and held the same role at Sitel Corporation from 2003 to 2007. From 1990 to 2003, Mr. Celaya held various U.S. and international positions at Schlumberger.

John Daunt Chief Commercial Officer

John Daunt is an e-commerce industry veteran with over 20 years of experience in building innovative, high-growth, omni-channel e-commerce companies and service providers. He is responsible for revenue growth and profitability across all of Liquidity Services' marketplaces.

Mark Shaffer Chief Legal Officer and Corporate Secretary

Mark Shaffer is responsible for all legal, commercial contracts, compliance, and corporate secretary functions at Liquidity Services, and works to enhance the legal, compliance, and risk management processes for business growth.

Steven J. Weiskircher Chief Technology Officer

Steven J. Weiskircher is an expert in leveraging technology to achieve tactical and strategic business goals, with a focus on e-commerce, omni-channel operations, information security, mobile commerce, logistics, and Agile application development.

1. Reliance on Key Vendor Contracts: Liquidity Services depends significantly on contracts with major vendors, notably Amazon.com, Inc., for a material portion of its inventory. Any disruption or adverse change in these crucial relationships could materially impact the company's revenues and overall financial performance.
2. Intense Competition and Need for Technological Adaptation: The company operates in a highly dynamic and competitive e-commerce marketplace. It faces significant competition from both established and emerging players. To maintain its market position, Liquidity Services must continuously enhance its technology and infrastructure, including adapting to new advancements like AI-driven platforms. Failure to innovate and keep pace with technological changes could lead to a decrease in revenue and loss of market share.
3. Exposure to Global Economic Conditions and Market Risks: Liquidity Services is susceptible to various market risks, including fluctuations in foreign currency exchange rates, which can affect its financial results. Furthermore, global economic conditions, such as geopolitical conflicts, trade disruptions, and macroeconomic pressures, could negatively impact cross-border transactions, supply chain stability, and overall buyer sentiment across its marketplaces.

The increasing adoption by large enterprises and retailers of advanced reverse logistics and circular economy technologies and strategies represents a clear emerging threat. Companies are investing in systems (often AI-powered) to optimize returns processing, refurbishment, direct-to-consumer resale of refurbished goods, and direct recycling or donation, aiming to minimize waste and maximize value recovery *before* goods reach traditional liquidation marketplaces. This trend, driven by sustainability goals and profit optimization, threatens to reduce the volume and potentially the quality of surplus inventory available for Liquidity Services to acquire and sell.

Liquidity Services (LQDT) has identified its total addressable market as over $130 billion, encompassing global transportation, retail, industrial capital assets, public sector, and energy segments.

For more specific market segments related to their services, the following market sizes have been identified:

• The global IT asset disposition (ITAD) market size was valued at approximately $25.81 billion in 2024 and is projected to reach around $48.41 billion by 2032. Other estimates place the global ITAD market at $18.02 billion in 2024, expected to reach $34.31 billion by 2033.
• The global military surplus market was estimated at $5.16 billion in 2024 and is expected to reach $5.50 billion in 2025, with a projected growth to $8.80 billion by 2032.

Liquidity Services (LQDT) is expected to drive future revenue growth over the next two to three years through several key initiatives:

1. Expansion of Market Presence and Service Offerings: Liquidity Services plans to expand its market presence and enhance its service offerings, aiming to attract more sellers and buyers to its platform. This includes GovDeals successfully bringing in new, higher-volume clients through innovative hybrid solutions that leverage its scalable marketplaces.
2. Continued Growth in the Heavy Equipment Category: The company anticipates strong growth within its Capital Assets Group (CAG) segment, particularly in the heavy equipment category. This area has demonstrated rapid expansion, setting records for unique sellers, repeat sellers, and completed transactions, with Gross Merchandise Volume (GMV) more than doubling year-over-year in Q3 2025.
3. Increased Volumes and Expanded Relationships in Retail Supply Chain Group (RSCG): Revenue growth is expected from the Retail Supply Chain Group (RSCG) segment, driven by increased volumes from client purchase model programs and expanded relationships with sellers across various product categories and geographies. This segment has shown significant year-over-year growth in GMV and revenue.
4. Enhancement and Expansion of Technology and Software Solutions: The company is focused on enhancing its service offerings and expanding market reach through its technology and software solutions. This includes growth in Machinio subscriptions and pricing for its services, as well as contributions from the newly launched Software Solutions business and strategic acquisitions like Auction Software.

Capital Allocation Decisions of Liquidity Services (LQDT) (Last 3-5 Years)

Share Repurchases

• Liquidity Services repurchased $9.4 million of common stock in fiscal year 2024.
• The company repurchased $31.1 million of common stock in fiscal year 2021, which completed its then-remaining authorization.
• As of December 9, 2024, the Board of Directors authorized an additional $10.0 million for share repurchases through December 31, 2026. This is in addition to the $7.6 million remaining under a September 8, 2023 authorization to repurchase up to $15.2 million through December 31, 2025.

Share Issuance

• No significant dollar amount of common stock was issued for cash by Liquidity Services in the last 3-5 years. Share issuance primarily relates to non-cash stock-based compensation awards.

Outbound Investments

• In February 2025, Liquidity Services acquired Auction Software/Simple Auction Site to form Liquidity Services Software Solutions, Inc. The terms of the transaction were not disclosed and were not expected to be material to the company's overall results.
• On January 1, 2024, the company acquired Sierra Auction Management, Inc. for approximately $13.5 million in cash.
• In November 2021, Liquidity Services finalized the acquisition of Bid4Assets, Inc. for $11.2 million.

Capital Expenditures

• Capital expenditures for the three months ended March 31, 2024, were $4.1 million, an increase from $2.7 million for the same period in 2023.
• For fiscal year 2022, capital expenditures amounted to $8.1 million.
• Capital expenditures primarily focus on capitalized software, warehouse equipment, computers, purchased software, office equipment, furniture and fixtures, and leasehold improvements, driven by the addition of new sellers or buyers and the expansion of existing relationships.