1. eBay for corporate and government surplus.

2. A specialized Amazon marketplace for business and government liquidations.

• Online Marketplace Platforms: E-commerce platforms facilitating the sale of surplus and salvage assets.
  • liquidation.com: A marketplace for corporations to sell surplus consumer goods and retail capital assets.
  • GovDeals: A self-directed marketplace for local/state government entities and commercial businesses to sell surplus assets.
  • AllSurplus: A centralized global marketplace connecting buyers with assets from across Liquidity Services' network.
  • Industrial & Capital Assets Marketplace: A global marketplace for corporations to sell manufacturing surplus, salvage capital assets, and scrap material.
• Surplus Management Services: A suite of value-added services including surplus management, asset valuation, marketing, returns management, asset recovery, and general e-commerce support.
• Machinio Global Search Engine: A specialized search engine platform for listing and finding used equipment in construction, machine tool, transportation, printing, and agriculture sectors.

Liquidity Services (LQDT) primarily provides e-commerce marketplaces and value-added services to other companies and government entities, enabling them to sell their surplus and salvage assets. Therefore, its major customers are organizations that utilize LQDT's platforms and services for asset disposition. Based on the provided background information, these customers fall into the following categories:

• Corporations: LQDT enables corporations across various industries (such as retail, manufacturing, consumer electronics, general merchandise, apparel, scientific equipment, aerospace, technology hardware, real estate, energy, industrial capital assets, heavy equipment, fleet and transportation equipment, and specialty equipment) to sell their surplus consumer goods, retail capital assets, manufacturing surplus, salvage capital assets, and scrap material through marketplaces like liquidation.com and AllSurplus.
• Local and state government entities: Through its GovDeals marketplace, LQDT provides self-directed service solutions that enable local and state government entities in the United States and Canada to sell their surplus and salvage assets.
• Commercial businesses: Similar to government entities, commercial businesses located in the United States and Canada also utilize the GovDeals marketplace to sell their surplus and salvage assets.

The provided background information does not list specific names of these customer companies or government entities.

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

Mr. Angrick co-founded Liquidity Services in 1999. He dedicated himself to creating an e-commerce company to provide improved service, scale, and results for customers within the circular economy.

Jorge A. Celaya, Chief Financial Officer

Mr. Celaya possesses over 30 years of experience in strategic transformation, capital markets, financial accounting, operations, and complex public company matters across a diverse range of industry sectors globally. He plays a key role in Liquidity Services' business transformation and growth initiatives through his expertise in technology-enabled business services. Prior to joining Liquidity Services, Mr. Celaya was a co-founder of Avanz Capital, an independent investment firm with a focus 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 Executive Vice President and Chief Financial Officer of Sitel Corporation from 2003 to 2007. Additionally, he held various U.S. and international positions at Schlumberger from 1990 to 2003, spanning sectors such as energy and technology.

John Daunt, Chief Commercial Officer

Mr. Daunt is an e-commerce industry veteran with over 20 years of success 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.

Steven J. Weiskircher, Chief Technology Officer

Mr. Weiskircher is an expert in leveraging technology to achieve tactical and strategic business goals. His expertise includes e-commerce and omni-channel operations, information security, mobile commerce, logistics, and Agile application development.

Mark Shaffer, Chief Legal Officer and Corporate Secretary

Mr. Shaffer is responsible for all legal functions, commercial contracts, compliance, and corporate secretary duties. He also works to enhance the legal, compliance, and risk management processes essential for business growth.

The key risks to Liquidity Services (LQDT) are primarily tied to its e-commerce marketplace business model and its sensitivity to external economic and operational factors.

1. Dependence on Global and Regional Economic Conditions: Liquidity Services' performance is significantly influenced by global and regional economic health. Economic downturns, such as recessions, can lead to a decrease in the demand for surplus goods, even if the supply of excess inventory from businesses seeking to liquidate assets increases. This imbalance can result in lower prices for liquidated goods and a subsequent decline in Liquidity Services' revenue. Factors like reduced cross-border trade, increasing tariffs, or trade wars can also negatively impact its global operations.
2. Data Security and Privacy Risks: As a company operating e-commerce marketplaces, Liquidity Services handles a substantial amount of personal and business information. A failure to maintain the privacy and security of this data could have severe consequences, including adverse impacts on its business operations, damage to its reputation, exposure to litigation and regulatory actions, and substantial additional costs.
3. Intense Competition: Liquidity Services operates in a competitive landscape within the internet software and services industry. The presence of numerous competitors vying for both sellers and buyers of surplus assets poses a continuous risk. Competition can affect the company's ability to attract and retain clients, potentially impacting its market share, pricing power, and overall profitability.

Liquidity Services, Inc. (LQDT) participates in several distinct addressable markets for its e-commerce marketplaces and services.

For its marketplaces that facilitate the sale of surplus and salvage consumer goods, retail capital assets, manufacturing surplus, and scrap material (including liquidation.com and AllSurplus), the relevant addressable market can be broadly categorized under the global reverse logistics market. This market was estimated at approximately USD 823.2 billion in 2024 and is projected to reach USD 3.18 trillion by 2033, growing at a compound annual growth rate (CAGR) of 17.4% from 2025 to 2033. Specifically for North America, the reverse logistics market was valued at USD 186.6 billion in 2025 and is anticipated to grow at a CAGR of 7.1% from 2026 to 2035. More narrowly, the global liquidation service for consumer goods market was valued at approximately USD 132.7 billion in 2024 and is anticipated to reach around USD 298.5 billion by 2033, reflecting a CAGR of 9.4% from 2025 to 2033. North America accounted for approximately 38% of the total market value for liquidation services for consumer goods in 2024.

For its GovDeals marketplace, which enables local and state government entities in the United States and Canada to sell surplus and salvage assets, a specific addressable market size for "government surplus assets" is not readily available in the provided information. Therefore, the addressable market for GovDeals cannot be definitively sized from these sources.

Machinio, Liquidity Services' global search engine platform for listing used equipment, operates within several used equipment markets:

• Used Construction Equipment Market: The global market for used construction equipment was valued at approximately USD 99.2 billion in 2024 and is projected to reach USD 122 billion by 2030, growing at a CAGR of 3.5% from 2024 to 2030. Another estimate places the global pre-owned construction equipment market size at USD 165.16 billion in 2021, projected to reach USD 484.31 billion by 2031. North America is identified as the largest market for used construction equipment, holding approximately 40% of the global market share.
• Used Agricultural Equipment Market: The global used agricultural equipment market size is predicted to grow from USD 59.4 million in 2025 to USD 70.6 million in 2031, at a CAGR of 2.9% from 2025 to 2031.
• Used Machine Tool, Transportation, and Printing Equipment Markets: Specific addressable market sizes for used machine tool, used transportation equipment, or used printing equipment were not identified in the provided information. Therefore, these markets cannot be definitively sized from these sources.

For Liquidity Services (NASDAQ: LQDT), the following are expected drivers of future revenue growth over the next 2-3 years:

1. Continued Organic Growth in Gross Merchandise Volume (GMV): Liquidity Services anticipates sustained organic growth in its Gross Merchandise Volume, particularly driven by its GovDeals segment. The company's modernized govdeals.com marketplace platform has demonstrated strong bidder engagement, contributing significantly to consolidated GMV expansion.
2. Strategic Investments in Technology and New Business Models: The company is making strategic investments in technology, including AI, data analytics, and the deployment of new consumer-facing auction software. These initiatives are expected to enhance operational efficiency, improve the buyer/seller experience, and enable new business models such as scalable B2C and affiliate licensing, which should contribute to long-term profitability and revenue growth.
3. Expansion and Diversification of Service Offerings: Liquidity Services aims to solidify its position as a leading marketplace for surplus assets by expanding its suite of services for corporate and government sellers. This includes a comprehensive range of solutions from surplus management and asset valuation to asset sales, marketing, and recovery, attracting more clients and a broader array of assets.
4. Growth in Subscription-Based Services: The Machinio segment is a key contributor to revenue growth through its increasing subscription base. This model provides a recurring revenue stream and is expected to continue its upward trend.
5. Strategic Acquisitions: With a strong cash position and zero debt, Liquidity Services has the financial flexibility to pursue strategic acquisitions. The acquisition of companies like Sierra Auction demonstrates the company's approach to expanding its market presence and capabilities, thereby contributing to inorganic revenue growth.

Share Repurchases

• Liquidity Services repurchased $1.5 million in shares during the first quarter of fiscal year 2026.
• As of Q1 2026, the company has $15 million remaining under its share repurchase authorization.
• A new share repurchase program was announced on November 20, 2025, authorizing repurchases of up to $15 million worth of common stock, expiring on December 31, 2027.

Share Issuance

• On March 1, 2026, a director of Liquidity Services, Paul J. Hennessy, received a grant of 5,694 restricted stock units set to vest on March 1, 2027.

Outbound Investments

• In February 2025, Liquidity Services acquired Auction Software/Simple Auction Site to form Liquidity Services Software Solutions, Inc., a new private-label and software-as-a-service (SaaS) arm.
• The company acquired Sierra Auction in January 2024.
• Liquidity Services acquired Bid4Assets in November 2021.

Capital Expenditures

• Capital expenditures were approximately $8-9 million in fiscal year 2025.
• Expected capital expenditures are around $2 million per quarter for fiscal year 2026.
• The primary focus of capital expenditures includes investments in technology, AI automation, and machine-driven systems to enhance operational efficiency and expand its marketplace platforms like GovDeals and retail consignment.