Welcome to our dedicated page for Liquidity Services news (Ticker: LQDT), a resource for investors and traders seeking the latest updates and insights on Liquidity Services stock.
Liquidity Services, Inc. (NASDAQ: LQDT) operates the world's largest B2B e-commerce marketplace platform for surplus assets. With more than $10 billion in completed transactions, the platform connects over five million qualified buyers with 15,000 corporate and government sellers globally. Headquartered in Orlando, Florida, the company specializes in managing and selling inventory and equipment through a comprehensive network of online auction marketplaces.
Liquidity Services is divided into four main segments:
- GovDeals: Facilitates the sale of surplus assets for government entities.
- Capital Assets Group (CAG): Manages sales of capital assets for businesses.
- Retail Supply Chain Group (RSCG): Focuses on selling excess, returned, and overstocked consumer goods, primarily in the U.S. and Canada.
- Machinio: Provides a global online platform for buying and selling machinery and equipment.
The company's recent acquisition of Sierra Auction, a leading auction outlet in the southwestern U.S., enhances its capabilities in vehicle, equipment, and surplus asset sales. Liquidity Services supports sustainability by helping extend the life of assets, reduce waste, and minimize carbon emissions. With significant strides in mobile commerce, the company continues to expand its digital reach and market presence.
In Q1-FY24, Liquidity Services reported robust financials, with expected GMV ranging from $320 million to $350 million. The company aims to maintain its leadership by integrating acquired businesses and advancing online auction legislation for state and local governments. The firm's forward-looking approach includes focusing on mobile commerce and environmental impacts, ensuring long-term growth and value for its stakeholders.
The State of Washington has announced the auction of a fully operational 1980 Westport Blanchard Boat, starting at $190,000. Bidding will remain open until November 16, 2020, and interested parties must register on GovDeals.com. The boat features living quarters and is equipped for fishing. It is maintained by the Washington Department of Fish and Wildlife and includes advanced navigational electronics. Buyers will receive a notarized 'Affidavit of Loss / Release of Interest' to facilitate ownership transfer.
Flagler County is auctioning 65 acres of undeveloped land in Palm Coast, zoned for commercial and retail use. The auction is hosted on GovDeals and bids are open until November 6, 2020. The site permits 80,000 ft² of office space and 85,000 ft² of retail space, near Advent Health Hospital with access to Interstate 95. The land is part of the Innovation District, designated an Opportunity Zone, and is included in the Innovation Kick Start Program to boost local development. Buyers can register at GovDeals.com for property inspection and bidding.
Liquidity Services (NASDAQ: LQDT) announces an auction of over twenty pieces of late model heavy construction equipment from D&G Directional Drilling, available for bidding until November 5, 2020. The sales event will be conducted on AllSurplus.com, enabling buyers to either participate in online auctions or purchase assets immediately at a set price. This event features notable brands such as John Deere, Caterpillar, Case, and Komatsu. The company currently lists nearly 850 construction assets for sale, highlighting its growing marketplace for business surplus.
Liquidity Services, a global leader in reverse supply chain solutions, has appointed Novelette Murray as the new Chief Human Resources Officer (CHRO), effective at the end of the fiscal year. Novelette will succeed Mike Lutz, who will retire after eight years with the company. CEO Bill Angrick emphasized Novelette's extensive knowledge of the company and her commitment to improving employee experiences and service delivery. Novelette has been with Liquidity Services since 2010, most recently as Vice President of HR Operations.
The State of Kansas is now utilizing GovDeals.com, an online auction marketplace, to auction surplus property, expanding its reach beyond local buyers to a global audience of over 3.6 million potential bidders. Previously, surplus items were sold at a set price locally, but this change allows for competitive bidding, increasing potential revenue. Auctions will continue periodically, with current available items including vehicles and various surplus goods.
Bidder registration is available at GovDeals.com/Register, and auctions are open to the public until September 16, 2020.
Liquidity Services announced an online auction in collaboration with Tiger Group and Perry Videx, featuring assets from PharMEDium's syringe-filling and sterile drug compounding plants located in Tennessee and Texas. The auction includes over 1,900 assets, with bidding closing on August 18-19 for Tennessee assets and August 26 for Texas assets. Key assets include R+D Automation Syringe Filling Lines and laboratory equipment. Nick Jimenez emphasized the unique opportunity for buyers in the laboratory and manufacturing sectors.
Liquidity Services reported its Q3 fiscal year 2020 results, revealing a GMV of $130.1 million and GAAP revenue of $47.7 million. Despite a significant decline in GMV and revenue compared to the previous year, the company achieved a GAAP net income of $0.2 million. The RSCG segment saw a 14% growth in GMV, while GovDeals and CAG segments faced declines of 36% and 18%, respectively. The introduction of their consolidated marketplace, AllSurplus.com, resulted in a 148% increase in buyer registrations. The company's cash position improved to $72.7 million with zero debt.
Liquidity Services (NASDAQ:LQDT) will release its third quarter fiscal results for 2020 on August 6, 2020, at 10:30 a.m. Eastern Time. The results will cover the period ending June 30, 2020, and will precede the market open. Bill Angrick, Chairman and CEO, along with Jorge Celaya, EVP and CFO, will host the earnings call. Interested parties can join the teleconference by dialing (888) 771-4371, using conference ID 49857730, or listening via a live webcast on their investor relations website.
Liquidity Services (NASDAQ: LQDT) announces significant growth in its AllSurplus marketplace, particularly in the heavy equipment sales channel, showcasing over 100 assets available for bid in July 2020. The monthly sales event features popular equipment like excavators and trucks, with bidding open until July 29. Michael Smith, senior director, emphasized this event as their largest to date. AllSurplus aims to simplify the purchasing process for buyers, offering lower costs compared to new equipment. Currently, the platform has over 13,000 assets for sale across various sectors.
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