Liquidity Services, Inc. - LQDT STOCK NEWS

Liquidity Services (NASDAQ:LQDT) has secured a 4-year contract under the NEPO202 framework for the remarketing of vehicles and equipment. This contract will allow the company to sell used cars, commercial vehicles, and construction equipment for various public sector organizations in the UK, including local authorities and NHS bodies. Items will be available for purchase on AllSurplus.com, Liquidity Services' marketplace for business surplus. The NEPO framework focuses on high-value procurement in collaboration with North Eastern UK local authorities.

Liquidity Services, (Nasdaq:LQDT), announced participation in the 15th Annual Barrington Research Investment Conference on May 27, 2021. Co-Founder, Chairman, and CEO Bill Angrick, along with CFO Jorge Celaya, will host virtual meetings throughout the day. Liquidity Services operates the largest B2B e-commerce marketplace for surplus assets with over $8.5 billion in transactions and 3.8 million registered buyers. The company aims to enhance sustainability efforts, helping clients extend asset life and reduce waste.

Liquidity Services, a leader in B2B e-commerce for surplus assets, announced a partnership with LocalWorks to create a small business incubator in Bethesda, MD. This co-working space will offer 46 office suites and high-speed internet for entrepreneurs. The company reported a 44% growth in Gross Merchandise Volume (GMV) and tripled its adjusted EBITDA year-over-year in Q2-FY21. With a focus on sustainability and innovation, Liquidity Services aims to attract talent in various sectors, offering both local and remote job opportunities.

Liquidity Services reported Q2-FY21 results with a gross merchandise volume (GMV) of $207.3 million, a 44% year-over-year increase. Revenue rose to $61.8 million, a 17% increase. The company achieved a GAAP Net Income of $5.3 million, a significant turnaround from a net loss of $(4.2) million last year. Non-GAAP Adjusted EBITDA was $9.4 million, improving from $(1.6) million. The Board authorized a new $15.0 million share repurchase plan, indicating strong cash flow with zero debt and a cash position of $87.6 million.

Liquidity Services (NASDAQ: LQDT) will announce its Q2 FY2021 financial results for the period ending March 31, 2021, on May 6, 2021, at 10:30 a.m. ET. The earnings press release will be made public before market open. The event will feature Bill Angrick, Chairman and CEO, and Jorge Celaya, EVP and CFO. Interested parties can join via teleconference or watch a live webcast on the company's investor relations website. The replay will be available starting at 1:30 p.m. ET on the same day.

Liquidity Services has announced a $10 million share repurchase program commencing March 8, 2021, and expiring on March 31, 2023. This initiative aligns with the company’s long-term capital allocation strategy aimed at enhancing shareholder value. The program's execution will depend on market conditions and available investment alternatives. Repurchases may be conducted through various methods in compliance with SEC regulations, but the company is not obligated to buy back any specific number of shares.

Liquidity Services has released its 2021 Environmental, Social & Governance (ESG) Report, underscoring efforts to foster sustainability through its B2B e-commerce platform. CEO Bill Angrick highlighted the company’s role in over $8.5 billion of completed transactions and its impact on clients' zero-waste initiatives, diverting billions of pounds from landfills. This report coincides with a presentation at Baird’s 2021 Sustainability Conference, showcasing how the platform aids corporations and government agencies in achieving sustainability goals.

Liquidity Services (NASDAQ:LQDT) is hosting ongoing sales partnered with Bechtel Corporation, featuring surplus assets from a significant liquefied natural gas project in Corpus Christi, Texas. The current bidding process is open until February 25, 2021, with sales extending into May 2021. Key items include heavy-duty trucks, portable air compressors, and industrial equipment. This collaboration has spanned 10 years, focusing on maximizing returns on surplus assets while supporting sustainable practices. AllSurplus.com is the platform for these sales, aiming to enhance asset management and sustainability.