Liquidity Services : LSI Q2 FY26 IR Deck

Published: 2026-05-07 11:55:13 ET LQDT

Published on 05/07/2026 at 11:55 am EDT

Investor Presentation

Second Quarter Fiscal Year 2026

Liquidity Services is the leading global provider of e-commerce marketplaces and software solutions powering the circular economy.

To Power the Circular Economy, we:

Sell, manage, and value surplus assets across the globe in a broad range of categories and conditions

Maximize value recovery with the broadest buyer base through our efficient global marketplace platform

Optimize and execute surplus management strategies to achieve client business goals

What is the Circular Economy?

Definition: "The circular economy is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible."*

*European Parliament

Liquidity Services is a first mover and global leader in transforming the Circular Economy, which provides long-term investors the opportunity to drive financial returns while making a positive impact on the environment.

Trusted Clients Worldwide

130+

Fortune 1000 Global Clients

Transactions Completed Annually in

100+ Countries

Registered Buyers

Completed Transactions

900+

Asset Categories Experience

B2B | B2C

Multichannel Marketing

& Sales Strategies

LQDT▲

Publicly Traded

Since 2006 IPO

Grow the world's leading marketplace for surplus assets to

benefit sellers, buyers and the planet

Our Sellers

For enterprises with used, idle, or excess assets and inventory we provide:

Expertise and intelligence that achieve high-performance results aligned to strategic goals

Comprehensive and scalable solutions

Superior people, processes, and systems to maximize return

Our Buyers

For organizations and consumers looking to achieve business or personal goals we offer:

Convenient access to a wide range of assets

Accurate, comprehensive product information and fair market prices

Helpful, responsive customer support when it is needed

The Planet

For the planet's natural resources,

environment, and beauty we:

Extend life of assets and inventory

and increase reuse and recycling

Prevent unnecessary waste and reduce the number of products headed to landfills

Dispose of surplus in an environmentally safe manner

Vision and Strategic Pillars

Liquidity Services operates the world's leading marketplace for surplus assets to benefit sellers, buyers and the planet.

Recovery Maximization

Drive higher net recovery through technology and innovation that improves the buyer experience

Data/ Matching

Increased Volume

Grow annualized volume transacted on our platform with flexible service offerings and pricing models to meet the needs of existing and new sellers

Service Expansion

Grow services with recurring revenue characteristics that leverage our domain expertise, data and marketplace channels

Expense Leverage

Improve operating expense leverage by controlling costs and through technology and innovation that increases productivity

More Sellers

Volume/ Breadth

Profitable Growth

Higher

Recovery

More Buyers

Better Service

Superior levels of industry and asset expertise, responsiveness, intelligence, and analytics that achieve high-performance results aligned to our sellers' goals.

Better Scale

Comprehensive, modular, and scalable solutions spanning all volumes, asset categories, conditions, sales channels, and locations worldwide.

Better Results

Right combination of great people, best-in-class processes, and cutting-edge systems to deliver maximum return today and into the future.

Serving the Broadest Base of Industries

Aerospace

& Defense

Electronic

Manufacturing

Industrial

Manufacturing

Automotive

Manufacturing

Mining & Large

Energy

Construction

Biopharma Fast-Moving Consumer Goods

Retail Consumer Brands

& OEM's

Government Transportation

Superior Product Quality and Information

Large volumes and recurring flows of products; refurbishment services to enhance and ensure product quality; ability to view detailed product information, ask questions, and inspect items

Fair Prices

Auction format ensures assets are sold for fair market value; assets available all over the world, making it easy to keep shipping costs low or pick up items

Excellent Customer Service

Support every aspect of the buyer experience. Rated A+

provider by the Better Business Bureau

Sustainability

Our Services Enable the Circular Economy

We empower corporations and governments to use our e-commerce services to resell their surplus assets, which, in turn, enables a more sustainable and circular economy.

Economic Opportunity

We Empower Small Business Entrepreneurs

We empower small business entrepreneurs by enabling their access to a global supply of finished merchandise and capital assets, which, in turn, allows them to build and grow their businesses and contribute to the prosperity of their local communities.

Governance

Trust Grows our Marketplaces

Creating trust is fundamental to the long-term growth and success of our marketplaces. Accordingly, we continuously execute and improve our services following our core values of: Integrity; Mutual Trust and Accountability; and Doing Well and Doing Good.

Market Opportunity* Highlighted Sellers Across Industries

$130+ Billion Total Addressable Market

$48 Billion

Transportation

$50 Billion

*Data from evaluation of research from Appriss Retail (2018), Manfredi & Associates (2015), ACT Research (2016), and company data.

Retailers & OEMs

$20 Billion

Industrial Capital Assets

$8 Billion

Energy

$10+ Billion

U.S Public Sector (includes Real Estate)

E-Commerce Growth

Increased demand for digital solutions driving more opportunities with sellers and buyers

Continued online growth in retail driving increased volume of consumer returns

Trending appetite for self-directed solutions

Increasing buyer demand for discounted, refurbished and secondary market assets

Environmental Sustainability key goal for commercial and government sellers

Technology Innovation

Product obsolescence and shorter product life cycles

Greater focus on compliance and transparency

Higher adoption of digital marketplaces among B2B buyers

Increasing need for faster disposition cycle

Sustainability

Focus on zero waste

Environmental compliance requires sophisticated tools and reporting

Extending the useful life of assets of increasing importance

Compelling Model

Online, self-service solutions

Diversified products, services, and customer mix globally

High-volume recurring revenue

Value-added managed services

Flexible global buyer payment solutions

Additional services beyond selling assets to create higher-margin revenue streams

Network effect drives recovery maximization for sellers

and increasing flow of asset supply for buyers

High operating leverage on future growth

Multiple, Synergistic Revenue Streams

Consignment Model

Purchase Model

Service Revenue

Subscription Revenues

Q2-26 total marketplace growth

over the prior year included(1)

D2C GMV increased 41% YoY

Heavy equipment category GMV up 14% YoY

• +9% Completed Transactions

• +8% Buyer Registrations

Eclipsed 6.3 million Registered Buyers

Q2-FY26 growth over prior year comparable quarter.

Includes the AllSurplus Deals direct-to-consumer RSCG sales channel and GovDeals/CAG transactions where the winning bid was placed by a buyer on the AllSurplus marketplace.

Marketplace

Q2-FY26 Marketplace

Highlights(1)

AllSurplus(2)

Energy category

GovDeals

(incl. Bid4Assets and Sierra)

Liquidation.com

• +2% Buyer Registration

+14% Buyer Registrations

17% YoY GMV Growth in the

+17% Registered Buyers

+13% Completed Transactions

+12% Auction Participants

+29% YoY RSCG Segment Direct Profit growth

Government agencies continue to adopt our digital marketplace solutions over traditional sales methods with over $4 billion sold, transacting in a broader array of assets including vehicles, heavy equipment and real estate

Expanded services continue to strengthen our position with

government sellers.

Well-positioned to serve increasing demand for virtual solutions

Innovative hybrid solutions attracting new, higher-volume clients that previously relied on full-service auctioneers

Seller tool modernization efforts continue to improve seller listing experience

GovDeals self-directed model is attractive to:

Local, state and federal government entities

Higher education institutions

Non-profits, charitable organizations, credit unions, hospitals &

commercial real estate resellers

Marketing technology and increase in online procurement are driving more buyer demand

Volatility in used car availability and market prices, and real estate foreclosure levels(1) can significantly impact GMV on the GovDeals and Bid4Assets marketplaces.

ATTOM (April 2026): https://www.attomdata.com/news/market-trends/foreclosures/q1-and-march-2026-

foreclosure-market-report/

Q2FY26

Q1FY26

Q4FY25

Q3FY25

Q2FY25

Q1FY25

Q4FY24

Q3FY24

Q2FY24

$186.2

$213.7

$203.3

$212.1

$210.0

$226.9

$235.7

$252.3

$249.7

GovDeals Segment GMV Trendline

*in millions

channel buyer base are driving stronger relationships

with new and existing sellers across categories and

geographies

RSCG Segment GMV Trendline

*in millions

$109.8

$113.5

$113.1

$102.8 $102.6 $103.2

$95.5

$79.6

$78.9

Q2FY24

Q3FY24

Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25

Q1FY26

Q2FY26

Our flexible service offerings and the depth of our multi-

* Fiscal Q2 is the seasonally high quarter for reverse supply chain activity in the retail sector.

Our RSCG segment benefits from:

Outsourcing of non-core activities to drive focus and cost savings

Flexible service offerings and an agile operating footprint that enables clients to rapidly respond to changing economic conditions

Our expanded service offerings address a full spectrum of seller needs and create higher-margin revenue streams:

Managed services for end-to-end solutions

Large retailers increasing use of our sell-in-place consignment solutions

Localized consumer channels to drive higher recovery, including our recently launched Retail Rush store powered by our Software Solutions

These services have positioned us well to respond to recent macro trends:

Strong e-commerce growth drives increased volume of consumer returns, while increasing buyer demand for discounted, refurbished and secondary market assets drives growth

Changes in consumer sentiment, tariffs and other trade barriers, elevated interest rates, inventory purchase levels, and supply chain variability can cause fluctuations in the value and mix of products transacted in any given period.

Driving growth from a diversified and global client base and seeking expansion with recurring sellers in key categories such as heavy equipment, industrial, biopharma and energy

AllSurplus enables delivery of self-directed and fully managed services to our sellers, including:

AI-driven recommendations and search to elevate our customer

experience

Real time reporting and asset status for our sellers

Ability to bid or buy assets through multiple sales types: auctions, buy now, and offers

Complimentary lifecycle management tools for recurring sellers drive engagement and auction conversions

Clients continue to pursue CAG's solutions for:

Greater need to recover investment on idle assets

Increasing buyer demand for assets at less than new pricing

Continued execution through ongoing global supply chain disruptions:

Global supply chains may experience heightened uncertainty from inflationary pressures including economic and tariff-related uncertainty, elevated interest rates, disruption of global energy supplies, and ongoing geopolitical conflicts.

CAG GMV can be variable based on timing and project size

Q2FY26

Q1FY26

Q4FY25

Q3FY25

Q2FY25

Q1FY25

Q4FY24

Q3FY24

Q2FY24

$51.8

$57.6

$58.2

$55.4

$53.5

$63.1

$61.2

$65.5

$64.2

CAG Segment GMV Trendline

*in millions

Subscriber growth and pricing increases from Machinio Advertising and System, as well as the acquisition of Auction Software, are driving consistent revenue growth

Machinio

A leading online, subscription-based classifieds and storefront marketplace for used Machinery and Heavy Equipment

Machinio System is expanding its capabilities and target market to Marine/RV dealers, as well as adding features to drive service lead capture, quoting, and work order management.

The Machinio worldwide search engine for used equipment aggregates over 4.2 million active listings

Machinio Advertising's worldwide classifieds platform has over 4,200 subscribers, more than 1 million qualified leads annually, and over 1 million email alert subscribers

Machinio System's vendor management software has over 930

subscribers

Strong Net Renewal Rates

Software Solutions

Separately serves as the Company's private-label and software-as-a-service (SaaS) arm, offering scalable auction platform services to entrepreneurs and businesses, including Retail Rush.

Formed following the acquisition of Auction Software in Q2 FY25.

Q2FY26

Q1FY26

Q4FY25

Q3FY25

Q2FY25

Q1FY25

Q4FY24

Q3FY24

Q2FY24

$4.3

$4.2

$4.1

$4.0

$4.9

$5.4

$5.5

$5.4

$5.2

Machinio Segment Revenue Trendline

*in millions

Financial Results

$ in millions

Annual GMV

FY22 to FY25 Trend

1,571

1,367

1,145

1,203

FY22

FY23

FY24

FY25

12 Months Ended

9/30

Q2 QTD

FY25 to FY26

367

390

FY25

FY26

3 Months Ended

3/31

Q2 YTD

FY25 to FY26

753

788

FY25

FY26

6 Months Ended

3/31

$ in millions

Annual Revenue

FY22 to FY25 Trend

477

363

314

280

FY22

FY23

FY24

FY25

12 Months Ended

9/30

Q2 QTD

FY25 to FY26

116

121

FY25

3 Months Ended

3/31

FY26

Q2 YTD

FY25 to FY26

239

242

FY25

6 Months Ended

3/31

FY26

$ in millions

Annual Non-GAAP

Adjusted EBITDA FY22 to FY25 Trend

60.8

45.9

48.5

42.7

FY22

FY23

FY24

FY25

12 Months Ended

9/30

Q2 QTD

FY25 to FY26

16.7

12.2

FY25

FY26

3 Months Ended

3/31

Q2 YTD

FY25 to FY26

34.7

25.3

FY25

FY26

6 Months Ended

3/31

(1) For the tw elve months ended September 30, 2025,2024, 2023, and 2022, Net Income w as $28.1M, $20.0M, $21.0M, and $40.3M, respectively. For the three months ended March 31, 2026 and 2025, net income w as $7.5M and $7.1M, respectively. See Slide #25 for a reconciliation of Adjusted EBITDA

Q2FY25

Purchase

20%

Consignment

80%

Purchase

Consignment

Self-Directed Consignment

Q2FY26

Purchase

19%

Consignment

81%

Purchase

Consignment

Self-Directed Consignment

Q2FY25

RSCG 29%

GovDeals

55%

CAG 17%

Q2FY26

RSCG 29%

GovDeals

55%

CAG

16%

Adjusted EBITDA Reconciliation (QTD)

(in thousands)

Q2FY24

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

Net Income (Loss)

$ 5,709

$ 6,000

$ 6,375

$ 5,810

$ 7,051

$ 7,410

$ 7,822

$ 7,489

$ 7,522

Interest & other (income) expense, net

(771)

(891)

(1,244)

(1,151)

(951)

(1,128)

(1,344)

(1,196)

(1,103)

Provision (benefit) for income taxes

1,487

2,702

2,198

2,380

655

3,885

4,428

3,028

3,150

Depreciation and amortization

3,195

3,199

2,823

2,516

2,568

2,658

2,667

2,583

2,640

Non-GAAP EBITDA

$ 9,620

$ 11,010

$ 10,152

$ 9,555

$ 9,323

$ 12,825

$ 13,573

$ 11,904

$ 12,209

Stock compensation expense

2,343

2,617

3,879

3,431

2,578

3,512

4,968

6,174

4,350

Acquisition costs and litigation settlement expense

125

1,080

173

167

112

Business realignment expenses

251

104

618

(12)

Fair value adjustments to acquisition earn-outs

Non-GAAP Adjusted EBITDA

$ 12,088

$ 14,707

$ 14,455

$ 13,109

$ 12,172

$ 17,005

$ 18,529

$ 18,078

$ 16,671

Investor Relations

[email protected]

Disclaimer

Liquidity Services Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 15:53 UTC.