Liquidity Services (LQDT) investor relations material

Executive summary

• Achieved record Q3 FY26 GMV of $453 million, up 10% year-over-year, and revenue of $129.6 million, up 8%, driven by marketplace expansion, new seller acquisition, and execution of the RISE strategy.

• GAAP net income rose 41% to $10.4 million, with diluted EPS up 39% to $0.32; non-GAAP adjusted EBITDA increased 30% to $22 million, marking the 10th consecutive quarter of year-over-year EBITDA growth.

• Registered buyers reached 6.4 million, up 9% year-over-year, with completed transactions up 17% to 334,000.

• Retail and GovDeals segments set new records for GMV and profitability, while CAG delivered direct profit growth despite a slight GMV decline.

• Diversified business model with synergistic revenue streams, including consignment, purchase, service, and subscription revenues.

Financial highlights

• Q3 FY26 consolidated GMV was $453 million, up from $413 million in Q3 FY25; revenue was $129.6 million, up from $120 million; non-GAAP adjusted EBITDA was $22 million, up from $17 million.

• Net income for the quarter was $10.4 million, up from $7.4 million; diluted EPS was $0.32, up from $0.24.

• Cash and short-term investments totaled $231.1 million, with zero debt and $24 million to $50 million in available borrowing capacity.

• Segment direct profit in RSCG up 30%, GovDeals up 9%, and CAG up 13% year-over-year.

• Operating income for the quarter was $14.1 million, up from $10.2 million a year ago.

Outlook and guidance

• Q4 FY26 GMV expected between $415 million–$455 million; Adjusted EBITDA guidance of $22 million–$25 million.

• GAAP net income projected at $10 million–$13 million, with diluted EPS of $0.30–$0.39; non-GAAP adjusted EPS of $0.41–$0.50.

• Anticipates highest annual Adjusted EBITDA in 13 years, with continued annual growth across all key metrics.

• Positioned to benefit from macro trends such as e-commerce growth, sustainability, and increased demand for digital solutions.

• Continued expansion of recurring revenue streams and service offerings to drive future growth.