Published on 8 Feb 2024 on GuruFocus.com via Yahoo Finance
Liquidity Services Inc Reports Mixed Q1 Fiscal 2024 Results Amidst Growth and Challenges
Gross Merchandise Volume (GMV): Increased by 13% to $305.9 million.Revenue: Slight decrease of 1% to $71.3 million.GAAP Net Income: Decreased to $1.9 million, down $2.1 million from the previous year.GAAP Diluted Earnings Per Share (EPS): Dropped to $0.06, a decrease of $0.06.Non-GAAP Adjusted EBITDA: Fell by $2.6 million to $7.3 million.Cash Position: Strong with $107.0 million in cash balances and zero financial debt.Market Capitalization: Not disclosed in the summary provided.
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Liquidity Services Inc (NASDAQ:LQDT), a leader in the online auction marketplace for business and government surplus, released its 8-K filing on February 8, 2024, detailing its financial results for the first quarter of fiscal year 2024. The company reported a 13% increase in GMV, driven by strong bidder engagement and subscriber growth, particularly in its GovDeals and Machinio segments. However, revenue saw a slight decrease of 1% to $71.3 million, and profitability metrics such as GAAP Net Income and Non-GAAP Adjusted EBITDA experienced declines compared to the same quarter in the previous year.