Liquidity Services Inc (LQDT) delivered a standout QQ3 2024 performance driven by a record GMV of $380.4 million, up 14% year over year, and a solid revenue run rate of $93.6 million, up 16% year over year. The strong quarterly results were led by GovDeals (GMV up 17% YoY, revenue up 28%), with Retail, Capital Assets, and Machinio contributing to continued growth in diverse end-markets within the company’s circular economy platform. Management highlighted AI-enabled tooling and service expansions as catalysts for higher efficiency, faster time-to-cash, and better asset recovery, underpinning durable demand even in a cyclically sensitive environment. Management also emphasized ongoing sequential improvements in profitability, evidenced by non-GAAP EBITDA of $14.7 million (up 10% YoY) and non-GAAP EPS of $0.30, alongside GAAP EPS of $0.19 for the quarter. The company finished QQ3 with a robust balance sheet — zero debt and a net cash position on the books, with approximately $130 million in cash and equivalents and $25 million of borrowing capacity available under its facility — providing ample liquidity to fund growth initiatives and potential bolt-on opportunities. Looking ahead, management's fourth-quarter guidance contemplates continued double-digit GMV growth with adjusted EBITDA in the $12–$15 million range and non-GAAP EPS in the $0.25–$0.32 band, signaling confidence in the ongoing scaling of higher-margin, recurring revenue streams while acknowledging some near-term mix-driven profitability pressures in Retail. The combined dynamics suggest a resilient, asset-light marketplace model with potential for further operating leverage as AI-enabled optimization and new service offerings mature.