Liquidity Services (LQDT) 10-Q 6 Feb 25 2025 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Dec. 31, 2024	Feb. 03, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	0-51813
Entity Registrant Name	LIQUIDITY SERVICES, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2209244
Entity Address, Address Line One	6931 Arlington Road
Entity Address, Address Line Two	Suite 460
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	202
Local Phone Number	467-6868
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	LQDT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,039,308
Entity Central Index Key	0001235468
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Current assets:
Cash and cash equivalents	$ 128,700	$ 153,226
Short-term investments	10,445	2,310
Accounts receivable, net of allowance for doubtful accounts of $1,692 and $1,680	23,070	11,467
Inventory, net	13,742	17,099
Prepaid taxes and tax refund receivable	1,672	1,519
Prepaid expenses and other current assets	11,121	13,614
Total current assets	188,750	199,235
Property and equipment, net	18,003	17,961
Operating lease assets	11,352	12,005
Intangible assets, net	13,107	13,912
Goodwill	97,401	97,792
Deferred tax assets	227	1,728
Other assets	4,366	4,255
Total assets	333,206	346,888
Current liabilities:
Accounts payable	45,572	58,693
Accrued expenses and other current liabilities	22,757	28,261
Current portion of operating lease liabilities	5,121	5,185
Deferred revenue	4,440	4,788
Payables to sellers	57,610	58,226
Total current liabilities	135,500	155,153
Operating lease liabilities	8,242	9,060
Other long-term liabilities	303	115
Total liabilities	144,045	164,328
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.001 par value; 120,000 shares authorized; 36,793,603 shares issued and outstanding at December 31, 2024; 36,707,840 shares issued and outstanding at September 30, 2024	37	37
Additional paid-in capital	278,452	275,771
Treasury stock, at cost; 6,016,078 shares at December 31, 2024, and 6,015,496 shares at September 30, 2024	(93,873)	(93,854)
Accumulated other comprehensive loss	(11,298)	(9,427)
Retained earnings	15,843	10,033
Total stockholders’ equity	189,161	182,560
Total liabilities and stockholders’ equity	$ 333,206	$ 346,888

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 1,692	$ 1,680
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	36,793,603	36,707,840
Common stock, shares outstanding (in shares)	36,793,603	36,707,840
Treasury stock, common (in shares)	6,016,078	6,015,496

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Total revenue	$ 122,331	$ 71,325
Costs and expenses from operations:
Cost of goods sold (excludes depreciation and amortization)	72,164	31,526
Technology and operations	17,407	14,238
Sales and marketing	14,774	12,980
General and administrative	8,267	7,585
Depreciation and amortization	2,516	2,904
Other operating expenses, net	116	445
Total costs and expenses	115,244	69,678
Income from operations	7,087	1,647
Interest and other income, net	(1,103)	(1,141)
Income before provision for income taxes	8,190	2,788
Provision for income taxes	2,380	881
Net income	$ 5,810	$ 1,907
Basic income per common share (in usd per share)	$ 0.19	$ 0.06
Diluted income per common share (in usd per share)	$ 0.18	$ 0.06
Basic weighted average shares outstanding (in shares)	30,642,438	30,605,475
Diluted weighted average shares outstanding	32,204,055	31,938,342
Purchase revenues
Total revenue	$ 82,815	$ 36,225
Consignment and other fee revenues
Total revenue	$ 39,516	$ 35,100

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 5,810	$ 1,907
Other comprehensive (loss) income:
Foreign currency translation	(1,871)	958
Other comprehensive (loss) income, net of taxes	(1,871)	958
Comprehensive income	$ 3,939	$ 2,865

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Balance (in shares) at Sep. 30, 2023		36,142,345
Balance at Sep. 30, 2023	$ 161,533	$ 36	$ 265,945		$ (10,458)	$ (9,958)
Balance (in shares) at Sep. 30, 2023				(5,433,045)
Increase (Decrease) in Stockholders' Equity
Net Income	1,907
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units	127		127
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)		59,471
Taxes paid associated with net settlement of stock compensation awards	(224)		(224)
Taxes paid associated with net settlement of stock compensation awards (in shares)		(12,058)
Shares swapped to exercise stock options (in shares)				(68,692)
Stock compensation expense	2,249		2,249
Balance (in shares) at Dec. 31, 2023		36,189,758
Balance at Dec. 31, 2023	$ 165,379	$ 36	268,096		(9,500)	(8,051)
Balance (in shares) at Dec. 31, 2023				(5,501,737)
Balance (in shares) at Sep. 30, 2024	36,707,840	36,707,840
Balance at Sep. 30, 2024	$ 182,560	$ 37	275,771	$ (93,854)	(9,427)	10,033
Balance (in shares) at Sep. 30, 2024	(6,015,496)			(6,015,496)
Increase (Decrease) in Stockholders' Equity
Net Income	$ 5,810					5,810
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units	114		114
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)		138,838
Taxes paid associated with net settlement of stock compensation awards	(883)		(883)
Taxes paid associated with net settlement of stock compensation awards (in shares)		(30,575)
Forfeitures of restricted stock awards (in shares)		(22,500)
Shares swapped to exercise stock options			19	$ (19)
Shares swapped to exercise stock options (in shares)				(582)
Stock compensation expense	3,431		3,431
Foreign currency translation	$ (1,871)				(1,871)
Balance (in shares) at Dec. 31, 2024	36,793,603	36,793,603
Balance at Dec. 31, 2024	$ 189,161	$ 37	$ 278,452	$ (93,873)	$ (11,298)	$ 15,843
Balance (in shares) at Dec. 31, 2024	(6,016,078)			(6,016,078)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net income	$ 5,810	$ 1,907
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	2,516	2,904
Stock compensation expense	3,431	2,249
Inventory adjustment to net realizable value	32	0
Provision for doubtful accounts	33	101
Deferred tax expense	1,501	612
Gain on disposal of property and equipment	(8)	(14)
Changes in operating assets and liabilities:
Accounts receivable	(11,747)	64
Inventory	(3,151)	(3,266)
Prepaid taxes and tax refund receivable	(153)	358
Prepaid expenses and other assets	2,189	40
Operating lease assets and liabilities	(246)	(10)
Accounts payable	(6,638)	(6,757)
Accrued expenses and other current liabilities	(5,206)	(6,422)
Deferred revenue	(348)	(227)
Payables to sellers	(155)	(412)
Net cash used in operating activities	(12,140)	(8,873)
Investing activities
Purchases of property and equipment, including capitalized software	(1,818)	(1,731)
Purchase of short-term investments	(10,671)	(2,369)
Maturities of short-term investments	2,086	1,986
Other investing activities, net	(5)	31
Net cash used in investing activities	(10,408)	(2,083)
Financing activities
Common stock repurchases	(79)	(1,168)
Taxes paid associated with net settlement of stock compensation awards	(883)	(225)
Payments of the principal portion of finance lease liabilities	(24)	(26)
Proceeds from exercise of stock options, net of tax	114	127
Net cash used in financing activities	(872)	(1,292)
Effect of exchange rate differences on cash and cash equivalents	(1,106)	524
Net decrease in cash and cash equivalents	(24,526)	(11,724)
Cash and cash equivalents at beginning of period	153,226	110,281
Cash and cash equivalents at end of period	128,700	98,557
Supplemental disclosure of cash flow information
Cash paid (received) for income taxes, net	692	$ (117)
Non-cash: Common stock surrendered in the exercise of stock options	$ 19

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 5,810	$ 1,907

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 16. 2024 , the Em El 2007 Irrevocable Trust (the “Trust”) entered into a Rule 10b5-1 trading arrangement that provides for the sale of 300,000 shares of the Company’s Common Stock. The shares of the Company’s Common Stock held by trust are indirectly beneficially owned by and reported on Forms 4 filed with the SEC on behalf of, Jaime Mateus-Tique , a member of the Company’s Board of Directors . The trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The duration of the trading arrangement is until the earlier of (1) February 10, 2026, (2) the date on which all transactions under the trading arrangement are completed, or (3) at such time as the trading arrangement is otherwise terminated or expires according to its terms.
Name	Jaime Mateus-Tique
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 16. 2024
Rule 10b5-1 Arrangement Terminated	false
Expiration Date	February 10, 2026,
Aggregate Available	300,000

Organization

Organization	3 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Liquidity Services, Inc. (Liquidity Services, the Company) is a leading global commerce company providing trusted online marketplace platforms that power the circular economy. We create a better future for organizations, individuals, and the planet by using technology to capture and unleash the intrinsic value of surplus. We connect millions of buyers and thousands of sellers through our leading e-commerce auction marketplaces, search engines, asset management software, and related services. Our comprehensive solutions enable the transparent, efficient, sustainable recovery of value from excess items owned by business and government sellers. Our business delivers value to shareholders by unleashing the intrinsic value of surplus through our online marketplace platforms. These platforms ignite and enable a self-reinforcing cycle of value creation where buyers and sellers attract one another in greater numbers. The result of this cycle is a continuous flow of goods that becomes increasingly valuable as more participants join the platforms, thereby creating positive network effects that benefit sellers, buyers, and shareholders. Liquidity Services was incorporated in Delaware in November 1999 as Liquidation.com, Inc. and commenced operations in early 2000. Reportable Segments The Company has four operating and reportable segments under which we conduct business: GovDeals, Retail Supply Chain Group (RSCG), Capital Assets Group (CAG), and Machinio. Further information and operating results of our reportable segments can be found in Note 14 - Segment Information . • GovDeals . The GovDeals reportable segment provides solutions that enable government entities including city, county, state and federal agencies located in the United States and Canada and related commercial businesses to sell surplus property and real estate assets through its GovDeals, Bid4Assets and Sierra marketplaces; see Note 3 - Sierra Acquisition . • RSCG . The RSCG reportable segment consists of marketplaces that enable corporations located in the United States and Canada to sell excess, returned, and overstocked consumer goods. RSCG also offers a suite of services that includes returns management, asset recovery, and e-commerce solutions. This segment uses multiple selling channels across our network of marketplaces and others to optimize the best combination of velocity, volume, and value. This segment primarily conducts its business-to-business sales on its Liquidation.com marketplace and through Direct Sales, and direct-to-consumer sales on its AllSurplus Deals and Secondipity marketplaces and other third-party sales channels. • CAG . The CAG reportable segment enables commercial businesses to sell surplus assets on our AllSurplus marketplace. The core verticals in which CAG operates include industrial manufacturing, oil and gas, heavy equipment, biopharma, and electronics. CAG also offers a suite of services that includes surplus management, asset valuation, asset sales and marketing. CAG benefits from a global base of buyers and sellers enabling the sale and redeployment of assets wherever they’re most likely to generate the best value and highest use across the world. This segment primarily uses the AllSurplus and GovDeals marketplaces. • Machinio . The Machinio reportable segment operates a global search engine platform for listing equipment for sale in the construction, machine tool, processing, transportation, printing, agriculture, and laboratory/medical sectors. Machinio also offers the Machinio System service that provides equipment sellers with a suite of software tools that includes website hosting, email marketing, and inventory management, to support and enable equipment sellers’ online business. The Company's operations are subject to certain risks and uncertainties, many of which are associated with technology-oriented companies, including, but not limited to, the Company's dependence on use of the Internet; the effect of general business and economic trends including inflationary pressures and impacts from interest rate changes; ongoing international armed and geopolitical conflicts; the Company's susceptibility to rapid technological change; actual and potential competition by entities with greater financial and other resources; and the potential for the commercial sellers from which the Company derives a significant portion of its inventory to change the way they conduct their disposition of surplus assets or to otherwise terminate or not renew their contracts with the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies Unaudited Interim Financial Information	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies Unaudited Interim Financial Information	2. Summary of Significant Accounting Policies Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In management's opinion, all adjustments, consisting of normal, recurring adjustments considered necessary for a fair presentation, have been included, and intercompany transactions and accounts have been eliminated in conso lidation. The information disclosed in the notes to the condensed consolidated financial statements for these periods is unaudited. Operating results for the three months ended December 31, 2024, are not necessarily indicative of the results that may be expected for the year ending September 30, 2025 , or for any future period. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts in the condensed consolidated financial statements and accompanying notes. For the three months ended December 31, 2024 , these estimates required the Company to make assumptions about the impact of ongoing international armed and geopolitical conflicts, and other disruptions to macroeconomic conditions and, in turn, the Company's results of operations. The Company will continue to update its assumptions as conditions change. Actual results could differ significantly from those estimates. Contract Assets and Liabilities Contract assets reflect an estimate of expenses that will be reimbursed upon settlement with a seller. The contract asset balance was $ 1.6 million as of December 31, 2024, and $ 1.5 million as of September 30, 2024, and is included in the line-item Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. Contract liabilities reflect obligations to provide services for which the Company has already received consideration, and generally arise from up-front payments received in connection with Machinio's subscription services. The contract liability balance was $ 4.4 million as of December 31, 2024, and $ 4.8 million as of September 30, 2024, and is included in the line-item Deferred revenue on the Condensed Consolidated Balance Sheets. Of the September 30, 2024 contract liability balance, $ 2.4 million was earned as other fee revenue during the three months ended December 31, 2024. For the Company's Machinio segment, the performance obligation has been identified as the stand ready obligation to provide access to the Machinio subscription services, which it satisfies over time and recognizes as other fee revenues in the line-item Consignment and other fee revenues on the Condensed Consolidated Statements of Operations. As of December 31, 2024, the Machinio segment had a remaining performance obligation of $ 4.4 million; the Company expects to recognize the substantial majority of that amount as other fee revenues over the next 12 months . Contract Costs Contract costs relate to sales commissions paid on subscription contracts that are capitalized within our Machinio segment. Contract costs are amortized on a straight-line basis over the expected life of the customer contract. The contract cost balance was $ 2.2 million as of December 31, 2024, and $ 2.3 million as of September 30, 2024, and is included in the line-item Prepaid expenses and other current assets, and Other assets on the Condensed Consolidated Balance Sheets. Amortization expense was $ 0.4 million and $ 0.4 million during the three months ended December 31, 2024 and 2023 , respectively. Risk Associated with Certain Concentrations For the majority of buyers that receive goods before payment to the Company is made, credit evaluations are performed; however, for the remaining buyers, goods are not shipped before payment is made, and as a result the Company is not subject to significant collection risk from those buyers. For consignment sales transactions, funds are typically collected from buyers and are held by the Company on the sellers' behalf. The funds are included in Cash and cash equivalents on the Condensed Consolidated Balance Sheets. The Company releases the funds to the seller, less the Company's commission and other fees due, through Accounts payable after the buyer has accepted the goods or within 30 days, depending on the state where the buyer and seller conduct business. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash in banks within non-interest bearing, interest-bearing, and earnings allowance checking accounts, as well as cash equivalent money market funds, all of which exceed the applicable U.S. federal (FDIC and/or SIPC) and local jurisdiction (foreign banking institutions) insurance limits, and Accounts receivable. The Company deposits its cash in interest bearing checking accounts, acquires cash equivalent money market funds, and holds short-term investments designated as held-to-maturity investment securities, each with financial institutions that the Company considers to be of high credit quality. Management continually monitors the financial institutions with whom we conduct business and responds appropriately, when necessary, to manage potential risk exposure to our cash balances above the insurance limits. The Company has multiple vendor contracts with Amazon.com, Inc. under which it acquires and sell commercial merchandise. While purchase model transactions account for less than 25 % of our total Gross Merchandise Volume (GMV), the cost of inventory for purchase model transactions is the most significant component of our consolidated Costs of goods sold. $ 8.4 million and $ 12.2 million of inventory purchased under such contracts with Amazon.com, Inc. is included in the line-item Inventory on the Condensed Consolidated Balance Sheets as of December 31, 2024, and September 30, 2024 , respectively. The Company's vendor contracts with respect to sourcing or consigning merchandise for its RSCG segment generally reflect the concentration dynamics inherent to the retail industry. Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . It will require organizations to provide enhanced disclosures primarily regarding significant segment expenses. The guidance will be effective for the Company beginning with its Annual Report on Form 10-K for the fiscal year ending September 30, 2025. The guidance is required to be applied on a retrospective basis, with all such required disclosures to be made with regard to all fiscal years presented in the financial statements. The Company is currently evaluating the effect that the adoption of this ASU may have on its condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU will require organizations to disclose specific categories in their tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The guidance will be effective for the Company beginning with its Annual Report on Form 10-K for the fiscal year ending September 30, 2026. The guidance is required to be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the effect that the adoption of this ASU may have on its condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses . This ASU will require organizations to disaggregate certain expense captions an entity presents on the face of the income statement into specific categories in disclosures within the footnotes to the financial statements. This guidance will be effective for the Company beginning with its Annual Report on Form 10-K for the fiscal year ending September 30, 2028. The guidance is required to be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the effect that the adoption of this ASU may have on its condensed consolidated financial statements.

Sierra Acquisition

Sierra Acquisition	3 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Sierra Acquisition	3. Sierra Acquisition On January 1, 2024, the Company acquired all the issued and outstanding equity securities associated with Sierra Auction Management, Inc. (Sierra), a full-service auction company specializing in the sale of vehicles, equipment and surplus assets for government agencies, commercial businesses, and charities. Total purchase consideration was approximately $ 13.7 million paid in cash. In connection with its acquisition of Sierra, the Company recorded the fair value of acquired supplier relationships and trade name assets for $ 5.1 million and $ 0.3 million, respectively, and goodwill of $ 7.9 million. The supplier relationships and trade name shall be amortized on a straight-line basis over a useful life of six and three years , respectively. The total goodwill arising from the acquisition is included in the GovDeals reportable segment and is deductible for tax purposes. Sierra's financial results are reported within the GovDeals reportable segment. Revenue, net income (loss), and pro forma information related to the Sierra acquisition was immaterial to the condensed consolidated financial statements and its related notes for the three months ended December 31, 2024 and 2023 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	4. Earnings per Share The Company calculates basic EPS by dividing net income by the weighted-average number of common shares outstanding during the reporting period, excluding unvested restricted stock awards. The Company calculates diluted EPS by dividing net income by the weighted-average number of common shares and potentially dilutive common shares outstanding during the reporting period using the treasury stock method. The Company's potentially dilutive common shares include stock options, restricted stock units, and restricted stock awards. For such awards that have performance- or market-conditions, they are considered dilutive only when those performance- or market-conditions have been satisfied as of the reporting date; however, in periods of a net loss, the Company's diluted EPS will equal its basic EPS, as all its potential common shares are anti-dilutive in that case. In periods of net income, the calculation of diluted net income per share will exclude all anti-dilutive common shares. The computation of basic and diluted net income per share is as follows: Three months ended December 31, 2024 2023 Numerator: Net income $ 5,810 $ 1,907 Denominator: Basic weighted average shares outstanding 30,642,438 30,605,475 Dilutive impact of stock options, RSUs and RSAs 1,561,617 1,332,867 Diluted weighted average shares outstanding 32,204,055 31,938,342 Basic income per common share $ 0.19 $ 0.06 Diluted income per common share $ 0.18 $ 0.06 Stock options, RSUs and RSAs excluded from income per diluted share because their effect would have been anti-dilutive 853,690 1,977,805

Leases

Leases	3 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	5. Leases The Company has operating leases for its corporate offices, warehouses, vehicles, and equipment. The operating leases have remaining terms of up to 4.4 years. Some of the leases have options to extend or terminate the leases. The exercise of such options is generally at the Company’s discretion. The lease agreements do not contain any significant residual value guarantees or restrictive covenants. The Company also subleases excess corporate office space. The Company's finance leases and related balances are not significant. The components of lease expense are: Three Months Ended December 31, 2024 2023 Finance lease – lease asset amortization $ 14 $ 20 Finance lease – interest on lease liabilities 4 3 Operating lease cost 1,456 1,293 Short-term lease cost 69 39 Variable lease cost (1) 260 323 Sublease income — ( 3 ) Total net lease cost $ 1,803 $ 1,675 (1) Variable lease costs primarily relate to the Company's election to combine non-lease components such as common area maintenance, insurance and taxes related to its real estate leases. To a lesser extent, the Company's equipment leases have variable costs associated with usage and subsequent changes to costs based upon an index. Maturities of lease liabilities are: December 31, 2024 Operating Leases Finance Leases Remainder of 2025 $ 5,879 $ 86 2026 4,205 83 2027 2,404 30 2028 2,050 6 2029 1,196 — Thereafter — — Total lease payments (1) $ 15,734 $ 205 Less: imputed interest (2) ( 1,481 ) ( 14 ) Total lease liabilities $ 14,253 $ 191 (1) The weighted average remaining lease term is 3.1 years for operating leases and 4.6 years for finance leases. (2) The weighted average discount rate is 6.1 % for operating leases and 5.8 % for finance leases. Supplemental disclosures of cash flow information related to leases are: Three Months Ended December 31, 2024 2023 Cash paid for amounts included in operating lease liabilities $ 1,454 $ 1,154 Cash paid for amounts included in finance lease liabilities $ 24 $ 26 Non-cash: lease liabilities arising from new operating lease assets obtained $ 582 $ — Non-cash: lease liabilities arising from new finance lease assets obtained $ 240 $ — Non-cash: adjustments to lease assets and liabilities (1) $ 2 $ 293 (1) These include adjustments due to lease modifications, renewals, and other related adjustments.

Goodwill

Goodwill	3 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	6. Goodwill The carrying value and changes in the carrying value of goodwill attributable to each reportable segment were as follows: (in thousands) GovDeals CAG Machinio Total September 30, 2023 $ 53,814 $ 21,016 $ 14,558 $ 89,388 Sierra acquisition (see Note 3) 7,869 — — 7,869 Translation adjustments — 535 — 535 September 30, 2024 61,683 21,551 14,558 97,792 Translation adjustments — ( 391 ) — ( 391 ) December 31, 2024 $ 61,683 $ 21,160 $ 14,558 $ 97,401 Goodwill is tested for impairment at the beginning of the fourth quarter and during interim periods whenever events or circumstances indicate that the carrying value may not be recoverable. The Company did not identify any indicators of impairment that required an interim goodwill impairment test during the three months ended December 31, 2024 .

Intangible Assets

Intangible Assets	3 Months Ended
	Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Intangible Assets	7. Intangible Assets Intangible assets consist of the following: December 31, 2024 September 30, 2024 (in thousands) Useful Gross Accumulated Net Gross Accumulated Net Customer and supplier relationships 6 - 8 $ 22,100 $ ( 9,452 ) $ 12,648 $ 22,100 $ ( 8,805 ) $ 13,295 Technology 3 - 5 4,900 ( 4,900 ) — 4,900 ( 4,839 ) 61 Trade names 3 - 7 2,200 ( 1,893 ) 307 2,200 ( 1,803 ) 397 Other intangibles 10 902 ( 750 ) 152 897 ( 738 ) 159 Total intangible assets, net $ 30,102 $ ( 16,995 ) $ 13,107 $ 30,097 $ ( 16,185 ) $ 13,912 Future expected amortization of intangible assets as of December 31, 2024, is as follows: (in thousands) Years ending September 30, Expected Future Amortization Remainder of 2025 $ 2,156 2026 2,721 2027 2,638 2028 2,605 2029 and thereafter 2,987 Total $ 13,107 Intangible asset amortization expense was $ 0.8 million and $ 0.8 million for the three months ended December 31, 2024 and 2023, respectively. The Company did no t record impairment charges on any intangible assets during the three months ended December 31, 2024 and 2023. The Company did not identify any indicators of impairment requiring an interim impairment test on material long-lived assets during the three months ended December 31, 2024 .

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The Company’s interim effective income tax rate is based on management’s best current estimate of the Company's expected annual effective income tax rate. The Company recorded pre-tax income in the first three months of fiscal year 2025 and its corresponding effective tax rate is 29.0 % compared to 31.6 % for the first three months of fiscal year 2024. The change in the effective tax rate for the three months ended December 31, 2024 , as compared to the same period in the prior year, was primarily due to state and foreign taxes, and permanent tax adjustments.The effective tax rate differed from the U.S. statutory federal rate of 21 % primarily as a result of the impact of foreign, state, and local income taxes and permanent tax adjustments. The Company applies the authoritative guidance related to uncertainty in income taxes. ASC 740, Income Taxes , states that a benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of technical merits. During the three months ended December 31, 2024 , the Company did no t record any unrecognized tax benefits. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions and in foreign jurisdictions, primarily Canada and the United Kingdom. As of December 31, 2024 , the Company has no open income tax examinations in the U.S. and the statute of limitations for years prior to 2021 is now closed. However, certain tax attribute carryforwards that were generated prior to fiscal year 2021 may be adjusted upon examination by tax authorities if they are utilized.

Debt

Debt	3 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	9. Debt On February 10, 2022, the Company entered into a Credit Agreement with Wells Fargo Bank, National Association (the Credit Agreement). Terms of the Credit Agreement provide for revolving loans (the Line of Credit) up to a maximum aggregate principal amount of $ 25.0 million with a $ 10.0 million sublimit for standby letters of credit. During the year ended September 30, 2023, the Credit Agreement was amended to extend the maturity date by 12 months to March 31, 2025 (the First Amendment). During the year ended September 30, 2024, the Credit Agreement was amended to extend the maturity date by an additional 12 months to March 31, 2026 (the Second Amendment). No other changes, including regarding the borrowing terms or capacities, were made to the Credit Agreement as a result of the First Amendment or the Second Amendment. The applicable interest rate on any draws under the Line of Credit is a variable rate per annum equal to the Daily Simple Secured Overnight Financing Rate (SOFR) in effect plus a margin ranging from 1.25 % to 1.75 %. Interest is payable monthly. The Company pays an Unused Commitment Fee (as defined in the Credit Agreement), on a quarterly basis, equal to 0.05 % per annum on the daily amount of the available, but unused, balance on the Line of Credit. The Company also pays a Line of Credit Fee (as defined in the Credit Agreement), on a quarterly basis, equal to 1.25 % on the daily amount available to be drawn for standby letters of credit. Interest incurred on any draws under the Line of Credit, as well as the Unused Commitment Fee and Line of Credit Fee, are included within Interest and other income, net in the Condensed Consolidated Statements of Operations. The Company may draw upon the Line of Credit for general corporate purposes. Repayments of any borrowings under the Line of Credit shall become available for redraw at any time by the Company. The Credit Agreement contains certain financial and non-financial restrictive covenants including, among others, the requirement to maintain a minimum level of earnings before interest, income taxes, depreciation and amortization (EBITDA). The Credit Agreement contains affirmative and restrictive covenants including covenants placing limitations on mergers, consolidations and dissolutions, investments and acquisitions, indebtedness and liens, and dividends and other restricted payments. As of December 31, 2024, the Company was in full compliance with the terms and conditions of the Credit Agreement. During the three months ended December 31, 2024 , the Company did not make any draws under the Line of Credit, had no outstanding borrowings under the Line of Credit and had $ 7.5 million of standby letters of credit outstanding. The amount of standby letters of credit are reserved against the Line of Credit and are not available for borrowing, resulting in $ 17.5 million of remaining borrowing capacity under the Line of Credit as of December 31, 2024. During the three months ended December 31, 2024 and 2023, interest expense incurred by the Company under the Credit Agreement was immaterial to the c ondensed consolidated financial statements.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	10. Stockholders’ Equity The changes in stockholders’ equity for the prior year comparable period are as follows: Additional Accumulated Common Stock Paid-in Treasury Stock Comprehensive Retained Shares Amount Capital Shares Amount Loss Earnings Total Balance at September 30, 2023 36,142,345 $ 36 $ 265,945 ( 5,433,045 ) $ ( 84,031 ) $ ( 10,458 ) $ ( 9,958 ) $ 161,533 Net income — — — — — — 1,907 1,907 Exercise of stock options, grants of restricted stock awards, and vesting of restricted stock units 59,471 — 127 — — — — 127 Taxes paid associated with net settlement of stock compensation awards ( 12,058 ) — ( 224 ) — — — — ( 224 ) Common stock repurchased — — — ( 68,692 ) ( 1,171 ) — — ( 1,171 ) Stock compensation expense — — 2,249 — — — — 2,249 Foreign currency translation and other — — — — — 958 — 958 Balance at December 31, 2023 36,189,758 $ 36 $ 268,096 ( 5,501,737 ) $ ( 85,202 ) $ ( 9,500 ) $ ( 8,051 ) $ 165,379 Stock Compensation Incentive Plans The Company maintains the Third Amended and Restated 2006 Omnibus Long-Term Incentive Plan (as amended, the LTIP) under which stock options, restricted stock units (RSUs), restricted stock awards (RSAs), and cash-settled stock appreciation rights (SARs) have been issued, and a private placement issuance related to the Company's acquisition of Bid4Assets. During the year ended September 30, 2024, the Company's shareholders approved an amendment to the LTIP to increase the number of shares of common stock from 20,300,000 to 22,800,000 , reserved for future issuance of awards under the LTIP. Vesting of RSUs and grants of RSAs count as 1.5x shares against the plan reserves. As of December 31, 2024 , 1,347,204 shares of common stock remained available for use. Stock Compensation Expense The table below presents the components of share-based compensation expense (in thousands): Three Months Ended December 31, 2024 2023 Equity-classified awards: Stock options $ 659 $ 500 RSUs & RSAs 2,772 1,749 Total Equity-classified award 3,431 2,249 Liability-classified awards: SARs — — Total stock compensation expense: $ 3,431 $ 2,249 The table below presents the components of share-based compensation expense by line-item within our Condensed Consolidated Statements of Operations (in thousands): Three Months Ended December 31, 2024 2023 Stock-compensation expense by function Technology and operations $ 551 $ 330 Sales and marketing 1,021 638 General and administrative 1,859 1,281 Total stock compensation expense: $ 3,431 $ 2,249 Stock Options and RSUs & RSAs The following table presents stock option and RSUs & RSAs grant activity:  Three Months Ended December 31, 2024 Stock Options granted:  Options containing only service conditions: 125,000 Weighted average exercise price $ 22.55 Weighted average grant date fair value $ 10.86   Options containing performance conditions: 125,000 Weighted average exercise price $ 22.55 Weighted average grant date fair value $ 10.86   RSUs & RSAs granted:  RSUs & RSAs containing only service conditions: 304,519 Weighted average grant date fair value $ 23.55   RSUs & RSAs containing performance conditions: 304,521 Weighted average grant date fair value $ 23.55 The stock options and RSUs & RSAs containing only service conditions will vest over a four-year service period. The stock options and RSUs & RSAs containing performance conditions will vest upon the achievement of specified financial targets of the Company, a segment, or a division of a segment. Vesting is measured on the first day of each fiscal quarter over the three-year terms of the awards, starting with the first fiscal quarter after the first anniversary of the grant date. The range of assumptions used to determine the fair value of stock options using the Black-Scholes option-pricing model during the three months ended December 31, 2024, were as follows: Three Months Ended December 31, 2024 Dividend yield — Expected volatility 56.09 % - 57.96 % Risk-free interest rate 4.10 % - 4.10 % Expected term 4.4 - 5.0 years Share Repurchase Program From time to time, we may be authorized to repurchase issued and outstanding shares of our common stock under a share repurchase program approved by our Board of Directors. Share repurchases may be made through open market purchases, privately negotiated transactions or otherwise, at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The repurchase program may be discontinued or suspended at any time and will be funded using our available cash. As of September 30, 2024, the Company had $ 7.6 million of remaining authorization to repurchase shares through December 31, 2025. On December 9, 2024, the Company's Board of Directors authorized the repurchase of up to an additional $ 10.0 million of the Company's outstanding shares of common stock through December 31, 2026. The Company made no repurchases during the three months ended December 31, 2024. As of December 31, 2024 , the Company had $ 17.6 million of remaining authorization to repurchase shares through December 31, 2026. Other Share Repurchases Separate from the share repurchase program, our stock incentive plans allow for participants to exercise stock options by surrendering shares of common stock equivalent in value to the exercise price due. Any shares surrendered to the Company in this manner are not available for future grant. During the three months ended December 31, 2024 , participants surrendered 582 shares of common stock in connection with the exercise of stock options. No shares were surrendered by participants in connection with the exercise of stock options during the three months ended December 31, 2023 .

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	11. Fair Value Measurement The Company measures and records certain assets and liabilities at fair value on a recurring basis. Authoritative guidance issued by the FASB establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3: Unobservable inputs for the asset or liability. Cash and cash equivalents . The Company had $ 62.3 million and $ 67.2 million of money market funds considered cash equivalents at December 31, 2024 and September 30, 2024, respectively. These assets were measured at fair value as of December 31, 2024 and September 30, 2024, and were classified as Level 1 assets within the fair value hierarchy. There were no transfers between levels during the periods presented. Short-term investments . The Company had $ 10.4 million and $ 2.3 million of guaranteed investment certificates considered investments at December 31, 2024 and September 30, 2024, respectively. As these investments have maturity dates of 12 months or less from the balance sheet date, they have been classified as short-term in nature. These assets were measured at fair value as of December 31, 2024 and September 30, 2024, and were classified as Level 1 assets within the fair value hierarchy. There were no transfers between levels during the periods presented. Other Information . When valuing its Level 3 liability, management's estimation of fair value is based on the best information available in the circumstances and may incorporate management's own assumptions around market demand which could involve a level of judgment, taking into consideration a combination of internal and external factors. The Company’s financial assets and liabilities not measured at fair value are cash, short-term investments, accounts receivable, accounts payable, and payables to sellers. The Company believes the carrying values of these instruments approximate fair value. As of December 31, 2024 and September 30, 2024 , the Company did no t have any material assets or liabilities measured at fair value on a non-recurring basis.

Defined Benefit Pension Plan

Defined Benefit Pension Plan	3 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Defined Benefit Pension Plan	12. Defined Benefit Pension Plan Certain employees of Liquidity Services UK Limited (GoIndustry), which the Company acquired in July 2012, are covered by the Henry Butcher Pension Fund and Life Assurance Scheme (the Scheme), a qualified defined benefit pension plan. The Company guarantees GoIndustry's performance on all present and future obligations to make payments to the Scheme for up to a maximum of £ 10 million British pounds. The Scheme was closed to new members on January 1, 2002. The net periodic pension cost (benefit) is recognized within Interest and other income , net in the Condensed Consolidated Statements of Operations, and was immaterial for the three months ended December 31, 2024 and 2023 , respectively.

Legal Proceedings and Other Con

Legal Proceedings and Other Contingencies	3 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings and Other Contingencies	13. Legal Proceedings and Other Contingencies The Company reserves for contingent liabilities based on ASC 450, Contingencies , when it determines that a liability is probable and reasonably estimable. From time to time, the Company may become involved in litigation relating to claims arising in the ordinary course of the business; however, unless otherwise noted, there are no claims or actions pending or threatened against the Company that, if adversely determined, would in the Company's management's judgment have a material adverse effect on the Company. Former Employee Matters On December 28, 2022, the Company’s former Chief Marketing Officer (the “Former CMO”) filed a complaint (the “Original Complaint”) in the United States District Court for the District of Maryland (the “District Court”), alleging wrongful termination on the basis of race and age and that the Company retaliated against him. On April 26, 2023, the Former CMO filed an amended complaint with the District Court, alleging the same claims made in the Original Complaint. The Company's motion to dismiss certain of the claims was denied on March 27, 2024. The parties are currently involved in the discovery phase of the case. The Company is asserting substantial defenses and cannot estimate a range of potential liability, if any, at this time. The Company’s employment practices liability insurance carrier, CNA, has accepted tender of these claims.

Segment Information

Segment Information	3 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	14. Segment Information The Company has four operating and reportable segments under which we conduct business: GovDeals, Retail Supply Chain Group (RSCG), Capital Assets Group (CAG), and Machinio. Further information and operating results of our reportable segments can be found in Note 14 - Segment Information . • GovDeals . The GovDeals reportable segment provides solutions that enable government entities including city, county, state and federal agencies located in the United States and Canada and related commercial businesses to sell surplus property and real estate assets through its GovDeals, Bid4Assets and Sierra marketplaces; see Note 3 - Sierra Acquisition . • RSCG . The RSCG reportable segment consists of marketplaces that enable corporations located in the United States and Canada to sell excess, returned, and overstocked consumer goods. RSCG also offers a suite of services that includes returns management, asset recovery, and e-commerce solutions. This segment uses multiple selling channels across our network of marketplaces and others to optimize the best combination of velocity, volume, and value. This segment primarily conducts its business-to-business sales on its Liquidation.com marketplace and through Direct Sales, and direct-to-consumer sales on its AllSurplus Deals and Secondipity marketplaces and other third-party sales channels. • CAG . The CAG reportable segment enables commercial businesses to sell surplus assets on our AllSurplus marketplace. The core verticals in which CAG operates include industrial manufacturing, oil and gas, heavy equipment, biopharma, and electronics. CAG also offers a suite of services that includes surplus management, asset valuation, asset sales and marketing. CAG benefits from a global base of buyers and sellers enabling the sale and redeployment of assets wherever they’re most likely to generate the best value and highest use across the world. This segment primarily uses the AllSurplus and GovDeals marketplaces. • Machinio . The Machinio reportable segment operates a global search engine platform for listing equipment for sale in the construction, machine tool, processing, transportation, printing, agriculture, and laboratory/medical sectors. Machinio also offers the Machinio System service that provides equipment sellers with a suite of software tools that includes website hosting, email marketing, and inventory management, to support and enable equipment sellers’ online business. We also report results for Corporate, including elimination adjustments. Decisions concerning the allocation of the Company’s resources are made by the Company’s Chief Operating Decision Maker (CODM), which is the Company's Chief Executive Officer, with oversight by the Board of Directors. The Company reports reportable segment information based on the internal performance measures used by the CODM to assess the performance of each operating segment in a given period. In connection with that assessment, the CODM uses segment direct profit to evaluate the performance of each segment. Segment direct profit, previously referred to as segment gross profit, continues to be calculated as total revenue less cost of goods sold (excludes depreciation and amortization). The following table sets forth certain financial information for the Company's reportable se gments: Three Months Ended December 31, (in thousands) 2024 2023 GovDeals: Purchase revenue $ 512 $ — Consignment and other fee revenues 20,010 15,900 Total revenue 20,522 15,900 Segment direct profit $ 18,816 $ 15,056 RSCG: Purchase revenue $ 80,685 $ 35,293 Consignment and other fee revenues 6,996 8,428 Total revenue 87,681 43,721 Segment direct profit $ 18,495 $ 14,112 CAG: Purchase revenue $ 1,618 $ 932 Consignment and other fee revenues 8,233 6,902 Total revenue 9,851 7,834 Segment direct profit $ 8,796 $ 6,943 Machinio: Purchase revenue $ — $ — Consignment and other fee revenues 4,294 3,886 Total revenue 4,294 3,886 Segment direct profit $ 4,077 $ 3,703 Corporate, including elimination adjustments: Purchase revenue $ — $ — Consignment and other fee revenues ( 17 ) ( 16 ) Total revenue ( 17 ) ( 16 ) Segment direct profit $ ( 17 ) $ ( 16 ) Consolidated: Purchase revenue $ 82,815 $ 36,225 Consignment and other fee revenues 39,516 35,100 Total revenue 122,331 71,325 Total Segment direct profit $ 50,167 $ 39,798 The following table reconciles segment direct profit used in the reportable segments to the Company's c ondensed consolidated results:  Three Months Ended December 31, (in thousands) 2024 2023 Reconciliation:   Total segment direct profit $ 50,167 $ 39,798 Other costs and expenses from operations (1) 42,964 37,707 Interest and other income, net ( 987 ) ( 697 ) Income before provision for income taxes $ 8,190 $ 2,788 (1) Other costs and expenses from operations is defined as Total costs and expenses from operations per the Condensed Consolidated Statements of Operations, less Cost of goods sold (which is included in the calculation of Segment direct profit). The percent of our revenues that came from transactions conducted outside of the United States for the three months ended December 31, 2024 and 2023, was 9.8 % and 12.1 % , respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events On January 31, 2025, the Company acquired Auction Software, a private-label marketplace and SaaS solutions provider, for a total preliminary purchase price of $7.5 million, subject to a customary working capital adjustment.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies Unaudited Interim Financial Information (Policies)	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Unaudited Interim Financial Information	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In management's opinion, all adjustments, consisting of normal, recurring adjustments considered necessary for a fair presentation, have been included, and intercompany transactions and accounts have been eliminated in conso lidation. The information disclosed in the notes to the condensed consolidated financial statements for these periods is unaudited. Operating results for the three months ended December 31, 2024, are not necessarily indicative of the results that may be expected for the year ending September 30, 2025 , or for any future period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts in the condensed consolidated financial statements and accompanying notes. For the three months ended December 31, 2024 , these estimates required the Company to make assumptions about the impact of ongoing international armed and geopolitical conflicts, and other disruptions to macroeconomic conditions and, in turn, the Company's results of operations. The Company will continue to update its assumptions as conditions change. Actual results could differ significantly from those estimates.
Contract Assets and Liabilities; Contract Costs	Contract Assets and Liabilities Contract assets reflect an estimate of expenses that will be reimbursed upon settlement with a seller. The contract asset balance was $ 1.6 million as of December 31, 2024, and $ 1.5 million as of September 30, 2024, and is included in the line-item Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. Contract liabilities reflect obligations to provide services for which the Company has already received consideration, and generally arise from up-front payments received in connection with Machinio's subscription services. The contract liability balance was $ 4.4 million as of December 31, 2024, and $ 4.8 million as of September 30, 2024, and is included in the line-item Deferred revenue on the Condensed Consolidated Balance Sheets. Of the September 30, 2024 contract liability balance, $ 2.4 million was earned as other fee revenue during the three months ended December 31, 2024. For the Company's Machinio segment, the performance obligation has been identified as the stand ready obligation to provide access to the Machinio subscription services, which it satisfies over time and recognizes as other fee revenues in the line-item Consignment and other fee revenues on the Condensed Consolidated Statements of Operations. As of December 31, 2024, the Machinio segment had a remaining performance obligation of $ 4.4 million; the Company expects to recognize the substantial majority of that amount as other fee revenues over the next 12 months . Contract Costs Contract costs relate to sales commissions paid on subscription contracts that are capitalized within our Machinio segment. Contract costs are amortized on a straight-line basis over the expected life of the customer contract. The contract cost balance was $ 2.2 million as of December 31, 2024, and $ 2.3 million as of September 30, 2024, and is included in the line-item Prepaid expenses and other current assets, and Other assets on the Condensed Consolidated Balance Sheets. Amortization expense was $ 0.4 million and $ 0.4 million during the three months ended December 31, 2024 and 2023 , respectively.
Risk Associated with Certain Concentrations	Risk Associated with Certain Concentrations For the majority of buyers that receive goods before payment to the Company is made, credit evaluations are performed; however, for the remaining buyers, goods are not shipped before payment is made, and as a result the Company is not subject to significant collection risk from those buyers. For consignment sales transactions, funds are typically collected from buyers and are held by the Company on the sellers' behalf. The funds are included in Cash and cash equivalents on the Condensed Consolidated Balance Sheets. The Company releases the funds to the seller, less the Company's commission and other fees due, through Accounts payable after the buyer has accepted the goods or within 30 days, depending on the state where the buyer and seller conduct business. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash in banks within non-interest bearing, interest-bearing, and earnings allowance checking accounts, as well as cash equivalent money market funds, all of which exceed the applicable U.S. federal (FDIC and/or SIPC) and local jurisdiction (foreign banking institutions) insurance limits, and Accounts receivable. The Company deposits its cash in interest bearing checking accounts, acquires cash equivalent money market funds, and holds short-term investments designated as held-to-maturity investment securities, each with financial institutions that the Company considers to be of high credit quality. Management continually monitors the financial institutions with whom we conduct business and responds appropriately, when necessary, to manage potential risk exposure to our cash balances above the insurance limits. The Company has multiple vendor contracts with Amazon.com, Inc. under which it acquires and sell commercial merchandise. While purchase model transactions account for less than 25 % of our total Gross Merchandise Volume (GMV), the cost of inventory for purchase model transactions is the most significant component of our consolidated Costs of goods sold. $ 8.4 million and $ 12.2 million of inventory purchased under such contracts with Amazon.com, Inc. is included in the line-item Inventory on the Condensed Consolidated Balance Sheets as of December 31, 2024, and September 30, 2024 , respectively. The Company's vendor contracts with respect to sourcing or consigning merchandise for its RSCG segment generally reflect the concentration dynamics inherent to the retail industry.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . It will require organizations to provide enhanced disclosures primarily regarding significant segment expenses. The guidance will be effective for the Company beginning with its Annual Report on Form 10-K for the fiscal year ending September 30, 2025. The guidance is required to be applied on a retrospective basis, with all such required disclosures to be made with regard to all fiscal years presented in the financial statements. The Company is currently evaluating the effect that the adoption of this ASU may have on its condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU will require organizations to disclose specific categories in their tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The guidance will be effective for the Company beginning with its Annual Report on Form 10-K for the fiscal year ending September 30, 2026. The guidance is required to be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the effect that the adoption of this ASU may have on its condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses . This ASU will require organizations to disaggregate certain expense captions an entity presents on the face of the income statement into specific categories in disclosures within the footnotes to the financial statements. This guidance will be effective for the Company beginning with its Annual Report on Form 10-K for the fiscal year ending September 30, 2028. The guidance is required to be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the effect that the adoption of this ASU may have on its condensed consolidated financial statements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income Per Share	Three months ended December 31, 2024 2023 Numerator: Net income $ 5,810 $ 1,907 Denominator: Basic weighted average shares outstanding 30,642,438 30,605,475 Dilutive impact of stock options, RSUs and RSAs 1,561,617 1,332,867 Diluted weighted average shares outstanding 32,204,055 31,938,342 Basic income per common share $ 0.19 $ 0.06 Diluted income per common share $ 0.18 $ 0.06 Stock options, RSUs and RSAs excluded from income per diluted share because their effect would have been anti-dilutive 853,690 1,977,805

Leases (Tables)

Leases (Tables)	3 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary of lease expense and supplemental cash flow information	The components of lease expense are: Three Months Ended December 31, 2024 2023 Finance lease – lease asset amortization $ 14 $ 20 Finance lease – interest on lease liabilities 4 3 Operating lease cost 1,456 1,293 Short-term lease cost 69 39 Variable lease cost (1) 260 323 Sublease income — ( 3 ) Total net lease cost $ 1,803 $ 1,675 (1) Variable lease costs primarily relate to the Company's election to combine non-lease components such as common area maintenance, insurance and taxes related to its real estate leases. To a lesser extent, the Company's equipment leases have variable costs associated with usage and subsequent changes to costs based upon an index. Supplemental disclosures of cash flow information related to leases are: Three Months Ended December 31, 2024 2023 Cash paid for amounts included in operating lease liabilities $ 1,454 $ 1,154 Cash paid for amounts included in finance lease liabilities $ 24 $ 26 Non-cash: lease liabilities arising from new operating lease assets obtained $ 582 $ — Non-cash: lease liabilities arising from new finance lease assets obtained $ 240 $ — Non-cash: adjustments to lease assets and liabilities (1) $ 2 $ 293 (1) These include adjustments due to lease modifications, renewals, and other related adjustments.
Maturities of Lease Liabilities	Maturities of lease liabilities are: December 31, 2024 Operating Leases Finance Leases Remainder of 2025 $ 5,879 $ 86 2026 4,205 83 2027 2,404 30 2028 2,050 6 2029 1,196 — Thereafter — — Total lease payments (1) $ 15,734 $ 205 Less: imputed interest (2) ( 1,481 ) ( 14 ) Total lease liabilities $ 14,253 $ 191 (1) The weighted average remaining lease term is 3.1 years for operating leases and 4.6 years for finance leases. (2) The weighted average discount rate is 6.1 % for operating leases and 5.8 % for finance leases.

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of goodwill activity	The carrying value and changes in the carrying value of goodwill attributable to each reportable segment were as follows: (in thousands) GovDeals CAG Machinio Total September 30, 2023 $ 53,814 $ 21,016 $ 14,558 $ 89,388 Sierra acquisition (see Note 3) 7,869 — — 7,869 Translation adjustments — 535 — 535 September 30, 2024 61,683 21,551 14,558 97,792 Translation adjustments — ( 391 ) — ( 391 ) December 31, 2024 $ 61,683 $ 21,160 $ 14,558 $ 97,401

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Intangible Assets	Intangible assets consist of the following: December 31, 2024 September 30, 2024 (in thousands) Useful Gross Accumulated Net Gross Accumulated Net Customer and supplier relationships 6 - 8 $ 22,100 $ ( 9,452 ) $ 12,648 $ 22,100 $ ( 8,805 ) $ 13,295 Technology 3 - 5 4,900 ( 4,900 ) — 4,900 ( 4,839 ) 61 Trade names 3 - 7 2,200 ( 1,893 ) 307 2,200 ( 1,803 ) 397 Other intangibles 10 902 ( 750 ) 152 897 ( 738 ) 159 Total intangible assets, net $ 30,102 $ ( 16,995 ) $ 13,107 $ 30,097 $ ( 16,185 ) $ 13,912
Schedule of Future Expected Amortization of Intangible Assets	Future expected amortization of intangible assets as of December 31, 2024, is as follows: (in thousands) Years ending September 30, Expected Future Amortization Remainder of 2025 $ 2,156 2026 2,721 2027 2,638 2028 2,605 2029 and thereafter 2,987 Total $ 13,107

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of stockholders' equity	The changes in stockholders’ equity for the prior year comparable period are as follows: Additional Accumulated Common Stock Paid-in Treasury Stock Comprehensive Retained Shares Amount Capital Shares Amount Loss Earnings Total Balance at September 30, 2023 36,142,345 $ 36 $ 265,945 ( 5,433,045 ) $ ( 84,031 ) $ ( 10,458 ) $ ( 9,958 ) $ 161,533 Net income — — — — — — 1,907 1,907 Exercise of stock options, grants of restricted stock awards, and vesting of restricted stock units 59,471 — 127 — — — — 127 Taxes paid associated with net settlement of stock compensation awards ( 12,058 ) — ( 224 ) — — — — ( 224 ) Common stock repurchased — — — ( 68,692 ) ( 1,171 ) — — ( 1,171 ) Stock compensation expense — — 2,249 — — — — 2,249 Foreign currency translation and other — — — — — 958 — 958 Balance at December 31, 2023 36,189,758 $ 36 $ 268,096 ( 5,501,737 ) $ ( 85,202 ) $ ( 9,500 ) $ ( 8,051 ) $ 165,379
Summary of share-based compensation expense	The table below presents the components of share-based compensation expense (in thousands): Three Months Ended December 31, 2024 2023 Equity-classified awards: Stock options $ 659 $ 500 RSUs & RSAs 2,772 1,749 Total Equity-classified award 3,431 2,249 Liability-classified awards: SARs — — Total stock compensation expense: $ 3,431 $ 2,249 The table below presents the components of share-based compensation expense by line-item within our Condensed Consolidated Statements of Operations (in thousands): Three Months Ended December 31, 2024 2023 Stock-compensation expense by function Technology and operations $ 551 $ 330 Sales and marketing 1,021 638 General and administrative 1,859 1,281 Total stock compensation expense: $ 3,431 $ 2,249
Summary of stock options and restricted stock granted	The following table presents stock option and RSUs & RSAs grant activity:  Three Months Ended December 31, 2024 Stock Options granted:  Options containing only service conditions: 125,000 Weighted average exercise price $ 22.55 Weighted average grant date fair value $ 10.86   Options containing performance conditions: 125,000 Weighted average exercise price $ 22.55 Weighted average grant date fair value $ 10.86   RSUs & RSAs granted:  RSUs & RSAs containing only service conditions: 304,519 Weighted average grant date fair value $ 23.55   RSUs & RSAs containing performance conditions: 304,521 Weighted average grant date fair value $ 23.55
Summary of fair value assumptions, stock options	The range of assumptions used to determine the fair value of stock options using the Black-Scholes option-pricing model during the three months ended December 31, 2024, were as follows: Three Months Ended December 31, 2024 Dividend yield — Expected volatility 56.09 % - 57.96 % Risk-free interest rate 4.10 % - 4.10 % Expected term 4.4 - 5.0 years

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	The following table sets forth certain financial information for the Company's reportable se gments: Three Months Ended December 31, (in thousands) 2024 2023 GovDeals: Purchase revenue $ 512 $ — Consignment and other fee revenues 20,010 15,900 Total revenue 20,522 15,900 Segment direct profit $ 18,816 $ 15,056 RSCG: Purchase revenue $ 80,685 $ 35,293 Consignment and other fee revenues 6,996 8,428 Total revenue 87,681 43,721 Segment direct profit $ 18,495 $ 14,112 CAG: Purchase revenue $ 1,618 $ 932 Consignment and other fee revenues 8,233 6,902 Total revenue 9,851 7,834 Segment direct profit $ 8,796 $ 6,943 Machinio: Purchase revenue $ — $ — Consignment and other fee revenues 4,294 3,886 Total revenue 4,294 3,886 Segment direct profit $ 4,077 $ 3,703 Corporate, including elimination adjustments: Purchase revenue $ — $ — Consignment and other fee revenues ( 17 ) ( 16 ) Total revenue ( 17 ) ( 16 ) Segment direct profit $ ( 17 ) $ ( 16 ) Consolidated: Purchase revenue $ 82,815 $ 36,225 Consignment and other fee revenues 39,516 35,100 Total revenue 122,331 71,325 Total Segment direct profit $ 50,167 $ 39,798
Schedule of reconciliation of revenue from segments to consolidated	The following table reconciles segment direct profit used in the reportable segments to the Company's c ondensed consolidated results:  Three Months Ended December 31, (in thousands) 2024 2023 Reconciliation:   Total segment direct profit $ 50,167 $ 39,798 Other costs and expenses from operations (1) 42,964 37,707 Interest and other income, net ( 987 ) ( 697 ) Income before provision for income taxes $ 8,190 $ 2,788 (1) Other costs and expenses from operations is defined as Total costs and expenses from operations per the Condensed Consolidated Statements of Operations, less Cost of goods sold (which is included in the calculation of Segment direct profit).

Organization (Details)

Organization (Details)	3 Months Ended
	Dec. 31, 2024 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments	4

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Unaudited Interim Financial Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Business Acquisition [Line Items]
Contract asset	$ 1.6		$ 1.5
Contract liability	4.4		4.8
Contract liability recognized as revenue	2.4
Capitalized contract cost, amortization	$ 0.4	$ 0.4
Percentage purchase model transactions	25%
Purchase of inventory	$ 8.4		12.2
Prepaid Expenses and Other Current Assets
Business Acquisition [Line Items]
Contract costs	$ 2.2		$ 2.3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Unaudited Interim Financial Information - Narrative 1 (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 $ in Millions	Dec. 31, 2024 USD ($)
Business Acquisition [Line Items]
Remaining performance obligation, period	12 months
Machinio
Business Acquisition [Line Items]
Remaining performance obligation	$ 4.4

Sierra Acquisition - Narrative

Sierra Acquisition - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 01, 2024	Dec. 31, 2024
Business Acquisition [Line Items]
Amortized, description		The supplier relationships and trade name shall be amortized on a straight-line basis over a useful life of six and three years, respectively.
Trade Name | Maximum
Business Acquisition [Line Items]
Amortized useful life		7 years
Trade Name | Minimum
Business Acquisition [Line Items]
Amortized useful life		3 years
Sierra Acquisition
Business Acquisition [Line Items]
Purchase consideration	$ 13.7
Sierra Acquisition | Maximum
Business Acquisition [Line Items]
Amortized useful life	6 years
Sierra Acquisition | Minimum
Business Acquisition [Line Items]
Amortized useful life	3 years
Sierra Acquisition | Supplier Relationships
Business Acquisition [Line Items]
Intangible assets	$ 5.1
Sierra Acquisition | Trade Name
Business Acquisition [Line Items]
Intangible assets	0.3
Sierra Acquisition | Goodwill
Business Acquisition [Line Items]
Intangible assets	$ 7.9

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income	$ 5,810	$ 1,907
Denominator:
Basic weighted average shares outstanding	30,642,438	30,605,475
Dilutive impact of stock options, RSUs and RSAs	1,561,617	1,332,867
Diluted weighted average shares outstanding	32,204,055	31,938,342
Basic income per common share	$ 0.19	$ 0.06
Diluted income per common share	$ 0.18	$ 0.06
Stock options, RSUs and RSAs excluded from income per diluted share because their effect would have been anti-dilutive	853,690	1,977,805

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2024
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	4 years 4 months 24 days

Leases - Lease Expense (Details

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Finance lease – lease asset amortization	$ 14	$ 20
Finance lease – interest on lease liabilities	4	3
Operating lease cost	1,456	1,293
Short-term lease cost	69	39
Variable lease cost	260	323
Sublease income	0	(3)
Total net lease cost	$ 1,803	$ 1,675

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases
Remainder of 2025	$ 5,879
2026	4,205
2027	2,404
2028	2,050
2029	1,196
Thereafter	0
Total lease payments	15,734
Less: imputed interest	(1,481)
Total lease liabilities	14,253
Finance Leases
Remainder of 2025	86
2026	83
2027	30
2028	6
2029	0
Thereafter	0
Total lease payments	205
Less: imputed interest	(14)
Total lease liabilities	$ 191
Operating lease, liability, statement of financial position	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Finance lease, liability, statement of financial position	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

Leases - Maturities of Lease _2

Leases - Maturities of Lease Liabilities (Parenthetical) (Details)	Dec. 31, 2024
Leases [Abstract]
Operating leases, weighted average remaining lease term	3 years 1 month 6 days
Finance leases, weighted average remaining lease term	4 years 7 months 6 days
Operating leases, weighted average discount rate	6.10%
Finance leases, weighted average discount rate	5.80%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for amounts included in operating lease liabilities	$ 1,454	$ 1,154
Cash paid for amounts included in finance lease liabilities	24	26
Non-cash: lease liabilities arising from new operating lease assets obtained	582	0
Non-cash: lease liabilities arising from new finance lease assets obtained	240	0
Non-cash: adjustments to lease assets and liabilities	$ 2	$ 293

Goodwill - Changes in Goodwill

Goodwill - Changes in Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
Goodwill
Balance at the beginning of the period	$ 97,792	$ 89,388
Sierra acquisition (see Note 3)		7,869
Translation adjustments	(391)	535
Balance at the end of the period	97,401	97,792
GovDeals Goodwil
Goodwill
Balance at the beginning of the period	61,683	53,814
Sierra acquisition (see Note 3)		7,869
Translation adjustments	0	0
Balance at the end of the period	61,683	61,683
CAG Goodwill
Goodwill
Balance at the beginning of the period	21,551	21,016
Translation adjustments	(391)	535
Balance at the end of the period	21,160	21,551
Machinio
Goodwill
Balance at the beginning of the period	14,558	14,558
Translation adjustments	0	0
Balance at the end of the period	$ 14,558	$ 14,558

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Intangible Assets
Gross Carrying Amount	$ 30,102	$ 30,097
Accumulated Amortization	(16,995)	(16,185)
Net Carrying Amount	13,107	13,912
Customer and supplier relationships
Intangible Assets
Gross Carrying Amount	22,100	22,100
Accumulated Amortization	(9,452)	(8,805)
Net Carrying Amount	$ 12,648	13,295
Customer and supplier relationships | Minimum
Intangible Assets
Useful Life (in years)	6 years
Customer and supplier relationships | Maximum
Intangible Assets
Useful Life (in years)	8 years
Technology
Intangible Assets
Gross Carrying Amount	$ 4,900	4,900
Accumulated Amortization	(4,900)	(4,839)
Net Carrying Amount	$ 0	61
Technology | Minimum
Intangible Assets
Useful Life (in years)	3 years
Technology | Maximum
Intangible Assets
Useful Life (in years)	5 years
Trade names
Intangible Assets
Gross Carrying Amount	$ 2,200	2,200
Accumulated Amortization	(1,893)	(1,803)
Net Carrying Amount	$ 307	397
Trade names | Minimum
Intangible Assets
Useful Life (in years)	3 years
Trade names | Maximum
Intangible Assets
Useful Life (in years)	7 years
Other intangibles
Intangible Assets
Useful Life (in years)	10 years
Gross Carrying Amount	$ 902	897
Accumulated Amortization	(750)	(738)
Net Carrying Amount	$ 152	$ 159

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 800,000	$ 800,000
Impairment of long-lived assets	$ 0	$ 0

Intangible Assets - Future Amor

Intangible Assets - Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Future expected amortization of intangible assets
Remainder of 2025	$ 2,156
2026	2,721
2027	2,638
2028	2,605
2029 and thereafter	2,987
Net Carrying Amount	$ 13,107	$ 13,912

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Effective tax rate	29%	31.60%
Effective tax rate statutory federal rate	21%
Unrecognized tax benefits	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		12 Months Ended
	Feb. 10, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024
Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 17,500,000
Amount outstanding				0
Letters of credit outstanding				$ 7,500,000
First Amendement
Debt Instrument [Line Items]
Line of credit facility, expiration date			Mar. 31, 2025
Second Amendement
Debt Instrument [Line Items]
Line of credit facility, expiration date		Mar. 31, 2026
Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.05%
Line of credit facility, commitment fee percentage	1.25%
Revolving Credit Facility | Minimum | Credit Agreement
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Revolving Credit Facility | Maximum | Credit Agreement
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Revolving Credit Facility | Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000,000
Letter of Credit | Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10,000,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity
Balance	$ 182,560	$ 161,533
Balance (in shares)	36,707,840
Balance (in shares)	(6,015,496)
Net income	$ 5,810	1,907
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units	114	127
Taxes paid associated with net settlement of stock compensation awards	(883)	(224)
Common stock repurchased		(1,171)
Stock compensation expense	3,431	2,249
Foreign currency translation and other		958
Balance	$ 189,161	165,379
Balance (in shares)	36,793,603
Balance (in shares)	(6,016,078)
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance	$ 37	$ 36
Balance (in shares)	36,707,840	36,142,345
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)	138,838	59,471
Taxes paid associated with net settlement of stock compensation awards (in shares)	(30,575)	(12,058)
Balance	$ 37	$ 36
Balance (in shares)	36,793,603	36,189,758
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity
Balance	$ 275,771	$ 265,945
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units	114	127
Taxes paid associated with net settlement of stock compensation awards	(883)	(224)
Stock compensation expense	3,431	2,249
Balance	278,452	268,096
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Balance	$ (93,854)
Balance		$ (84,031)
Balance (in shares)	(6,015,496)	(5,433,045)
Common stock repurchased		$ (1,171)
Common stock repurchased (in shares)	(582)	(68,692)
Balance	$ (93,873)
Balance		$ (85,202)
Balance (in shares)	(6,016,078)	(5,501,737)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Balance	$ (9,427)	$ (10,458)
Foreign currency translation and other		958
Balance	(11,298)	(9,500)
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity
Balance	10,033	(9,958)
Net income		1,907
Balance	$ 15,843	$ (8,051)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining shares reserved for issuance	1,347,204
Shares and options vesting period	3 years
Shares Repurchases	0
Common stock repurchases		$ 1,171
Remaining repurchase amount	$ 17,600		$ 7,600
Common stock surrendered in the exercise of stock options (in shares)	582	0
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance			20,300,000
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance			22,800,000
December 9, 2024 Stock Repurchase Plan | Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining repurchase amount			$ 10,000
Stock Option - Service Based
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares and options vesting period	4 years

Stockholders' Equity - Stock Co

Stockholders' Equity - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 3,431	$ 2,249
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	659	500
RSUs & RSAs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	2,772	1,749
Stock Options and RSUs and RSAs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	3,431	2,249
Stock Appreciation Rights (SARs)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 0	$ 0

Stockholders' Equity - Stock Ba

Stockholders' Equity - Stock Based Compensation Expense by Function (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense	$ 3,431	$ 2,249
Technology and operations
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense	551	330
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense	1,021	638
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense	$ 1,859	$ 1,281

Stockholders' Equity - Grant Ac

Stockholders' Equity - Grant Activity (Details)	3 Months Ended
	Dec. 31, 2024 $ / shares shares
Stock Option - Service Based
Stock Options granted:
Options granted (in shares) | shares	125,000
Weighted average exercise price (USD per share)	$ 22.55
Weighted average grant date fair value (USD per share)	$ 10.86
Stock Option - Performance Based
Stock Options granted:
Options granted (in shares) | shares	125,000
Weighted average exercise price (USD per share)	$ 22.55
Weighted average grant date fair value (USD per share)	$ 10.86
Restricted Stock - Service Based
RSUs & RSAs granted:
Restricted shares granted | shares	304,519
Weighted average grant date fair value (USD per share)	$ 23.55
Restricted Stock - Performance Based
RSUs & RSAs granted:
Restricted shares granted | shares	304,521
Weighted average grant date fair value (USD per share)	$ 23.55

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value (Details) - Stock options	3 Months Ended
	Dec. 31, 2024
Fair value assumptions
Dividend yield	0%
Expected volatility, minimum	56.09%
Expected volatility, maximum	57.96%
Risk free interest rate, minimum	4.10%
Risk free interest rate, maximum	4.10%
Minimum
Fair value assumptions
Expected term	4 years 4 months 24 days
Maximum
Fair value assumptions
Expected term	5 years

Fair Value Measurement - Narrat

Fair Value Measurement - Narrative (Details) - USD ($)	Dec. 31, 2024	Sep. 30, 2024
Fair value measurement
Money market funds, at carrying value	$ 62,300,000	$ 67,200,000
Guaranteed investment certificates	10,400,000	2,300,000
Nonrecurring
Fair value measurement
Fair value, asset (liability)	$ 0	$ 0

Defined Benefit Pension Plan -

Defined Benefit Pension Plan - Additional Information (Details) - GBP (£)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined benefit pension plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Operating	Interest Income (Expense), Operating
Maximum
Defined benefit pension plan
Expected contributions	£ 10,000,000	£ 10,000,000

Segment Information - Narrative

Segment Information - Narrative (Details) - Segment	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Reportable segments	4
Non-US | Sales Revenue | Geographic Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk percentage	9.80%	12.10%

Segment Information - Schedule

Segment Information - Schedule of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 122,331	$ 71,325
Total segment direct profit	50,167	39,798
Operating Segments | GovDeals
Segment Reporting Information [Line Items]
Total revenue	20,522	15,900
Total segment direct profit	18,816	15,056
Operating Segments | RSCG
Segment Reporting Information [Line Items]
Total revenue	87,681	43,721
Total segment direct profit	18,495	14,112
Operating Segments | CAG
Segment Reporting Information [Line Items]
Total revenue	9,851	7,834
Total segment direct profit	8,796	6,943
Operating Segments | Machinio
Segment Reporting Information [Line Items]
Total revenue	4,294	3,886
Total segment direct profit	4,077	3,703
Corporate & Other
Segment Reporting Information [Line Items]
Total revenue	(17)	(16)
Total segment direct profit	(17)	(16)
Consignment and other fee revenues
Segment Reporting Information [Line Items]
Total revenue	39,516	35,100
Consignment and other fee revenues | Operating Segments | GovDeals
Segment Reporting Information [Line Items]
Total revenue	20,010	15,900
Consignment and other fee revenues | Operating Segments | RSCG
Segment Reporting Information [Line Items]
Total revenue	6,996	8,428
Consignment and other fee revenues | Operating Segments | CAG
Segment Reporting Information [Line Items]
Total revenue	8,233	6,902
Consignment and other fee revenues | Operating Segments | Machinio
Segment Reporting Information [Line Items]
Total revenue	4,294	3,886
Consignment and other fee revenues | Corporate & Other
Segment Reporting Information [Line Items]
Total revenue	(17)	(16)
Purchase revenues
Segment Reporting Information [Line Items]
Total revenue	82,815	36,225
Purchase revenues | Operating Segments | GovDeals
Segment Reporting Information [Line Items]
Total revenue	512	0
Purchase revenues | Operating Segments | RSCG
Segment Reporting Information [Line Items]
Total revenue	80,685	35,293
Purchase revenues | Operating Segments | CAG
Segment Reporting Information [Line Items]
Total revenue	1,618	932
Purchase revenues | Operating Segments | Machinio
Segment Reporting Information [Line Items]
Total revenue	0	0
Purchase revenues | Corporate & Other
Segment Reporting Information [Line Items]
Total revenue	$ 0	$ 0

Segment Information - Reconcili

Segment Information - Reconciliation from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Total segment direct profit	$ 50,167	$ 39,798
Other costs and expenses from operations	42,964	37,707
Interest and other income, net	(987)	(697)
Income before provision for income taxes	$ 8,190	$ 2,788