This article is excerpted from a letter by MOI Global instructor Jim Roumell, partner and portfolio manager of Roumell Asset Management (RAM), based in Chevy Chase, Maryland. Jim is a valued participant in The Zurich Project.

LQDT reported a solid quarter, with each of its three verticals – GovDeals, Capital Assets (ex-DoD) and Retail – reporting double-digit growth in GMV (gross merchandize value). The quarter exceeded management’s previous guidance on GAAP Net Loss, and Non-GAAP Adjusted EBITDA and was within range for GMV.

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Disclosure: The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients, and the reader should not assume that investments in the securities identified and discussed were or will be profitable.