LIVE VENTURES IncLIVE
LIVE VENTURES Inc Segments Disclosure
Note 18: Segment Reporting
Live Ventures Incorporated is a diversified holding company that acquires and operates businesses across industries with a demonstrated history of earnings power. In accordance with ASC 280, Segment Reporting, the Company has identified four reportable segments: Retail-Entertainment, Retail-Flooring, Flooring Manufacturing, and Steel Manufacturing. This segmentation aligns with how the Chief Operating Decision Maker (“CODM”), consisting of the Company’s Chief Executive Officer and Chief Financial Officer, assesses financial performance and allocates resources across the Company’s operations.
The CODM regularly evaluates segment performance using revenue, gross profit, gross profit margin, income (loss) before income taxes, and Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization (“Adjusted EBITDA”). These measures are used to allocate the Company’s resources and assess operating effectiveness.
Adjusted EBITDA is a non-GAAP financial measure defined as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization, stock-based compensation, and other non-cash or nonrecurring charges. The CODM considers Adjusted EBITDA a key indicator of the Company’s operational strength and performance, including its ability to fund acquisitions, support capital expenditures, and service debt. It is used to evaluate operating results, perform analytical comparisons, and identify strategies to improve performance.
To preserve the integrity of each operating segment’s standalone financial results, all intercompany eliminations, including sales, cost of goods sold, inventory profit, and intercompany management fees are reported under Intercompany Eliminations. Total assets are not utilized by the CODM in evaluating segment performance or allocating resources. Accordingly, asset information is excluded from the Company’s segment reporting disclosures. Discrete financial information is provided for each reportable segment, including comparisons of actual results to the prior period and current period forecast.
The following is description of each of the Company’s reportable segments:
•The Retail–Entertainment segment, which includes Vintage Stock, offers a wide range of entertainment products, both new and pre-owned, including movies, video games, and music. It also sells ancillary items such as books, comics, toys, and collectibles, all within a single retail footprint.
•The Retail–Flooring segment, which includes Flooring Liquidators, operates 25 warehouse-format stores and a design center across four states. It serves as a leading retailer and installer of flooring, carpeting, and countertops for consumers, builders, and contractors in California and Nevada.
•The Flooring Manufacturing segment, which includes Marquis, is a vertically integrated manufacturer and distributor of carpet and hard surface flooring products, serving residential, niche commercial, and hospitality end markets.
•The Steel Manufacturing segment includes:
•Precision Marshall, which supplies over 500 steel distributors with Deluxe Alloy Plate, Deluxe Tool Steel Plate, Precision Ground Flat Stock, and Drill Rod.
•Kinetic, a recognized brand in industrial knives and hardened wear products for the tissue, metals, and wood industries, offering in-house grinding, machining, and heat-treating capabilities.
•PMW, which provides metal forming, assembly, and finishing solutions across industries such as appliance, automotive, hardware, electrical, electronics, and medical devices.
•Central Steel, which manufactures specialized fabricated metal products primarily for data centers, including cable racks, auxiliary framing, hardware, insulation products, and network bays.
This segmentation aligns with the internal reporting structure used by the CODM to evaluate performance and guide strategic decision-making. The CODM does not review any measures of significant segment expenses beyond those reflected in the tables below:
| Year ended September 30, 2025 | Retail-Entertainment | Retail-Flooring | Flooring Manufacturing | Steel Manufacturing | Total Reportable Segments | Corporate and Other | Intercompany eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 77,519 | $ | 122,308 | $ | 121,574 | $ | 132,593 | $ | 453,994 | $ | 78 | $ | (9,128) | $ | 444,944 | ||||||||||||||||||||||||||||||||||
Cost of revenue | 32,638 | 79,596 | 90,784 | 105,043 | 308,061 | 14 | (8,820) | 299,255 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit | 44,881 | 42,712 | 30,790 | 27,550 | 145,933 | 64 | (308) | 145,689 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit percentage | 57.9% | 34.9% | 25.3% | 20.8% | 32.1% | 32.7% | ||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 33,551 | 50,012 | 7,903 | 18,475 | 109,941 | 4,280 | (479) | 113,742 | ||||||||||||||||||||||||||||||||||||||||||
Sales and marketing expenses | 664 | 414 | 15,675 | 536 | 17,289 | 23 | — | 17,312 | ||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 34,215 | 50,426 | 23,578 | 19,011 | 127,230 | 4,303 | (479) | 131,054 | ||||||||||||||||||||||||||||||||||||||||||
| Operating income | 10,666 | (7,714) | 7,212 | 8,539 | 18,703 | (4,239) | 171 | $ | 14,635 | |||||||||||||||||||||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | (39) | (4,245) | (4,336) | (5,457) | (14,077) | (1,474) | — | (15,551) | ||||||||||||||||||||||||||||||||||||||||||
| Other income, net | 534 | 24,883 | 87 | 3,398 | 28,902 | 417 | — | 29,319 | ||||||||||||||||||||||||||||||||||||||||||
| Total income (expense), net | 495 | 20,638 | (4,249) | (2,059) | 14,825 | (1,057) | — | 13,768 | ||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 11,161 | $ | 12,924 | $ | 2,963 | $ | 6,480 | $ | 33,528 | $ | (5,296) | $ | 171 | $ | 28,403 | ||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | Retail-Entertainment | Retail-Flooring | Flooring Manufacturing | Steel Manufacturing | Total Reportable Segments | Corporate and Other | Intercompany Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 11,161 | $ | 12,924 | $ | 2,963 | $ | 6,480 | $ | 33,528 | $ | (5,296) | $ | 171 | $ | 28,403 | ||||||||||||||||||||||||||||||||||
| Interest expense, net | 39 | 4,245 | 4,336 | 5,457 | 14,077 | 1,474 | — | 15,551 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,033 | 5,255 | 3,756 | 7,211 | 17,255 | 19 | — | 17,274 | ||||||||||||||||||||||||||||||||||||||||||
| Gain on note modification | — | (22,784) | — | — | (22,784) | — | — | (22,784) | ||||||||||||||||||||||||||||||||||||||||||
| Other adjustments | (356) | (1,742) | — | (2,957) | (5,055) | 1 | — | (5,054) | ||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 11,877 | $ | (2,102) | $ | 11,055 | $ | 16,191 | $ | 37,021 | $ | (3,802) | $ | 171 | $ | 33,390 | ||||||||||||||||||||||||||||||||||
| Year ended September 30, 2024 | Retail-Entertainment | Retail-Flooring | Flooring Manufacturing | Steel Manufacturing | Total Reportable Segments | Corporate and Other | Intercompany Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 71,023 | $ | 136,989 | $ | 133,026 | $ | 139,768 | $ | 480,806 | $ | 333 | $ | (8,299) | $ | 472,840 | ||||||||||||||||||||||||||||||||||
Cost of revenue | 30,094 | 87,812 | 100,710 | 117,683 | 336,299 | 24 | (8,307) | 328,016 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit | 40,929 | 49,177 | 32,316 | 22,085 | 144,507 | 309 | 8 | 144,824 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit percentage | 57.6% | 35.9% | 24.3% | 15.8% | 30.1% | 30.6% | ||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 33,091 | 52,841 | 6,852 | 16,844 | 109,628 | 8,412 | — | 118,040 | ||||||||||||||||||||||||||||||||||||||||||
Sales and marketing expenses | 661 | 3,800 | 17,259 | 630 | 22,350 | 22 | — | 22,372 | ||||||||||||||||||||||||||||||||||||||||||
| Impairment expense | — | 18,056 | — | — | 18,056 | — | — | 18,056 | ||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 33,752 | 74,697 | 24,111 | 17,474 | 150,034 | 8,434 | — | 158,468 | ||||||||||||||||||||||||||||||||||||||||||
| Operating income | 7,177 | (25,520) | 8,205 | 4,611 | (5,527) | (8,125) | 8 | $ | (13,644) | |||||||||||||||||||||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | (299) | (5,075) | (4,260) | (6,341) | (15,975) | (872) | — | (16,847) | ||||||||||||||||||||||||||||||||||||||||||
| Other income (expense) | 103 | (314) | 102 | (1,184) | (1,293) | 441 | — | (852) | ||||||||||||||||||||||||||||||||||||||||||
| Total income (expense), net | (196) | (5,389) | (4,158) | (7,525) | (17,268) | (431) | — | (17,699) | ||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 6,981 | $ | (30,909) | $ | 4,047 | $ | (2,914) | $ | (22,795) | $ | (8,556) | $ | 8 | $ | (31,343) | ||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | Retail-Entertainment | Retail-Flooring | Flooring Manufacturing | Steel Manufacturing | Total Reportable Segments | Corporate and Other | Intercompany Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 6,981 | $ | (30,909) | $ | 4,047 | $ | (2,914) | $ | (22,795) | $ | (8,556) | $ | 8 | $ | (31,343) | ||||||||||||||||||||||||||||||||||
| Interest expense, net | 299 | 5,075 | 4,260 | 6,341 | 15,975 | 872 | — | 16,847 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 945 | 5,228 | 4,126 | 6,897 | 17,196 | 19 | — | 17,215 | ||||||||||||||||||||||||||||||||||||||||||
| Goodwill impairment | — | 18,056 | — | — | 18,056 | — | — | 18,056 | ||||||||||||||||||||||||||||||||||||||||||
| Other adjustments | 183 | 942 | — | 2,142 | 3,267 | 455 | — | 3,722 | ||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 8,408 | $ | (1,608) | $ | 12,433 | $ | 12,466 | $ | 31,699 | $ | (7,210) | $ | 8 | $ | 24,497 | ||||||||||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 17, 2025 | Showing above |
| 2024 | Dec 19, 2024 | |
| 2023 | Dec 22, 2023 | |
| 2022 | Dec 16, 2022 | |
| 2021 | Dec 28, 2021 | |
| 2020 | Jan 13, 2021 | |
| 2019 | Feb 10, 2020 | |
| 2018 | Dec 27, 2018 | |
| 2016 | Dec 29, 2016 | |
| 2015 | Jan 13, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.