Retail sales of IT assets refurbished by Cascade Asset Management grew in volume in 2023 while revenue declined, according to the company’s annual report.
The company, based in Madison, Wisconsin, also has processing facilities in Indianapolis and Orlando, Florida. It serviced 42 states and Puerto Rico during the year, but most of its business was concentrated in the Midwest. The number of states serviced represents a 35% increase from 2019 levels, the company said in the report.
Wisconsin clients accounted for nearly half of Cascade’s business, at 48%. Florida provided the second-highest number of jobs and weight of materials, to compose 11% of total business. The company opened a processing facility there in June 2021.
“Recent years have seen an increase in demand from our Florida clients, and we have realized there is strong potential for growth in that state,” the company said in the report.
And although Cascade’s resale revenue declined by more than 14% from 2022, the number of devices the company refurbished and resold or donated rose, according to the report.
“During the pandemic, average resale prices soared as consumers flocked to buy any kind of computer devices to connect with others,” the company said. “Starting in the summer of 2022, prices dropped by more than 50% of their peak to below pre-pandemic levels. Average resale prices bottomed out at the end of 2022 and slowly increased over the course of 2023, but not enough to make up for the high rates of early 2022.”
Retail sales of refurbished IT assets grew by 7.7% on the year, and rebates to clients increased by 15.7% during the year.
Cascade also noted it achieved Amazon Refurbished merchant status, adding another sales outlet alongside Cascade Marketplace and eBay.
“It was heartening to see 2023 end on a much more positive note than it started,” Neil Peters-Michaud, CEO and co-founder, said in the report.
By the numbers, in 2023 Cascade:
- Collected more than 3.7 million pounds of electronics.
- Inventoried more than 331,000 assets.
- Resold more than 147,000 assets.
