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LAZYDAYS REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS

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Lazydays Holdings (NASDAQ:GORV) reported its Q2 2025 financial results, highlighting progress in its turnaround plan. The company's revenue decreased to $131.3 million from $235.6 million in Q2 2024. The net loss improved to $24.6 million ($6.67 per share) compared to $44.2 million ($96.53 per share) in the prior year.

The company's strategic initiatives included improving gross profit margins across all products and services, and divesting non-core assets. These divestitures helped reduce total liabilities by over $200 million in H1 2025. The quarter included $7.7 million in non-cash impairment charges. Adjusted EBITDA improved to $(6.2) million from $(9.4) million in Q2 2024.

Lazydays Holdings (NASDAQ:GORV) ha riportato i risultati finanziari del Q2 2025, evidenziando i progressi nel piano di rilancio. I ricavi sono diminuiti a $131.3 milioni rispetto a $235.6 milioni nel Q2 2024. La perdita netta si è ridotta a $24.6 milioni (pari a $6.67 per azione) rispetto a $44.2 milioni ($96.53 per azione) dell'anno precedente.

Le iniziative strategiche della società hanno incluso il miglioramento dei margini di profitto lordo su tutti i prodotti e servizi e la dismissione di attività non core. Queste cessioni hanno contribuito a ridurre il totale delle passività di oltre $200 million nel primo semestre 2025. Il trimestre ha incluso $7.7 million di oneri per svalutazioni non monetarie. L'EBITDA rettificato è passato a $(6.2) million da $(9.4) million nel Q2 2024.

Lazydays Holdings (NASDAQ:GORV) informó sus resultados financieros del 2T 2025, destacando avances en su plan de recuperación. Los ingresos disminuyeron a $131.3 millones desde $235.6 millones en el 2T 2024. La pérdida neta mejoró a $24.6 millones ($6.67 por acción) frente a $44.2 millones ($96.53 por acción) del año anterior.

Las iniciativas estratégicas incluyeron la mejora de los márgenes de beneficio bruto en todos los productos y servicios y la venta de activos no estratégicos. Estas desinversiones ayudaron a reducir el pasivo total en más de $200 million en el 1S 2025. El trimestre incluyó $7.7 million en cargos por deterioro no monetarios. El EBITDA ajustado mejoró a $(6.2) million desde $(9.4) million en el 2T 2024.

Lazydays Holdings (NASDAQ:GORV)� 2025� 2분기 실적� 발표하며 구조조정 계획� 진전� 강조했습니다. 매출은 2024� 2분기� $235.6 million에서 $131.3 million으로 감소했습니다. 순손실은 전년� $44.2 million(주당 $96.53)에서 $24.6 million(주당 $6.67)으로 개선되었습니�.

전략� 조치로는 모든 제품 � 서비� 전반� 총이익률 개선� 비핵� 자산 처분� 포함되었습니�. 이러� 자산 매각으로 2025� 상반기에 총부채를 $200 million 이상 감축하는 � 도움� 되었습니�. 해당 분기에는 $7.7 million� 비현금성 손상차손� 반영되었습니�. 조정 EBITDA� 2024� 2분기� $(9.4) million에서 $(6.2) million으로 개선되었습니�.

Lazydays Holdings (NASDAQ:GORV) a publié ses résultats du T2 2025, mettant en avant des progrès dans son plan de redressement. Le chiffre d'affaires a diminué à $131.3 millions contre $235.6 millions au T2 2024. La perte nette s'est réduite à $24.6 millions (soit $6.67 par action) contre $44.2 millions ($96.53 par action) l'année précédente.

Les initiatives stratégiques comprenaient l'amélioration des marges brutes sur l'ensemble des produits et services et la cession d'actifs non stratégiques. Ces désinvestissements ont permis de réduire le total des passifs de plus de $200 millions au S1 2025. Le trimestre a inclus $7.7 millions de charges de dépréciation non monétaires. L'EBITDA ajusté est passé à $(6.2) millions contre $(9.4) millions au T2 2024.

Lazydays Holdings (NASDAQ:GORV) meldete seine Finanzergebnisse für das 2. Quartal 2025 und hob Fortschritte im Turnaround-Plan hervor. Der Umsatz ging von $235.6 Millionen im 2. Quartal 2024 auf $131.3 Millionen zurück. Der Nettoverlust verbesserte sich auf $24.6 Millionen (entsprechend $6.67 je Aktie) gegenüber $44.2 Millionen ($96.53 je Aktie) im Vorjahr.

Zu den strategischen Maßnahmen gehörten die Verbesserung der Bruttomargen über alle Produkte und Dienstleistungen hinweg sowie der Verkauf nicht-kernrelevanter Vermögenswerte. Diese Veräußerungen trugen dazu bei, die Gesamtverbindlichkeiten im 1. Halbjahr 2025 um über $200 million zu reduzieren. Das Quartal beinhaltete $7.7 million an nicht zahlungswirksamen Wertminderungsaufwendungen. Das bereinigte EBITDA verbesserte sich auf $(6.2) million gegenüber $(9.4) million im 2. Quartal 2024.

Positive
  • Improved gross profit margins across all products and services
  • Reduced total liabilities by over $200 million in H1 2025
  • Maintained stable cash balance from December 2024 to June 2025
  • Improved Adjusted EBITDA loss to $6.2M from $9.4M year-over-year
  • Reduced net loss per share to $6.67 from $96.53 year-over-year
Negative
  • Revenue declined 44% to $131.3M from $235.6M year-over-year
  • Posted net loss of $24.6M in Q2 2025
  • Recorded $7.7M in non-cash impairment charges
  • Negative Adjusted EBITDA of $(6.2M)

TAMPA, Fla., Aug. 14, 2025 /PRNewswire/ -- Lazydays Holdings, Inc. (NasdaqCM: GORV) ("Lazydays," the "Company" or "we") today reports financial results for the second quarter ended June30, 2025.

Ron Fleming, CEO, said, "We continued to advance our turnaround plan in the second quarter of 2025. Our focus on operational performance resulted in increases in gross profit margins across all products and services compared to the prior year period, and our purposeful effort to streamline our footprint resulted in the successful sale of several non-core assets. These divestitures allowed us to reduce our total liabilities by over $200 million during the first half of the year, while our cash balance remained unchanged at June 30, 2025 compared to December 31, 2024."

Total revenue for the secondquarter 2025 was $131.3 million compared to $235.6 million for the same period in 2024. Second quarter 2025 net loss was $24.6 million compared to net loss of $44.2 million for the same period in 2024. We recognized non-cash impairment charges of $7.7 million related to indefinite-lived intangible assets and assets held for sale during the second quarter 2025. Second quarter 2025 Adjusted EBITDA, a non-GAAP measure, was $(6.2) million compared toAdjusted EBITDA of $(9.4) million for the same period in 2024.* Net loss per diluted share for the second quarter2025 was $6.67 compared to net loss per diluted share of $96.53 for the same period in 2024.

*Refer to the reconciliation of net income to Adjusted EBITDA under "Reconciliation of Non-GAAP Measures" in this press release.

About Lazydays

Lazydays has been a prominent player in the RV industry since our inception in 1976, earning a stellar reputation for delivering exceptional RV sales, service, and ownership experiences. Our commitment to excellence has led to enduring relationships with RVers and their families who rely on us for all of their RV needs.

Our wide selection of RV brands from top manufacturers, state-of-the-art service facilities, and an extensive range of accessories and parts ensure that Lazydays is the go-to destination for RV enthusiasts seeking everything they need for their journeys on the road. Whether you're a seasoned RVer or just starting your adventure, our dedicated team is here to provide outstanding support and guidance, making your RV lifestyle truly extraordinary.

Lazydays is a publicly listed company on the Nasdaq stock exchange under the ticker "GORV."

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future financing transactions and business strategy, and often contain words such as "project," "outlook," "expect," "anticipate," "intend," "plan," "believe," "estimate," "may," "seek," "would," "should," "likely," "goal," "strategy," "future," "maintain," "continue," "remain," "target" or "will" and similar references to future periods.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events that depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation, future economic and financial conditions (both nationally and locally), changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness (including our ability to obtain further waivers or amendments to credit agreements, the actions or inactions of our lenders, available borrowing capacity, our compliance with financial covenants and our ability to refinance or repay indebtedness on terms acceptable to us), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and other risks and uncertainties set forth throughout under the headers "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and in the notes to our financial statements in our most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and from time to time in our other filings with the U.S. Securities and Exchange Commission. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements made herein and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and we disclaim any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.

Contact:

[email protected]

Results of Operations






Three Months Ended June 30,


Six Months Ended June 30,

(In thousands, except share and per share data)

2025


2024


2025


2024

Revenue








New vehicle retail

$ 77,463


$ 143,333


$ 174,982


$ 296,024

Pre-owned vehicle retail

29,461


57,254


70,134


136,282

Vehicle wholesale

870


3,268


2,926


9,517

Consignment vehicle

2,078


562


3,567


644

Finance and insurance

10,575


16,041


22,077


34,370

Service, body and parts and other

10,850


15,144


23,426


28,885

Total revenue

131,297


235,602


297,112


505,722

Cost applicable to revenue








New vehicle retail

68,960


130,138


155,632


277,193

Pre-owned vehicle retail

23,482


46,354


55,476


116,087

Vehicle wholesale

913


3,597


3,033


12,057

Finance and insurance

344


644


778


1,337

Service, body and parts and other

4,917


7,150


10,615


13,437

LIFO

(1,508)


315


(6,453)


441

Total cost applicable to revenue

97,108


188,198


219,081


420,552

Gross profit

34,189


47,404


78,031


85,170

Depreciation and amortization

3,400


4,956


7,982


10,417

Selling, general, and administrative expenses

35,826


52,010


74,455


100,896

Impairment charges

7,676



10,576


Loss from operations

(12,713)


(9,562)


(14,982)


(26,143)

Other income (expense):








Floor plan interest expense

(3,269)


(5,708)


(7,859)


(13,384)

Other interest expense

(7,398)


(5,837)


(13,567)


(10,360)

Change in fair value of warrant liabilities

407


(337)


4,689


(337)

(Loss) gain on sale of businesses, property and
equipment

(1,952)


1,044


(2,411)


1,044

Total other expense, net

(12,212)


(10,838)


(19,148)


(23,037)

Loss before income taxes

(24,925)


(20,400)


(34,130)


(49,180)

Income tax benefit (expense)

336


(23,821)


8


(17,021)

Net loss

(24,589)


(44,221)


(34,122)


(66,201)

Dividends on Series A convertible preferred stock


(2,031)



(4,015)

Net loss and comprehensive loss attributable to
common stock and participating securities

$ (24,589)


$ (46,252)


$ (34,122)


$ (70,216)









Loss per share(1):








Basic(1)

$ (6.67)


$ (96.53)


$ (9.27)


$ (146.57)

Diluted(1)

$ (6.67)


$ (96.53)


$ (9.27)


$ (146.57)

Weighted average shares used for EPS calculations(1):








Basic(1)

3,684,277


479,163


3,680,539


479,060

Diluted(1)

3,684,277


479,163


3,680,539


479,060


(1)Amounts have been adjusted to reflect the reverse stock split effective on July 11, 2025.

Other Metrics and Highlights






Three Months Ended June 30,


Six Months Ended June 30,


2025


2024


2025


2024

Gross profit margins








New vehicle retail

11.0%


9.2%


11.1%


6.4%

Pre-owned vehicle retail

20.3%


19.0%


20.9%


14.8%

Vehicle wholesale

(4.9)%


(10.1)%


(3.7)%


(26.7)%

Consignment vehicle

100.0%


100.0%


100.0%


100.0%

Finance and insurance

96.7%


96.0%


96.5%


96.1%

Service, body and parts and other

54.7%


52.8%


54.7%


53.5%

Total gross profit margin

26.0%


20.1%


26.3%


16.8%

Total gross profit margin (excluding LIFO)

24.9%


20.3%


24.1%


16.9%









Retail units sold








New vehicle retail

1,068


2,036


2,211


4,091

Pre-owned vehicle retail

598


1,100


1,403


2,561

Consignment vehicle

185


49


385


55

Total retail units sold

1,851


3,185


3,999


6,707









Average selling price per retail unit








New vehicle retail

$ 72,531


$ 70,458


$ 79,142


$ 72,389

Pre-owned vehicle retail

49,266


52,049


49,989


53,214









Average gross profit per retail unit (excluding LIFO)








New vehicle retail

$ 7,962


$ 6,412


$ 8,752


$ 4,569

Pre-owned vehicle retail

9,998


9,909


10,448


7,886

Finance and insurance

5,527


5,084


5,326


5,044









Revenue mix








New vehicle retail

59.0%


60.8%


58.9%


58.5%

Pre-owned vehicle retail

22.4%


24.3%


23.6%


26.9%

Vehicle wholesale

0.7%


1.4%


1.0%


1.9%

Consignment vehicle

1.6%


0.2%


1.2%


0.1%

Finance and insurance

8.1%


6.8%


7.4%


6.8%

Service, body and parts and other

8.2%


6.5%


7.9%


5.8%


100.0%


100.0%


100.0%


100.0%

Gross profit mix








New vehicle retail

24.9%


27.8%


24.8%


22.1%

Pre-owned vehicle retail

17.5%


23.0%


18.8%


23.7%

Vehicle wholesale

(0.1)%


(0.7)%


(0.1)%


(3.0)%

Consignment vehicle

6.1%


1.2%


4.6%


0.8%

Finance and insurance

29.9%


32.5%


27.3%


38.8%

Service, body and parts and other

17.4%


16.9%


16.4%


18.1%

LIFO

4.3%


(0.7)%


8.2%


(0.5)%


100.0%


100.0%


100.0%


100.0%

Condensed Consolidated Balance Sheets





(In thousands)

June 30, 2025


December 31, 2024

ASSETS




Current assets:




Cash

$ 24,702


$ 24,702

Receivables, net of allowance for doubtful accounts

19,879


22,318

Inventories, net

165,634


211,946

Income tax receivable

708


6,116

Prepaid expenses and other

5,631


1,823

Current assets held for sale

6,495


86,869

Total current assets

223,049


353,774

Property and equipment, net

128,139


174,324

Operating lease right-of-use assets

8,784


13,812

Intangible assets, net

40,227


54,957

Other assets

2,977


3,216

Long-term assets held for sale

25,888


75,747

Total assets

$ 429,064


$ 675,830

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$ 19,459


$ 22,426

Accrued expenses and other current liabilities

24,029


31,211

Floor plan notes payable, net of debt discount(1)

185,460


306,036

Current portion of financing liability

2,673


2,792

Current portion of revolving credit facility

10,000


10,000

Current portion of long-term debt

352


1,168

Current portion of operating lease liability

2,300


3,711

Current liabilities related to assets held for sale

71


1,530

Total current liabilities

244,344


378,874

Long-term liabilities:




Financing liability, net of debt discount

86,011


76,007

Revolving credit facility

17,826


20,344

Long-term debt, net of debt discount

12,251


27,417

Related party debt, net of debt discount

3,111


36,217

Operating lease liability

6,813


10,592

Deferred income tax liability

1,587


1,348

Warrant liabilities

1,019


5,709

Other long-term liabilities


6,721

Long-term liabilities related to assets held for sale

153


23,001

Total liabilities

373,115


586,230





Stockholders' Equity




Common stock(2)


Additional paid-in capital(2)

261,946


261,475

Treasury stock, at cost

(57,128)


(57,128)

Retained deficit

(148,869)


(114,747)

Total stockholders' equity

55,949


89,600

Total liabilities and stockholders' equity

$ 429,064


$ 675,830


(1)Includes floor plan notes payable associated with inventories classified as held for sale of $6.5 million as of June30, 2025 and $86.8 million as of December31, 2024.

(2)Amounts have been adjusted to reflect the reverse stock split effective on July 11, 2025.

Statements of Cash Flows




Six Months Ended June 30,

(In thousands)

2025


2024

Operating Activities




Net loss

$ (34,122)


$ (66,201)

Adjustments to reconcile net loss to net cash provided by operating activities:




Stock-based compensation

471


1,104

Bad debt expense

516


76

Depreciation of property and equipment

5,516


6,346

Amortization of intangible assets

2,466


4,070

Amortization of debt discount

5,730


506

Non-cash operating lease expense

(253)


(217)

Loss (gain) on sale of businesses, property and equipment

2,411


(1,044)

Deferred income taxes

239


16,375

Change in fair value of warrant liabilities

(4,689)


337

Impairment charges

10,576


Changes in operating assets and liabilities:




Receivables

1,923


(6,188)

Inventories

31,114


141,705

Prepaid expenses and other

(3,319)


(2,293)

Income tax receivable

5,408


744

Other assets

241


(424)

Accounts payable, accrued expenses and other liabilities

(16,870)


6,419

Net cash provided by operating activities

7,358


101,315

Investing Activities




Net proceeds from sale of businesses, property and equipment

171,977


2,950

Purchases of property and equipment

(53)


(12,917)

Net cash provided by (used) in investing activities

171,924


(9,967)

Financing Activities




Net repayments under M&T bank floor plan

(120,723)


(114,824)

Principal repayments on revolving credit facility

(2,518)


(5,000)

Principal repayments on long-term debt and financing liabilities

(56,041)


(1,317)

Proceeds from issuance of long-term debt and financing liabilities


16,429

Loan issuance costs


(2,812)

Proceeds from shares issued pursuant to the Employee Stock Purchase Plan


113

Net cash used in financing activities

(179,282)


(107,411)

Net decrease in cash


(16,063)

Cash, beginning of period

24,702


58,085

Cash, end of period

$ 24,702


$ 42,022

Reconciliation of Non-GAAP Measures

EBITDA and Adjusted EBITDA

EBITDA, which is a non-GAAP financial measure, is defined as net income (loss) excluding interest expense, income tax expense (benefit) and depreciation and amortization expense. Adjusted EBITDA, which is a non-GAAP financial measure, is further adjusted to include floor plan interest expense and excludes stock-based compensation expense; LIFO adjustment; impairment charges; loss (gain) on sale of businesses, property and equipment; and change in fair value of warrant liabilities.

EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP and should not be considered in isolation or as an alternative to net income (loss), cash flows from operating activities or any other measure determined in accordance with GAAP. The items excluded to calculate EBITDA and Adjusted EBITDA are significant components in understanding and assessing the Company's results of operations. The Company's EBITDA and Adjusted EBITDA may not be comparable to a similarly titled measure of another company because other entities may not calculate EBITDA and Adjusted EBITDA in the same manner.

The Company believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the Company's core operating results from period to period by removing (i) the impact of the Company's capital structure (interest expense from outstanding debt); (ii) tax consequences; (iii) asset base (depreciation, amortization and LIFO adjustments); (iv) the non-cash charges from asset impairments, stock-based compensation expense and change in fair value of warrant liabilities; and (v) gains or losses on the sale of businesses, property and equipment. The Company uses Adjusted EBITDA internally to monitor operating results and to evaluate the performance of its business.

The following table presents a reconciliation of net income to EBITDA and adjusted EBITDA for the periods indicated:


Three Months Ended June 30,


Six Months Ended June 30,

(In thousands)

2025


2024


2025


2024

Net loss

$ (24,589)


$ (44,221)


$ (34,122)


$ (66,201)

Interest expense, net

10,667


11,545


21,426


23,744

Depreciation and amortization

3,400


4,956


7,982


10,417

Income tax expense

(336)


23,821


(8)


17,021

EBITDA

(10,858)


(3,899)


(4,722)


(15,019)

Floor plan interest expense

(3,269)


(5,708)


(7,859)


(13,384)

LIFO adjustment

(1,508)


315


(6,453)


441

Loss (gain) on sale of businesses, property
and equipment

1,952


(1,044)


2,411


(1,044)

Impairment charges

7,676



10,576


(Gain) loss on change in fair value of warrant
liabilities

(407)


337


(4,689)


337

Stock-based compensation expense

174


595


471


1,104

Adjusted EBITDA

$ (6,240)


$ (9,404)


$ (10,265)


$ (27,565)

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SOURCE Lazydays RV

FAQ

What was Lazydays (GORV) revenue in Q2 2025?

Lazydays reported revenue of $131.3 million in Q2 2025, down from $235.6 million in Q2 2024.

How much did Lazydays (GORV) reduce its liabilities in H1 2025?

Lazydays reduced its total liabilities by over $200 million during the first half of 2025 through the sale of non-core assets.

What was Lazydays (GORV) net loss per share in Q2 2025?

Lazydays reported a net loss of $6.67 per diluted share in Q2 2025, compared to a net loss of $96.53 per share in Q2 2024.

How much were the impairment charges for Lazydays (GORV) in Q2 2025?

Lazydays recorded $7.7 million in non-cash impairment charges related to indefinite-lived intangible assets and assets held for sale.

What was Lazydays (GORV) Adjusted EBITDA in Q2 2025?

Lazydays reported Adjusted EBITDA of $(6.2) million in Q2 2025, improved from $(9.4) million in Q2 2024.
Lazydays Hldgs Inc

NASDAQ:GORV

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GORV Stock Data

14.63M
3.66M
0.52%
96.12%
1%
Auto & Truck Dealerships
Retail-auto Dealers & Gasoline Stations
United States
TAMPA