LAZYDAYS REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS
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.
- 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
- 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)
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
Total revenue for the secondquarter 2025 was
*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
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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 | (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 | $ (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 |
(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 | 1,952 | (1,044) | 2,411 | (1,044) | |||
Impairment charges | 7,676 | � | 10,576 | � | |||
(Gain) loss on change in fair value of warrant | (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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