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Lazydays (LAZY) investor relations material
Lazydays Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for Q2 2025 declined 44.3% year-over-year to $131.3 million, with a net loss of $24.6 million and an adjusted EBITDA loss of $6.2 million, driven by dealership divestitures and lower unit sales.
Gross profit margins improved across all products and services year-over-year, reflecting operational improvements and a focus on higher-margin business.
Sale of non-core assets and nine dealerships in the first half of 2025 generated $172 million in proceeds, reducing total liabilities by over $200 million and used primarily to repay $86.8 million in floor plan notes and $54 million in term loan and mortgage debt.
Substantial doubt exists about the ability to continue as a going concern due to ongoing losses, limited liquidity, and loss of access to a revolving credit facility.
A 1-for-30 reverse stock split was completed in July 2025, regaining Nasdaq compliance for minimum bid price.
Financial highlights
Q2 2025 revenue was $131.3 million, down from $235.6 million in Q2 2024; gross profit margin improved to 26.0% from 20.1% due to higher average selling prices and LIFO adjustments.
Net loss for Q2 2025 was $24.6 million, compared to $44.2 million in Q2 2024; six-month net loss was $34.1 million.
Adjusted EBITDA for Q2 2025 was a loss of $6.2 million, compared to a loss of $9.4 million in Q2 2024.
Cash and cash equivalents at June 30, 2025 were $24.7 million, unchanged from December 31, 2024; total assets $429.1 million, total liabilities $373.1 million.
Floor plan notes payable decreased by $120.6 million year-to-date, primarily from divestitures.
Outlook and guidance
Management expects continued pressure on liquidity and is focused on generating positive cash flows and/or securing outside capital.
Capital expenditures for 2025 are forecasted to be under $2 million, a significant reduction from 2024.
Industry forecasts project 2025 RV wholesale shipments between 320,400 and 353,500 units, with long-term demand expected to exceed pre-pandemic levels.
Management reiterated commitment to the turnaround plan and operational improvements, with caution regarding forward-looking statements due to market uncertainties.
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