Camping World Reports $1.41 Billion Revenue with Improved Net Loss in Q1 2025

Camping World Holdings, Inc. reported a total revenue of $1.41 billion for the first quarter of 2025, marking a 3.6% increase from $1.36 billion in the same period last year. The company's net loss attributable to Camping World Holdings, Inc. was $12.3 million, a significant improvement compared to a net loss of $22.3 million in the prior year. This resulted in a basic loss per share of $0.20, compared to $0.50 in the first quarter of 2024. The improved financial performance was driven by a 25.1% increase in used vehicle sales, which reached $422.4 million, while new vehicle sales decreased to $621.4 million, down 5.3% from the previous year.

In terms of operational metrics, Camping World experienced a decline in active customers, with 4.14 million active customers reported as of March 31, 2025, down 14.2% from 4.83 million a year earlier. The company also reported a decrease in Good Sam Club membership, which fell to 1.70 million members, a 13.2% decline from the previous year. Despite these declines, the company expanded its dealership footprint, operating 209 locations as of March 31, 2025, down from 215 a year earlier, with 11 new locations opened during the quarter.

Strategically, Camping World made significant acquisitions during the quarter, acquiring eight RV dealership locations for approximately $91.6 million. This included a $10 million deposit related to a previous agreement with Lazydays Holdings, which did not convert to shares as only five of the seven dealerships were acquired. The company also invested $48.6 million in real property purchases, reflecting its ongoing commitment to expand its operational capabilities.

The filing noted that the company faced challenges related to inventory management, with total inventories increasing to $2.12 billion from $2.08 billion a year earlier. The increase was attributed to a rise in new vehicle inventories, which reached $1.51 billion. Additionally, the company reported a significant increase in cash used in operating activities, totaling $232.5 million, compared to $68 million in the same quarter of 2024, primarily due to changes in working capital adjustments.

Looking ahead, Camping World anticipates continued growth in used vehicle sales and plans to expand its dealership network further. The company expects to invest between $45 million and $55 million in new dealership construction and acquisitions over the next twelve months. However, it remains cautious about potential impacts from economic conditions, including inflation and trade policies, which could affect its operational costs and inventory management strategies.