Lazydays Holdings Reports 38.6% Revenue Decline in Q1 2025

Lazydays Holdings, Inc. reported a significant decline in financial performance for the first quarter of 2025, with total revenue falling to $165.8 million, a decrease of 38.6% compared to $270.1 million in the same period of 2024. The company experienced substantial drops in various revenue streams, including new vehicle retail, which decreased by 36.1% to $97.5 million, and pre-owned vehicle retail, which fell by 48.3% to $40.7 million. The overall gross profit for the quarter was $43.8 million, reflecting a 16.1% increase from $37.8 million a year earlier, primarily due to improved margins in new vehicle sales.

The decline in revenue was attributed to the sale of five dealerships as part of the Camping World Sales, which resulted in a loss of $0.5 million related to these transactions. The company also noted a decrease in retail units sold, with new vehicle sales down 44.4% and pre-owned vehicle sales down 44.9%. Despite these challenges, Lazydays reported an increase in average selling prices for both new and pre-owned vehicles, which contributed to the improved gross profit margins.

Operationally, Lazydays has been focusing on strategic initiatives, including the restart of its consignment vehicle program, which saw a revenue increase of 219.5% year-over-year. The company also reported a significant reduction in selling, general, and administrative expenses, which decreased by 21% to $38.6 million, largely due to workforce reductions following dealership closures. As of March 31, 2025, Lazydays operated 17 dealerships across 11 states, employing approximately 920 people.

The company’s financial position remains precarious, with a net loss of $9.5 million for the quarter and an accumulated deficit of $124.3 million. Lazydays had cash and cash equivalents of $19.7 million and total liabilities of $429.1 million as of the end of the quarter. The company has expressed substantial doubt about its ability to continue as a going concern, particularly given its limited access to credit facilities following recent amendments to its credit agreements.

Looking ahead, Lazydays is focused on generating positive cash inflows from operations and securing additional capital to meet its liquidity needs. The company is also monitoring industry trends, including anticipated RV wholesale shipments, which are projected to range between 333,500 to 366,800 units for 2025. Despite the current challenges, Lazydays remains committed to its strategic initiatives and aims to stabilize its operations in the coming quarters.