Lazydays Reports Fiscal Year 2024 Results and Strategic Changes

Lazydays Holdings Financial Results Overview

On March 31, 2025, Lazydays Holdings, Inc. (NasdaqCM: GORV), a prominent player in the RV industry, announced its financial outcomes for the fourth quarter and the fiscal year ending December 31, 2024. The interim CEO, Ron Fleming, emphasized that the year involved significant changes in leadership and operational enhancements aimed at improving the company's financial health.

Financial Highlights

For the fourth quarter of 2024, Lazydays reported total revenue of $159.9 million, a decrease from $198.0 million in the same quarter of the previous year. The fiscal year, concluding in December 2024, recorded total revenue of $871.6 million, down from $1,082.7 million in 2023.

The net loss for the fourth quarter stood at $96.1 million, although this was an improvement over a $108.0 million loss in the same period the prior year. Despite the decrease in revenue, the company was able to reduce its net losses compared to the previous year. However, the Adjusted EBITDA for the fourth quarter resulted in a loss of $24.3 million, worsening from an Adjusted EBITDA loss of $10.7 million in the fourth quarter of 2023.

Impairment Charges

The fourth quarter results were impacted substantively by impairment charges amounting to $39.1 million for assets held for sale. Additionally, a non-cash loss due to a change in the fair value of warrant liabilities affected the overall performance by $16.3 million. The total net loss for the fiscal year was reported at $180.0 million, increased from $110.3 million in 2023.

Strategic Divestment Initiatives

In response to the challenges faced over the year, Lazydays is pivoting strategically to streamline its operations. The company announced a decision to divest three store locations in Fort Pierce, Florida; Longmont, Colorado; and Mesa, Arizona, through a letter of intent with General RV Center. This move is aimed at enhancing cash flow, reducing debt, and minimizing geographic redundancy.

Earlier in 2025, the company finalized asset sales to Camping World for multiple facilities, though two dealership closures in Portland, Oregon, and Council Bluffs, Iowa, did not follow through, leading to further actions to alleviate commitments tied to those locations.

Operational Outlook

Fleming stated, "The decisions made in 2024 are directed at ensuring a robust operational foundation for Lazydays moving forward." He highlighted the importance of refining dealership strategies and enhancing the performance of existing stores as keys to improving shareholder value. The focus wil be on creating a leaner operational model that better positions the company for future success.

Conclusion

The upcoming months will be critical for Lazydays as they implement these strategic changes. The company is scheduled to conduct a conference call to discuss these results and future projections, reinforcing its commitment to maintaining transparency with stakeholders regarding its operations and financial health. By continuously assessing and fine-tuning their approach, Lazydays aims to navigate the current challenging landscape in the RV market and build a more resilient business for the long-term benefit of its customers and investors.