Lazydays Holdings, Inc.

For Q1 2025, Lazydays reported net sales of $166 million, down $104 million or 39% versus the prior year period. Gross margin excluding LIFO was 24%, a 10% increase versus the prior year, and gross profit was $44 million, up $6 million. New vehicle gross margins were 11%, up 7% year over year, and used vehicle gross margins were 21%, up 10% year over year. SG&A expenses were $39 million versus $49 million a year ago. The company reported a loss from operations of $2.3 million, including $2.9 million of non-cash impairment charges; excluding impairment, operating income would have been $600,000 versus a $16.6 million operating loss in the prior period. Adjusted EBITDA was a loss of $4 million versus a loss of $18 million last year. The company reduced debt by approximately $145 million during the quarter, including $95 million of floor plan debt, $47 million of mortgage debt, and $2.5 million on the revolver. Management did not give formal next-quarter or full-year numerical guidance, but said SG&A should continue to decline as divestitures are completed and noted the General RV store sale is expected to close in Q2 2025.

Ron Fleming framed the quarter as evidence that Lazydays’ two-part strategy is working: optimize the dealership footprint and improve store-level execution. He said the five-store sale to Camping World significantly delevered the balance sheet and reduced SG&A, and he pointed to the pending sale of three more stores as another step toward stronger cash flow, lower indebtedness, and a leaner cost structure. His tone was constructive and confident, while acknowledging tariff-related uncertainty and some signs of softer customer demand.

Jeff Needles emphasized that the reported numbers reflect both better operations and the impact of prior divestitures. He highlighted $166 million of net sales, $44 million of gross profit, a 24% gross margin excluding LIFO, and SG&A of $39 million versus $49 million last year, plus a $2.3 million operating loss that would have been a $600,000 operating income excluding $2.9 million of impairment charges. He also noted $145 million of debt reduction in the quarter and said overhead and SG&A should keep falling as the company completes the remaining store divestitures.

There was no live analyst Q&A on the call; management said they would not field questions after prepared remarks. The key issues raised proactively by management were how tariffs might affect pricing and customer demand, and they said they are monitoring OEMs, suppliers, and early signs of lower demand while remaining hopeful that tariff relief will ease that pressure. They also addressed inventory mix, noting 82% of new inventory was model year 2025 and 2026 units and that trade-ins were up more than 8% year over year, which they linked to improving consumer confidence and pent-up demand.