Lazydays Holdings, Inc. reported that total revenue for the fourth quarter 2024 was $159.9 million compared to $198.0 million for the same period in 2023. Total revenue for the year ended December 31, 2024 was $871.6 million compared to $1,082.7 million for the same period in 2023.
Fourth quarter 2024 net loss was $96.1 million compared to net loss of $108.0 million for the same period in 2023. Fourth quarter 2024 Adjusted EBITDA, a non-GAAP measure, was $(24.3) million compared to Adjusted EBITDA of $(10.7) million for the same period in 2023.
The company recognized impairment charges of $39.1 million related to assets held for sale during the fourth quarter 2024 and $118.6 million related to goodwill during the fourth quarter 2023. The results for the fourth quarter 2024 were also negatively impacted by a non-cash loss on change in fair value of warrant liabilities of $16.3 million.
Net loss for the year ended December 31, 2024 was $180.0 million compared to a net loss of $110.3 million for the same period in 2023. Adjusted EBITDA for the year ended December 31, 2024 was $(58.7) million compared to Adjusted EBITDA of $11.6 million for the same period in 2023.* Net loss per diluted share for the year ended December 31, 2024 was $8.90 compared to net loss per diluted share of $8.45 for the same period in 2023.
Ron Fleming, interim CEO, said, “2024 was a year of significant transformation for Lazydays, marked by our leadership transition and the execution of a series of transactions designed to strengthen our balance sheet and streamline our operational footprint. While our fourth quarter and full year 2024 results were challenging, we believe the steps we have taken, and continue to take, will create a more durable and agile company that is positioned for the future. As we look ahead, we remain laser focused on ensuring we have the right dealership footprint — as evidenced by our announced letter of intent to further divest three store locations — while maximizing the operational performance of the stores within our footprint to drive long-term shareholder value.”
Recent Developments
Lazydays has signed a Letter of Intent with General RV Center to divest three stores from the company’s footprint: Ft. Pierce, FL; Longmont, CO; and Mesa, AZ. If completed, this transaction would add cash to the company’s balance sheet, reduce indebtedness and decrease geographic redundancy in its footprint. The Letter of Intent is generally nonbinding, except for a 75-day exclusivity provision relating to the three stores.
Additionally, during February 2025 and March 2025, the company completed the sales of the following facilities and any associated owned real estate to subsidiaries of Camping World Holdings, Inc. (collectively, Camping World) under an asset purchase agreement and a real estate purchase agreement: Elkhart, IN; Surprise, AZ; Murfreesboro, TN; Sturtevant, WI; and Woodland, WA. In March 2025, Camping World elected not to close on purchasing two of the company’s dealerships in Portland, OR and Council Bluffs, IA.
The company said it delivered written notice to Camping World to exercise its remedy under the asset purchase agreement for its failure to complete the Portland, OR and Council Bluffs, IA closings (namely to relieve the company from any obligation to issue 9,708,737 shares of its common stock to Camping World) and to terminate the asset purchase agreement effective on March 31, 2025, the outside date under the asset purchase agreement.
“In March 2025, we entered into a Limited Waiver and Consent with Respect to Credit Agreement (the “Waiver”) with Manufacturers and Traders Trust Company, as Administrative Agent, and certain lenders under the Second Amended and Restated Credit Agreement dated as of February 21, 2023,” the company wrote in a media statement.
Image courtesy Lazydays Holdings, Inc.
