Lazydays Holdings, Inc. reported significant financial challenges in its 10-Q filing for the third quarter of 2024, reflecting a notable decline in revenue and profitability compared to the previous fiscal period. For the three months ended September 30, 2024, total revenues decreased to $213.5 million, down 23.9% from $280.7 million in the same period of 2023. Similarly, revenues for the nine months ended September 30, 2024, were $722.7 million, an 18.3% decline from $884.7 million in the prior year.

The company's gross profit also suffered, with a three-month gross profit of $45.3 million, down 16.8% from $54.4 million year-over-year. For the nine-month period, gross profit fell to $130.5 million, a decrease of 29.9% from $186.1 million in 2023. The decline in profitability was attributed to a drop in new vehicle retail sales, which fell by 18.6% in the third quarter, alongside a significant reduction in average selling prices.

Lazydays reported a net loss of $17.7 million for the third quarter of 2024, compared to a loss of $5.6 million in the same quarter of 2023. The nine-month net loss escalated to $83.9 million, a stark contrast to the $2.3 million loss reported in the prior year. The company’s basic loss per share for the third quarter was $(1.37), compared to $(0.48) in 2023.

In terms of liquidity, Lazydays' cash reserves dwindled to $13.5 million as of September 30, 2024, down from $58.1 million at the end of 2023. Total current assets also decreased significantly from $546.9 million to $358.6 million over the same period. The company’s total liabilities were reduced to $605.0 million, down from $724.5 million, while stockholders' equity fell sharply from $157.0 million to $68.6 million.

Strategically, Lazydays has been active in restructuring its financial obligations. The company amended its M&T Credit Agreement multiple times throughout 2024, which included eliminating certain financial covenants and adjusting the commitments under its credit facilities. As of September 30, 2024, the company had $316.6 million outstanding on its Floor Plan Credit Facility and $41.0 million on its Revolving Credit Facility.

Management changes occurred in September 2024, with the resignation of CEO John North and CFO Kelly Porter, leading to interim appointments that may impact the execution of business strategies. Additionally, the company is engaged in asset sales, including a recent agreement to sell RV sales and service business assets for approximately $7 million, alongside a real estate sale for about $48.5 million.

Overall, Lazydays Holdings, Inc. is navigating a challenging financial landscape marked by declining revenues, increased losses, and significant management transitions.