Lazydays Holdings Reports 19.5% Revenue Decline and $180 Million Net Loss for Fiscal Year 2024

Lazydays Holdings, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenue of $871.6 million, down 19.5% from $1.08 billion in 2023. The company experienced a net loss of $180 million, compared to a loss of $110.3 million in the previous year. This downturn was primarily attributed to a decrease in both new and pre-owned vehicle sales, which fell by 18.8% and 30.4%, respectively. The average selling price for new vehicles also dropped by 14.6%, reflecting a contracting market and increased inventory discounting.

In terms of operational metrics, Lazydays sold 6,914 new vehicles and 4,238 pre-owned vehicles in 2024, down from 7,269 and 5,018 units in 2023. The company’s gross profit margin also decreased, with total gross profit falling to $160.9 million from $228.7 million the previous year. The gross profit margin for new vehicles dropped to 7.9% from 12.6%, while the margin for pre-owned vehicles fell to 15.0% from 19.7%. The company attributed these declines to higher costs and lower sales volumes.

Strategically, Lazydays has undergone significant changes, including a rebranding initiative launched in January 2024, which introduced new logos and a new stock symbol, "GORV." The company also entered into several asset sales agreements with Camping World Holdings, Inc., selling multiple dealership locations for approximately $1 million per facility, along with real estate transactions totaling $48.5 million. However, in March 2025, Camping World opted not to close on two of the dealership sales, prompting Lazydays to terminate the asset purchase agreement for those locations.

As of December 31, 2024, Lazydays operated 22 dealerships across 11 states and employed approximately 1,100 people. The company reported a total website traffic of around 16 million visits for the year, with a focus on enhancing its digital retail experience. Despite the challenges faced, Lazydays aims to leverage its scale and operational efficiencies to improve profitability and market share. The company is also closely monitoring market conditions and consumer demand, with expectations of a gradual recovery in the RV market as consumer interest in the RV lifestyle remains strong.

Looking ahead, Lazydays faces substantial doubt regarding its ability to continue as a going concern, given its significant net loss and accumulated deficit. The company has limited access to credit facilities and must generate positive cash inflows to meet its liquidity needs. Management is actively exploring options to secure additional capital and improve operational performance, but there are no guarantees that these efforts will be successful. The outlook for 2025 remains cautious, with anticipated fluctuations in sales driven by broader economic conditions and consumer confidence.