LAZYDAYS REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 FINANCIAL RESULTS

, /PRNewswire/ -- Lazydays Holdings, Inc. (NasdaqCM: GORV) ("Lazydays," the "Company" or "we") today reported financial results for the fourth quarter and fiscal year ended December 31, 2024. 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." 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.* We 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 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. *Refer to the reconciliation of net income to Adjusted EBITDA under "Reconciliation of Non-GAAP Measures" in this press release. Recent DevelopmentsLazydays today announced that it has signed a letter of intent with General RV Center to divest three store locations from the Company's footprint: Ft. Pierce, Florida; Longmont, Colorado; and Mesa, Arizona. If completed, this transaction will add meaningful cash to the Company's balance sheet, reduce our indebtedness and decrease geographic redundancy in its footprint. The letter of intent is generally nonbinding, with the exception of 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, Indiana; Surprise, Arizona; Murfreesboro, Tennessee; Sturtevant, Wisconsin; and Woodland, Washington. In March 2025, Camping World elected to not close on the purchase of two of the Company's dealerships located in Portland, Oregon and Council Bluffs, Iowa. The Company delivered written notice to Camping World to exercise its remedy under the asset purchase agreement for its failure to complete the Portland, Oregon and Council Bluffs, Iowa 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. For more information on the Waiver, please see our Current Report on Form 8-K filed on March 28, 2025 with the U.S. Securities and Exchange Commission. Conference Call InformationWe have scheduled a conference call at 8:30 AM Eastern Time on Monday, March 31, 2025 that will also be broadcast live over the internet. The conference call may be accessed by telephone at (877) 407-8029 / +1 (201) 689-8029. To listen live on our website or for replay, visit https://www.lazydays.com/investor-relations. About LazydaysLazydays has been a prominent player in the RV industry since our inception in 1976, earning a stellar reputation for delivering exceptional RV sales, service, and ownership experiences. Our commitment to excellence has led to enduring relationships with RVers and their families who rely on us for all of their RV needs. Our wide selection of RV brands from top manufacturers, state-of-the-art service facilities, and an extensive range of accessories and parts ensure that Lazydays is the go-to destination for RV enthusiasts seeking everything they need for their journeys on the road. Whether you're a seasoned RVer or just starting your adventure, our dedicated team is here to provide outstanding support and guidance, making your RV lifestyle truly extraordinary. Lazydays is a publicly listed company on the Nasdaq stock exchange under the ticker "GORV." Forward-Looking StatementsThis press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future financing transactions and business strategy, and often contain words such as "project," "outlook," "expect," "anticipate," "intend," "plan," "believe," "estimate," "may," "seek," "would," "should," "likely," "goal," "strategy," "future," "maintain," "continue," "remain," "target" or "will" and similar references to future periods. By their nature, forward-looking statements involve risks and uncertainties because they relate to events that depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation, future economic and financial conditions (both nationally and locally), changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness (including our ability to obtain further waivers or amendments to credit agreements, available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms or at all), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and others set forth in the Company's filings with the U.S. Securities and Exchange Commission, including those described in the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements made herein and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and we disclaim any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law. Contact:[email protected] Results of Operations Three Months Ended December 31, Year Ended December 31, (In thousands except share and per share amounts) 2024 2023 2024 2023 Revenue New vehicle retail $ 94,699 $ 99,351 $ 513,014 $ 631,748 Pre-owned vehicle retail 37,233 72,433 224,855 323,258 Vehicle wholesale 1,809 2,526 13,127 8,006 Consignment vehicle 1,316 — 3,293 — Finance and insurance 12,691 11,054 63,394 62,139 Service, body and parts and other 12,131 12,665 53,879 57,596 Total revenue 159,879 198,029 871,562 1,082,747 Cost applicable to revenue New vehicle retail 84,090 86,655 472,315 552,311 Pre-owned vehicle retail 33,267 59,848 191,070 259,494 Vehicle wholesale 1,782 2,746 15,803 8,178 Finance and insurance 371 475 2,252 2,547 Service, body and parts and other 6,232 5,916 25,411 27,723 LIFO 3,765 (297) 3,856 3,752 Total cost applicable to revenue 129,507 155,343 710,707 854,005 Gross profit 30,372 42,686 160,855 228,742 Depreciation and amortization 5,038 5,048 20,625 18,512 Selling, general, and administrative expenses 53,389 46,040 200,087 198,305 Impairment charges 39,093 118,599 39,093 118,599 Net loss from operations (67,148) (127,001) (98,950) (106,674) Other income (expense): Floor plan interest expense (5,291) (7,196) (25,036) (24,820) Other interest expense (5,954) (3,578) (21,878) (10,062) Change in fair value of warrant liabilities (16,254) — (17,053) 856 Loss on sale of property and equipment (1,438) (10) (394) (28) Total other expense, net (28,937) (10,784) (64,361) (34,054) Loss before income taxes (96,085) (137,785) (163,311) (140,728) Income tax (expense) benefit (12) 29,820 (16,652) 30,462 Net loss $ (96,097) $ (107,965) $ (179,963) $ (110,266) Dividends on Series A Convertible Preferred Stock (1,080) (1,210) (7,254) (4,800) Net loss and comprehensive loss attributable to common stock and participating securities $ (97,177) $ (109,175) $ (187,217) $ (115,066) Loss per share: Basic $ (2.39) $ (7.59) $ (8.90) $ (8.41) Diluted $ (2.39) $ (7.59) $ (8.90) $ (8.45) Weighted average shares outstanding: Basic 39,532,129 14,384,961 20,713,356 13,689,001 Diluted 39,532,129 14,384,961 20,713,356 13,689,001 Other Metrics and Highlights Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gross profit margins New vehicle retail 11.2 % 12.8 % 7.9 % 12.6 % Pre-owned vehicle retail 10.7 % 17.4 % 15.0 % 19.7 % Vehicle wholesale 1.5 % (8.7) % (20.4) % (2.1) % Consignment vehicle 100.0 % — % 100.0 % — % Finance and insurance 97.1 % 95.7 % 96.4 % 95.9 % Service, body and parts and other 48.6 % 53.3 % 52.8 % 51.9 % Total gross profit margin 19.0 % 21.6 % 18.5 % 21.1 % Total gross profit margin (excluding LIFO) 21.4 % 21.4 % 18.9 % 21.5 % Retail units sold New vehicle retail 1,172 1,264 6,914 7,269 Pre-owned vehicle retail 741 1,164 4,238 5,018 Consignment vehicle 155 — 349 — Total retail units sold 2,068 2,428 11,501 12,287 Average selling price per retail unit New vehicle retail $ 80,801 $ 78,600 $ 74,199 $ 86,910 Pre-owned vehicle retail 50,247 62,228 53,057 64,420 Average gross profit per retail unit (excluding LIFO) New vehicle retail $ 9,052 $ 10,044 $ 5,886 $ 10,928 Pre-owned vehicle retail 5,352 10,812 7,972 12,707 Finance and insurance 5,957 4,357 5,316 4,850 Revenue mix New vehicle retail 59.2 % 50.2 % 58.9 % 58.3 % Pre-owned vehicle retail 23.3 % 36.6 % 25.8 % 29.9 % Vehicle wholesale 1.1 % 1.3 % 1.5 % 0.7 % Consignment vehicle 0.8 % — % 0.4 % — % Finance and insurance 7.9 % 5.6 % 7.3 % 5.7 % Service, body and parts and other 7.7 % 6.3 % 6.1 % 5.4 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit mix New vehicle retail 34.9 % 29.7 % 25.3 % 34.7 % Pre-owned vehicle retail 13.1 % 29.5 % 21.0 % 27.9 % Vehicle wholesale 0.1 % (0.5) % (1.7) % (0.1) % Consignment vehicle 4.3 % — % 2.0 % — % Finance and insurance 40.6 % 24.8 % 38.0 % 26.1 % Service, body and parts and other 19.4 % 15.8 % 17.7 % 13.1 % LIFO (12.4) % 0.7 % (2.3) % (1.7) % 100.0 % 100.0 % 100.0 % 100.0 % Balance Sheets December 31, (In thousands) 2024 2023 ASSETS Current assets: Cash $ 24,702 $ 58,085 Receivables, net of allowance for doubtful accounts 22,318 22,694 Inventories, net 211,946 456,087 Income tax receivable 6,116 7,416 Prepaid expenses and other 1,823 2,614 Assets held for sale, current portion 86,869 — Total current assets 353,774 546,896 Property and equipment, net 174,324 265,726 Operating lease right-of-use assets 13,812 26,377 Intangible assets, net 54,957 80,546 Deferred income tax asset — 15,444 Other assets 3,216 2,750 Assets held for sale, non-current portion 75,747 $ — Total assets $ 675,830 $ 937,739 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 22,426 $ 15,144 Accrued expenses and other current liabilities 31,211 29,160 Floor plan notes payable, net of debt discount 306,036 446,783 Financing liability, current portion 2,792 2,473 Revolving line of credit, current portion 10,000 — Long-term debt, current portion, net of debt discount 1,168 1,141 Operating lease liability, current portion 3,711 5,276 Liabilities related to assets held for sale, current portion 1,530 — Total current liabilities 378,874 499,977 Long-term liabilities: Financing liability, non-current portion, net of debt discount 76,007 91,401 Revolving line of credit, non-current portion 20,344 49,500 Long term debt, non-current portion, net of debt discount 27,417 28,075 Related party debt, non-current portion, net of debt discount 36,217 33,354 Operating lease liability, non-current portion 10,592 22,242 Deferred income tax liability 1,348 — Warrant liabilities 21,960 — Other long-term liabilities 6,721 — Liabilities related to assets held for sale, non-current portion 23,001 — Total liabilities 602,481 724,549 Series A Convertible Preferred Stock — 56,193 Stockholders' Equity Common stock 10 — Additional paid-in capital 261,465 165,988 Treasury stock, at cost (57,128) (57,128) Retained (deficit) earnings (130,998) 48,137 Total stockholders' equity 73,349 156,997 Total liabilities and stockholders' equity $ 675,830 $ 937,739 Statements of Cash Flows Year Ended December 31, (In thousands) 2024 2023 Operating Activities Net loss $ (179,963) $ (110,266) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Stock-based compensation 1,751 2,249 Bad debt expense 407 12 Depreciation of property and equipment 12,716 10,954 Amortization of intangible assets 7,909 7,558 Amortization of debt discount 3,808 312 Non-cash operating lease expense (515) 296 Loss on sale of property and equipment 394 28 Deferred income taxes 16,792 (30,980) Change in fair value of warrant liabilities 17,053 (856) Impairment charges 39,093 118,599 Changes in operating assets and liabilities, net of acquisitions: Receivables (31) 2,347 Inventories 157,359 (42,901) Prepaid expenses and other 703 450 Income tax receivable/payable 1,300 492 Other assets (476) (199) Accounts payable, accrued expenses and other current liabilities 16,054 5,425 Net cash provided by (used in) operating activities 94,354 (36,480) Investing Activities Cash paid for acquisitions, net of cash received — (97,727) Net proceeds from sales of property and equipment 10,893 — Purchases of property and equipment (19,021) (95,237) Net cash used in investing activities (8,128) (192,964) Financing Activities Net (repayments) borrowings under M&T bank floor plan (141,110) 98,530 Principal (repayments) borrowings on revolving line of credit (19,156) 49,500 Principal repayments on long-term debt and finance liabilities (11,713) (11,130) Proceeds from issuance of long-term debt and finance liabilities 16,429 64,005 Loan issuance costs (2,431) (3,015) Payment of dividends on Series A preferred stock — (4,800) Repurchase of Treasury Stock — (109) Proceeds from shares issued pursuant to the Employee Stock Purchase Plan 113 413 Proceeds from exercise of warrants — 30,543 Proceeds from exercise of stock options — 1,283 Disgorgement of short-swing profits — 622 Net proceeds from the issuance of common stock 28,259 — Cash received as nonrefundable deposit pursuant to the Asset Purchase Agreement 10,000 — Net cash (used in) provided by financing activities (119,609) 225,842 Net decrease in cash (33,383) (3,602) Cash, beginning of period 58,085 61,687 Cash, end of period $ 24,702 $ 58,085 Reconciliation of Non-GAAP Measures EBITDA and Adjusted EBITDA EBITDA, which is a non-GAAP financial measure, is defined as net income (loss) excluding interest expense, income tax expense (benefit) and depreciation and amortization expense. Adjusted EBITDA, which is a non-GAAP financial measure, is further adjusted to include floor plan interest expense and exclude stock-based compensation expense, LIFO adjustment, impairment charges, loss (gain) on sale of property and equipment, and change in fair value of warrant liabilities. EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP and should not be considered in isolation or as an alternative to net income (loss), cash flows from operating activities or any other measure determined in accordance with GAAP. The items excluded to calculate EBITDA and Adjusted EBITDA are significant components in understanding and assessing the Company's results of operations. The Company's EBITDA and Adjusted EBITDA may not be comparable to a similarly titled measure of another company because other entities may not calculate EBITDA and Adjusted EBITDA in the same manner. The Company believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the Company's core operating results from period to period by removing (i) the impact of the Company's capital structure (interest expense from outstanding debt), (ii) tax consequences, (iii) asset base (depreciation and amortization and LIFO adjustments), (iv) the non-cash charges from asset impairments, stock-based compensation expense and change in fair value of warrant liabilities and (v) gains or losses on the sale of property, plant and equipment. The Company uses Adjusted EBITDA internally to monitor operating results and to evaluate the performance of its business. The following table presents a reconciliation of net income to EBITDA and adjusted EBITDA for the periods indicated: Three Months Ended December 31, Year Ended December 31, (In thousands) 2024 2023 2024 2023 Net loss $ (96,097) $ (107,965) $ (179,963) $ (110,266) Interest expense, net 11,245 10,774 46,914 34,882 Depreciation and amortization 5,038 5,048 20,625 18,512 Income tax expense (benefit) 12 (29,820) 16,652 (30,462) EBITDA (79,802) (121,963) (95,772) (87,334) Floor plan interest expense (5,291) (7,196) (25,036) (24,820) LIFO adjustment 3,765 (297) 3,856 3,752 Loss on sale of property and equipment 1,438 10 394 28 Impairment charges 39,093 118,599 39,093 118,599 Loss (gain) on change in fair value of warrant liabilities 16,254 — 17,053 (856) Stock-based compensation expense 256 183 1,751 2,249 Adjusted EBITDA $ (24,287) $ (10,664) $ (58,661) $ 11,618 SOURCE Lazydays RV WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

LAZYDAYS REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 FINANCIAL RESULTS

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