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LAZYDAYS REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS

1. GORV reduced liabilities by over $200 million this year. 2. Total revenue for Q2 2025 dropped to $131.3 million. 3. Adjusted EBITDA improved to $(6.2) million from $(9.4) million. 4. Net loss decreased significantly from $44.2 million to $24.6 million. 5. Gross profit margins increased across all product lines.

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$3.7508/15 01:13 PM EDTLatest Updated
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FAQ

Why Bullish?

The company's significant liability reduction and improved gross margins signal operational recovery. Historical patterns show similar improvements often lead to positive stock performance.

How important is it?

The report demonstrates operational improvements and a decrease in net losses, which are crucial for investor confidence. This report's content directly correlates with GORV's stock viability and strategic direction going forward.

Why Short Term?

Investors typically react positively to earnings reports, and GORV's results suggest a short-term boost potential. Past instances where companies manage to reduce losses tend to create immediate market confidence.

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RVLVTHOWGO
, /PRNewswire/ -- Lazydays Holdings, Inc. (NasdaqCM: GORV) ("Lazydays," the "Company" or "we") today reports financial results for the second quarter ended June 30, 2025. Ron Fleming, CEO, said, "We continued to advance our turnaround plan in the second quarter of 2025. Our focus on operational performance resulted in increases in gross profit margins across all products and services compared to the prior year period, and our purposeful effort to streamline our footprint resulted in the successful sale of several non-core assets. These divestitures allowed us to reduce our total liabilities by over $200 million during the first half of the year, while our cash balance remained unchanged at June 30, 2025 compared to December 31, 2024." Total revenue for the second quarter 2025 was $131.3 million compared to $235.6 million for the same period in 2024. Second quarter 2025 net loss was $24.6 million compared to net loss of $44.2 million for the same period in 2024. We recognized non-cash impairment charges of $7.7 million related to indefinite-lived intangible assets and assets held for sale during the second quarter 2025. Second quarter 2025 Adjusted EBITDA, a non-GAAP measure, was $(6.2) million compared to Adjusted EBITDA of $(9.4) million for the same period in 2024.* Net loss per diluted share for the second quarter 2025 was $6.67 compared to net loss per diluted share of $96.53 for the same period in 2024. *Refer to the reconciliation of net income to Adjusted EBITDA under "Reconciliation of Non-GAAP Measures" in this press release. About Lazydays Lazydays 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 Statements This 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, the actions or inactions of our lenders, available borrowing capacity, our compliance with financial covenants and our ability to refinance or repay indebtedness on terms acceptable to us), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and other risks and uncertainties set forth throughout under the headers "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and in the notes to our financial statements in our most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and from time to time in our other filings with the U.S. Securities and Exchange Commission. 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 June 30, Six Months Ended June 30, (In thousands, except share and per share data) 2025 2024 2025 2024 Revenue New vehicle retail $           77,463 $         143,333 $         174,982 $         296,024 Pre-owned vehicle retail 29,461 57,254 70,134 136,282 Vehicle wholesale 870 3,268 2,926 9,517 Consignment vehicle 2,078 562 3,567 644 Finance and insurance 10,575 16,041 22,077 34,370 Service, body and parts and other 10,850 15,144 23,426 28,885 Total revenue 131,297 235,602 297,112 505,722 Cost applicable to revenue New vehicle retail 68,960 130,138 155,632 277,193 Pre-owned vehicle retail 23,482 46,354 55,476 116,087 Vehicle wholesale 913 3,597 3,033 12,057 Finance and insurance 344 644 778 1,337 Service, body and parts and other 4,917 7,150 10,615 13,437 LIFO (1,508) 315 (6,453) 441 Total cost applicable to revenue 97,108 188,198 219,081 420,552 Gross profit 34,189 47,404 78,031 85,170 Depreciation and amortization 3,400 4,956 7,982 10,417 Selling, general, and administrative expenses 35,826 52,010 74,455 100,896 Impairment charges 7,676 — 10,576 — Loss from operations (12,713) (9,562) (14,982) (26,143) Other income (expense): Floor plan interest expense (3,269) (5,708) (7,859) (13,384) Other interest expense (7,398) (5,837) (13,567) (10,360) Change in fair value of warrant liabilities 407 (337) 4,689 (337) (Loss) gain on sale of businesses, property andequipment (1,952) 1,044 (2,411) 1,044 Total other expense, net (12,212) (10,838) (19,148) (23,037) Loss before income taxes (24,925) (20,400) (34,130) (49,180) Income tax benefit (expense) 336 (23,821) 8 (17,021) Net loss (24,589) (44,221) (34,122) (66,201) Dividends on Series A convertible preferred stock — (2,031) — (4,015) Net loss and comprehensive loss attributable tocommon stock and participating securities $          (24,589) $          (46,252) $          (34,122) $          (70,216) Loss per share(1): Basic(1) $              (6.67) $            (96.53) $              (9.27) $          (146.57) Diluted(1) $              (6.67) $            (96.53) $              (9.27) $          (146.57) Weighted average shares used for EPS calculations(1): Basic(1) 3,684,277 479,163 3,680,539 479,060 Diluted(1) 3,684,277 479,163 3,680,539 479,060 (1) Amounts have been adjusted to reflect the reverse stock split effective on July 11, 2025. Other Metrics and Highlights Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Gross profit margins New vehicle retail 11.0 % 9.2 % 11.1 % 6.4 % Pre-owned vehicle retail 20.3 % 19.0 % 20.9 % 14.8 % Vehicle wholesale (4.9) % (10.1) % (3.7) % (26.7) % Consignment vehicle 100.0 % 100.0 % 100.0 % 100.0 % Finance and insurance 96.7 % 96.0 % 96.5 % 96.1 % Service, body and parts and other 54.7 % 52.8 % 54.7 % 53.5 % Total gross profit margin 26.0 % 20.1 % 26.3 % 16.8 % Total gross profit margin (excluding LIFO) 24.9 % 20.3 % 24.1 % 16.9 % Retail units sold New vehicle retail 1,068 2,036 2,211 4,091 Pre-owned vehicle retail 598 1,100 1,403 2,561 Consignment vehicle 185 49 385 55 Total retail units sold 1,851 3,185 3,999 6,707 Average selling price per retail unit New vehicle retail $        72,531 $        70,458 $        79,142 $        72,389 Pre-owned vehicle retail 49,266 52,049 49,989 53,214 Average gross profit per retail unit (excluding LIFO) New vehicle retail $          7,962 $          6,412 $          8,752 $          4,569 Pre-owned vehicle retail 9,998 9,909 10,448 7,886 Finance and insurance 5,527 5,084 5,326 5,044 Revenue mix New vehicle retail 59.0 % 60.8 % 58.9 % 58.5 % Pre-owned vehicle retail 22.4 % 24.3 % 23.6 % 26.9 % Vehicle wholesale 0.7 % 1.4 % 1.0 % 1.9 % Consignment vehicle 1.6 % 0.2 % 1.2 % 0.1 % Finance and insurance 8.1 % 6.8 % 7.4 % 6.8 % Service, body and parts and other 8.2 % 6.5 % 7.9 % 5.8 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit mix New vehicle retail 24.9 % 27.8 % 24.8 % 22.1 % Pre-owned vehicle retail 17.5 % 23.0 % 18.8 % 23.7 % Vehicle wholesale (0.1) % (0.7) % (0.1) % (3.0) % Consignment vehicle 6.1 % 1.2 % 4.6 % 0.8 % Finance and insurance 29.9 % 32.5 % 27.3 % 38.8 % Service, body and parts and other 17.4 % 16.9 % 16.4 % 18.1 % LIFO 4.3 % (0.7) % 8.2 % (0.5) % 100.0 % 100.0 % 100.0 % 100.0 % Condensed Consolidated Balance Sheets (In thousands) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash $                  24,702 $                  24,702 Receivables, net of allowance for doubtful accounts 19,879 22,318 Inventories, net 165,634 211,946 Income tax receivable 708 6,116 Prepaid expenses and other 5,631 1,823 Current assets held for sale 6,495 86,869 Total current assets 223,049 353,774 Property and equipment, net 128,139 174,324 Operating lease right-of-use assets 8,784 13,812 Intangible assets, net 40,227 54,957 Other assets 2,977 3,216 Long-term assets held for sale 25,888 75,747 Total assets $                429,064 $                675,830 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $                  19,459 $                  22,426 Accrued expenses and other current liabilities 24,029 31,211 Floor plan notes payable, net of debt discount(1) 185,460 306,036 Current portion of financing liability 2,673 2,792 Current portion of revolving credit facility 10,000 10,000 Current portion of long-term debt 352 1,168 Current portion of operating lease liability 2,300 3,711 Current liabilities related to assets held for sale 71 1,530 Total current liabilities 244,344 378,874 Long-term liabilities: Financing liability, net of debt discount 86,011 76,007 Revolving credit facility 17,826 20,344 Long-term debt, net of debt discount 12,251 27,417 Related party debt, net of debt discount 3,111 36,217 Operating lease liability 6,813 10,592 Deferred income tax liability 1,587 1,348 Warrant liabilities 1,019 5,709 Other long-term liabilities — 6,721 Long-term liabilities related to assets held for sale 153 23,001 Total liabilities 373,115 586,230 Stockholders' Equity Common stock(2) — — Additional paid-in capital(2) 261,946 261,475 Treasury stock, at cost (57,128) (57,128) Retained deficit (148,869) (114,747) Total stockholders' equity 55,949 89,600 Total liabilities and stockholders' equity $                429,064 $                675,830 (1) Includes floor plan notes payable associated with inventories classified as held for sale of $6.5 million as of June 30, 2025 and $86.8 million as of December 31, 2024. (2) Amounts have been adjusted to reflect the reverse stock split effective on July 11, 2025. Statements of Cash Flows Six Months Ended June 30, (In thousands) 2025 2024 Operating Activities Net loss $                (34,122) $                (66,201) Adjustments to reconcile net loss to net cash provided by operating activities: Stock-based compensation 471 1,104 Bad debt expense 516 76 Depreciation of property and equipment 5,516 6,346 Amortization of intangible assets 2,466 4,070 Amortization of debt discount 5,730 506 Non-cash operating lease expense (253) (217) Loss (gain) on sale of businesses, property and equipment 2,411 (1,044) Deferred income taxes 239 16,375 Change in fair value of warrant liabilities (4,689) 337 Impairment charges 10,576 — Changes in operating assets and liabilities: Receivables 1,923 (6,188) Inventories 31,114 141,705 Prepaid expenses and other (3,319) (2,293) Income tax receivable 5,408 744 Other assets 241 (424) Accounts payable, accrued expenses and other liabilities (16,870) 6,419 Net cash provided by operating activities 7,358 101,315 Investing Activities Net proceeds from sale of businesses, property and equipment 171,977 2,950 Purchases of property and equipment (53) (12,917) Net cash provided by (used) in investing activities 171,924 (9,967) Financing Activities Net repayments under M&T bank floor plan (120,723) (114,824) Principal repayments on revolving credit facility (2,518) (5,000) Principal repayments on long-term debt and financing liabilities (56,041) (1,317) Proceeds from issuance of long-term debt and financing liabilities — 16,429 Loan issuance costs — (2,812) Proceeds from shares issued pursuant to the Employee Stock Purchase Plan — 113 Net cash used in financing activities (179,282) (107,411) Net decrease in cash — (16,063) Cash, beginning of period 24,702 58,085 Cash, end of period $                  24,702 $                  42,022 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 excludes stock-based compensation expense; LIFO adjustment; impairment charges; loss (gain) on sale of businesses, 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, 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 businesses, property 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 June 30, Six Months Ended June 30, (In thousands) 2025 2024 2025 2024 Net loss $            (24,589) $            (44,221) $            (34,122) $            (66,201) Interest expense, net 10,667 11,545 21,426 23,744 Depreciation and amortization 3,400 4,956 7,982 10,417 Income tax expense (336) 23,821 (8) 17,021 EBITDA (10,858) (3,899) (4,722) (15,019) Floor plan interest expense (3,269) (5,708) (7,859) (13,384) LIFO adjustment (1,508) 315 (6,453) 441 Loss (gain) on sale of businesses, propertyand equipment 1,952 (1,044) 2,411 (1,044) Impairment charges 7,676 — 10,576 — (Gain) loss on change in fair value of warrantliabilities (407) 337 (4,689) 337 Stock-based compensation expense 174 595 471 1,104 Adjusted EBITDA $              (6,240) $              (9,404) $            (10,265) $            (27,565) SOURCE Lazydays RV WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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