Lazydays filed its third-quarter financial report Monday with the Securities and Exchange Commission (SEC). The RV dealer chain reported a net loss of $17.665 million on revenues of $213.465 million.
In the third quarter of 2023, the company reported a $5.586 million net loss.
Through the first nine months of 2024, Lazydays said the company had recorded $722.745 million in revenues and a net loss of $90.04 million.
Ron Fleming, the company’s interim CEO, said, “Despite challenging financial results during the third quarter, which continued to be impacted by economic and other industry-wide demand headwinds, we are very encouraged by the completion of last week’s recapitalization transactions. These transformative transactions have fortified the company’s financial foundation and operational focus and mark a turning point for Lazydays as we position ourselves for a stronger, more agile future. With a streamlined balance sheet, enhanced liquidity, and a simplified dealership network, we are better equipped to navigate the evolving RV landscape and deliver on our commitment to industry leadership.”
The financial report release came three days after the company executed store sales and raised funds through private recapitalizations.
“Collectively, we believe that these transactions mark a turning point for the trajectory of Lazydays,” Fleming said. “To be sure, these steps were taken with careful consideration for all stakeholders, including our shareholders, lenders, creditors, customers, OEM partners and especially our dedicated employees. I know change can be challenging, but I am incredibly optimistic about the future of our business. This recapitalization allows us to emerge stronger, more agile and better equipped to navigate the evolving RV landscape.”
As of Sept. 30, 2024, Lazydays had $285.596 million in new RV inventory across its 23 stores and $40.913 million in used RV inventory. The total equates to 235 days’ supply of new RVs and 76 days’ supply of used RVs. Both numbers are down from Dec. 31, 2023, levels of 380 days’ supply of new RVs and 132 days’ supply of used RVs.
In its SEC filing, Lazydays said the company has been a prominent player in the RV industry since its 1976 founding.
“We attract new customers primarily through Lazydays dealership locations, as well as digital and traditional marketing efforts,” the company’s filing said. “Once we acquire customers, those customers become part of our customer database, where we use customer relationship management tools and analytics to actively engage, market and sell our products and services. In January 2024, we launched a complete rebranding effort with new websites, logos, fonts and colors, as well as a new stock symbol. We believe these rebranding efforts will enhance our digital retail experience, particularly on mobile devices, which account for over 80% of our website traffic.”
Lazydays employed about 1,300 workers as of Sept. 30, 2024, and offered more than 4,000 new and used RVs. The dealer chain’s service bays total over 400.
Lazydays reported 2,750 RV sales in the third quarter of 2024, down 14.3% from the third quarter of 2023. The company said decreased sales were primarily due to inventory discounts and a contracting market.
The company’s finance and insurance revenue per unit rose 15.7% from the third quarter of 2023 to $5,939 in the third quarter of 2024.
“Today, we begin a new chapter in building a stronger Lazydays,” Fleming said, “one that is poised for long-term growth and success. We continue to be committed to investing in our people, fostering a culture of innovation, deepening our relationships with our valued OEM partners and providing the best party experience in the industry, from sales and service to financing and beyond.”
