Lazydays Reports Financials; General RV to Acquire 3 Stores – RVBusiness – Breaking RV Industry News
TAMPA, Fla. — Lazydays Holdings, Inc. (NASDAQCM: GORV) announced today that it has signed a letter of intent (LOI) to divest three store locations to General RV Center. The LOI is generally nonbinding, with the exception of a 75-day exclusivity provision relating to the three stores. The stores are located in Ft. Pierce, Fla., Longmont, Colo., and Mesa, Ariz. The divestiture of the stores is expected to be finalized within 75 days.
In a separate release, Lazydays also reported financial results for the fourth quarter and fiscal year ended Dec. 31, 2024 (see below).
“As we continue to evaluate and streamline our dealership footprint to maximize shareholder value, we made the decision to strategically divest three stores from our portfolio,” stated Ron Fleming, Interim CEO of Lazydays. “We expect this transaction to add meaningful cash to our balance sheet, reduce our indebtedness and decrease geographical redundancy in our footprint, while allowing Lazydays to continue our operational improvements among a more focused dealership network. General RV Center is an established dealership operator that closely aligns with our brand, employee, and facility standards, and we are confident the company will serve as a strong steward for these stores going forward.”
“We are pleased to partner with a well-established dealership like Lazydays to expand our reach and enhance opportunities for RV enthusiasts in key markets,” stated General RV CEO Loren Baidas. Entering Arizona and Colorado aligns with our growth strategy, building on the strong performance of our Utah locations and our deep experience in Florida, where we operate seven dealerships. This collaboration strengthens our presence and benefits customers in these regions. We are thrilled to have these three locations join the General RV family of dealerships.”
“2024 was a year of significant transformation for Lazydays,” Fleming continued, “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.”
Fourth Quarter, Fiscal Year 2024 Financial Report
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 Dec. 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 Developments
As mentioned, Lazydays also 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, Fla.; Longmont, Colo.; and Mesa, Ariz. If completed, this transaction will add meaningful cash to the company’s balance sheet, reduce its 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. under an asset purchase agreement and a real estate purchase agreement: Elkhart, Ind.; Surprise, Ariz.; Murfreesboro, Tenn.; Sturtevant, Wisc.; and Woodland, Wash.. In March 2025, Camping World elected to not close on the purchase of two of the company’s dealerships located in Portland, Ore., 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, Ore., 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, Lazydays 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 Feb. 21, 2023. For more information on the Waiver, please see the company’s Current Report on Form 8-K filed on March 28, 2025 with the U.S. Securities and Exchange Commission.
Conference Call Information
Lazydays has 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 the company’s website or for replay, visit https://www.lazydays.com/investor-relations.
Lazydays is a publicly listed company on the Nasdaq stock exchange under the ticker “GORV.”
