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Lazydays (NasdaqCM: GORV) reported its first-quarter results for 2024, reflecting a net loss of $22.0 million compared to a $0.3 million loss in Q1 2023. Revenue fell to $270.6 million, down from $295.7 million the previous year. Adjusted net loss was $21.4 million, contrasting with an adjusted net income of $1.2 million in Q1 2023. The company anticipates a pre-tax loss for the full year but expects positive EBITDA and adjusted operational cash flow.
CEO John North highlighted the company's focus on maintaining a healthy inventory with over 90% of units being 2024 and 2025 models. A $15 million increase in their mortgage loan facility was secured to provide financial flexibility. The company issued warrants for 2 million shares at $5.25 each as part of this funding. Cash on hand totals $39 million, with potential for an additional $45 million from refinancing.
Lazydays Holdings, Inc. (NasdaqCM: GORV) has delayed the filing of its Form 10-Q with the SEC, leading to the postponement of its first quarter 2024 earnings release and conference call. The company aims to file the Form 10-Q within the 5-day grace period provided by rule 12b-25.
Lazydays, a key player in the RV industry since 1976, is known for its exceptional RV sales, service, and ownership experiences. The company is focused on rapid expansion through acquisitions and new builds, offering a wide selection of RV brands, state-of-the-art service facilities, and a range of accessories and parts to cater to RV enthusiasts.
Lazydays Holdings, Inc. (NasdaqCM: GORV) will release its first quarter 2024 financial results on May 10, 2024, followed by a conference call at 8:30 a.m. Eastern Time. Investors can participate via telephone or online.