Financial Performance - Total revenue for Q1 2025 was $165.8 million, a decrease of 38.5% compared to $270.1 million in Q1 2024[2] - Net loss for Q1 2025 was $9.5 million, improved from a net loss of $22.0 million in Q1 2024[2] - Adjusted EBITDA for Q1 2025 was $(4.0) million, compared to $(18.2) million in Q1 2024[2] - The company reported a net loss of $9,533,000 for the three months ended March 31, 2025, compared to a net loss of $21,980,000 in the same period of 2024, indicating an improvement in financial performance[14] - Adjusted EBITDA for the three months ended March 31, 2025, was $(4,025,000), an improvement from $(18,161,000) in Q1 2024, highlighting a positive trend in core operating results[18] Profitability Metrics - Gross profit increased to $43.8 million in Q1 2025, with a total gross profit margin of 26.4%, up from 14.0% in Q1 2024[11][12] - New vehicle retail gross profit margin improved to 11.1% in Q1 2025, compared to 3.7% in Q1 2024[12] Sales and Units - Retail units sold decreased to 2,148 in Q1 2025 from 3,521 in Q1 2024[12] - Average selling price for new vehicles increased to $85,318 in Q1 2025, up from $74,263 in Q1 2024[12] Debt and Liabilities - The company repaid approximately $145 million in debt during the quarter, significantly de-leveraging its balance sheet[2] - Total liabilities decreased to $429.1 million as of March 31, 2025, down from $586.2 million at the end of 2024[13] Cash Flow and Liquidity - Net cash provided by operating activities was $26,032,000 for Q1 2025, a decrease from $80,240,000 in Q1 2024, reflecting changes in working capital[14] - Total cash at the end of the period was $19,727,000, down from $39,350,000 at the end of Q1 2024, indicating a decrease in liquidity[14] - The company’s cash flow from financing activities showed a net outflow of $144,939,000 in Q1 2025, compared to a net outflow of $90,210,000 in Q1 2024, indicating increased financing pressures[14] Expenses - The company incurred $10,759,000 in interest expense for the three months ended March 31, 2025, compared to $12,199,000 in the same period of 2024[18] - Depreciation and amortization expenses totaled $4,582,000 for Q1 2025, down from $5,461,000 in Q1 2024, suggesting improved asset utilization[18] Inventory and Asset Management - The company reported a significant increase in inventories, with a change of $32,346,000 for the three months ended March 31, 2025, compared to $109,442,000 in the same period of 2024[14] - The company experienced a loss on the sale of businesses, property, and equipment amounting to $459,000 in Q1 2025, while there were no such losses reported in Q1 2024[18] - The company generated $113,947,000 in net proceeds from the sale of businesses, property, and equipment during the three months ended March 31, 2025[14]
Lazydays Holdings(GORV) - 2025 Q1 - Quarterly Results