Lazydays (US:LAZY)2025-08-14 11:16Financial Performance - Total revenue for Q2 2025 was $131.3 million, a decrease of 44.3% compared to $235.6 million in Q2 2024[2] - Net loss for Q2 2025 was $24.6 million, improved from a net loss of $44.2 million in Q2 2024[2] - Adjusted EBITDA for Q2 2025 was $(6.2) million, an improvement from $(9.4) million in Q2 2024[2] - Gross profit for Q2 2025 was $34.2 million, down from $47.4 million in Q2 2024, reflecting a gross profit margin decrease[10] - New vehicle retail revenue in Q2 2025 was $77.5 million, down 45.9% from $143.3 million in Q2 2024[10] - Pre-owned vehicle retail revenue in Q2 2025 was $29.5 million, a decrease of 48.6% compared to $57.3 million in Q2 2024[10] - Net loss per diluted share for Q2 2025 was $6.67, significantly improved from $96.53 in Q2 2024[2] - Net loss for the first half of 2025 was $34,122, an improvement from a net loss of $66,201 in the same period of 2024[14] - For the three months ended June 30, 2025, the net loss was $24,589 thousand, an improvement from a net loss of $44,221 thousand in the same period of 2024[18] Operational Efficiency - The company aims to continue its turnaround plan focusing on operational performance and market position[2] - Gross profit margin for new vehicle retail increased to 11.0% in Q2 2025 from 9.2% in Q2 2024, while pre-owned vehicle retail rose to 20.3% from 19.0%[11] - Total gross profit margin improved to 26.0% in the first half of 2025 compared to 20.1% in the same period of 2024[11] - Retail units sold for new vehicles reached 1,068 in Q2 2025, up from 2,036 in Q2 2024, while pre-owned vehicle retail units sold increased to 598 from 1,100[11] - Average selling price per new vehicle retail unit rose to $72,531 in Q2 2025 from $70,458 in Q2 2024[11] - EBITDA for the three months ended June 30, 2025, was $(10,858) thousand, compared to $(3,899) thousand in 2024, indicating a decline in operational performance[18] - Adjusted EBITDA for the six months ended June 30, 2025, was $(10,265) thousand, significantly better than $(27,565) thousand in the same period of 2024[18] Asset Management - The company reduced total liabilities by over $200 million during the first half of 2025 through the sale of non-core assets[2] - Total current assets decreased to $223,049 thousand as of June 30, 2025, down from $353,774 thousand at the end of 2024[12] - Total liabilities reduced to $373,115 thousand as of June 30, 2025, compared to $586,230 thousand at the end of 2024[12] - The company reported a significant increase in net proceeds from the sale of businesses and property, totaling $171,977 thousand in the first half of 2025[14] - The company recorded a loss on the sale of businesses, property, and equipment of $2,411 thousand for the six months ended June 30, 2025, compared to a gain of $(1,044) thousand in 2024, reflecting challenges in divestitures[18] Cost Management - Interest expense, net for the first half of 2025 was $21,426 thousand, down from $23,744 thousand in 2024, reflecting a reduction in borrowing costs[18] - Depreciation and amortization expenses decreased to $7,982 thousand for the six months ended June 30, 2025, from $10,417 thousand in 2024, indicating improved asset utilization[18] - Stock-based compensation expense for the first half of 2025 was $471 thousand, down from $1,104 thousand in 2024, indicating a reduction in equity compensation costs[18] - The LIFO adjustment for the six months ended June 30, 2025, was $(6,453) thousand, compared to a positive adjustment of $441 thousand in 2024, indicating increased inventory costs[18] - The floor plan interest expense for the first half of 2025 was $7,859 thousand, down from $13,384 thousand in 2024, suggesting improved financing terms[18] Impairment and Charges - The company recognized non-cash impairment charges of $7.7 million in Q2 2025 related to intangible assets[2] - Impairment charges for the six months ended June 30, 2025, were $10,576 thousand, with no charges reported in the same period of 2024, suggesting potential asset valuation concerns[18]