gorv-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


¨			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 001-38424

Lazydays Holdings, Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware						82-4183498
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)


4042 Park Oaks Blvd, Tampa, Florida						33610
(Address of Principal Executive Offices)						(Zip Code)

813-246-4999

(Registrant’s Telephone Number, Including Area Code)

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock

GORV

Nasdaq Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨ No x

There were 3,735,655 shares of common stock, par value $0.0001, issued and outstanding as of August 7, 2025. The foregoing takes into account the reverse stock split of the registrant’s common stock that became effective at 5:00 pm Eastern time on July 11, 2025. The registrant’s common stock began trading on a post-reverse split adjusted basis at the open of the market on July 14, 2025.

Table of Contents

Lazydays Holdings, Inc.

Form 10-Q for the Quarter Ended June 30, 2025

Table of Contents


			Page
PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements			3

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations			24

Item 3 – Quantitative and Qualitative Disclosures about Market Risk			44

Item 4 – Controls and Procedures			44

PART II – OTHER INFORMATION



Item 1A – Risk Factors			47

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds			47





Item 5 – Other Information			47

Item 6 – Exhibits			48

Signatures			50

Table of Contents

Part I – FINANCIAL INFORMATION

Item 1. Financial Statements

LAZYDAYS HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share data)


	June 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash	$	24,702	$	24,702
Receivables, net of allowance for doubtful accounts of $616 and $763	19,879		22,318
Inventories, net	165,634		211,946
Income tax receivable	708		6,116
Prepaid expenses and other	5,631		1,823
Current assets held for sale	6,495		86,869
Total current assets	223,049		353,774
Property and equipment, net	128,139		174,324
Operating lease right-of-use assets	8,784		13,812
Intangible assets, net	40,227		54,957
Other assets	2,977		3,216
Long-term assets held for sale	25,888		75,747
Total assets	$	429,064	$	675,830
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	19,459	$	22,426
Accrued expenses and other current liabilities	24,029		31,211
Floor plan notes payable, net of debt discount	185,460		306,036
Current portion of financing liability	2,673		2,792
Current portion of revolving credit facility	10,000		10,000
Current portion of long-term debt	352		1,168
Current portion of operating lease liability	2,300		3,711
Current liabilities related to assets held for sale	71		1,530
Total current liabilities	244,344		378,874
Long-term liabilities:
Financing liability, net of debt discount	86,011		76,007
Revolving credit facility	17,826		20,344
Long-term debt, net of debt discount	12,251		27,417
Related party debt, net of debt discount	3,111		36,217
Operating lease liability	6,813		10,592
Deferred income tax liability	1,587		1,348
Warrant liabilities	1,019		5,709
Other long-term liabilities	—		6,721
Long-term liabilities related to assets held for sale	153

SEC Form 10-Q filed by Lazydays Holdings Inc.