Revenue contracted by 52.5% year-over-year in 2025Q3, driving operating margins to a deeply negative -78.1% due to an inability to scale fixed costs.
| Sales/Revenue | 547.36M | 871.56M | 1.08B | 1.33B | 1.24B | 817.11M | 644.91M | 608.19M | 614.84M | 565.35M |
| Revenue Growth % | -40.55% | -19.5% | -18.4% | 7.44% | 51.15% | 26.7% | 6.04% | -1.08% | 8.75% | - |
| Cost of Goods Sold | 419.38M | 710.71M | 854M | 998.27M | 924.68M | 649.39M | 523.55M | 485.94M | 487.7M | 448.17M |
| COGS % of Revenue | - | 81.54% | 78.87% | 75.23% | 74.87% | 79.47% | 81.18% | 79.9% | 79.32% | 79.27% |
| Gross Profit | 127.98M | 160.85M | 228.74M | 328.69M | 310.37M | 167.72M | 121.37M | 122.25M | 127.14M | 117.18M |
| Gross Margin % | 23.38% | 18.46% | 21.13% | 24.77% | 25.13% | 20.53% | 18.82% | 20.1% | 20.68% | 20.73% |
| Gross Profit Growth % | - | -29.68% | -30.41% | 5.9% | 85.05% | 38.19% | -0.72% | -3.84% | 8.5% | - |
| Operating Expenses | 289.35M | 259.81M | 335.42M | 238.98M | 184.53M | 119.25M | 107.16M | 105.58M | 105.1M | 97.61M |
| OpEx % of Revenue | - | 29.81% | 30.98% | 18.01% | 14.94% | 14.59% | 16.62% | 17.36% | 17.09% | 17.27% |
| Selling, General & Admin | 158.84M | 200.09M | 198.31M | 222.22M | 184.53M | 119.25M | 107.16M | 105.58M | 105.1M | 97.61M |
| SG&A % of Revenue | - | 22.96% | 18.32% | 16.75% | 14.94% | 14.59% | 16.62% | 17.36% | 17.09% | 17.27% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 59.72M | 137.11M | 16.76M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -161.37M | -98.95M | -106.67M | 89.72M | 125.84M | 48.47M | 14.21M | 16.67M | 22.04M | 19.57M |
| Operating Margin % | -29.48% | -11.35% | -9.85% | 6.76% | 10.19% | 5.93% | 2.2% | 2.74% | 3.58% | 3.46% |
| Operating Income Growth % | - | 7.24% | -218.9% | -28.71% | 159.6% | 241.24% | -14.78% | -24.38% | 12.64% | - |
| EBITDA | -144.45M | -78.33M | -88.16M | 106.47M | 140.33M | 63.37M | 25.02M | 26.08M | 28.07M | 24.82M |
| EBITDA Margin % | -26.39% | -8.99% | -8.14% | 8.02% | 11.36% | 7.75% | 3.88% | 4.29% | 4.57% | 4.39% |
| EBITDA Growth % | -5.3% | 11.16% | -182.8% | -24.13% | 121.45% | 153.29% | -4.09% | -7.08% | 13.08% | - |
| D&A (Non-Cash Add-back) | 16.92M | 20.63M | 18.51M | 16.76M | 14.49M | 14.89M | 10.81M | 9.42M | 6.03M | 5.26M |
| EBIT | -177.85M | -100.15M | -105.85M | 102.17M | 118.76M | 33.04M | 15.89M | 12.77M | 22.14M | 19.57M |
| Net Interest Income | -35.76M | -46.91M | -34.88M | -16.59M | -8.5M | -8.05M | -10.33M | 0 | -8.75M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 35.76M | 46.91M | 34.88M | 16.59M | 8.5M | 8.05M | 10.33M | 10.02M | 8.75M | 7.27M |
| Other Income/Expense | -52.23M | -48.11M | -34.05M | -4.14M | -15.57M | -23.48M | -8.64M | -13.92M | -8.65M | -7.27M |
| Pretax Income | -213.6M | -147.06M | -140.73M | 85.58M | 110.26M | 24.99M | 5.56M | 2.75M | 13.39M | 12.29M |
| Pretax Margin % | -39.02% | -16.87% | -13% | 6.45% | 8.93% | 3.06% | 0.86% | 0.45% | 2.18% | 2.17% |
| Income Tax | -1M | 16.65M | -30.46M | 19.18M | 28.24M | 10.36M | 1.1M | 3.04M | 5.08M | 4.51M |
| Effective Tax Rate % | 0.47% | -11.32% | 21.65% | 22.42% | 25.61% | 41.47% | 19.72% | 110.32% | 37.98% | 36.69% |
| Net Income | -212.6M | -163.71M | -110.27M | 66.39M | 55.27M | 14.63M | 4.46M | -284K | 8.3M | 7.78M |
| Net Margin % | -38.84% | -18.78% | -10.18% | 5% | 4.48% | 1.79% | 0.69% | -0.05% | 1.35% | 1.38% |
| Net Income Growth % | -10.83% | -48.47% | -266.08% | 20.11% | 277.92% | 227.57% | 1672.18% | -103.42% | 6.67% | - |
| Net Income (Continuing) | -212.6M | -163.71M | -110.27M | 66.39M | 82.02M | 14.63M | 4.46M | -284K | 8.3M | 7.78M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -56.76 | -250.20 | -252.30 | 106.50 | 84.90 | 17.10 | -4.50 | -1.01 | 29.40 | 27.60 |
| EPS Growth % | 52.23% | 0.83% | -336.9% | 25.44% | 396.49% | 480% | -347.76% | -103.42% | 6.52% | - |
| EPS (Basic) | - | -250.20 | -252.30 | 104.10 | 145.50 | 17.10 | -4.50 | -1.01 | 29.40 | 27.60 |
| Diluted Shares Outstanding | 3.75M | 683.54K | 451.74K | 422.33K | 644.82K | 323.72K | 322.8K | 279.56K | 279.56K | 279.56K |
| Basic Shares Outstanding | 3.75M | 683.54K | 451.74K | 386.14K | 376.29K | 323.72K | 322.8K | 279.56K | 279.56K | 279.56K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 180.68% | 571.73% |
Liquidity and solvency pressure
As indicated by the most recent quarterly data, GORV's top-line performance has deteriorated significantly, with revenue falling to $101.4 million in 2025Q3, representing a sharp 52.5% year-over-year decline that underscores the severe cyclical headwinds currently impacting the company's core recreational vehicle dealership business model.
The consistent double-digit revenue declines observed over the last ten quarters suggest that the company is struggling to maintain market share in a high-interest rate environment. This trajectory implies that the demand for high-ticket discretionary items remains suppressed, and the lack of a clear stabilization point warrants significant caution regarding future growth durability.
Based on reported financial statements, GORV's operating margins have collapsed into deeply negative territory, reaching -78.1% in 2025Q3, which highlights a profound inability to scale operations effectively against a high fixed-cost base during periods of rapidly diminishing sales volume and inventory turnover.
The volatility in gross margins, which fluctuated from 11.9% to 26.4% over the observed period, suggests that the company lacks consistent pricing power and is likely forced into aggressive discounting to move aging inventory. Investors should monitor whether the company can achieve a structural shift in its service-to-sales mix to mitigate these recurring margin pressures.
According to the income statement analysis, GORV's operating expenses have failed to adjust in proportion to the revenue decline, resulting in an operating loss of $79.2 million in 2025Q3, which demonstrates a lack of operational flexibility and significant inefficiency in managing overhead costs during downturns.
The inability to achieve positive operating income even when revenue was higher in previous periods suggests that the company's fixed-cost structure is disproportionately heavy for its current scale. This lack of operating leverage implies that any future recovery in sales may be insufficient to restore profitability without a fundamental restructuring of the dealership footprint.
As evidenced by the persistent net losses and the recent $82.4 million deficit in 2025Q3, the company's current financial trajectory appears unsustainable, raising critical questions about the viability of its high-cost destination dealership model in a market characterized by reduced consumer discretionary spending and elevated financing costs.
Short-term observers may focus on the potential for asset liquidation or the value of the Tampa flagship, but the income statement suggests that the core business is currently consuming capital at an alarming rate. The absence of a clear path to positive net income suggests that the company may face significant liquidity risks if the current sales environment does not improve immediately.
Quick answers to the most common questions about buying GORV stock.
For fiscal year 2024, Lazydays Holdings, Inc. (GORV) reported total revenue of $871.6M. This represents a 54.2% increase compared to $565.3M in 2016.
Lazydays Holdings, Inc. (GORV) reported a net loss of $163.7M for the fiscal year ending 2024.
Lazydays Holdings, Inc. (GORV) reported an operating income of $-99.0M, resulting in an operating profit margin of -11.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Lazydays Holdings, Inc. (GORV) generated $160.9M in gross profit for the year, representing a gross profit margin of 18.5%. This demonstrates the company's core pricing power and production efficiency.