Latham Group, Inc.

Listed Company

SWIMCIK 0001833197NasdaqAcceleratedEmerging GrowthPlastics Products, NecNew YorkFY ends Dec 31

Period

FY 2025

Revenue

$545.91M

Net Income

$11.12M

Total Assets

$823.22M

Equity

$405.86M

Shares Out

116.77M

Op. Cash Flow

$63.43M

Business

Latham Group, Inc. designs, manufactures, and markets in-ground residential swimming pools. It offers a broad portfolio including fiberglass pools, custom vinyl packaged pools, pool covers (automatic safety and all-season), and replacement liners, plus related accessories and services. The company operates as a single reportable segment focused on pool products and dealer support, including training, digital lead generation and strategic dealer partnerships. Latham sells primarily through a direct-to-homeowner digital marketing model to dealers and via distributors across North America, Australia, and New Zealand.

Summary from filing dated 2025-03-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	546	509	566	696	630
Cost of sales	364	355	414	479	426
Gross profit	182	154	153	216	204
Selling, general, and administrative expense	123	108	110	147	218
Amortization	29	27	27	28	23
Income from operations	31	18	16	30	−36
Interest expense, net	26	25	31	16	—
Other (income) expense, net	−3	6	−1	1	−5
Total other expense, net	22	31	30	21	20
Earnings from equity method investment	5	4	4	4	2
Income (loss) before income taxes	13	−9	−10	14	−54
Income tax expense (benefit)	2	9	−8	19	9
Net income (loss)	11	−18	−2	−6	−62
Basic (in usd per share)	0.1	−0.15	−0.02	−0.05	−0.56
Diluted (in usd per share)	0.09	−0.15	−0.02	−0.05	−0.56
Basic (in shares)	116	115	113	113	111
Diluted (in shares)	120	115	113	113	111

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	71	56	103	33	44
Trade receivables, net	40	32	30	49	61
Inventories, net	75	77	97	165	110
Income tax receivable	12	4	983,000	2	4
Prepaid expenses and other current assets	21	9	7	6	11
Total current assets	219	178	239	255	229
Property and equipment, net	119	113	113	98	64
Equity method investment	26	25	26	25	23
Deferred tax assets	718,000	729,000	7	8	11
Operating lease right-of-use assets	31	28	31	38	—
Goodwill	155	153	131	131	129
Intangible assets, net	268	293	283	309	338
Other assets	4	4	5	5	—
Total assets	823	794	835	870	794
Accounts payable	19	13	—	25	38
Current maturities of long-term debt	3	3	21	3	17
Current operating lease liabilities	8	7	7	7	—
Accrued expenses and other current liabilities	49	47	41	51	—
Total current liabilities	79	71	86	87	115
Long-term debt, net of discount, debt issuance costs, and current portion	277	278	280	310	263
Deferred income tax liabilities, net	34	32	40	50	56
Non-current operating lease liabilities	24	22	25	32	—
Other long-term liabilities	3	3	5	702,000	453,000
Total liabilities	417	407	436	487	441
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.0001 par value; 100,000,000 shares authorized as of both December 31, 2024 and December 31, 2023; no shares issued and outstanding as of both December 31, 2024 and December 31, 2023	0	0	0	0	0
Common stock, $0.0001 par value; 900,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 115,764,839 and 114,871,782 shares issued and outstanding, as of December 31, 2024 and December 31, 2023, respectively	12,000	12,000	11,000	11,000	12,000
Additional paid-in capital	473	467	460	441	402
Accumulated deficit	−64	−75	−57	−55	−49
Accumulated other comprehensive loss	−4	−5	−4	−4	370,000
Total stockholders equity	406	387	399	383	354
Total liabilities and stockholders equity	823	794	835	870	794

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	11	−18	−2	−6	−62
Depreciation and amortization	51	44	41	38	32
Gain on insurance proceeds received for capital	0	0	−1	0	—
Unrealized foreign currency (gains) loss	−4	6	−110,000	3	—
Amortization of deferred financing costs and debt discount	2	2	2	2	6
Non-cash lease expense	8	7	8	7	—
Change in fair value of interest rate swap	717,000	−808,000	5	−3	−858,000
Deferred income taxes	2	−2	−10	−4	−12
Stock-based compensation expense	9	7	19	51	129
Bad debt expense	2	2	5	2	986,000
Other non-cash, net	651,000	1	16,000	1	365,000
Distributions received from equity method investment	4	5	3	2	2
Provision on liability for uncertain tax positions	0	0	−8	1	—
Trade receivables	−9	−2	13	9	−26
Inventories	3	23	68	−57	−40
Prepaid expenses and other current assets	−2	−2	−1	5	−4
Income tax receivable	−8	−3	1	2	338,000
Other assets	−244,000	1	−4	−466,000	800,000
Accounts payable	6	−4	−9	−12	11
Accrued expenses and other current liabilities	−6	−1	−12	−19	5
Other long-term liabilities	−573,000	−711,000	3	249,000	−1
Net cash provided by operating activities	63	61	116	32	34
Purchases of property and equipment	−25	−20	−33	−40	−25
Deposit on property purchases	−12	0	0	—	—
Capital reimbursed from insurance proceeds	0	0	1	0	—
Acquisition of business, net of cash acquired	−5	−65	0	−5	−91
Net cash used in investing activities	−42	−85	−32	−45	−108
Payments on long-term debt borrowings	−3	−21	−13	−286	−169
Proceeds from borrowings on revolving credit facility	25	0	48	25	16
Payments on revolving credit facilities	−25	0	−48	−25	−16
Repayments of finance lease obligations	−823,000	−771,000	−625,000	0	—
Common stock withheld for taxes on restricted stock units	−3	0	0	—	—
Net cash used in financing activities	−7	−22	−14	4	60
Effect of exchange rate changes on cash	507,000	−1	−631,000	−2	−861,000
Net increase (decrease) in cash	15	−46	70	−11	−15
Cash paid for interest	27	25	26	13	17
Income taxes paid, net	8	15	7	20	20
Purchases of property and equipment included in accounts payable and accrued expenses	1	510,000	955,000	6	664,000
Right-of-use operating and finance lease assets obtained in exchange for lease liabilities	10	5	6	46	—

Filings

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