Filing Flows › Latham Group (SWIM) › Q1 2025
Latham Group (SWIM) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Latham Group (SWIM) reported revenue of $111M for the first quarter 2025 (Q1 2025), +0.7% from a year earlier and +28% from the quarter before. Operating margin was -4.4%, net loss $6.0M (5.4% of revenue).
Latham Group, Q1 2025: revenue $111M (+0.7% year over year), operating margin -4.4%, net loss $6.0M, operating cash flow −$46.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $111M | +28% | +0.7% |
| Operating profit | −$4.9M | — | — |
| Net earnings | −$6.0M | — | — |
| Operating cash flow | −$46.9M | — | — |
What changed
Revenue was $111.4M in Q1 2025, up 1% year over year and up 28% from the previous quarter. In-ground Swimming Pools was the largest line at 52% of revenue. Covers added $4.7M year over year (up 18%), 600% of the total change. Liners declined 8%.
Gross margin was 29.5%, up 1.9 points from a year earlier. Operating costs exceeded revenue by $4.9M, an operating margin of -4.4%. Operating expenses grew 16% against revenue growth of 1%. The fastest-growing cost line was SG&A (+17%). The quarter ended with a net loss of $6.0M, narrower than the previous quarter's $29.2M loss. Net interest and other expense of $5.1M was the main reason.
Operating cash flow was −$46.9M. Non-cash charges added back $12.4M of depreciation and amortization and $2.0M of share-based compensation. Working capital and other items used $55.3M. Capital expenditures of $3.5M exceeded it, leaving free cash flow of −$50.3M.
Questions
What was Latham Group's revenue in the first quarter 2025?
Latham Group (SWIM) reported revenue of $111M for the first quarter 2025 (Q1 2025), +0.7% from a year earlier and +28% from the quarter before.
Was Latham Group profitable in the first quarter 2025?
Operating loss was $4.9M (-4.4% of revenue) and net loss $6.0M.
Source: Latham Group 10-Q on SEC EDGAR.