---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-057468"
form_type: "8-K"
ticker: "SWIM"
cik: "0001833197"
company_name: "Latham Group, Inc."
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T09:53:20.153035+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Latham Q1 net sales down 28% to $137.7M; net loss $14.4M; affirms FY23 guidance

## Summary
- Net sales $137.7M, down 28.1% YoY; net loss $14.4M vs $2.8M loss prior year.
- Adjusted EBITDA $11.0M (8.0% margin), down 77% from $48.0M a year ago.
- Gross margin fell to 24.2% from 36.9% on fixed cost deleverage and inflation.
- Cash and revolver availability total $82.0M; total debt $360.5M.
- Affirms FY23 guidance: net sales $565-615M, Adj EBITDA $90-110M, capex $35-40M.

## SEC filing metadata
- accession: 0001104659-23-057468
- form_type: 8-K
- ticker: SWIM
- cik: 0001833197
- company_name: Latham Group, Inc.
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1833197/000110465923057468/0001104659-23-057468-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1833197/000110465923057468/tm2315081d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-057468
- JSON: https://secwatch.observer/filing/0001104659-23-057468.json
- Plain text: https://secwatch.observer/filing/0001104659-23-057468.txt

## Key facts
- Earnings Releases
  Latham Group, Inc. reported full year fiscal 2023 results: revenue Net Sales $ 565 million $ 615 million. Guidance reaffirmed.
  - Period: full year fiscal 2023
  - Revenue: Net Sales $ 565 million $ 615 million
  - Guidance: reaffirmed
  - Result: guidance update
  source text: investments with a focus on the completion of projects for the Kingston, Ontario and Seminole, Oklahoma fiberglass manufacturing facilities. Metric Low High Net Sales $ 565 million $ 615 million Adjusted EBITDA 1 $ 90 million $ 110 million Capital Expenditures $ 35 million $ 40 million 1 A reconciliation of Latham’s projected Adjusted EBITDA to net loss for
  evidence_url: https://www.sec.gov/Archives/edgar/data/1833197/000110465923057468/0001104659-23-057468-index.htm
- Earnings Releases
  Latham Group, Inc. reported first quarter of its fiscal year 2023 ended April 1, 2023 results: revenue $137.7 million, net income Net loss of $14.4 million, EPS ($0.13) per share.
  - Period: first quarter of its fiscal year 2023 ended April 1, 2023
  - Revenue: $137.7 million
  - Net income: Net loss of $14.4 million
  - EPS: ($0.13) per share
  - Result: preliminary results
  source text: First Quarter Fiscal 2023 Results Net sales for the first quarter of fiscal 2023 were $137.7 million, down $53.9 million, or 28.1% from first quarter of fiscal 2022. The decrease was primarily attributable to volume declines as the pool market returned to pre-2020 seasonality, the wholesale channel continued to destock packaged pool inventory, and macroeconomic challenges continued. Gross profit for the first quarter of fiscal 2023 was $33.4 million, down $37.3 million, or 52.8% from the prior fiscal year’s first quarter. Gross margin was 24.2%, compared to 36.9% in the prior year period. Gross profit and gross margin were driven by reduced sales, negative fixed cost leverage from volume declines, the impact of inflation, and the right sizing of our inventory. Selling, general, and administrative expenses (“SG&A”) decreased to $33.1 million from $45.2 million in the first quarter of fiscal 2022, driven primarily by a $9.4 million decrease in stock-based compensation expense and benefit
  evidence_url: https://www.sec.gov/Archives/edgar/data/1833197/000110465923057468/0001104659-23-057468-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.