Exhibit 99

Latham Group, Inc. Reports First Quarter 2025 Financial Results

First Quarter 2025 Financial Highlights:

LATHAM, N.Y. – May 6, 2025 – Latham Group, Inc. (Nasdaq: SWIM), the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand, today announced financial results for the first quarter 2025 ended March 29, 2025.

Commenting on the results, Scott Rajeski, President and CEO, said, “Our first quarter results were in line with our expectations and reflected the relative strength of Latham’s fiberglass pool and autocover product categories and the ongoing benefits from our lean manufacturing and value engineering initiatives.

“Both fiberglass pools and autocovers continue to benefit from increased consumer awareness and adoption, even as the broader pool industry faces challenging conditions. We are particularly pleased with the progress made to-date on our Sand State expansion strategy, which is designed to drive market share gains for Latham in Florida, Texas, Arizona, and California, which represent the majority of new pool starts. Together with our dealers, we are actively engaging in key Master Planned Communities in Florida and Texas, our initial target geographies. Additionally, our “GOOTSA” (Get Out of the Stone Age) ad campaign is active in both states, and we are sponsoring a wide range of community events to drive consumer awareness, increased website traffic and lead generation.

“Ongoing improvements from our lean manufacturing and value engineering initiatives drove a 190-basis point expansion in gross margin in the first quarter. This performance partially offset increased SG&A spending, which was primarily related to the Company’s growth initiatives.”

First Quarter 2025 Results

Net sales for the first quarter of 2025 were $111.4 million, up $0.8 million or 0.7%, from $110.6 million in the prior year’s first quarter, primarily reflecting positive sales momentum at the end of the quarter.

First Quarter Net Sales by Product Line
(in thousands)

Gross profit for the first quarter of 2025 was $32.9 million, up $2.3 million or 7.5% from $30.6 million in the prior year’s first quarter. Gross margin of 29.5% expanded by 190 basis points from 27.7% in the year-ago quarter, reflecting lean manufacturing and value engineering initiatives and a margin benefit from the three Coverstar acquisitions.

Selling, general, and administrative expenses were $30.6 million, an increase of $4.3 million or 16.6%, from $26.3 million in the first quarter of 2024, primarily representing increased spending on sales and marketing to drive future growth, as well as the three Coverstar acquisitions.

Net loss was $6.0 million, or $0.05 per diluted share, compared to a net loss of $7.9 million, or $0.07 per diluted share, reported for the prior year’s first quarter. Net loss margin narrowed to 5.4% compared to 7.1% for the first quarter of 2024.

Adjusted EBITDA for the first quarter of 2025 was $11.1 million, $1.2 million or 9.4% below the $12.3 million in the prior year’s first quarter. The decrease in Adjusted EBITDA was primarily due to increased investment in sales and marketing programs, partially offset by the benefits from lean manufacturing and value engineering initiatives. Adjusted EBITDA margin was 10.0%, 110 basis points below the 11.1% reported in the prior year period.

Balance Sheet, Cash Flow, and Liquidity

Latham ended the first quarter of 2025 with cash of $24.0 million. Net cash used in operating activities was $46.9 million, representing seasonal working capital requirements in line with the Company’s expectations.

Total debt was $306.9 million at the end of the first quarter, and the net debt leverage ratio was 3.6.

Capital expenditures totaled $3.5 million in the first quarter of 2025, compared to $5.3 million in the first quarter of 2024.

Summary and Outlook

“We are pleased that first quarter results were aligned with our expectations and have put us on track to achieve our full year guidance. After a few slow weeks in early January, we saw a nice sequential pick up of business activity in March, supporting our expectation for progressively higher year-on-year comparisons during the typically stronger second and third quarters of the year. At the same time, we remain cautious on 2025 new pool starts, which we currently project to be roughly in line with 2024 levels. Additionally, we are closely monitoring the impact of elevated tariffs on imported raw materials. Imports represent approximately 15-20% of the raw materials used in our manufacturing process, so our exposure is relatively limited. While tariff-related uncertainty remains, we are confident in our ability to offset raw material cost increases through strategic pre-purchasing and operational adjustments. Additionally, we recently implemented targeted price increases on certain products to help mitigate the impact of tariffs.

“Based on our current business trends reflecting the seasonal ramp-up in Q1 and early Q2, we are maintaining our full year 2025 guidance as outlined in the table below, which represents year-on-year sales growth of 8% at the midpoint. This expectation is primarily driven by category share gains in fiberglass pools and autocovers, along with contributions from the Coverstar Central acquisition in August 2024 and the early 2025 acquisitions of two of our smaller autocover dealers. Adjusted EBITDA growth of 19% at the midpoint reflects the significant operating leverage inherent in our business model, while also accounting for increased investment in growth initiatives,” Mr. Rajeski concluded.

FY 2025 Guidance Ranges

Conference Call Details

Latham will hold a conference call to discuss its first quarter 2025 financial results today, May 6, 2025, at 4:30 PM Eastern Time.

Participants are encouraged to pre-register for the conference call by visiting https://dpregister.com/sreg/10198351/fed5b9f0e6. Callers who pre-register will be sent a confirmation e-mail including a conference passcode and unique PIN to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

To ensure you are connected for the full call, please register at least 10 minutes before the start of the call.

A live audio webcast of the conference call, along with related presentation materials, will be available online at https://ir.lathampool.com/ under “Events & Presentations”.

Those without internet access or unable to pre-register may dial in by calling:

PARTICIPANT DIAL IN (TOLL FREE): 1-833-953-2435
PARTICIPANT INTERNATIONAL DIAL IN: 1-412-317-5764

An archived webcast will be available approximately two hours after the conclusion of the call, through May 6, 2026, on the Company’s investor relations website under “Events & Presentations.” A transcript of the event will also be available on the Company’s investor relations website approximately three business days after the call.

About Latham Group, Inc.

Latham Group, Inc., headquartered in Latham, NY, is the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. Latham has a coast-to-coast operations platform consisting of approximately 1,850 employees across around 30 locations.

Non-GAAP Financial Measures

We track our non-GAAP financial measures to monitor and manage our underlying financial performance. This news release includes the presentation of Adjusted EBITDA, Adjusted EBITDA margin, net debt and net debt leverage ratio, on a historical and pro forma basis, which are non-GAAP financial measures that exclude the impact of certain costs, losses, and gains that are required to be included under GAAP. Our pro forma presentation gives effect to the Coverstar Central acquisition as if it occurred as of January 1, 2023. Although we believe these measures are useful to investors and analysts for the same reasons it is useful to management, as discussed below, these measures are neither a substitute for, nor superior to, U.S. GAAP financial measures or disclosures. Other companies may calculate similarly-titled non-GAAP measures differently, limiting their usefulness as comparative measures. In addition, our presentation of non-GAAP financial measures should not be construed to imply that our future results will be unaffected by any such adjustments. We have reconciled our historic non-GAAP financial measures to the applicable most comparable GAAP measures in this news release.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA and Adjusted EBITDA margin are key metrics used by management and our board of directors to assess our financial performance. Adjusted EBITDA and Adjusted EBITDA margin are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures. We use Adjusted EBITDA and Adjusted EBITDA margin to supplement GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions, to utilize as a significant performance metric in our incentive compensation plans, and to compare our performance against that of other companies using similar measures. We have presented Adjusted EBITDA and Adjusted EBITDA margin solely as supplemental disclosures because we believe they allow for a more complete analysis of results of operations and assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance, such as (i) depreciation and amortization, (ii) interest expense, net, (iii) income tax expense (benefit), (iv) loss (gain) on sale and disposal of property and equipment, (v) restructuring charges, (vi) stock-based compensation expense, (vii) unrealized (gains) losses on foreign currency transactions, (viii) strategic initiative costs, (ix) acquisition and integration related costs and (x) other.

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures and should not be considered as alternatives to net income (loss) as a measure of financial performance or any other performance measure derived in accordance with GAAP, and they should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA and Adjusted EBITDA margin, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this news release. There can be no assurance that we will not modify the presentation of Adjusted EBITDA and Adjusted EBITDA margin in the future, and any such modification may be material. In addition, other companies, including companies in our industry, may not calculate Adjusted EBITDA and Adjusted EBITDA margin at all or may calculate Adjusted EBITDA and Adjusted EBITDA margin differently and accordingly, are not necessarily comparable to similarly entitled measures of other companies, which reduces the usefulness of Adjusted EBITDA and Adjusted EBITDA margin as tools for comparison.

Adjusted EBITDA and Adjusted EBITDA margin have their limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are that Adjusted EBITDA and Adjusted EBITDA margin:

Although depreciation and amortization are eliminated in the calculation of Adjusted EBITDA and Adjusted EBITDA margin, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA margin do not reflect any costs of such replacements.

Net Debt and Net Debt Leverage Ratio

Net Debt and Net Debt Leverage Ratio are non-GAAP financial measures used in monitoring and evaluating our overall liquidity, financial flexibility, and leverage. Other companies may calculate similarly titled non-GAAP measures differently, limiting their usefulness as comparative measures. We define Net Debt as total debt less cash and cash equivalents. We define the Net Debt Leverage Ratio as Net Debt divided by last twelve months (“LTM”) of Adjusted EBITDA. We believe this measure is an important indicator of our ability to service our long-term debt obligations. There are material limitations to using Net Debt Leverage Ratio as we may not always be able to use cash to repay debt on a dollar-for-dollar basis.

Forward-Looking Statements

Certain statements in this earnings release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release other than statements of historical fact may constitute forward-looking statements, including statements regarding our future operating results and financial position, our business strategy and plans, business and market trends, our objectives for future operations, macroeconomic and geopolitical conditions (including enhanced tariffs and the adverse global trade environment), the expected benefits of our cost reduction plans, the implementation of our digital transformation and lean manufacturing and value engineering activities, acquisitions and their integration, and the sufficiency of our cash balances, working capital and cash generated from operating, investing, and financing activities for our future liquidity and capital resource needs. These statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including: unfavorable economic conditions and related impact on consumer spending and demand for our products; inflationary impacts, including on consumer demand for our products; our ability to globally source raw materials and components for manufacturing our products; the impact of trade policies on our global supply chain, the import or export of goods and their related costs, as well as on consumer confidence; declining home ownership affecting demand for our products; competitive risks; natural disasters, including resulting from climate change, geopolitical events, war, terrorism, public health issues or other catastrophic events; disturbances and breaches to our technological infrastructure, and our reliance on information technology systems; adverse weather conditions impacting our sales, which can lead to significant variability of sales in reporting periods; the consequences of industry consolidation on our customer base and pricing; interruption of our production capability at our manufacturing facilities from accident, fire, calamity and other causes; product quality issues, warranty claims or safety concerns such as those due to the failure of builders to follow our product installation instructions and specifications; our ability to keep pace with technological developments and standards, such as generative artificial intelligence; delays in, or systems disruptions issues caused by the implementation of our enterprise resource planning system; our ability to attract, develop and retain highly qualified personnel; our ability to collect accounts receivables from our customers; compliance with government regulations; our ability and the cost to obtain transportation services; the protection of our intellectual property and defense of third-party infringement claims; international business risks; realizing anticipated benefits from acquisitions; possible asset impairments; and our ability to secure financing and our substantial indebtedness; and other factors set forth under “Risk Factors” and elsewhere in our most recent Annual Report on Form 10-K and subsequent reports we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time that may impair our business, financial condition, results of operations and cash flows.

Although we believe that the expectations reflected in the forward-looking statements are reasonable and our expectations based on third-party information and projections are from sources that management believes to be reputable, we cannot guarantee future results, levels of activities, performance or achievements. These forward-looking statements reflect our views with respect to future events as of the date hereof or the date specified herein, and we have based these forward-looking statements on our current expectations and projections about future events and trends. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date hereof. We anticipate that subsequent events and developments will cause our views to change. Our forward-looking statements further do not reflect the potential impact of any future acquisitions, merger, dispositions, joint ventures or investments we may undertake.

Contact:
Lynn Morgen
Casey Kotary
ADVISIRY Partners
lathamir@advisiry.com
212-750-5800

Latham Group, Inc.

Condensed Consolidated Statements of Operations

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Latham Group, Inc.

Condensed Consolidated Balance Sheets

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Latham Group, Inc.

Condensed Consolidated Statements of Cash Flows

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Latham Group, Inc.

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation 

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Latham Group, Inc.

Net Debt Leverage Ratio

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