Latham Group(NASDAQ) SWIM

Latham helps homeowners build and maintain backyard swimming pools. It makes pool shells, safety covers, and vinyl liners. These products solve the need for outdoor family recreation.

Making a Splash at Home

• Fiberglass Pools: One-piece pool shells that install in days and require fewer chemicals than concrete options.
• Packaged Pools: Customizable pool kits featuring steel or polymer walls with vinyl interiors.
• Automatic Safety Covers: Motorized pool coverings that enhance child safety while reducing energy and cleaning costs.
• Pool Liners: Vinyl interior surfaces for pools that typically need replacement every eight to ten years.
• All-Season Covers: Mesh or solid covers designed to protect pools from debris during winter months.

Building the Platform

• Acquired Coverstar Central in August 2024 to increase the distribution of its automatic safety cover products.
• Purchased two additional Coverstar dealers located in New York and Tennessee in February 2025.
• Bought Radiant Pools in November 2021 to add aluminum-walled pool manufacturing to its existing catalog.
• Invested in a minority stake in Premier Pools & Spas in October 2020 to strengthen ties with pool builders.

What Sets Latham Apart

Latham uses a digital strategy to find customers online and send those leads to its local dealer partners. The company operates roughly 30 locations to ensure short delivery times across North America, Australia, and New Zealand.

The Recent Scorecard

• Revenue grew to $100 million in Q4 2025, a 14.5% increase from the prior year.
• Net loss narrowed to $7 million in Q4 2025, which improved 76% from the loss in Q4 2024.
• Free cash flow turned positive at $2.1 million in Q4 2025, up from a loss of $98,000 in Q4 2024.
• Operating income reached a loss of $9.4 million in Q4 2025, narrowing by 27.7% year-over-year.

Bottom Line

Latham has transitioned from a traditional equipment supplier to a digital-focused brand that generates its own customer demand. The company continues to consolidate its market position by acquiring regional dealers and expanding its fiberglass pool manufacturing capacity.