0001628280-26-030906 | 10-Q | XBRL Viewer

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PRODUCT WARRANTIES (Details) - USD ($) $ in Thousands	3 Months Ended
PRODUCT WARRANTIES (Details) - USD ($) $ in Thousands	Mar. 28, 2026	Mar. 29, 2025
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the fiscal year	$ 3,349	$ 2,647
Adjustments to reserve	589	669
Less: Settlements made (in cash or in kind)	(451)	(285)
Balance at the end of the fiscal quarter	$ 3,487	$ 3,031

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 28, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company’s unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The unaudited condensed consolidated balance sheet at December 31, 2025 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of March 28, 2026 and for the fiscal quarters ended March 28, 2026 and March 29, 2025, respectively, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with Latham Group, Inc.’s audited consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2025 included in the Company’s 2025 Annual Report on Form 10-K, filed with the SEC on March 4, 2026 (the “Annual Report”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of these condensed consolidated financial statements, have been included. The Company’s results of operations for the fiscal quarter ended March 28, 2026 are not necessarily indicative of the results of operations that may be expected for the fiscal year ending December 31, 2026 or other interim periods thereof. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are evaluated on an ongoing basis and revised as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Seasonality Although the Company generally has demand for its products throughout the year, its business is seasonal and weather is one of the principal external factors affecting the business. In general, net sales and net income are highest (or net loss is the lowest) during the second and third quarters, representing the peak months of swimming pool use, pool installation, and remodeling and repair activities. Severe weather may also affect net sales in all periods. Significant Accounting Policies Refer to the Annual Report for a discussion of the Company’s significant accounting policies. Recently Issued Accounting Pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to “opt in” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company, which will occur no later than December 31, 2026. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40 (“ASU 2024-03”)), which improves disclosures to provide more detailed information about a business entity’s expenses. ASU 2024-03 is effective for public business entities for fiscal years beginning after December 15, 2026. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating ASU 2024-03 and its potential impact on the condensed consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which offers a practical expedient for public companies valuing their current expected credit losses. ASU 2025-05 is effective for public business entities for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. The amendments should be applied prospectively. The Company has evaluated ASU 2025-05 and determined to not adopt the practical expedient. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) (“ASU 2025-11”), which improves the navigability of the required interim disclosures and clarifying when that guidance is applicable. ASU 2025-11 is effective for public business entities for interim reporting periods within annual fiscal years beginning after December 15, 2027. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating ASU 2025-11 and its potential impact on the condensed consolidated financial statements.

NATURE OF THE BUSINESS	3 Months Ended
NATURE OF THE BUSINESS	Mar. 28, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF THE BUSINESS	Notes to Condensed Consolidated Financial Statements (unaudited) 1. NATURE OF THE BUSINESS Latham Group, Inc. (the “Company” or “Latham”) wholly owns Latham Pool Products, Inc. (“Latham Pool Products”), a designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. Latham Pool Products offers a portfolio of pools and related products, including in-ground swimming pools, pool covers, and pool liners.

LEASES - Lease expense (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Lease expense (Details) - USD ($) $ in Thousands	Mar. 28, 2026	Mar. 29, 2025
Components of lease expense:
Operating lease expense	$ 2,287	$ 2,162
Finance lease amortization of assets	216	210
Finance lease interest on lease liabilities	58	68
Short-term lease expense	72	97
Variable lease expense	234	199
Total lease expense	$ 2,867	$ 2,736

DEBT

3 Months Ended

Mar. 28, 2026

Debt Disclosure [Abstract]

DEBT

7. DEBT

The components of the Company’s outstanding long-term debt obligations consisted of the following (in thousands):


	March 28, 2026		December 31, 2025
Term Loan	$	284,813	$	284,813
Revolving Credit Facility	31,000		—
Less: Unamortized discount and debt issuance costs	(4,580)		(4,972)
Total debt	311,233		279,841
Less: Current portion of Revolving Credit Facility	(31,000)		—
Less: Current portion of long-term debt	(3,250)		(3,250)
Total long-term debt	$	276,983	$	276,591

On February 23, 2022, Latham Pool Products and certain subsidiary guarantors entered into a credit and guaranty agreement (the “Credit Agreement”) with Barclays Bank PLC, which provides a senior secured multicurrency revolving line of credit (the “Revolving Credit Facility”) in an initial principal amount of $75.0 million and a U.S. Dollar senior secured term loan facility (the “Term Loan”) in an initial principal amount of $325.0 million.

The Company is required to meet certain financial covenants, including maintaining specific liquidity measurements. There are also negative covenants, including certain restrictions on the Company’s ability to incur additional indebtedness, create liens, make investments, consolidate or merge with other entities, enter into transactions with affiliates, make prepayments with respect to certain indebtedness and make restricted payments and other distributions.

Revolving Credit Facility

The Revolving Credit Facility may be utilized to finance ongoing general corporate and working capital needs and permits Latham Pool Products to borrow loans in U.S. Dollars, Canadian Dollars, Euros and Australian Dollars. The Revolving Credit Facility matures on February 23, 2027, which is within one year after the date after these financial statements are issued. The Company is currently in discussions to extend the Revolving Credit Facility before it matures. Loans outstanding under the Revolving Credit Facility denominated in U.S. Dollars and Canadian Dollars bear interest, at the borrower’s option, at a rate per annum based on Term SOFR or CDO (each, as defined in the Credit Agreement), as applicable, plus a margin of 3.50%, or at a rate per annum based on the Base Rate or the Canadian Prime Rate (each, as defined in the Credit Agreement), plus a margin of 2.50%. Loans outstanding under the Revolving Credit Facility denominated in Euros or Australian Dollars bear interest based on EURIBOR or the AUD Rate (each, as defined in the Credit Agreement), respectively, plus a margin of 3.50%. A commitment fee accrues on any unused portion of the commitments under the Revolving Credit Facility. The commitment fee is due and payable quarterly in arrears, and initially was 0.375% per annum and thereafter accrues at a rate per annum ranging from 0.25% to 0.50%, depending on the First Lien Net Leverage Ratio (as defined in the Credit Agreement). Borrowings under the Revolving Credit Facility are not subject to amortization and are due at maturity.

The Company incurred debt issuance costs of $0.8 million related to the Revolving Credit Facility. The debt issuance costs were recorded within other assets on the condensed consolidated balance sheet and are being amortized over the life of the Revolving Credit Facility.

As of March 28, 2026, there was $31.0 million in outstanding borrowings on the Revolving Credit Facility and $44.0 million was available for future borrowing.

Term Loan

Pursuant to the Credit Agreement, Latham Pool Products borrowed $325.0 million in term loans. The Term Loan matures on February 23, 2029. Loans outstanding under the Term Loan bear interest, at the borrower’s option, at a rate per annum based on Term SOFR (each, as defined in the Credit Agreement), plus a margin ranging from 3.75% to 4.00%, depending on the First Lien Net Leverage Ratio, or based on the Base Rate (as defined in the Credit Agreement), plus a margin ranging from 2.75% to 3.00%, depending on the First Lien Net Leverage Ratio. Loans under the Term Loan are subject to scheduled quarterly amortization payments of $812,500, equal to 0.25% of the initial principal amount of the Term Loan. The Term Loan contains customary mandatory prepayment provisions, including requirements to make mandatory prepayments with 50% of any excess cash flow and with 100% of the net cash proceeds from the incurrence of indebtedness not otherwise permitted to be incurred by the covenants, asset sales, and casualty and condemnation events, in each case, subject to customary exceptions.

Outstanding borrowings as of March 28, 2026 were $280.2 million, net of unamortized discount and debt issuance costs of $4.6 million.

As of March 28, 2026, the unamortized debt issuance costs and discount on the Term Loan were $2.5 million and $2.1 million, respectively. The effective interest rate was 8.84% at March 28, 2026, including the impact of the Company’s interest rate swap.

Interest Rate Risk

Interest rate risk associated with the Credit Agreement is mitigated partially through interest rate swaps.

The Company entered into an interest rate swap that was executed on March 10, 2023 (the “2023 Interest Rate Swap”). The 2023 Interest Rate Swap had an effective date of May 18, 2023 and a termination date of May 18, 2026. Under the terms of the 2023 Interest Rate Swap, the Company fixed its SOFR borrowing rate at 4.3725% on a notional amount of $161.0 million. The 2023 Interest Rate Swap was not designated as a hedging instrument for accounting purposes (see Note 4).

Subsequently, the Company entered into a new interest rate swap that was executed on June 4, 2025 (the “2025 Interest Rate Swap”). As part of the 2025 Interest Rate Swap, the Company terminated the 2023 Interest Rate Swap prior to its May 18, 2026 termination date. The 2025 Interest Rate Swap became effective on May 19, 2025 and has a termination date of May 18, 2027. Under the terms of the 2025 Interest Rate Swap, the Company fixed its SOFR borrowing rate at 3.92% on a notional amount of $140.0 million. The 2025 Interest Rate Swap is not designated as a hedging instrument for accounting purposes (see Note 4).

Debt Maturities

Principal payments due on the outstanding debt, excluding the Revolving Credit Facility, in the next five fiscal years, excluding any potential payments based on excess cash flow levels, are as follows (in thousands):


Fiscal Year Ending	Term Loan
Remainder of fiscal year 2026	$	3,250
2027	3,250
2028	3,250
2029	275,063
	$	284,813

Guarantees

The obligations under the Credit Agreement are guaranteed by certain wholly owned subsidiaries (the “Guarantors”) of the Company that are party to that certain security agreement, which was executed in connection with the Credit Agreement. The obligations under the Credit Agreement are secured by substantially all of the Guarantors’ tangible and intangible assets, including their accounts receivables, equipment, intellectual property, inventory, cash and cash equivalents, deposit accounts, and security accounts. The Credit Agreement also restricts payments and other distributions unless certain conditions are met, which could restrict the Company’s ability to pay dividends. The ownership chain

between Latham Pool Products and the Company consists of a series of holding companies with no material assets, liabilities, or standalone operations other than indirect equity interests in Latham Pool Products.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

3 Months Ended

Mar. 28, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets, net as of March 28, 2026 consisted of the following (in thousands):


	March 28, 2026
	Gross Carrying Amount		Foreign Currency Translation		Accumulated Amortization		Net Amount
Trade names and trademarks	$	149,305	$	62	$	44,442	$	104,925
Patented technology	16,126		—		12,144		3,982
Technology	13,000		—		3,757		9,243
Pool designs	13,628		67		5,079		8,616

Dealer relationships	241,457		(81)		102,929		138,447
Order backlog	2,389		(10)		2,051		328

	$	435,905	$	38	$	170,402	$	265,541

The changes in the carrying values of dealer relationships, trade names and trademarks and backlog are driven by the acquisition of Freedom Pools made in the fiscal quarter ended March 28, 2026.

Intangible assets, net as of December 31, 2025 consisted of the following (in thousands):


	December 31, 2025
	Gross Carrying Amount		Foreign Currency Translation		Accumulated Amortization		Net Amount
Trade names and trademarks	$	148,100	$	(112)	$	42,784	$	105,204
Patented technology	16,126		—		11,776		4,350
Technology	13,000		—		3,540		9,460
Pool designs	13,628		(78)		4,845		8,705
Dealer relationships	238,551		—		98,197		140,354
Order backlog	2,020		—		2,020		—
	$	431,425	$	(190)	$	163,162	$	268,073

Schedule of Estimated Amortization Expense Related to Definite-Lived Intangible Assets

The Company estimates that amortization expense related to definite-lived intangible assets will be as follows in each of the next five fiscal years and thereafter (in thousands):


Fiscal Year Ending	Estimated Future Amortization Expense
Remainder of fiscal year 2026	$	22,084
2027	29,137
2028	28,117
2029	22,747
2030	21,898
Thereafter	141,558
	$	265,541

NET SALES (Tables)

3 Months Ended

Mar. 28, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Net Sales by Product Line

The following table sets forth the Company’s disaggregation of net sales by product line (in thousands):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
In-ground Swimming Pools	$	59,731	$	57,734
Covers	33,498		31,611
Liners	24,086		22,075
	$	117,315	$	111,420

DEBT - Revolving Credit Facility (Details) - USD ($) $ in Thousands	Feb. 23, 2022	Mar. 28, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Amount outstanding, net of discount and issuance costs		$ 311,233	$ 279,841
Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee rate range, depending on leverage ratio	0.375%
Debt issuance costs	$ 800
Amount outstanding, net of discount and issuance costs		31,000
Maximum borrowing capacity	$ 75,000	$ 44,000
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee rate range, depending on leverage ratio	0.25%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee rate range, depending on leverage ratio	0.50%
Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Revolving Credit Facility \| Canadian Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Revolving Credit Facility \| EURIBOR or AUD Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%

FAIR VALUE MEASUREMENTS - Schedule of Carrying Amount and Fair Value of the Term Loans (Details) - Term Loan - Level 2 - USD ($) $ in Thousands	Mar. 28, 2026	Dec. 31, 2025
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term Loan	$ 280,233	$ 279,841
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term Loan	$ 278,482	$ 279,841

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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+ Details

INVENTORIES, NET (Details) - USD ($) $ in Thousands	Mar. 28, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 60,680	$ 50,973
Finished goods	26,929	23,953
Inventory, net, Total	$ 87,609	$ 74,926

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 161,144		$ 155,189
Amortization	$ 7,169	$ 7,192

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Level 2 \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of interest rate swap liability	$ 0.3	$ 1.1

ACQUISITIONS	3 Months Ended
ACQUISITIONS	Mar. 28, 2026
Business Combination [Abstract]
ACQUISITIONS	3. ACQUISITIONS Business Combinations In February 2025, the Company completed the acquisition of two autocover dealers located in New York and Tennessee for a purchase price of $5.6 million. In February 2026, the Company completed the acquisition of Freedom Pools in Australia for a purchase price of $15.4 million, including a holdback of $1.6 million that has been accrued for on the Company's condensed consolidated balance sheet. Each of these acquisitions qualified as a business combination. These transactions resulted in an increase to goodwill and intangibles, but were not material to the Company's condensed consolidated financial statements, and as a result, additional business combination disclosures for these acquisitions have been omitted.

- Definition

The entire disclosure for business combination.

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+ Details

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 28, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
Numerator:
Net loss attributable to common stockholders	$	(8,534)	$	(5,962)
Denominator:
Weighted-average common shares outstanding
Basic	116,894,080		115,885,111
Diluted	116,894,080		115,885,111
Net loss per share attributable to common stockholders:
Basic	$	(0.07)	$	(0.05)
Diluted	$	(0.07)	$	(0.05)

Schedule of Antidilutive Securities Excluded From Computation of Diluted Net Income (Loss) Per Share

The following table includes the number of shares that may be dilutive common shares in the future that were not included in the computation of diluted net loss per share because the effect was anti-dilutive:


	Fiscal Quarter Ended
	March 28, 2026	March 29, 2025
Restricted stock awards	—	—
Restricted stock units	—	200,279
Stock options	1,045,509	1,278,535
Stock appreciation rights	865,863	—
Performance stock units	—	87,462

DEBT - Schedule of components of the Company's outstanding debt obligations (Details) - USD ($) $ in Thousands	Mar. 28, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt	$ 284,813
Less: Unamortized discount and debt issuance costs	(4,580)	$ (4,972)
Total debt	311,233	279,841
Less: Current portion of Revolving Credit Facility	(31,000)	0
Less: Current portion of long-term debt	(3,250)	(3,250)
Total long-term debt	276,983	276,591
Term Loan
Debt Instrument [Line Items]
Long-term debt	284,813	284,813
Total debt	280,200
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	31,000	$ 0
Total debt	$ 31,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

DEBT - Principal payments due (Details) $ in Thousands	Mar. 28, 2026 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of fiscal year 2026	$ 3,250
2027	3,250
2028	3,250
2029	275,063
Total payments due	$ 284,813

LEASES (Tables)

3 Months Ended

Mar. 28, 2026

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense for the fiscal quarters ended March 28, 2026 and March 29, 2025 were as follows (in thousands):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
Operating lease expense	$	2,287	$	2,162
Finance lease amortization of assets	216		210
Finance lease interest on lease liabilities	58		68
Short-term lease expense	72		97
Variable lease expense	234		199
Total lease expense	$	2,867	$	2,736

Schedule of Supplemental Lease Information

Operating and finance lease right-of-use assets and lease-related liabilities as of March 28, 2026 and December 31, 2025 were as follows (in thousands):


	March 28, 2026		December 31, 2025		Classification

Lease right-of-use assets:
Operating leases	$	29,621	$	30,723	Operating lease right-of-use assets
Finance leases	2,619		2,714		Other assets
Total lease right-of-use assets	$	32,240	$	33,437

Lease-related liabilities:
Current
Operating leases	$	6,792	$	7,630	Current operating lease liabilities
Finance leases	834		815		Accrued expenses and other current liabilities
Non-current
Operating leases	23,633		23,964		Non-current operating lease liabilities
Finance leases	2,011		2,125		Other long-term liabilities
Total lease liabilities	$	33,270	$	34,534

The table below presents supplemental information related to leases as of March 28, 2026 and December 31, 2025:


	March 28, 2026		December 31, 2025
Weighted-average remaining lease term (years):
Finance leases	3.4		3.6
Operating leases	5.8		4.9
Weighted-average discount rate:
Finance leases	8.0	%	8.1	%
Operating leases	6.3	%	5.9	%

The table below presents supplemental information related to the cash flows for operating leases recorded on the condensed consolidated statements of cash flows (in thousands):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,807	$	1,829

Schedule of Maturities of Operating Lease Liabilities

The following table summarizes fiscal year maturities of operating lease liabilities as of March 28, 2026 (in thousands):


	Operating Leases		Finance Leases		Total
Remainder of fiscal year 2026	$	6,584	$	785	$	7,369
2027	7,003		948		7,951
2028	5,671		936		6,607
2029	5,035		451		5,486
2030	4,266		120		4,386
Thereafter	7,932		7		7,939
Total lease payments	36,491		3,247		39,738
Less: Interest	(6,066)		(402)		(6,468)
Present value of lease liability	$	30,425	$	2,845	$	33,270

Schedule of Maturities of Finance Lease Liabilities

The following table summarizes fiscal year maturities of operating lease liabilities as of March 28, 2026 (in thousands):


	Operating Leases		Finance Leases		Total
Remainder of fiscal year 2026	$	6,584	$	785	$	7,369
2027	7,003		948		7,951
2028	5,671		936		6,607
2029	5,035		451		5,486
2030	4,266		120		4,386
Thereafter	7,932		7		7,939
Total lease payments	36,491		3,247		39,738
Less: Interest	(6,066)		(402)		(6,468)
Present value of lease liability	$	30,425	$	2,845	$	33,270

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 28, 2026

Fair Value Disclosures [Abstract]

Schedule of Carrying Amount and Fair Value of the Term Loans

The following table sets forth the carrying amount and fair value of the term loans (in thousands):


	March 28, 2026				December 31, 2025
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Term Loan	$	280,233	$	278,482	$	279,841	$	279,841

GOODWILL AND INTANGIBLE ASSETS, NET - Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 28, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of fiscal year 2026	$ 22,084
2027	29,137
2028	28,117
2029	22,747
2030	21,898
Thereafter	141,558
Net Amount	$ 265,541	$ 268,073

LEASES - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Mar. 28, 2026	Dec. 31, 2025
Operating Leases
Remainder of fiscal year 2026	$ 6,584
2027	7,003
2028	5,671
2029	5,035
2030	4,266
Thereafter	7,932
Total lease payments	36,491
Less: Interest	(6,066)
Present value of lease liability	30,425
Finance Leases
Remainder of fiscal year 2026	785
2027	948
2028	936
2029	451
2030	120
Thereafter	7
Total lease payments	3,247
Less: Interest	(402)
Present value of lease liability	2,845
Total
Remainder of fiscal year 2026	7,369
2027	7,951
2028	6,607
2029	5,486
2030	4,386
Thereafter	7,939
Total lease payments	39,738
Less: Interest	(6,468)
Total lease liabilities	$ 33,270	$ 34,534

NET SALES

3 Months Ended

Mar. 28, 2026

Revenue from Contract with Customer [Abstract]

NET SALES

10. NET SALES

The following table sets forth the Company’s disaggregation of net sales by product line (in thousands):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
In-ground Swimming Pools	$	59,731	$	57,734
Covers	33,498		31,611
Liners	24,086		22,075
	$	117,315	$	111,420

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

DEBT - Term Loan (Details) - USD ($)		3 Months Ended
DEBT - Term Loan (Details) - USD ($)	Feb. 23, 2022	Mar. 28, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Amount outstanding, net of discount and issuance costs		$ 311,233,000	$ 279,841,000
Discount and debt issuance costs		4,580,000	$ 4,972,000
Term Loan
Debt Instrument [Line Items]
Amount borrowed		325,000,000.0
Repayment amount to be paid quarterly	$ 812,500
Principal payments calculated as percent of outstanding principal	0.25%
Mandatory prepayment rate as a percentage of excess cash flow	50.00%
Mandatory prepayment rate as a percentage of non-permitted indebtedness	100.00%
Amount outstanding, net of discount and issuance costs		280,200,000
Unamortized debt issuance costs		2,500,000
Unamortized discount		$ 2,100,000
Interest rate during period		8.84%
Term Loan \| Minimum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Term Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Term Loan \| Maximum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%
Term Loan \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%

SEGMENT REPORTING - Summary of Operations of the Company's single segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Segment Reporting Information [Line Items]
Net sales	$ 117,315	$ 111,420
Stock-based compensation expense	1,104	1,971
Interest expense, net	4,756	6,371
Other expense (income), net	818	(308)
Earnings from equity method investment	(835)	(953)
Income tax benefit	(2,806)	(4,079)
Net loss	(8,534)	(5,962)
Single Reportable Segment
Segment Reporting Information [Line Items]
Net sales	117,315	111,420
Other cost of sales	75,619	74,580
Other selling, general and administrative expense	30,550	26,684
Depreciation	5,682	4,998
Amortization	7,385	7,192
Stock-based compensation expense	1,104	1,971
Strategic initiative costs	450	644
Acquisition and integration related costs	3,126	267
Restructuring charges	0	15
Interest expense, net	4,756	6,371
Other expense (income), net	818	(308)
Earnings from equity method investment	(835)	(953)
Income tax benefit	(2,806)	(4,079)
Net loss	$ (8,534)	$ (5,962)

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Apr. 12, 2021	Mar. 28, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized stock-based compensation expense		$ 14.1
Total unrecognized stock-based compensation expense expected to be recognized over a weighted-average period		1 year 9 months 18 days
Performance stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of target number of PSUs awarded		33.00%	33.00%
Performance level percent		100.00%	100.00%
Performance period		3 years	3 years
Performance stock units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance level percent		0.00%	0.00%
Performance stock units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance level percent		200.00%	200.00%
2021 Omnibus Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	21,170,212

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025	Dec. 31, 2025
Numerator:
Net loss	$ (8,534)	$ (5,962)
Weighted-average common shares outstanding
Basic (in shares)	116,894,080	115,885,111
Diluted (in shares)	116,894,080	115,885,111
Net loss per share attributable to common stockholders:
Basic (in usd per share)	$ (0.07)	$ (0.05)
Diluted (in usd per share)	$ (0.07)	$ (0.05)
Common stock issued and outstanding for accounting purposes (in shares)	117,407,719		116,766,927
Restricted stock awards
Net loss per share attributable to common stockholders:
Potentially dilutive securities outstanding (in shares)	0	0
Restricted stock units
Net loss per share attributable to common stockholders:
Potentially dilutive securities outstanding (in shares)	0	200,279
Stock options
Net loss per share attributable to common stockholders:
Potentially dilutive securities outstanding (in shares)	1,045,509	1,278,535
Stock appreciation rights
Net loss per share attributable to common stockholders:
Potentially dilutive securities outstanding (in shares)	865,863	0
Performance stock units
Net loss per share attributable to common stockholders:
Potentially dilutive securities outstanding (in shares)	0	87,462

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 28, 2026	Mar. 29, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate	24.80%	40.60%

LEASES

3 Months Ended

Mar. 28, 2026

Leases [Abstract]

LEASES

9. LEASES

For leases with initial terms greater than 12 months, the Company considers these right-of-use assets and records the related asset and obligation at the present value of lease payments over the term. For leases with initial terms equal to or less than 12 months, the Company does not consider them as right-of-use assets and instead considers them short-term lease costs that are recognized on a straight-line basis over the lease term. The Company’s leases may include escalation clauses, renewal options, and/or termination options that are factored into the Company’s determination of lease term and lease payments when it is reasonably certain the option will be exercised. The Company elected to take the practical expedient and not separate lease and non-lease components of contracts. The Company estimates an incremental borrowing rate to discount the lease payments based on information available at lease commencement because the implicit rate of the lease is generally not known.

The Company leases manufacturing facilities, office space, land, and certain vehicles and equipment under operating leases. The Company also leases certain vehicles and equipment under finance leases. The Company determines if an arrangement is a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The components of lease expense for the fiscal quarters ended March 28, 2026 and March 29, 2025 were as follows (in thousands):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
Operating lease expense	$	2,287	$	2,162
Finance lease amortization of assets	216		210
Finance lease interest on lease liabilities	58		68
Short-term lease expense	72		97
Variable lease expense	234		199
Total lease expense	$	2,867	$	2,736

Operating and finance lease right-of-use assets and lease-related liabilities as of March 28, 2026 and December 31, 2025 were as follows (in thousands):


	March 28, 2026		December 31, 2025		Classification

Lease right-of-use assets:
Operating leases	$	29,621	$	30,723	Operating lease right-of-use assets
Finance leases	2,619		2,714		Other assets
Total lease right-of-use assets	$	32,240	$	33,437

Lease-related liabilities:
Current
Operating leases	$	6,792	$	7,630	Current operating lease liabilities
Finance leases	834		815		Accrued expenses and other current liabilities
Non-current
Operating leases	23,633		23,964		Non-current operating lease liabilities
Finance leases	2,011		2,125		Other long-term liabilities
Total lease liabilities	$	33,270	$	34,534

The table below presents supplemental information related to leases as of March 28, 2026 and December 31, 2025:


	March 28, 2026		December 31, 2025
Weighted-average remaining lease term (years):
Finance leases	3.4		3.6
Operating leases	5.8		4.9
Weighted-average discount rate:
Finance leases	8.0	%	8.1	%
Operating leases	6.3	%	5.9	%

The table below presents supplemental information related to the cash flows for operating leases recorded on the condensed consolidated statements of cash flows (in thousands):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,807	$	1,829

The following table summarizes fiscal year maturities of operating lease liabilities as of March 28, 2026 (in thousands):


	Operating Leases		Finance Leases		Total
Remainder of fiscal year 2026	$	6,584	$	785	$	7,369
2027	7,003		948		7,951
2028	5,671		936		6,607
2029	5,035		451		5,486
2030	4,266		120		4,386
Thereafter	7,932		7		7,939
Total lease payments	36,491		3,247		39,738
Less: Interest	(6,066)		(402)		(6,468)
Present value of lease liability	$	30,425	$	2,845	$	33,270

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 28, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 28, 2026
Document Transition Report	false
Entity File Number	001-40358
Entity Registrant Name	Latham Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2797583
Entity Address, Address Line One	787 Watervliet Shaker Road
Entity Address, City or Town	Latham
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12110
City Area Code	800
Local Phone Number	833-3800
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	SWIM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		117,411,589
Entity Central Index Key	0001833197
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1

LEASES - Operating and finance lease right-of-use assets and liabilities and Supplemental information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025	Dec. 31, 2025
Lease right-of-use assets:
Operating leases	$ 29,621		$ 30,723
Finance leases	$ 2,619		2,714
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Total lease right-of-use assets	$ 32,240		33,437
Lease-related liabilities:
Operating leases, Current	6,792		7,630
Finance leases, Current	$ 834		815
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current
Operating leases, Non-current	$ 23,633		23,964
Finance leases, Non-current	$ 2,011		2,125
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities
Total lease liabilities	$ 33,270		$ 34,534
Weighted-average remaining lease term (years):
Finance leases	3 years 4 months 24 days		3 years 7 months 6 days
Operating leases	5 years 9 months 18 days		4 years 10 months 24 days
Weighted-average discount rate:
Finance leases	8.00%		8.10%
Operating leases	6.30%		5.90%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 1,807	$ 1,829

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 28, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

12. STOCK-BASED COMPENSATION

On April 12, 2021, the Company’s stockholders approved the Latham Group, Inc. 2021 Omnibus Equity Incentive Plan (the “2021 Omnibus Equity Plan”), which became effective on April 22, 2021, and was further amended on May 2, 2023 to, among other things, increase the maximum aggregate number of shares reserved for issuance under the 2021 Omnibus Equity Plan to 21,170,212 shares. The 2021 Omnibus Equity Plan provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock units and other stock-based and cash-based awards.

The following table summarizes the Company’s stock-based compensation expense (in thousands):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
Selling, general, and administrative	$	1,104	$	1,971

As of March 28, 2026, total unrecognized stock-based compensation expense related to all unvested stock-based awards was $14.1 million, which is expected to be recognized over a weighted-average period of 1.8 years.

Restricted Stock Units

The following table represents the Company’s restricted stock units activity during the fiscal quarter ended March 28, 2026:


	Shares	Weighted- Average Grant- Date Fair Value
Outstanding at January 1, 2026	3,335,594	$	4.22
Granted	737,053	6.30
Vested	(1,005,086)	4.34
Forfeited	(279,273)	4.18
Outstanding at March 28, 2026	2,788,288	$	4.74

Stock Options

The following table represents the Company’s stock options activity during the fiscal quarter ended March 28, 2026:


	Shares	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contract Term	Aggregate Intrinsic Value
				(in years)	(in thousands)
Outstanding at January 1, 2026	1,150,712	$	14.84
Granted	—	—
Exercised	—	—
Forfeited	—	—
Expired	—	—
Outstanding at March 28, 2026	1,150,712	$	14.84	4.34	$	9
Vested and expected to vest at March 28, 2026	1,150,712	$	14.84	4.34	$	9
Options exercisable at March 28, 2026	1,091,290	$	15.28	4.24	$	7

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.

Stock Appreciation Rights

The following table represents the Company’s stock appreciation rights activity during the fiscal quarter ended March 28, 2026:


	Shares	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contract Term	Aggregate Intrinsic Value
				(in years)	(in thousands)
Outstanding at January 1, 2026	514,503	$	3.12
Granted	907,591	6.44
Exercised	—	—
Forfeited	—	—
Outstanding at March 28, 2026	1,422,094	$	5.24	7.89	$	1,115
Vested and expected to vest at March 28, 2026	1,422,094	$	5.24	7.89	$	1,115
Stock appreciation rights exercisable at March 28, 2026	359,679	$	3.16	4.46	$	768

The aggregate intrinsic value of stock appreciation rights is calculated as the difference between the strike price of the stock appreciation rights and the fair value of the Company’s common stock for those stock appreciation rights that had strike prices lower than the fair value of the Company’s common stock.

Performance Stock Units

During the year ended December 31, 2025, the Compensation Committee of the Board approved the grant of performance stock units (“PSUs”) as a portion of the annual equity award to the Company’s senior management. The 2025 PSU program includes three equal tranches of grants. Each tranche has an annual performance period, with performance goals established for the first tranche of PSUs granted in 2025 in dollars, and second and third tranches of PSUs granted or to be granted in 2026 and 2027, respectively, as a percentage of growth from actual performance in the prior year. Any earned PSUs cliff vest on the third anniversary of the grant date for the first tranche. Thirty-three percent of the target number of PSUs awarded on each grant date will be earned at 0% to 200% of the target number of PSUs based on the Company’s achievement of the applicable Adjusted EBITDA performance goal (with 100% of PSUs being earned at target performance, and linear interpolation between threshold and target and maximum performance) as defined in the award agreement, for each year of the three-year performance period beginning on January 1, 2025 and ending December 31, 2027. The first and second tranches of PSUs under the 2025 PSU program were granted in March 2025 and 2026, respectively.

During the quarter ended March 28, 2026, an additional round of PSU grants were approved. The 2026 PSU program includes three equal tranches of grants. Each tranche has an annual performance period, with performance goals established for the first tranche of PSUs granted in 2026 in dollars, and second and third tranches of PSUs to be granted in 2027 and 2028 as a percentage of growth from actual performance in the prior year. Any earned PSUs cliff vest on the third anniversary of the grant date for the first tranche. Thirty-three percent of the target number of PSUs awarded on each grant date will be earned at 0% to 200% of the target number of PSUs based on the Company’s achievement of the applicable Adjusted EBITDA performance goal (with 100% of PSUs being earned at target performance, and linear interpolation between threshold and target and maximum performance) as defined in the award agreement, for each year of the three-year performance period beginning on January 1, 2026 and ending December 31, 2028. The first tranche of PSUs under the 2026 PSU program were granted in March 2026.

Adjusted EBITDA is considered a performance condition and the grant date fair value corresponds with management’s expectation of the probable outcome of the performance condition as of the grant date. The grant date fair value was determined based on the fair market value of the Company’s stock at market close on the grant date multiplied by the target number of shares subject to the award and adjusted for management’s expectation of the probable outcome of the performance condition. The probability of achieving the performance criteria is assessed quarterly during the performance period. Compensation expense related to unvested PSUs is recognized ratably over the performance period.

The following table represents the Company’s PSU activity during the fiscal quarter ended March 28, 2026:


	Shares	Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2026	941,803	$	5.23
Granted	314,026	6.30
Adjustment for performance achievement (1)	—	—
Forfeited	(99,397)	7.20
Outstanding at March 28, 2026 ⁽²⁾	1,156,432	$	5.35

(1)Represents the adjustment to previously granted PSUs based on the Company’s performance expectations as of the end of each respective fiscal year.

(2)An additional 409,883 PSUs could potentially be included if the maximum performance level of 200% is earned for all PSUs granted on or after January 1, 2025 and outstanding as of March 28, 2026.

NET SALES (Details) - USD ($) $ in Thousands	3 Months Ended
NET SALES (Details) - USD ($) $ in Thousands	Mar. 28, 2026	Mar. 29, 2025
Disaggregation of Revenue [Line Items]
Net sales	$ 117,315	$ 111,420
In-ground Swimming Pools
Disaggregation of Revenue [Line Items]
Net sales	59,731	57,734
Covers
Disaggregation of Revenue [Line Items]
Net sales	33,498	31,611
Liners
Disaggregation of Revenue [Line Items]
Net sales	$ 24,086	$ 22,075

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 28, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company’s unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited condensed consolidated balance sheet at December 31, 2025 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of March 28, 2026 and for the fiscal quarters ended March 28, 2026 and March 29, 2025, respectively, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with Latham Group, Inc.’s audited consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2025 included in the Company’s 2025 Annual Report on Form 10-K, filed with the SEC on March 4, 2026 (the “Annual Report”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of these condensed consolidated financial statements, have been included. The Company’s results of operations for the fiscal quarter ended March 28, 2026 are not necessarily indicative of the results of operations that may be expected for the fiscal year ending December 31, 2026 or other interim periods thereof.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are evaluated on an ongoing basis and revised as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known.
Seasonality	Seasonality Although the Company generally has demand for its products throughout the year, its business is seasonal and weather is one of the principal external factors affecting the business. In general, net sales and net income are highest (or net loss is the lowest) during the second and third quarters, representing the peak months of swimming pool use, pool installation, and remodeling and repair activities. Severe weather may also affect net sales in all periods.
Significant Accounting Policies	Significant Accounting Policies Refer to the Annual Report for a discussion of the Company’s significant accounting policies.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to “opt in” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company, which will occur no later than December 31, 2026. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40 (“ASU 2024-03”)), which improves disclosures to provide more detailed information about a business entity’s expenses. ASU 2024-03 is effective for public business entities for fiscal years beginning after December 15, 2026. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating ASU 2024-03 and its potential impact on the condensed consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which offers a practical expedient for public companies valuing their current expected credit losses. ASU 2025-05 is effective for public business entities for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. The amendments should be applied prospectively. The Company has evaluated ASU 2025-05 and determined to not adopt the practical expedient. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) (“ASU 2025-11”), which improves the navigability of the required interim disclosures and clarifying when that guidance is applicable. ASU 2025-11 is effective for public business entities for interim reporting periods within annual fiscal years beginning after December 15, 2027. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating ASU 2025-11 and its potential impact on the condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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DEBT - Narrative (Details) - USD ($) $ in Millions	Mar. 28, 2026	Feb. 23, 2022
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 44.0	$ 75.0
Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 325.0

- Definition

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+ Details

DEBT - Interest rate risk (Details) - USD ($) $ in Millions	Jun. 04, 2025	Mar. 10, 2023
Interest rate swap 2023
Derivative [Line Items]
Fixed borrowing rate		4.3725%
Derivative notional amount		$ 161.0
Interest rate swap 2025
Derivative [Line Items]
Fixed borrowing rate	3.92%
Derivative notional amount	$ 140.0

NET LOSS PER SHARE

3 Months Ended

Mar. 28, 2026

Earnings Per Share [Abstract]

NET LOSS PER SHARE

13. NET LOSS PER SHARE

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
Numerator:
Net loss attributable to common stockholders	$	(8,534)	$	(5,962)
Denominator:
Weighted-average common shares outstanding
Basic	116,894,080		115,885,111
Diluted	116,894,080		115,885,111
Net loss per share attributable to common stockholders:
Basic	$	(0.07)	$	(0.05)
Diluted	$	(0.07)	$	(0.05)

As of March 28, 2026 and December 31, 2025, 117,407,719 and 116,766,927 shares of common stock were issued and outstanding, respectively.


	Fiscal Quarter Ended
	March 28, 2026	March 29, 2025
Restricted stock awards	—	—
Restricted stock units	—	200,279
Stock options	1,045,509	1,278,535
Stock appreciation rights	865,863	—
Performance stock units	—	87,462

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 28, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table summarizes the Company’s stock-based compensation expense (in thousands):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
Selling, general, and administrative	$	1,104	$	1,971

Schedule of Restricted Stock Units Activity

The following table represents the Company’s restricted stock units activity during the fiscal quarter ended March 28, 2026:


	Shares	Weighted- Average Grant- Date Fair Value
Outstanding at January 1, 2026	3,335,594	$	4.22
Granted	737,053	6.30
Vested	(1,005,086)	4.34
Forfeited	(279,273)	4.18
Outstanding at March 28, 2026	2,788,288	$	4.74

Schedule of Stock Option Activity

The following table represents the Company’s stock options activity during the fiscal quarter ended March 28, 2026:


	Shares	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contract Term	Aggregate Intrinsic Value
				(in years)	(in thousands)
Outstanding at January 1, 2026	1,150,712	$	14.84
Granted	—	—
Exercised	—	—
Forfeited	—	—
Expired	—	—
Outstanding at March 28, 2026	1,150,712	$	14.84	4.34	$	9
Vested and expected to vest at March 28, 2026	1,150,712	$	14.84	4.34	$	9
Options exercisable at March 28, 2026	1,091,290	$	15.28	4.24	$	7

Schedule of Stock Appreciation Rights Activity

The following table represents the Company’s stock appreciation rights activity during the fiscal quarter ended March 28, 2026:


	Shares	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contract Term	Aggregate Intrinsic Value
				(in years)	(in thousands)
Outstanding at January 1, 2026	514,503	$	3.12
Granted	907,591	6.44
Exercised	—	—
Forfeited	—	—
Outstanding at March 28, 2026	1,422,094	$	5.24	7.89	$	1,115
Vested and expected to vest at March 28, 2026	1,422,094	$	5.24	7.89	$	1,115
Stock appreciation rights exercisable at March 28, 2026	359,679	$	3.16	4.46	$	768

Schedule of PSU Activity

The following table represents the Company’s PSU activity during the fiscal quarter ended March 28, 2026:


	Shares	Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2026	941,803	$	5.23
Granted	314,026	6.30
Adjustment for performance achievement (1)	—	—
Forfeited	(99,397)	7.20
Outstanding at March 28, 2026 ⁽²⁾	1,156,432	$	5.35

(1)Represents the adjustment to previously granted PSUs based on the Company’s performance expectations as of the end of each respective fiscal year.

(2)An additional 409,883 PSUs could potentially be included if the maximum performance level of 200% is earned for all PSUs granted on or after January 1, 2025 and outstanding as of March 28, 2026.

GOODWILL AND INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 28, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

5. GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The carrying amount of goodwill as of March 28, 2026 and as of December 31, 2025 was $161.1 million and $155.2 million, respectively. The change in the carrying value during the fiscal quarter ended March 28, 2026 was primarily driven by the acquisition of Freedom Pools made in the first fiscal quarter of 2026.

Intangible Assets

Intangible assets, net as of March 28, 2026 consisted of the following (in thousands):


	March 28, 2026
	Gross Carrying Amount		Foreign Currency Translation		Accumulated Amortization		Net Amount
Trade names and trademarks	$	149,305	$	62	$	44,442	$	104,925
Patented technology	16,126		—		12,144		3,982
Technology	13,000		—		3,757		9,243
Pool designs	13,628		67		5,079		8,616

Dealer relationships	241,457		(81)		102,929		138,447
Order backlog	2,389		(10)		2,051		328

	$	435,905	$	38	$	170,402	$	265,541

The Company recognized $7.2 million of amortization expense related to intangible assets during each of the fiscal quarters ended March 28, 2026 and March 29, 2025.

The changes in the carrying values of dealer relationships, trade names and trademarks and backlog are driven by the acquisition of Freedom Pools made in the fiscal quarter ended March 28, 2026.

Intangible assets, net as of December 31, 2025 consisted of the following (in thousands):


	December 31, 2025
	Gross Carrying Amount		Foreign Currency Translation		Accumulated Amortization		Net Amount
Trade names and trademarks	$	148,100	$	(112)	$	42,784	$	105,204
Patented technology	16,126		—		11,776		4,350
Technology	13,000		—		3,540		9,460
Pool designs	13,628		(78)		4,845		8,705
Dealer relationships	238,551		—		98,197		140,354
Order backlog	2,020		—		2,020		—
	$	431,425	$	(190)	$	163,162	$	268,073

The Company estimates that amortization expense related to definite-lived intangible assets will be as follows in each of the next five fiscal years and thereafter (in thousands):


Fiscal Year Ending	Estimated Future Amortization Expense
Remainder of fiscal year 2026	$	22,084
2027	29,137
2028	28,117
2029	22,747
2030	21,898
Thereafter	141,558
	$	265,541

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Selling, general, and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 1,104	$ 1,971

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - Restricted stock units	3 Months Ended
	Mar. 28, 2026 $ / shares shares
Shares
Balance at beginning (in shares) \| shares	3,335,594
Granted (in shares) \| shares	737,053
Vested (in shares) \| shares	(1,005,086)
Forfeited (in shares) \| shares	(279,273)
Balance at ending (in shares) \| shares	2,788,288
Weighted- Average Grant Date Fair Value
Balance at beginning (in USD per share) \| $ / shares	$ 4.22
Granted (in USD per share) \| $ / shares	6.30
Vested (in USD per share) \| $ / shares	4.34
Forfeited (in USD per share) \| $ / shares	4.18
Balance at ending (in USD per share) \| $ / shares	$ 4.74

STOCK-BASED COMPENSATION - Stock Options and SARs (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 28, 2026 USD ($) $ / shares shares
Stock options
Shares
Outstanding at the beginning (in shares) \| shares	1,150,712
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Expired (in shares) \| shares	0
Outstanding at the end (in shares) \| shares	1,150,712
Vested and expected to vest (in shares) \| shares	1,150,712
Options exercisable at the end (in shares) \| shares	1,091,290
Weighted- Average Exercise Price per Share
Outstanding at the beginning (in dollars per share) \| $ / shares	$ 14.84
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Expired (in dollars per share) \| $ / shares	0
Outstanding at the end (in dollars per share) \| $ / shares	14.84
Vested and expected to vest at the end (in dollars per share) \| $ / shares	14.84
Options exercisable at the end (in dollars per share) \| $ / shares	$ 15.28
Weighted-Average Remaining Contract Term
Outstanding at the end (in years)	4 years 4 months 2 days
Vested and expected to vest at the end (in years)	4 years 4 months 2 days
Options exercisable at the end (in years)	4 years 2 months 26 days
Outstanding at the end (in dollars) \| $	$ 9
Vested and expected to vest (in dollars) \| $	9
Options exercisable at the end (in dollars) \| $	$ 7
Stock appreciation rights
Shares
Outstanding at the beginning (in shares) \| shares	514,503
Granted (in shares) \| shares	907,591
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Outstanding at the end (in shares) \| shares	1,422,094
Vested and expected to vest (in shares) \| shares	1,422,094
Options exercisable at the end (in shares) \| shares	359,679
Weighted- Average Exercise Price per Share
Outstanding at the beginning (in dollars per share) \| $ / shares	$ 3.12
Granted (in dollars per share) \| $ / shares	6.44
Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Outstanding at the end (in dollars per share) \| $ / shares	5.24
Vested and expected to vest at the end (in dollars per share) \| $ / shares	5.24
Options exercisable at the end (in dollars per share) \| $ / shares	$ 3.16
Weighted-Average Remaining Contract Term
Outstanding at the end (in years)	7 years 10 months 20 days
Vested and expected to vest at the end (in years)	7 years 10 months 20 days
Options exercisable at the end (in years)	4 years 5 months 15 days
Outstanding at the end (in dollars) \| $	$ 1,115
Vested and expected to vest (in dollars) \| $	1,115
Options exercisable at the end (in dollars) \| $	$ 768

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 28, 2026	Dec. 31, 2025
Current assets:
Cash	$ 27,481	$ 71,043
Trade receivables, net	89,213	39,914
Inventories, net	87,609	74,926
Income tax receivable	15,203	12,178
Prepaid expenses and other current assets	10,367	20,943
Total current assets	229,873	219,004
Property and equipment, net	138,154	118,820
Equity method investment	27,317	26,482
Deferred tax assets	1,056	718
Operating lease right-of-use assets	29,621	30,723
Goodwill	161,144	155,189
Intangible assets, net	265,541	268,073
Other assets	3,699	4,214
Total assets	856,405	823,223
Current liabilities:
Accounts payable	29,874	19,283
Revolving credit facility	31,000	0
Current maturities of long-term debt	3,250	3,250
Income tax payable	619	0
Current operating lease liabilities	6,792	7,630
Accrued expenses and other current liabilities	50,732	48,979
Total current liabilities	122,267	79,142
Long-term debt, net of discount, debt issuance costs, and current portion	276,983	276,591
Deferred income tax liabilities, net	34,269	34,269
Non-current operating lease liabilities	23,633	23,964
Other long-term liabilities	2,551	3,396
Total liabilities	459,703	417,362
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 shares authorized as of both September 27, 2025 and December 31, 2024; no shares issued and outstanding as of both September 27, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value; 900,000,000 shares authorized as of September 27, 2025 and December 31, 2024; 116,655,775 and 115,764,839 shares issued and outstanding, as of September 27, 2025 and December 31, 2024, respectively	12	12
Additional paid-in capital	472,145	473,423
Accumulated deficit	(72,226)	(63,692)
Accumulated other comprehensive loss	(3,229)	(3,882)
Total stockholders’ equity	396,702	405,861
Total liabilities and stockholders’ equity	$ 856,405	$ 823,223

SEGMENT REPORTING - Narrative (Details)	3 Months Ended
SEGMENT REPORTING - Narrative (Details)	Mar. 28, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Income Statement [Abstract]
Net sales	$ 117,315	$ 111,420
Cost of sales	80,158	78,539
Gross profit	37,157	32,881
Selling, general, and administrative expense	36,589	30,620
Amortization	7,169	7,192
Loss from operations	(6,601)	(4,931)
Other expense:
Interest expense, net	4,756	6,371
Other expense (income), net	818	(308)
Total other expense, net	5,574	6,063
Earnings from equity method investment	835	953
Loss before income taxes	(11,340)	(10,041)
Income tax benefit	(2,806)	(4,079)
Net loss	$ (8,534)	$ (5,962)
Net loss per share attributable to common stockholders:
Basic (in usd per share)	$ (0.07)	$ (0.05)
Diluted (in usd per share)	$ (0.07)	$ (0.05)
Weighted-average common shares outstanding – basic and diluted
Basic (in shares)	116,894,080	115,885,111
Diluted (in shares)	116,894,080	115,885,111

PRODUCT WARRANTIES

3 Months Ended

Mar. 28, 2026

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTIES

8. PRODUCT WARRANTIES

The warranty reserve activity consisted of the following (in thousands):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
Balance at the beginning of the fiscal year	$	3,349	$	2,647
Adjustments to reserve	589		669
Less: Settlements made (in cash or in kind)	(451)		(285)
Balance at the end of the fiscal quarter	$	3,487	$	3,031

INVENTORIES, NET

3 Months Ended

Mar. 28, 2026

Inventory Disclosure [Abstract]

INVENTORIES, NET

6. INVENTORIES, NET

Inventories, net consisted of the following (in thousands):


	March 28, 2026		December 31, 2025
Raw materials	$	60,680	$	50,973
Finished goods	26,929		23,953
	$	87,609	$	74,926

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 28, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

GOODWILL AND INTANGIBLE ASSETS, NET - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 28, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 435,905	$ 431,425
Foreign Currency Translation	38	(190)
Accumulated Amortization	170,402	163,162
Net Amount	265,541	268,073
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	149,305	148,100
Foreign Currency Translation	62	(112)
Accumulated Amortization	44,442	42,784
Net Amount	104,925	105,204
Patented technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	16,126	16,126
Foreign Currency Translation	0	0
Accumulated Amortization	12,144	11,776
Net Amount	3,982	4,350
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,000	13,000
Foreign Currency Translation	0	0
Accumulated Amortization	3,757	3,540
Net Amount	9,243	9,460
Pool designs
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,628	13,628
Foreign Currency Translation	67	(78)
Accumulated Amortization	5,079	4,845
Net Amount	8,616	8,705
Dealer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	241,457	238,551
Foreign Currency Translation	(81)	0
Accumulated Amortization	102,929	98,197
Net Amount	138,447	140,354
Order backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,389	2,020
Foreign Currency Translation	(10)	0
Accumulated Amortization	2,051	2,020
Net Amount	$ 328	$ 0

ACQUISITIONS (Details) - Business Combination, Series of Individually Immaterial Business Combinations $ in Millions	1 Months Ended
	Feb. 28, 2026 USD ($)	Feb. 28, 2025 USD ($) autocoverDealer
Business Combination [Line Items]
Number of autocover dealers acquired \| autocoverDealer		2
Total purchase price	$ 15.4	$ 5.6
Consideration transferred, accrued	$ 1.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 28, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

4. FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value.

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.

Level 3 — Unobservable inputs that reflect the Company’s own assumptions incorporated into valuation techniques. These valuations require significant judgment.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. When there is more than one input at different levels within the hierarchy, the fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assessment of the significance of a particular input to the fair value measurement in its entirety requires substantial judgment and consideration of factors specific to the asset or liability. Level 3 inputs are inherently difficult to estimate. Changes to these inputs can have significant impact on fair value measurements. Assets and liabilities measured at fair value using Level 3 inputs are based on one or more of the following valuation techniques: market approach, income approach or cost approach. There were no transfers between fair value measurement levels during the fiscal quarters ended March 28, 2026 or March 29, 2025.

Assets and liabilities measured at fair value on a nonrecurring basis

The Company’s non-financial assets such as goodwill, intangible assets, and property and equipment are measured at fair value upon acquisition and remeasured to fair value when an impairment charge is recognized. Such fair value measurements are based predominantly on Level 2 and Level 3 inputs.

Fair value of financial instruments

The Company considers the carrying amounts of cash, trade receivables, prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities to approximate fair value because of the short-term maturities of these instruments.

Term loans

Term loans are carried at amortized cost; however, the Company estimates the fair value of term loans for disclosure purposes. The fair value of a term loan is determined using inputs based on observable market data of a non-public exchange, which are classified as Level 2 inputs. The following table sets forth the carrying amount and fair value of the term loans (in thousands):


	March 28, 2026				December 31, 2025
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Term Loan	$	280,233	$	278,482	$	279,841	$	279,841

Interest rate swap

The Company estimates the fair value of the interest rate swap on a quarterly basis using Level 2 inputs, including the forward SOFR curve. The fair value is estimated by comparing (i) the present value of all future monthly fixed rate payments versus (ii) the variable payments based on the forward SOFR curve. As of March 28, 2026 and December 31, 2025, the Company’s interest rate swap was a liability of $0.3 million and $1.1 million, respectively, which were recorded within other long-term liabilities on the condensed consolidated balance sheets. See Note 7 for further detail.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Cash flows from operating activities:
Net loss	$ (8,534)	$ (5,962)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13,067	12,400
Unrealized foreign currency loss (gain)	848	(417)
Amortization of deferred financing costs and debt discount	430	430
Non-cash lease expense	1,855	1,776
Change in fair value of interest rate swap	(841)	283
Stock-based compensation expense	1,104	1,971
Bad debt expense	815	875
Other non-cash, net	62	(63)
Earnings from equity method investment	(835)	(953)
Changes in operating assets and liabilities:
Trade receivables	(49,505)	(52,550)
Inventories	(9,630)	(9,559)
Prepaid expenses and other current assets	(836)	189
Income tax receivable	(3,025)	(4,624)
Other assets	(120)	(10)
Accounts payable	9,708	14,271
Accrued expenses and other current liabilities	(2,279)	(4,861)
Other long-term liabilities	(4)	(78)
Net cash used in operating activities	(47,720)	(46,882)
Cash flows from investing activities:
Purchases of property and equipment	(10,500)	(3,452)
Acquisition of business, net of cash acquired	(14,399)	(4,934)
Net cash used in investing activities	(24,899)	(8,386)
Cash flows from financing activities:
Proceeds from borrowings on revolving credit facility	31,000	25,000
Repayments of finance lease obligations	(216)	(201)
Common stock withheld for taxes on restricted stock units	(2,382)	(2,306)
Net cash provided by financing activities	28,402	22,493
Effect of exchange rate changes on cash	655	343
Net decrease in cash	(43,562)	(32,432)
Cash at beginning of period	71,043	56,398
Cash at end of period	27,481	23,966
Supplemental cash flow information:
Cash paid for interest	5,348	6,266
Income taxes paid, net	(118)	344
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses	698	1,360
Right-of-use operating and finance lease assets obtained in exchange for lease liabilities	7,785	994
Purchase of property and equipment through settlement of deposit	$ 12,000	$ 0

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance, beginning of period (in shares) at Dec. 31, 2024		115,764,839
Balance, beginning of period at Dec. 31, 2024	$ 387,222	$ 12	$ 467,076	$ (74,816)	$ (5,050)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(5,962)			(5,962)
Foreign currency translation adjustments	217				217
Issuance of common stock upon release of restricted stock units (in shares)		941,370
Common stock withheld for taxes on restricted stock units (in shares)		(343,232)
Common stock withheld for taxes on restricted stock units	(2,306)		(2,306)
Stock-based compensation expense	1,971		1,971
Balance, end of period (in shares) at Mar. 29, 2025		116,362,977
Balance, end of period at Mar. 29, 2025	381,142	$ 12	466,741	(80,778)	(4,833)
Balance, beginning of period (in shares) at Dec. 31, 2025		116,766,927
Balance, beginning of period at Dec. 31, 2025	405,861	$ 12	473,423	(63,692)	(3,882)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(8,534)			(8,534)
Foreign currency translation adjustments	653				653
Issuance of common stock upon release of restricted stock units (in shares)		1,005,086
Common stock withheld for taxes on restricted stock units (in shares)		(364,294)
Common stock withheld for taxes on restricted stock units	(2,382)		(2,382)
Stock-based compensation expense	1,104		1,104
Balance, end of period (in shares) at Mar. 28, 2026		117,407,719
Balance, end of period at Mar. 28, 2026	$ 396,702	$ 12	$ 472,145	$ (72,226)	$ (3,229)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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-SubTopic 10
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-Section 50
-Paragraph 3
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

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-Paragraph 2
-Subparagraph (SAB Topic 4.E)
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-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 28, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	117,407,719	116,766,927
Common stock, shares outstanding (in shares)	117,407,719	116,766,927

PRODUCT WARRANTIES (Tables)

3 Months Ended

Mar. 28, 2026

Product Warranties Disclosures [Abstract]

Schedule of Warranty Reserve Activity

The warranty reserve activity consisted of the following (in thousands):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
Balance at the beginning of the fiscal year	$	3,349	$	2,647
Adjustments to reserve	589		669
Less: Settlements made (in cash or in kind)	(451)		(285)
Balance at the end of the fiscal quarter	$	3,487	$	3,031

INVENTORIES, NET (Tables)

3 Months Ended

Mar. 28, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

Inventories, net consisted of the following (in thousands):


	March 28, 2026		December 31, 2025
Raw materials	$	60,680	$	50,973
Finished goods	26,929		23,953
	$	87,609	$	74,926

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 28, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	11. INCOME TAXES The effective income tax rate for the fiscal quarter ended March 28, 2026 was 24.8%, compared to 40.6% for the fiscal quarter ended March 29, 2025. The differences between the U.S. federal statutory income tax rate and the Company's effective income tax rates for the fiscal quarter ended March 28, 2026 and the fiscal quarter ended March 29, 2025 were primarily attributable to the discrete impact of stock-based compensation expense for which there is no associated tax benefit and the effects of branch accounting for Latham Canada. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA maintained the 21% corporate tax rate and makes permanent many of the beneficial expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act of 2017, including the immediate expensing of domestic research and development expenditures, more favorable interest deductions and 100% bonus depreciation with effective dates during the year ended December 31, 2025. Revisions to the international tax framework are effective in the year ending December 31, 2026. The OBBBA did not have a material impact on the Company's effective tax rate.

- Definition

The entire disclosure for income tax.

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+ Details

DEBT (Tables)

3 Months Ended

Mar. 28, 2026

Debt Disclosure [Abstract]

Schedule of Components of the Company's Outstanding Debt Obligations

The components of the Company’s outstanding long-term debt obligations consisted of the following (in thousands):


	March 28, 2026		December 31, 2025
Term Loan	$	284,813	$	284,813
Revolving Credit Facility	31,000		—
Less: Unamortized discount and debt issuance costs	(4,580)		(4,972)
Total debt	311,233		279,841
Less: Current portion of Revolving Credit Facility	(31,000)		—
Less: Current portion of long-term debt	(3,250)		(3,250)
Total long-term debt	$	276,983	$	276,591

Schedule of Principal Payments Due on the Outstanding Debt


Fiscal Year Ending	Term Loan
Remainder of fiscal year 2026	$	3,250
2027	3,250
2028	3,250
2029	275,063
	$	284,813

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (8,534)	$ (5,962)
Other comprehensive income, net of tax:
Foreign currency translation adjustments	653	217
Total other comprehensive income, net of tax	653	217
Comprehensive loss	$ (7,881)	$ (5,745)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 28, 2026

Segment Reconciliation [Abstract]

Schedule of Operations of the Company's Single Segment

Operations of the Company’s single segment consisted of the following (in thousands):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
Net sales	$	117,315	$	111,420
Other cost of sales(1)	75,619		74,580
Other selling, general and administrative expense(2)	30,550		26,684
Depreciation	5,682		4,998
Amortization(3)	7,385		7,192
Stock-based compensation expense	1,104		1,971
Strategic initiative costs(4)	450		644
Acquisition and integration related costs(5)	3,126		267
Restructuring charges(6)	—		15
Interest expense, net	4,756		6,371
Other expense (income), net	818		(308)
Earnings from equity method investment	(835)		(953)
Income tax benefit	(2,806)		(4,079)
Net loss	$	(8,534)	$	(5,962)

(1)Other cost of sales includes total cost of sales (as presented in the condensed consolidated statements of operations) excluding depreciation, stock-based compensation, restructuring charges, and strategic initiative costs.

(2)Other selling, general and administrative expense includes total selling, general and administrative expense (as presented in the condensed consolidated statements of operations) excluding depreciation, amortization, stock-based compensation, strategic initiative costs and acquisition and integration related costs.

(3)Inclusive of finance lease amortization.

(4)Represents fees paid to external consultants and other expenses for our strategic initiatives.

(5)Represents acquisition and integration costs as well as other costs related to potential transactions.

(6)Represents costs that include severance and other expenses for our executive management changes.

STOCK-BASED COMPENSATION - Performance Stock Units (Details) - Performance stock units - $ / shares	3 Months Ended	12 Months Ended
	Mar. 28, 2026	Dec. 31, 2025
Shares
Balance at beginning (in shares)	941,803
Granted (in shares)	314,026
Adjustment for performance achievement (in shares)	0
Forfeited (in shares)	99,397
Balance at ending (in shares)	1,156,432	941,803
Weighted- Average Grant Date Fair Value
Balance at beginning (in USD per share)	$ 5.23
Granted (in USD per share)	6.30
Adjustment for expected performance achievement (in USD per share)	0
Forfeited (in USD per share)	7.20
Balance at ending (in USD per share)	$ 5.35	$ 5.23
Additional PSUs potentially be included if the maximum performance level is earned (in shares)	409,883
Performance level percent	100.00%	100.00%
Maximum
Weighted- Average Grant Date Fair Value
Performance level percent	200.00%	200.00%

SEGMENT REPORTING

3 Months Ended

Mar. 28, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

14. SEGMENT REPORTING

The Company conducts business as one operating and reportable segment that designs, manufactures, and markets in-ground swimming pools, pool covers, and pool liners. The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), reviews financial information presented on a consolidated basis for purposes of assessing financial performance and allocating resources.

The Company reports consolidated net income (loss), as management believes that is the measure most consistent with the measurement principles in the Company’s condensed consolidated financial statements. Consolidated net income (loss) is used by the CODM predominantly in the annual budget and forecasting, including consideration of budget-to-actual variances when making decisions about the allocation of operating and capital resources.

Operations of the Company’s single segment consisted of the following (in thousands):


	Fiscal Quarter Ended
	March 28, 2026		March 29, 2025
Net sales	$	117,315	$	111,420
Other cost of sales(1)	75,619		74,580
Other selling, general and administrative expense(2)	30,550		26,684
Depreciation	5,682		4,998
Amortization(3)	7,385		7,192
Stock-based compensation expense	1,104		1,971
Strategic initiative costs(4)	450		644
Acquisition and integration related costs(5)	3,126		267
Restructuring charges(6)	—		15
Interest expense, net	4,756		6,371
Other expense (income), net	818		(308)
Earnings from equity method investment	(835)		(953)
Income tax benefit	(2,806)		(4,079)
Net loss	$	(8,534)	$	(5,962)

(3)Inclusive of finance lease amortization.

(4)Represents fees paid to external consultants and other expenses for our strategic initiatives.

(5)Represents acquisition and integration costs as well as other costs related to potential transactions.

(6)Represents costs that include severance and other expenses for our executive management changes.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details