0001104659-25-106663 | 10-Q | XBRL Viewer

Inventories, Net (Tables)

9 Months Ended

Sep. 27, 2025

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



	September 27, 2025		December 31, 2024
Raw materials	$	50,210	$	49,322
Finished goods		20,106		27,779
	$	70,316	$	77,101

Fair Value Measurements

9 Months Ended

Sep. 27, 2025

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 three fiscal quarters ended September 27, 2025 or September 28, 2024.

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):



	September 27, 2025				December 31, 2024
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Term Loan	$	281,073	$	279,669	$	281,521	$	276,946

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 September 27, 2025 and December 31, 2024, the Company’s interest rate swap was a liability of $1.0 million and $0.4 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting (Details) $ in Thousands	3 Months Ended						9 Months Ended
Segment Reporting (Details) $ in Thousands	Sep. 27, 2025 USD ($)	Jun. 28, 2025 USD ($)	Mar. 29, 2025 USD ($)	Sep. 28, 2024 USD ($)	Jun. 29, 2024 USD ($)	Mar. 30, 2024 USD ($)	Sep. 27, 2025 USD ($) segment	Sep. 28, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment							1
Number of Reportable Segments \| segment							1
Net sales	$ 161,903			$ 150,496			$ 445,962	$ 421,247
Stock-based compensation expense							5,332	5,187
Interest expense, net	6,067			9,155			19,587	20,150
Other expense (income), net	1,168			(693)			(2,187)	1,697
Earnings from equity method investment	(1,310)			(944)			(2,751)	(2,785)
Income tax expense (benefit)	7,466			(43)			8,517	931
Net income	8,117	$ 15,980	$ (5,962)	5,896	$ 13,279	$ (7,864)	18,135	11,310
Single Reportable Segment
Segment Reporting Information [Line Items]
Net sales	161,903			150,496			445,962	421,247
Other cost of sales	100,174			97,274			279,229	277,109
Other selling, general and administrative expense	24,669			23,915			79,427	69,875
Depreciation	5,452			4,129			15,638	11,833
Amortization	7,429			7,195			22,340	20,458
Stock-based compensation expense	1,980			1,844			5,332	5,187
Strategic initiative costs	684			706			2,246	2,680
Acquisition and integration related costs	7			1,930			289	2,305
Restructuring charges	0			132			160	497
Interest expense, net	6,067			9,155			19,587	20,150
Other expense (income), net	1,168			(693)			(2,187)	1,697
Earnings from equity method investment	(1,310)			(944)			(2,751)	(2,785)
Income tax expense (benefit)	7,466			(43)			8,517	931
Net income	$ 8,117			$ 5,896			$ 18,135	$ 11,310

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 27, 2025	Oct. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 2025
Document Fiscal Year Focus	2025
Document Transition Report	false
Securities Act 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		116,655,775
Entity Central Index Key	0001833197
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false

Goodwill and Intangible Assets, Net - Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 27, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of fiscal year 2025	$ 7,180
2026	28,719
2027	28,719
2028	27,760
2029	22,391
Thereafter	160,349
Net Amount	$ 275,118	$ 292,913

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 27, 2025	Jun. 28, 2025	Mar. 29, 2025	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 27, 2025	Sep. 28, 2024	Dec. 31, 2024
Numerator:
Net income	$ 8,117	$ 15,980	$ (5,962)	$ 5,896	$ 13,279	$ (7,864)	$ 18,135	$ 11,310
Weighted-average common shares outstanding
Basic	116,603,331			115,564,382			116,323,609	115,358,274
Diluted	119,907,619			118,445,235			119,720,706	117,130,609
Net income per share attributable to common stockholders:
Basic	$ 0.07			$ 0.05			$ 0.16	$ 0.1
Diluted	$ 0.07			$ 0.05			$ 0.15	$ 0.1
Common stock, shares issued	116,655,775						116,655,775		115,764,839
Common stock, shares outstanding	116,655,775						116,655,775		115,764,839
Common Stock Issued and Outstanding for Accounting Purposes	116,655,775						116,655,775		115,764,839
Restricted stock awards
Net income per share attributable to common stockholders:
Potentially dilutive securities outstanding	0			0			0	14,295
Restricted stock units
Net income per share attributable to common stockholders:
Potentially dilutive securities outstanding	0			6,693			240,049	29,700
Stock options
Net income per share attributable to common stockholders:
Potentially dilutive securities outstanding	1,031,911			1,402,036			1,221,363	1,451,745
Stock appreciation rights
Net income per share attributable to common stockholders:
Potentially dilutive securities outstanding	0			0			0	435,194
Performance stock units
Net income per share attributable to common stockholders:
Potentially dilutive securities outstanding	0			0			132,414	27,708

Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 435,088		$ 435,088		$ 431,713
Foreign Currency Translation	(363)		(363)		(897)
Accumulated Amortization	159,607		159,607		137,903
Net Amount	275,118		275,118		292,913
Amortization of Intangible Assets	7,213	$ 6,982	21,704	$ 19,822
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	148,100		148,100		148,100
Foreign Currency Translation	(252)		(252)		(592)
Accumulated Amortization	41,097		41,097		36,183
Net Amount	106,751		106,751		111,325
Patented technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	16,126		16,126		16,126
Foreign Currency Translation	(3)		(3)		(9)
Accumulated Amortization	11,407		11,407		10,303
Net Amount	4,716		4,716		5,814
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,000		13,000		13,000
Foreign Currency Translation	0		0		0
Accumulated Amortization	3,323		3,323		2,673
Net Amount	9,677		9,677		10,327
Pool Designs
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,628		13,628		13,628
Foreign Currency Translation	(107)		(107)		(293)
Accumulated Amortization	4,611		4,611		3,909
Net Amount	8,910		8,910		9,426
Franchise relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,187		1,187		1,187
Foreign Currency Translation	0		0		0
Accumulated Amortization	1,187		1,187		1,187
Net Amount	0		0		0
Dealer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	238,551		238,551		235,176
Foreign Currency Translation	(1)		(1)		(3)
Accumulated Amortization	93,486		93,486		79,397
Net Amount	145,064		145,064		155,776
Order backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,020		2,020		2,020
Foreign Currency Translation	0		0		0
Accumulated Amortization	2,020		2,020		1,775
Net Amount	0		0		245
Non-Competition Agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,476		2,476		2,476
Foreign Currency Translation	0		0		0
Accumulated Amortization	2,476		2,476		2,476
Net Amount	$ 0		$ 0		$ 0

Inventories, Net

9 Months Ended

Sep. 27, 2025

Inventory Disclosure [Abstract]

Inventories, Net

6. INVENTORIES, NET

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



	September 27, 2025		December 31, 2024
Raw materials	$	50,210	$	49,322
Finished goods		20,106		27,779
	$	70,316	$	77,101

Leases

9 Months Ended

Sep. 27, 2025

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 quarter and three fiscal quarters ended September 27, 2025 and September 28, 2024 were as follows (in thousands):


	Fiscal Quarter Ended				Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Operating lease expense	$	2,266	$	2,170	$	6,592	$	6,462
Finance lease amortization of assets		215		212		636		636
Finance lease interest on lease liabilities		67		78		202		242
Short-term lease expense		135		160		328		280
Variable lease expense		187		98		554		378
Total lease expense	$	2,870	$	2,718	$	8,312	$	7,998

Operating and finance lease right-of-use assets and lease-related liabilities as of September 27, 2025 and December 31, 2024 were as follows (in thousands):


	September 27, 2025		December 31, 2024		Classification

Lease right-of-use assets:
Operating leases	$	29,566	$	28,259	Operating lease right-of-use assets
Finance leases		2,875		3,261	Other assets
Total lease right-of-use assets	$	32,441	$	31,520

Lease-related liabilities:
Current
Operating leases	$	7,133	$	7,176	Current operating lease liabilities
Finance leases		806		779	Accrued expenses and other current liabilities
Non-current
Operating leases		23,268		22,138	Non-current operating lease liabilities
Finance leases		2,288		2,678	Other long-term liabilities
Total lease liabilities	$	33,495	$	32,771

The table below presents supplemental information related to leases as of September 27, 2025 and December 31, 2024:


	September 27, 2025			December 31, 2024
Weighted-average remaining lease term (years):
Finance leases		3.8			4.4
Operating leases		5.1			5.3
Weighted-average discount rate:
Finance leases		8.1	%		8.2	%
Operating leases		5.7	%		5.4	%

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):


	Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	5,589	$	5,410

The following table summarizes fiscal year maturities of operating lease liabilities as of September 27, 2025 (in thousands):


	Operating Leases		Finance Leases		Total
Remainder of fiscal year 2025	$	2,262	$	266	$	2,528
2026		8,358		996		9,354
2027		6,721		916		7,637
2028		5,387		904		6,291
2029		4,771		420		5,191
Thereafter		7,593		86		7,679
Total lease payments		35,092		3,588		38,680
Less: Interest		(4,691)		(494)		(5,185)
Present value of lease liability	$	30,401	$	3,094	$	33,495

Acquisitions

9 Months Ended

Sep. 27, 2025

Business Combinations [Abstract]

Acquisitions

3. ACQUISITIONS

Coverstar Central, LLC

On August 2, 2024 (the “Acquisition Date”), Latham Pool Products acquired Coverstar Central, LLC (“Coverstar Central”) for total consideration of $71.5 million (the “Coverstar Central Acquisition”). The total consideration included $66.5 million in cash (including a net working capital adjustment of $1.2 million) and a non-cash settlement of preexisting obligations of $4.9 million. Preexisting relationships are effectively settled since such a relationship becomes intercompany upon the acquisition and is eliminated in post-combination financial statements. The cash consideration was funded with cash on hand. The Company incurred $0.9 million in transaction costs. The results of Coverstar Central’s operations have been included in the condensed consolidated financial statements since that date. Coverstar Central is an automatic safety cover dealer based in the United States. The acquisition allows for vertical integration of the Company’s automatic safety cover product category. Additionally, the acquisition provides the Company with an increase in dealer and franchise relationships.

The Company accounted for the Coverstar Central Acquisition using the acquisition method of accounting in accordance with FASB ASC 805, Business Combinations. This requires that the assets acquired and liabilities assumed be measured at fair value.

Inventories were valued using the comparative sales method. Specific to intangible assets, backlog and customer relationships were valued using the multi-period excess earnings method. The Company recorded the assets acquired and liabilities assumed at their respective fair values as of the Acquisition Date. These fair value estimates were evaluated during the measurement period of up to one year from the Acquisition Date, and are no longer subject to change.

The following summarizes the purchase price allocation for the Company’s acquisition of Coverstar Central:


(in thousands)	August 2, 2024
Total consideration	$	71,516
Allocation:
Cash		2,084
Trade receivables		7,020
Inventories		4,293
Prepaid expenses and other current assets		53
Property and equipment		344
Intangible assets		38,220
Deferred tax assets		43
Total assets acquired, excluding goodwill		52,057
Accounts payable		131
Accrued expenses and other current liabilities		2,457
Total liabilities assumed		2,588
Total fair value of net assets acquired, excluding goodwill		49,469
Goodwill	$	22,047

The excess of the total consideration over the fair value of the identifiable assets acquired and the liabilities assumed in the acquisition was allocated to goodwill in the amount of $22.0 million. Goodwill resulting from the acquisition was attributable to vertical integration, the expanded market share and broader geographical footprint. The goodwill recognized is deductible for tax purposes.

The Company allocated a portion of the total consideration to specific intangible asset categories as follows:


	Fair Value		Amortization
Definite-lived intangible assets:	(in thousands)		Period (in years)
Dealer relationships	$	37,800	13
Order backlog		420	1

Pro Forma Financial Information (Unaudited)

The following pro forma financial information presents the statements of operations of the Company with Coverstar Central as if the acquisition occurred on January 1, 2024. The pro forma results do not include any anticipated synergies, cost savings or other expected benefits of the acquisition. The pro forma financial information is not necessarily indicative of what the financial results would have been had the acquisition been completed on January 1, 2024 and is not necessarily indicative of the Company’s future financial results.



	Three Fiscal Quarters Ended
	September 27,		September 28,
(in thousands)	2025		2024
Net sales	$	445,962	$	433,522
Net income		18,319		15,174

The pro forma financial information presented above reflects the effects as a result of the acquisition, including the amortization expense from acquired intangible assets, the additional cost of sales from acquired inventory, the elimination of intercompany transactions and the removal of certain costs (primarily payroll costs) that would not have occurred and any related tax effects. Transaction costs for Coverstar Central are reflected within pro forma net income for the three fiscal quarters ended September 28, 2024.

Other Business Combinations

During the fiscal quarter ended March 29, 2025, the Company completed the acquisition of two autocover dealers located in New York and Tennessee that qualified as a business combination. This transaction resulted in an increase to goodwill and intangibles, but was not material to our condensed consolidated financial statements, and as a result, additional business combination disclosures for this acquisition have been omitted.

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 27, 2025
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

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	May 02, 2023	Apr. 12, 2021	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum grant date fair value of cash and equity awards that may be awarded to a non-employee director		$ 750,000
The shares excepted from the minimum vesting period as a percent of the share pool	5.00%
Shares reserved for issuance	8,000,000		21,170,212		21,170,212
Vesting period	1 year
Total unrecognized stock-based compensation expense			$ 10,300		$ 10,300
Total unrecognized stock-based compensation expense expected to be recognized over a weighted-average period					1 year 10 months 24 days
Selling, general, and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense			$ 1,980	$ 1,844	$ 5,332	$ 5,187

- 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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Fair Value Measurements - Fair value of financial instruments (Details) - Level 2 - USD ($) $ in Thousands	Sep. 27, 2025	Dec. 31, 2024
Prior Term Loan \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount	$ 281,073	$ 281,521
Prior Term Loan \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount	279,669	276,946
Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of interest rate swap liability	$ 1,000	$ 400

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 8,117	$ 5,896	$ 18,135	$ 11,310
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	146	776	345	948
Total other comprehensive (loss) income, net of tax	146	776	345	948
Comprehensive income	$ 8,263	$ 6,672	$ 18,480	$ 12,258

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+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Net Sales (Tables)

9 Months Ended

Sep. 27, 2025

Revenue from Contract with Customer [Abstract]

Summary 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				Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
In-ground Swimming Pools	$	75,377	$	74,785	$	211,711	$	215,575
Covers		54,893		47,755		123,749		100,126
Liners		31,633		27,956		110,502		105,546
	$	161,903	$	150,496	$	445,962	$	421,247

Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Thousands	Sep. 27, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 155,017	$ 152,625

- 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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+ Details

Long-Term Debt - Principal payments due (Details) $ in Thousands	Sep. 27, 2025 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of fiscal year 2025	$ 1,625
2026	3,250
2027	3,250
2028	3,250
2029	275,062
Total payments due	$ 286,437

Nature of the Business

9 Months Ended

Sep. 27, 2025

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.

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	47.90%	(0.70%)	32.00%	7.60%

Income Taxes

9 Months Ended

Sep. 27, 2025

Income Tax Disclosure [Abstract]

Income Taxes

11. INCOME TAXES

The effective income tax rate for the fiscal quarter and the three fiscal quarters ended September 27, 2025 was 47.9% and 32.0%, respectively, compared to (0.7)% and 7.6% for the fiscal quarter and the three fiscal quarters ended September 28, 2024. The differences between the U.S. federal statutory income tax rate and the Company's effective income tax rates for the fiscal quarter ended September 27, 2025 and the fiscal quarter ended September 28, 2024 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 includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The new provisions did not have a material impact on the Company’s 2025 effective tax rate.

- Definition

The entire disclosure for income tax.

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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Income Statement [Abstract]
Net sales	$ 161,903	$ 150,496	$ 445,962	$ 421,247
Cost of sales	104,596	101,807	291,811	288,948
Gross profit	57,307	48,689	154,151	132,299
Selling, general, and administrative expense	28,586	28,336	91,146	81,174
Amortization	7,213	6,982	21,704	19,822
Loss from operations	21,508	13,371	41,301	31,303
Other expense:
Interest expense, net	6,067	9,155	19,587	20,150
Other expense (income), net	1,168	(693)	(2,187)	1,697
Total other expense, net	7,235	8,462	17,400	21,847
Earnings from equity method investment	1,310	944	2,751	2,785
Loss before income taxes	15,583	5,853	26,652	12,241
Income tax expense (benefit)	7,466	(43)	8,517	931
Net income	$ 8,117	$ 5,896	$ 18,135	$ 11,310
Net income per share attributable to common stockholders:
Basic	$ 0.07	$ 0.05	$ 0.16	$ 0.1
Diluted	$ 0.07	$ 0.05	$ 0.15	$ 0.1
Weighted-average common shares outstanding - basic and diluted
Basic	116,603,331	115,564,382	116,323,609	115,358,274
Diluted	119,907,619	118,445,235	119,720,706	117,130,609

Segment Reporting (Tables)

9 Months Ended

Sep. 27, 2025

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]

Summary of Operations of the Company's single segment

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



	Fiscal Quarter Ended				Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Net sales	$	161,903	$	150,496	$	445,962	$	421,247
Other cost of sales⁽¹⁾		100,174		97,274		279,229		277,109
Other selling, general and administrative expense⁽²⁾		24,669		23,915		79,427		69,875
Depreciation		5,452		4,129		15,638		11,833
Amortization⁽³⁾		7,429		7,195		22,340		20,458
Stock-based compensation expense		1,980		1,844		5,332		5,187
Strategic initiative costs⁽⁴⁾		684		706		2,246		2,680
Acquisition and integration related costs⁽⁵⁾		7		1,930		289		2,305
Restructuring charges⁽⁶⁾		—		132		160		497
Interest expense, net		6,067		9,155		19,587		20,150
Other expense (income), net		1,168		(693)		(2,187)		1,697
Earnings from equity method investment		(1,310)		(944)		(2,751)		(2,785)
Income tax expense (benefit)		7,466		(43)		8,517		931
Net income	$	8,117	$	5,896	$	18,135	$	11,310

(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.

Long-Term Debt

9 Months Ended

Sep. 27, 2025

Debt Disclosure [Abstract]

Long-Term Debt

7. LONG-TERM DEBT

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



	September 27, 2025		December 31, 2024
Term Loan	$	286,437	$	288,063
Revolving Credit Facility		—		—
Less: Unamortized discount and debt issuance costs		(5,364)		(6,542)
Total debt		281,073		281,521
Less: Current portion of long-term debt		(3,250)		(3,250)
Total long-term debt	$	277,823	$	278,271

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. 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.

During the three fiscal quarters ended September 27, 2025, the Company repaid the $25.0 million of outstanding borrowings on the Revolving Credit Facility. As of September 27, 2025, there were no outstanding borrowings on the Revolving Credit Facility and $75.0 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 (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 (each, 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.

During the three fiscal quarters ended September 28, 2024, the Company made a pre-payment of $18.0 million in addition to the required annual payments of $3.3 million. No additional pre-payments are required to be made during the year ending December 31, 2025.

Outstanding borrowings as of September 27, 2025 were $281.1 million, net of unamortized discount and debt issuance costs of $5.4 million. In connection with the Term Loan, the Company is subject to various negative, reporting, financial, and other covenants, including maintaining specific liquidity measurements.

As of September 27, 2025, the unamortized debt issuance costs and discount on the Term Loan were $3.0 million and $2.4 million, respectively. The effective interest rate was 9.22% at September 27, 2025, 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).

Additionally, 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 2025	$	1,625
2026		3,250
2027		3,250
2028		3,250
2029		275,062
	$	286,437

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(c))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Sales

9 Months Ended

Sep. 27, 2025

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				Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
In-ground Swimming Pools	$	75,377	$	74,785	$	211,711	$	215,575
Covers		54,893		47,755		123,749		100,126
Liners		31,633		27,956		110,502		105,546
	$	161,903	$	150,496	$	445,962	$	421,247

- 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
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Product Warranties (Tables)

9 Months Ended

Sep. 27, 2025

Product Warranties Disclosures [Abstract]

Schedule of warranty reserve activity

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



	Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024
Balance at the beginning of the fiscal year	$	2,647	$	3,161
Adjustments to reserve		2,338		2,873
Less: Settlements made (in cash or in kind)		(1,957)		(2,513)
Balance at the end of the fiscal quarter	$	3,028	$	3,521

Acquisitions (Tables)

9 Months Ended

Sep. 27, 2025

Business Combination [Line Items]

Summary of purchase price allocation

The following summarizes the purchase price allocation for the Company’s acquisition of Coverstar Central:


(in thousands)	August 2, 2024
Total consideration	$	71,516
Allocation:
Cash		2,084
Trade receivables		7,020
Inventories		4,293
Prepaid expenses and other current assets		53
Property and equipment		344
Intangible assets		38,220
Deferred tax assets		43
Total assets acquired, excluding goodwill		52,057
Accounts payable		131
Accrued expenses and other current liabilities		2,457
Total liabilities assumed		2,588
Total fair value of net assets acquired, excluding goodwill		49,469
Goodwill	$	22,047

Schedule of purchase price to specific intangible asset categories

The Company allocated a portion of the total consideration to specific intangible asset categories as follows:


	Fair Value		Amortization
Definite-lived intangible assets:	(in thousands)		Period (in years)
Dealer relationships	$	37,800	13
Order backlog		420	1

Coverstar Central, LLC

Business Combination [Line Items]

Schedule of pro forma financial information



	Three Fiscal Quarters Ended
	September 27,		September 28,
(in thousands)	2025		2024
Net sales	$	445,962	$	433,522
Net income		18,319		15,174

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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+ Details

Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Sep. 27, 2025	Dec. 31, 2024
Operating Leases
Remainder of fiscal year 2025	$ 2,262
2026	8,358
2027	6,721
2028	5,387
2029	4,771
Thereafter	7,593
Total lease payments	35,092
Less: Interest	(4,691)
Present value of lease liability	30,401
Finance Leases
Remainder of fiscal year 2025	266
2026	996
2027	916
2028	904
2029	420
Thereafter	86
Total lease payments	3,588
Less: Interest	(494)
Present value of lease liability	3,094
Total
Remainder of fiscal year 2025	2,528
2026	9,354
2027	7,637
2028	6,291
2029	5,191
Thereafter	7,679
Total lease payments	38,680
Less: Interest	(5,185)
Present value of lease liability	$ 33,495	$ 32,771

Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 27, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 50,210	$ 49,322
Finished goods	20,106	27,779
Inventory, net, Total	$ 70,316	$ 77,101

Acquisitions - Financial Information (Details) - Coverstar Central, LLC - USD ($) $ in Thousands		9 Months Ended
	Aug. 02, 2024	Sep. 27, 2025	Sep. 28, 2024
Business Combination, Pro Forma Information [Abstract]
Proforma net sales		$ 445,962	$ 433,522
Proforma net loss		$ 18,319	$ 15,174
Dealer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Fair Value	$ 37,800
Amortization Period	13 years
Order backlog
Intangible Asset, Acquired, Finite-Lived [Line Items]
Fair Value	$ 420
Amortization Period	1 year

Leases - Operating and finance lease right-of-use assets and liabilities and Supplemental information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Dec. 31, 2024
Lease right-of-use assets:
Operating leases	$ 29,566		$ 28,259
Finance leases	$ 2,875		3,261
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets
Total lease right-of-use assets	$ 32,441		31,520
Lease-related liabilities
Operating leases, Current	7,133		7,176
Finance leases, Current	$ 806		779
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current
Operating leases, Non-current	$ 23,268		22,138
Finance leases, Non-current	$ 2,288		2,678
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent
Total lease liabilities	$ 33,495		$ 32,771
Weighted-average remaining lease term (years)
Finance leases	3 years 9 months 18 days		4 years 4 months 24 days
Operating leases	5 years 1 month 6 days		5 years 3 months 18 days
Weighted-average discount rate
Finance leases	8.10%		8.20%
Operating leases	5.70%		5.40%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 5,589	$ 5,410

Fair Value Measurements (Tables)

9 Months Ended

Sep. 27, 2025

Fair Value Disclosures [Abstract]

Schedule of financial liabilities at fair value on a recurring basis



	September 27, 2025				December 31, 2024
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Term Loan	$	281,073	$	279,669	$	281,521	$	276,946

Product Warranties (Details) - USD ($) $ in Thousands	9 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Sep. 27, 2025	Sep. 28, 2024
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the fiscal year	$ 2,647	$ 3,161
Adjustments to reserve	2,338	2,873
Less: Settlements made (in cash or in kind)	(1,957)	(2,513)
Balance at the end of the fiscal quarter	$ 3,028	$ 3,521

Long-Term Debt (Tables)

9 Months Ended

Sep. 27, 2025

Debt Disclosure [Abstract]

Schedule of components of the Company's outstanding debt obligations



	September 27, 2025		December 31, 2024
Term Loan	$	286,437	$	288,063
Revolving Credit Facility		—		—
Less: Unamortized discount and debt issuance costs		(5,364)		(6,542)
Total debt		281,073		281,521
Less: Current portion of long-term debt		(3,250)		(3,250)
Total long-term debt	$	277,823	$	278,271

Schedule of principal payments due on the outstanding debt



Fiscal Year Ending	Term Loan
Remainder of fiscal year 2025	$	1,625
2026		3,250
2027		3,250
2028		3,250
2029		275,062
	$	286,437

- 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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-Section S99
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+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 27, 2025

Share-Based Payment Arrangement [Abstract]

Summary of stock-based compensation expense



	Fiscal Quarter Ended				Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Selling, general, and administrative	$	1,980	$	1,844	$	5,332	$	5,187

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

The following table represents the Company’s restricted stock units activity during the three fiscal quarters ended September 27, 2025:


		Weighted-
		Average Grant-
	Shares	Date Fair Value
Outstanding at January 1, 2025	4,200,759	$	3.12
Granted	900,836		7.12
Vested	(1,231,008)		3.20
Forfeited	(394,117)		3.73
Outstanding at September 27, 2025	3,476,470	$	4.06

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

The following table represents the Company’s stock options activity during the three fiscal quarters ended September 27, 2025:


			Weighted-	Weighted-
			Average	Average
		Exercise Price		Remaining	Aggregate
	Shares	per Share		Contract Term	Intrinsic Value
				(in years)	(in thousands)
Outstanding at January 1, 2025	1,383,738	$	15.20
Granted	—		—
Exercised	—		—
Forfeited	(34,719)		15.38
Expired	(198,307)		17.31
Outstanding at September 27, 2025	1,150,712	$	14.84	6.25	$	305
Vested and expected to vest at September 27, 2025	1,150,712	$	14.84	6.25	$	305
Options exercisable at September 27, 2025	949,712	$	15.25	6.18	$	220

Schedule of stock appreciation rights activity


			Weighted-	Weighted-
			Average	Average
		Exercise Price		Remaining	Aggregate
	Shares	per Share		Contract Term	Intrinsic Value
				(in years)	(in thousands)
Outstanding at January 1, 2025	660,556	$	3.15
Granted	—		—
Exercised	(73,026)		3.24
Forfeited	(73,027)		3.24
Outstanding at September 27, 2025	514,503	$	3.12	7.65	$	2,263
Vested and expected to vest at September 27, 2025	514,503	$	3.12	7.65	$	2,263
Stock appreciation rights exercisable at September 27, 2025	219,576	$	3.17	7.62	$	955

Schedule of PSU activity

The following table represents the Company’s PSU activity during the three fiscal quarters ended September 27, 2025:


			Weighted-
			Average
			Grant Date
	Shares		Fair Value

Outstanding at January 1, 2025	807,771	$	2.91
Granted	325,613		7.33
Adjustment for performance achievement ⁽¹⁾	—		—
Forfeited	(182,521)		3.67
Outstanding at September 27, 2025 ⁽²⁾	950,863	$	4.28

(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 292,870 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 September 27, 2025.

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Sep. 27, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible assets

Intangible assets, net as of September 27, 2025 consisted of the following (in thousands):


	September 27, 2025
	Gross		Foreign
	Carrying		Currency		Accumulated		Net
	Amount		Translation		Amortization		Amount
Trade names and trademarks	$	148,100	$	(252)	$	41,097	$	106,751
Patented technology		16,126		(3)		11,407		4,716
Technology		13,000		—		3,323		9,677
Pool designs		13,628		(107)		4,611		8,910
Franchise relationships		1,187		—		1,187		—
Dealer relationships		238,551		(1)		93,486		145,064
Order backlog		2,020		—		2,020		—
Non-competition agreements		2,476		—		2,476		—
	$	435,088	$	(363)	$	159,607	$	275,118

The change in the carrying value of dealer relationships is driven by the acquisitions made in the three fiscal quarters ended September 27, 2025.

Intangible assets, net as of December 31, 2024 consisted of the following (in thousands):


	December 31, 2024
	Gross		Foreign
	Carrying		Currency		Accumulated		Net
	Amount		Translation		Amortization		Amount
Trade names and trademarks	$	148,100	$	(592)	$	36,183	$	111,325
Patented technology		16,126		(9)		10,303		5,814
Technology		13,000		—		2,673		10,327
Pool designs		13,628		(293)		3,909		9,426
Franchise relationships		1,187		—		1,187		—
Dealer relationships		235,176		(3)		79,397		155,776
Order backlog		2,020		—		1,775		245
Non-competition agreements		2,476		—		2,476		—
	$	431,713	$	(897)	$	137,903	$	292,913

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):


	Estimated Future
	Amortization
Fiscal Year Ending	Expense
Remainder of fiscal year 2025	$	7,180
2026		28,719
2027		28,719
2028		27,760
2029		22,391
Thereafter		160,349
	$	275,118

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 27, 2025	Jun. 28, 2025	Mar. 29, 2025	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 27, 2025	Sep. 28, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 8,117	$ 15,980	$ (5,962)	$ 5,896	$ 13,279	$ (7,864)	$ 18,135	$ 11,310

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 27, 2025
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 The unaudited condensed consolidated balance sheet at December 31, 2024 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of September 27, 2025 and for the fiscal quarter and three fiscal quarters ended September 27, 2025 and September 28, 2024, 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, 2024 included in the Company’s 2024 Annual Report on Form 10-K, filed with the SEC on March 5, 2025 (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 and three fiscal quarters ended September 27, 2025 are not necessarily indicative of the results of operations that may be expected for the fiscal year ending December 31, 2025 or other interim periods thereof.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited condensed consolidated balance sheet at December 31, 2024 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of September 27, 2025 and for the fiscal quarter and three fiscal quarters ended September 27, 2025 and September 28, 2024, 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, 2024 included in the Company’s 2024 Annual Report on Form 10-K, filed with the SEC on March 5, 2025 (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 and three fiscal quarters ended September 27, 2025 are not necessarily indicative of the results of operations that may be expected for the fiscal year ending December 31, 2025 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

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-Topic 275
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-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total
Balance, beginning of period at Dec. 31, 2023	$ 11	$ 459,684	$ (56,956)	$ (3,539)	$ 399,200
Balance, beginning of period (in shares) at Dec. 31, 2023	114,871,782
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)			(7,864)		(7,864)
Foreign currency translation adjustments				(811)	(811)
Issuance of common stock upon release of restricted stock units (in shares)	517,907
Stock-based compensation expense		1,243			1,243
Balance, end of period at Mar. 30, 2024	$ 11	460,927	(64,820)	(4,350)	391,768
Balance, end of period (in shares) at Mar. 30, 2024	115,389,689
Balance, beginning of period at Dec. 31, 2023	$ 11	459,684	(56,956)	(3,539)	399,200
Balance, beginning of period (in shares) at Dec. 31, 2023	114,871,782
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)					11,310
Balance, end of period at Sep. 28, 2024	$ 12	464,871	(45,645)	(2,591)	416,647
Balance, end of period (in shares) at Sep. 28, 2024	115,592,865
Balance, beginning of period at Mar. 30, 2024	$ 11	460,927	(64,820)	(4,350)	391,768
Balance, beginning of period (in shares) at Mar. 30, 2024	115,389,689
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)			13,279		13,279
Foreign currency translation adjustments				983	983
Issuance of common stock upon release of restricted stock units	$ 1				1
Issuance of common stock upon release of restricted stock units (in shares)	187,414
Stock-based compensation expense		2,100			2,100
Balance, end of period at Jun. 29, 2024	$ 12	463,027	(51,541)	(3,367)	408,131
Balance, end of period (in shares) at Jun. 29, 2024	115,577,103
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)			5,896		5,896
Foreign currency translation adjustments				776	776
Issuance of common stock upon release of restricted stock units (in shares)	15,762
Stock-based compensation expense		1,844			1,844
Balance, end of period at Sep. 28, 2024	$ 12	464,871	(45,645)	(2,591)	416,647
Balance, end of period (in shares) at Sep. 28, 2024	115,592,865
Balance, beginning of period at Dec. 31, 2024	$ 12	467,076	(74,816)	(5,050)	387,222
Balance, beginning of period (in shares) at Dec. 31, 2024	115,764,839
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (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		(2,306)			(2,306)
Common stock withheld for taxes on restricted stock units (in shares)	(343,232)
Stock-based compensation expense		1,971			1,971
Balance, end of period at Mar. 29, 2025	$ 12	466,741	(80,778)	(4,833)	381,142
Balance, end of period (in shares) at Mar. 29, 2025	116,362,977
Balance, beginning of period at Dec. 31, 2024	$ 12	467,076	(74,816)	(5,050)	387,222
Balance, beginning of period (in shares) at Dec. 31, 2024	115,764,839
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)					18,135
Balance, end of period at Sep. 27, 2025	$ 12	469,731	(56,681)	(4,705)	408,357
Balance, end of period (in shares) at Sep. 27, 2025	116,655,775
Balance, beginning of period at Mar. 29, 2025	$ 12	466,741	(80,778)	(4,833)	381,142
Balance, beginning of period (in shares) at Mar. 29, 2025	116,362,977
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)			15,980		15,980
Foreign currency translation adjustments				(18)	(18)
Issuance of common stock upon release of restricted stock units (in shares)	182,341
Common stock withheld for taxes on restricted stock units		(57)			(57)
Common stock withheld for taxes on restricted stock units (in shares)	(9,189)
Stock-based compensation expense		1,381			1,381
Balance, end of period at Jun. 28, 2025	$ 12	468,065	(64,798)	(4,851)	398,428
Balance, end of period (in shares) at Jun. 28, 2025	116,536,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)			8,117		8,117
Foreign currency translation adjustments				146	146
Issuance of common stock upon release of restricted stock units (in shares)	180,323
Common stock withheld for taxes on restricted stock units		(314)			(314)
Common stock withheld for taxes on restricted stock units (in shares)	(60,677)
Stock-based compensation expense		1,980			1,980
Balance, end of period at Sep. 27, 2025	$ 12	$ 469,731	$ (56,681)	$ (4,705)	$ 408,357
Balance, end of period (in shares) at Sep. 27, 2025	116,655,775

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 27, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	116,655,775	115,764,839
Common stock, shares outstanding	116,655,775	115,764,839

Stock-Based Compensation

9 Months Ended

Sep. 27, 2025

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. 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 maximum grant date fair value of cash and equity awards that may be awarded to a non-employee director under the 2021 Omnibus Equity Plan during any one fiscal year, together with any cash fees paid to such non-employee director during such fiscal year, is $750,000.

On May 2, 2023, at the 2023 annual meeting of stockholders of the Company, the stockholders approved the first amendment (the “Equity Plan First Amendment”) to the 2021 Omnibus Equity Plan, which was previously approved by the Board of Directors of the Company (the “Board”). The Equity Plan First Amendment became effective upon stockholder approval, and provides for (i) an increase by 8,000,000 shares of the share pool, i.e. the maximum number of shares of the Company’s common stock that may be issued pursuant to awards granted under the 2021 Omnibus Equity Plan, (ii) a prohibition on recycling shares withheld or remitted to pay taxes for all awards, (iii) a minimum vesting period of one year for all awards, with an exception for shares representing 5% of the share pool and (iv) a prohibition on the transfer of stock options and stock appreciation rights for value or to third-party financial institutions without stockholder approval.

Except as amended by the Equity Plan First Amendment, the other terms of the 2021 Omnibus Equity Plan remain in full force and effect. Subsequent to the Equity Plan First Amendment, the maximum aggregate number of shares reserved for issuance under the 2021 Omnibus Equity Plan is 21,170,212 shares.

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



	Fiscal Quarter Ended				Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Selling, general, and administrative	$	1,980	$	1,844	$	5,332	$	5,187

As of September 27, 2025, total unrecognized stock-based compensation expense related to all unvested stock-based awards was $10.3 million, which is expected to be recognized over a weighted-average period of 1.9 years.

Restricted Stock Units

The following table represents the Company’s restricted stock units activity during the three fiscal quarters ended September 27, 2025:


		Weighted-
		Average Grant-
	Shares	Date Fair Value
Outstanding at January 1, 2025	4,200,759	$	3.12
Granted	900,836		7.12
Vested	(1,231,008)		3.20
Forfeited	(394,117)		3.73
Outstanding at September 27, 2025	3,476,470	$	4.06

Stock Options

The following table represents the Company’s stock options activity during the three fiscal quarters ended September 27, 2025:


			Weighted-	Weighted-
			Average	Average
		Exercise Price		Remaining	Aggregate
	Shares	per Share		Contract Term	Intrinsic Value
				(in years)	(in thousands)
Outstanding at January 1, 2025	1,383,738	$	15.20
Granted	—		—
Exercised	—		—
Forfeited	(34,719)		15.38
Expired	(198,307)		17.31
Outstanding at September 27, 2025	1,150,712	$	14.84	6.25	$	305
Vested and expected to vest at September 27, 2025	1,150,712	$	14.84	6.25	$	305
Options exercisable at September 27, 2025	949,712	$	15.25	6.18	$	220

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 three fiscal quarters ended September 27, 2025:


			Weighted-	Weighted-
			Average	Average
		Exercise Price		Remaining	Aggregate
	Shares	per Share		Contract Term	Intrinsic Value
				(in years)	(in thousands)
Outstanding at January 1, 2025	660,556	$	3.15
Granted	—		—
Exercised	(73,026)		3.24
Forfeited	(73,027)		3.24
Outstanding at September 27, 2025	514,503	$	3.12	7.65	$	2,263
Vested and expected to vest at September 27, 2025	514,503	$	3.12	7.65	$	2,263
Stock appreciation rights exercisable at September 27, 2025	219,576	$	3.17	7.62	$	955

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 three fiscal quarters ended September 27, 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 executive officers.

Thirty-three percent of the target number of PSUs awarded on the grant date will be earned annually at 0% to 200% of the target number of PSUs based on the Company’s achievement of Adjusted EBITDA (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 January 1, 2025 and ending December 31, 2027. Any earned PSUs cliff vest on the third anniversary of the grant date. 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 three fiscal quarters ended September 27, 2025:


			Weighted-
			Average
			Grant Date
	Shares		Fair Value

Outstanding at January 1, 2025	807,771	$	2.91
Granted	325,613		7.33
Adjustment for performance achievement ⁽¹⁾	—		—
Forfeited	(182,521)		3.67
Outstanding at September 27, 2025 ⁽²⁾	950,863	$	4.28

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

Product Warranties

9 Months Ended

Sep. 27, 2025

Product Warranties Disclosures [Abstract]

Product Warranties

8. PRODUCT WARRANTIES

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



	Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024
Balance at the beginning of the fiscal year	$	2,647	$	3,161
Adjustments to reserve		2,338		2,873
Less: Settlements made (in cash or in kind)		(1,957)		(2,513)
Balance at the end of the fiscal quarter	$	3,028	$	3,521

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 27, 2025	Dec. 31, 2024
Current assets:
Cash	$ 70,518	$ 56,398
Trade receivables, net	81,106	32,299
Inventories, net	70,316	77,101
Income tax receivable	9,567	3,964
Prepaid expenses and other current assets	9,408	8,536
Total current assets	240,915	178,298
Property and equipment, net	114,114	112,848
Equity method investment	25,826	24,891
Deferred tax assets	729	729
Operating lease right-of-use assets	29,566	28,259
Goodwill	155,017	152,625
Intangible assets, net	275,118	292,913
Other assets	3,137	3,644
Total assets	844,422	794,207
Current liabilities:
Current maturities of long-term debt	3,250	3,250
Current operating lease liabilities	7,133	7,176
Accrued expenses and other current liabilities	59,465	47,410
Total current liabilities	99,217	70,977
Long-term debt, net of discount, debt issuance costs, and current portion	277,823	278,271
Deferred income tax liabilities, net	32,347	32,347
Non-current operating lease liabilities	23,268	22,138
Other long-term liabilities	3,410	3,252
Total liabilities	436,065	406,985
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	469,731	467,076
Accumulated deficit	(56,681)	(74,816)
Accumulated other comprehensive loss	(4,705)	(5,050)
Total stockholders' equity	408,357	387,222
Total liabilities and stockholders' equity	844,422	794,207
Nonrelated Party
Current liabilities:
Accounts payable	$ 29,369	$ 13,141

Leases - Lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease expense (Details) - USD ($) $ in Thousands	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Components of lease expense:
Operating lease expense	$ 2,266	$ 2,170	$ 6,592	$ 6,462
Finance lease amortization of assets	215	212	636	636
Finance lease interest on lease liabilities	67	78	202	242
Short-term lease expense	135	160	328	280
Variable lease expense	187	98	554	378
Total lease expense	$ 2,870	$ 2,718	$ 8,312	$ 7,998

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units	9 Months Ended
	Sep. 27, 2025 $ / shares shares
Shares
Balance at beginning \| shares	4,200,759
Granted \| shares	900,836
Vested \| shares	(1,231,008)
Forfeited \| shares	(394,117)
Balance at ending \| shares	3,476,470
Weighted Average Grant Date Fair Value
Balance at beginning \| $ / shares	$ 3.12
Granted \| $ / shares	7.12
Vested \| $ / shares	3.2
Forfeited \| $ / shares	3.73
Balance at ending \| $ / shares	$ 4.06

Long-Term Debt - Term Loan (Details) - USD ($)		9 Months Ended
Long-Term Debt - Term Loan (Details) - USD ($)	Feb. 23, 2022	Sep. 27, 2025	Sep. 28, 2024	Dec. 31, 2024
Debt Instrument [Line Items]
Repayment of long term debt		$ 1,625,000	$ 19,625,000
Amount outstanding, net of discount and issuance costs		281,073,000		$ 281,521,000
Discount and debt issuance costs		5,364,000		$ 6,542,000
Term Loan Facility
Debt Instrument [Line Items]
Amount borrowed		325,000,000
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%
Debt instrument annual payment			3,300,000
Mandatory prepayment rate as a percentage of non-permitted indebtedness	100.00%
Repayment of long term debt			$ 18,000,000
Amount outstanding, net of discount and issuance costs		281,100,000
Unamortized debt issuance costs		3,000,000
Unamortized discount		$ 2,400,000
Interest rate during period		9.22%
Term Loan Facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Term Loan Facility \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%
Term Loan Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Term Loan Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%

Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 27, 2025

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 September 27, 2025 and as of December 31, 2024 was $155.0 million and $152.6 million, respectively. The change in the carrying value during the three fiscal quarters ended September 27, 2025 was primarily driven by acquisitions made in the first fiscal quarter of 2025.

Intangible Assets

Intangible assets, net as of September 27, 2025 consisted of the following (in thousands):


	September 27, 2025
	Gross		Foreign
	Carrying		Currency		Accumulated		Net
	Amount		Translation		Amortization		Amount
Trade names and trademarks	$	148,100	$	(252)	$	41,097	$	106,751
Patented technology		16,126		(3)		11,407		4,716
Technology		13,000		—		3,323		9,677
Pool designs		13,628		(107)		4,611		8,910
Franchise relationships		1,187		—		1,187		—
Dealer relationships		238,551		(1)		93,486		145,064
Order backlog		2,020		—		2,020		—
Non-competition agreements		2,476		—		2,476		—
	$	435,088	$	(363)	$	159,607	$	275,118

The Company recognized $7.2 million and $21.7 million of amortization expense related to intangible assets during the fiscal quarter and three fiscal quarters ended September 27, 2025, respectively. The Company recognized $7.0 million and $19.8 million of amortization expense related to intangible assets during the fiscal quarter and three fiscal quarters ended September 28, 2024, respectively.

The change in the carrying value of dealer relationships is driven by the acquisitions made in the three fiscal quarters ended September 27, 2025.

Intangible assets, net as of December 31, 2024 consisted of the following (in thousands):


	December 31, 2024
	Gross		Foreign
	Carrying		Currency		Accumulated		Net
	Amount		Translation		Amortization		Amount
Trade names and trademarks	$	148,100	$	(592)	$	36,183	$	111,325
Patented technology		16,126		(9)		10,303		5,814
Technology		13,000		—		2,673		10,327
Pool designs		13,628		(293)		3,909		9,426
Franchise relationships		1,187		—		1,187		—
Dealer relationships		235,176		(3)		79,397		155,776
Order backlog		2,020		—		1,775		245
Non-competition agreements		2,476		—		2,476		—
	$	431,713	$	(897)	$	137,903	$	292,913

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):


	Estimated Future
	Amortization
Fiscal Year Ending	Expense
Remainder of fiscal year 2025	$	7,180
2026		28,719
2027		28,719
2028		27,760
2029		22,391
Thereafter		160,349
	$	275,118

Summary of Significant Accounting Policies

9 Months Ended

Sep. 27, 2025

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, 2024 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of September 27, 2025 and for the fiscal quarter and three fiscal quarters ended September 27, 2025 and September 28, 2024, 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, 2024 included in the Company’s 2024 Annual Report on Form 10-K, filed with the SEC on March 5, 2025 (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 and three fiscal quarters ended September 27, 2025 are not necessarily indicative of the results of operations that may be expected for the fiscal year ending December 31, 2025 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 “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. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), in an effort to enhance the transparency and decision usefulness of income tax disclosures. For all entities, ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. The amendments should be applied prospectively with retrospective application permitted. Early adoption is also permitted. The Company is currently evaluating ASU 2023-09 and its potential impact on the notes to the condensed consolidated financial statements.

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 is currently evaluating ASU 2025-05 and its potential impact on the condensed consolidated financial statements.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), requiring public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 14 for further detail.

Segment Reporting

9 Months Ended

Sep. 27, 2025

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				Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Net sales	$	161,903	$	150,496	$	445,962	$	421,247
Other cost of sales⁽¹⁾		100,174		97,274		279,229		277,109
Other selling, general and administrative expense⁽²⁾		24,669		23,915		79,427		69,875
Depreciation		5,452		4,129		15,638		11,833
Amortization⁽³⁾		7,429		7,195		22,340		20,458
Stock-based compensation expense		1,980		1,844		5,332		5,187
Strategic initiative costs⁽⁴⁾		684		706		2,246		2,680
Acquisition and integration related costs⁽⁵⁾		7		1,930		289		2,305
Restructuring charges⁽⁶⁾		—		132		160		497
Interest expense, net		6,067		9,155		19,587		20,150
Other expense (income), net		1,168		(693)		(2,187)		1,697
Earnings from equity method investment		(1,310)		(944)		(2,751)		(2,785)
Income tax expense (benefit)		7,466		(43)		8,517		931
Net income	$	8,117	$	5,896	$	18,135	$	11,310

(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.

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+ Details

Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 27, 2025	Dec. 31, 2024	Feb. 23, 2022
Debt Instrument [Line Items]
Gross debt	$ 286,437
Less: Unamortized discount and debt issuance costs	(5,364)	$ (6,542)
Total debt	281,073	281,521
Less: Current portion of long-term debt	(3,250)	(3,250)
Total long-term debt	277,823	278,271
Term Loan Facility
Debt Instrument [Line Items]
Gross debt	286,437	288,063
Total debt	281,100
Maximum borrowing capacity			$ 325,000
Revolving Credit Facility
Debt Instrument [Line Items]
Gross debt	0	$ 0
Total debt	0
Maximum borrowing capacity	$ 75,000		$ 75,000

- 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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+ 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

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+ Details

Long-Term 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

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024
Cash flows from operating activities:
Net income	$ 18,135	$ 11,310
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	37,978	32,291
Unrealized foreign currency (gain) loss	(2,878)	1,697
Amortization of deferred financing costs and debt discount	1,290	1,290
Non-cash lease expense	5,455	5,349
Change in fair value of interest rate swap	610	887
Stock-based compensation expense	5,332	5,187
Bad debt expense	1,623	1,817
Other non-cash, net	655	(31)
Earnings from equity method investment	(2,751)	(2,785)
Distributions received from equity method investment	1,816	3,293
Changes in operating assets and liabilities:
Trade receivables	(50,352)	(35,639)
Inventories	7,331	25,518
Prepaid expenses and other current assets	(795)	(2,318)
Income tax receivable	(5,603)	(6,554)
Other assets	(241)	645
Accounts payable	16,296	10,385
Accrued expenses and other current liabilities	6,672	3,430
Other long-term liabilities	(452)	(622)
Net cash (used in) provided by operating activities	40,121	55,150
Cash flows from investing activities:
Purchases of property and equipment	(16,160)	(13,861)
Acquisition of business, net of cash acquired	(4,934)	(64,046)
Net cash used in investing activities	(21,094)	(77,907)
Cash flows from financing activities:
Payments on long-term debt borrowings	(1,625)	(19,625)
Proceeds from borrowings on revolving credit facility	25,000	0
Payments on revolving credit facilities	(25,000)	0
Repayments of finance lease obligations	(616)	(573)
Common stock withheld for taxes on restricted stock units	(2,677)	0
Net cash provided by (used in) financing activities	(4,918)	(20,198)
Effect of exchange rate changes on cash	11	54
Net decrease in cash	14,120	(42,901)
Cash at beginning of period	56,398	102,763
Cash at end of period	70,518	59,862
Supplemental cash flow information:
Cash paid for interest	20,735	20,481
Income taxes paid, net	8,023	8,919
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses	422	1,201
Right-of-use operating and finance lease assets obtained in exchange for lease liabilities	$ 7,172	$ 3,538

Leases (Tables)

9 Months Ended

Sep. 27, 2025

Leases [Abstract]

Summary of components of lease expense


	Fiscal Quarter Ended				Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Operating lease expense	$	2,266	$	2,170	$	6,592	$	6,462
Finance lease amortization of assets		215		212		636		636
Finance lease interest on lease liabilities		67		78		202		242
Short-term lease expense		135		160		328		280
Variable lease expense		187		98		554		378
Total lease expense	$	2,870	$	2,718	$	8,312	$	7,998

Schedule of supplemental lease information

Operating and finance lease right-of-use assets and lease-related liabilities as of September 27, 2025 and December 31, 2024 were as follows (in thousands):


	September 27, 2025		December 31, 2024		Classification

Lease right-of-use assets:
Operating leases	$	29,566	$	28,259	Operating lease right-of-use assets
Finance leases		2,875		3,261	Other assets
Total lease right-of-use assets	$	32,441	$	31,520

Lease-related liabilities:
Current
Operating leases	$	7,133	$	7,176	Current operating lease liabilities
Finance leases		806		779	Accrued expenses and other current liabilities
Non-current
Operating leases		23,268		22,138	Non-current operating lease liabilities
Finance leases		2,288		2,678	Other long-term liabilities
Total lease liabilities	$	33,495	$	32,771

The table below presents supplemental information related to leases as of September 27, 2025 and December 31, 2024:


	September 27, 2025			December 31, 2024
Weighted-average remaining lease term (years):
Finance leases		3.8			4.4
Operating leases		5.1			5.3
Weighted-average discount rate:
Finance leases		8.1	%		8.2	%
Operating leases		5.7	%		5.4	%

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):


	Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	5,589	$	5,410

Schedule of maturities of operating lease liabilities

The following table summarizes fiscal year maturities of operating lease liabilities as of September 27, 2025 (in thousands):


	Operating Leases		Finance Leases		Total
Remainder of fiscal year 2025	$	2,262	$	266	$	2,528
2026		8,358		996		9,354
2027		6,721		916		7,637
2028		5,387		904		6,291
2029		4,771		420		5,191
Thereafter		7,593		86		7,679
Total lease payments		35,092		3,588		38,680
Less: Interest		(4,691)		(494)		(5,185)
Present value of lease liability	$	30,401	$	3,094	$	33,495

Schedule of maturities of finance lease liabilities

The following table summarizes fiscal year maturities of operating lease liabilities as of September 27, 2025 (in thousands):


	Operating Leases		Finance Leases		Total
Remainder of fiscal year 2025	$	2,262	$	266	$	2,528
2026		8,358		996		9,354
2027		6,721		916		7,637
2028		5,387		904		6,291
2029		4,771		420		5,191
Thereafter		7,593		86		7,679
Total lease payments		35,092		3,588		38,680
Less: Interest		(4,691)		(494)		(5,185)
Present value of lease liability	$	30,401	$	3,094	$	33,495

Stock-Based Compensation - Performance Stock Units (Details) - $ / shares		9 Months Ended
	May 02, 2023	Sep. 27, 2025
Weighted Average Grant Date Fair Value
Performance period	1 year
Performance Stock Units
Shares
Balance at beginning		807,771
Granted		325,613
Adjustment for performance achievement		0
Forfeited		(182,521)
Balance at ending		950,863
Weighted Average Grant Date Fair Value
Balance at beginning		$ 2.91
Granted		7.33
Adjustment for performance achievement		0
Forfeited		3.67
Balance at ending		$ 4.28
Percentage of target number of PSUs awarded		33.00%
Performance level percent		100.00%
Performance period		3 years
Additional PSUs potentially be included if the maximum performance level is earned		292,870
Performance Stock Units \| Maximum
Weighted Average Grant Date Fair Value
Performance level percent		200.00%
Performance Stock Units \| Minimum
Weighted Average Grant Date Fair Value
Performance level percent		0.00%
Performance Stock Units \| Maximum performance level
Weighted Average Grant Date Fair Value
Performance level percent		200.00%

Net Income Per Share

9 Months Ended

Sep. 27, 2025

Earnings Per Share [Abstract]

Net Income Per Share

13. NET INCOME PER SHARE

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


	Fiscal Quarter Ended				Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Numerator:
Net income attributable to common stockholders	$	8,117	$	5,896	$	18,135	$	11,310
Denominator:
Weighted-average common shares outstanding
Basic		116,603,331		115,564,382		116,323,609		115,358,274
Diluted		119,907,619		118,445,235		119,720,706		117,130,609
Net income per share attributable to common stockholders:
Basic	$	0.07	$	0.05	$	0.16	$	0.10
Diluted	$	0.07	$	0.05	$	0.15	$	0.10

As of September 27, 2025 and December 31, 2024, 116,655,775 and 115,764,839 shares of common stock were issued and outstanding, respectively.

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 income per share because the effect was anti-dilutive:


	Fiscal Quarter Ended		Three Fiscal Quarters Ended
	September 27, 2025	September 28, 2024	September 27, 2025	September 28, 2024
Restricted stock awards	—	—	—	14,295
Restricted stock units	—	6,693	240,049	29,700
Stock options	1,031,911	1,402,036	1,221,363	1,451,745
Stock appreciation rights	—	—	—	435,194
Performance stock units	—	—	132,414	27,708

Stock-Based Compensation - Stock Options and SARs (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 27, 2025 USD ($) $ / shares shares
Employee Stock Option
Shares
Outstanding at the beginning \| shares	1,383,738
Granted \| shares	0
Exercised \| shares	0
Forfeited \| shares	(34,719)
Expired \| shares	(198,307)
Outstanding at the end \| shares	1,150,712
Vested and expected to vest \| shares	1,150,712
Options exercisable at the end \| shares	949,712
Weighted-Average Exercise Price per Share
Outstanding at the beginning (in dollars per share) \| $ / shares	$ 15.2
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	15.38
Expired (in dollars per share) \| $ / shares	17.31
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	$ 15.25
Weighted-Average Remaining Contract Term
Outstanding at the end (in years)	6 years 3 months
Vested and expected to vest at the end (in years)	6 years 3 months
Options exercisable at the end (in years)	6 years 2 months 4 days
Outstanding at the end (in dollars) \| $	$ 305
Vested and expected to vest (in dollars) \| $	305
Options exercisable at the end (in dollars) \| $	$ 220
Stock Appreciation Rights (SARs)
Shares
Outstanding at the beginning \| shares	660,556
Granted \| shares	0
Exercised \| shares	(73,026)
Forfeited \| shares	(73,027)
Outstanding at the end \| shares	514,503
Vested and expected to vest \| shares	514,503
Options exercisable at the end \| shares	219,576
Weighted-Average Exercise Price per Share
Outstanding at the beginning (in dollars per share) \| $ / shares	$ 3.15
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	3.24
Forfeited (in dollars per share) \| $ / shares	3.24
Outstanding at the end (in dollars per share) \| $ / shares	3.12
Vested and expected to vest at the end (in dollars per share) \| $ / shares	3.12
Options exercisable at the end (in dollars per share) \| $ / shares	$ 3.17
Weighted-Average Remaining Contract Term
Outstanding at the end (in years)	7 years 7 months 24 days
Vested and expected to vest at the end (in years)	7 years 7 months 24 days
Options exercisable at the end (in years)	7 years 7 months 13 days
Outstanding at the end (in dollars) \| $	$ 2,263
Vested and expected to vest (in dollars) \| $	2,263
Options exercisable at the end (in dollars) \| $	$ 955

Acquisitions - Other Business Combinations (Details)	9 Months Ended
Acquisitions - Other Business Combinations (Details)	Sep. 27, 2025 item
Business Combinations [Abstract]
Number of autocover dealers acquired	2

Acquisitions (Details) - USD ($) $ in Thousands	Aug. 02, 2024	Sep. 27, 2025	Dec. 31, 2024
Business Combination [Line Items]
Goodwill		$ 155,017	$ 152,625
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Goodwill		$ 155,017	$ 152,625
Coverstar Central, LLC
Business Combination [Line Items]
Total purchase price	$ 71,500
Business acquisition, cash consideration	66,500
Net working capital adjustment receivable	1,200
Business acquisition, contingent consideration	4,900
Business acquisition, transaction costs	900
Goodwill	22,047
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Total consideration	71,516
Cash	2,084
Trade receivables	7,020
Inventories	4,293
Prepaid expenses and other current assets	53
Property and equipment	344
Intangible assets	38,220
Deferred tax assets	43
Total assets acquired, excluding goodwill	52,057
Accounts payable	131
Accrued expenses and other current liabilities	2,457
Total liabilities assumed	2,588
Total fair value of net assets acquired, excluding goodwill:	49,469
Goodwill	$ 22,047

Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Net Sales (Details) - USD ($) $ in Thousands	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Disaggregation of Revenue [Line Items]
Net sales	$ 161,903	$ 150,496	$ 445,962	$ 421,247
In-ground Swimming Pools
Disaggregation of Revenue [Line Items]
Net sales	75,377	74,785	211,711	215,575
Covers
Disaggregation of Revenue [Line Items]
Net sales	54,893	47,755	123,749	100,126
Liners
Disaggregation of Revenue [Line Items]
Net sales	$ 31,633	$ 27,956	$ 110,502	$ 105,546

- 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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- Definition

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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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Net Income Per Share (Tables)

9 Months Ended

Sep. 27, 2025

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per share

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


	Fiscal Quarter Ended				Three Fiscal Quarters Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Numerator:
Net income attributable to common stockholders	$	8,117	$	5,896	$	18,135	$	11,310
Denominator:
Weighted-average common shares outstanding
Basic		116,603,331		115,564,382		116,323,609		115,358,274
Diluted		119,907,619		118,445,235		119,720,706		117,130,609
Net income per share attributable to common stockholders:
Basic	$	0.07	$	0.05	$	0.16	$	0.10
Diluted	$	0.07	$	0.05	$	0.15	$	0.10

Schedule of antidilutive securities excluded from computation of diluted net loss per share


	Fiscal Quarter Ended		Three Fiscal Quarters Ended
	September 27, 2025	September 28, 2024	September 27, 2025	September 28, 2024
Restricted stock awards	—	—	—	14,295
Restricted stock units	—	6,693	240,049	29,700
Stock options	1,031,911	1,402,036	1,221,363	1,451,745
Stock appreciation rights	—	—	—	435,194
Performance stock units	—	—	132,414	27,708

Long-Term Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands			9 Months Ended
	Jun. 12, 2025	Feb. 23, 2022	Sep. 27, 2025	Sep. 28, 2024
Debt Instrument [Line Items]
Payments on revolving credit facility			$ 25,000	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 75,000	$ 75,000
Payments on revolving credit facility	$ 25,000
Commitment fee rate range, depending on leverage ratio		0.375%
Debt issuance costs		$ 800
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%