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STOCKHOLDERS’ EQUITY (Details) - USD ($) $ in Millions	May 10, 2022	Dec. 31, 2025	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Amount authorized for repurchase	$ 100
Term of repurchase program	3 years
Common stock, shares issued (in shares)		116,766,927	115,764,839
Common stock, shares outstanding (in shares)		116,766,927	115,764,839

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 21.6	$ 16.5	$ 13.8
Loss on sales and disposal of Property and Equipment	$ 0.1	$ 0.4	$ 0.1

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of its Income (Loss) Before Income Taxes

The Company is subject to United States federal, state, and local income taxes, as well as other foreign income taxes. The domestic and foreign components of its income (loss) before income taxes and total income taxes paid are as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Income (loss) before income taxes:
United States	$	9,168	$	559	$	(16,303)
Foreign	4,320		(9,299)		6,243
Total	$	13,488	$	(8,740)	$	(10,060)


	Year Ended December 31,
	2025		2024		2023
Federal	$	6,139	$	12,271	$	4,985
State	1,659		$	2,520	1,050
Foreign	382		$	684	955
Total income taxes paid	$	8,180	$	15,475	$	6,990

Year Ended December 31,

2025

2024

2023

Jurisdictions greater than 5%

United States Federal

6,139

12,271

4,985

Australia

New Zealand

670

Canada

States: None

* The amount of income taxes paid during the year does not meet the five percent disaggregation threshold.

Schedule of Current and Deferred Income Tax (Benefit) Expense

Income tax expense (benefit) from continuing operations is composed of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current income tax expense (benefit):
United States federal	$	(1,314)	$	8,364	$	710
United States state and local	737		1,890		515
Foreign	536		544		788
Total current tax expense	(41)		10,798		2,013
Deferred income tax (benefit) expense:
United States federal	2,041		(7,335)		(8,965)
United States state and local	298		(968)		(1,000)
Foreign	66		6,625		280
Total deferred tax (benefit)	$	2,405	$	(1,678)	$	(9,685)
Total income tax expense (benefit):
United States federal	$	727	$	1,029	$	(8,255)
United States state and local	1,035		922		(485)
Foreign	602		7,169		1,068
Total income tax expense (benefit)	$	2,364	$	9,120	$	(7,672)

Schedule of Reconciliation of the Statutory Tax Rate With Effective Tax Rate


	Year Ended December 31, 2025				Year Ended December 31, 2024				Year Ended December 31, 2023
Federal statutory tax rate	$	2,833	21.0	%	$	(1,835)	21.0	%	$	(2,113)	21.0	%
Domestic state and local income taxes, net of federal effect	1,330		9.9	%	1,469		(16.8)	%	(1,411)		14.2	%

Tax Credits
Research and Development Tax Credit	(1,339)		(9.9)	%	—		—	%	—		—	%

Effects of Cross-Border Tax Laws
Global intangible low taxed income	—		—	%	(171)		2.0	%	337		(3.4)	%
Foreign derived intangible income	(278)		(2.1)	%	118		(1.4)	%	(45)		0.4	%
Canadian branch accounting	(223)		(1.7)	%	(1,642)		18.8	%	(117)		1.2	%

Nontaxable or Nondeductible Items
Meals and entertainment	256		1.9	%	332		(3.8)	%	298		(3.0)	%
Executive compensation disallowance	778		5.8	%	242		(2.8)	%	329		(3.3)	%
Nondeductible stock compensation	(504)		(3.7)	%	179		(2.1)	%	2,706		(26.9)	%
Foreign restructuring	—		—	%	1,509		(17.3)	%	—		—	%
Capital loss expiration	—		—	%	3,171		(36.3)	%	—		—	%
Partnership income	(449)		(3.3)	%	(242)		2.8	%	(15)		0.1	%
Nondeductible expenses and other adjustments	264		2.0	%	32		(0.5)	%	(261)		2.5	%

Change in Unrecognized Tax Benefits	—		—	%	—		—	%	(10,237)		101.8	%
Change in valuation allowance	—		—	%	(3,171)		36.3	%	3,114		(31.0)	%

Foreign Tax Effects
Australia
Foreign rate differential	(10)		(0.1)	%	(147)		1.7	%	511		(5.1)	%
Amortization	241		1.8	%	274		(3.1)	%	374		(3.7)	%
Penalties and fines	—		—	%	—		—	%	411		(4.1)	%
Restructuring gain	—		—	%	(111)		1.3	%	(2,141)		21.4	%
Other	5		—	%	3		—	%	6		(0.1)	%

Canada
Foreign rate differential	138		1.0	%	(430)		4.9	%	(25)		0.2	%
Nondeductible expenses and adjustments	—		—	%	—		—	%	542		(5.4)	%
Change in valuation allowance	(742)		(5.5)	%	8,700		(99.5)	%	—		—	%
Restructuring	—		—	%	749		(8.6)	%	—		—	%
Other	(37)		(0.3)	%	8		(0.1)	%	(7)		0.1	%

New Zealand
Foreign rate differential	97		0.7	%	82		(0.9)	%	74		(0.7)	%
Other	4		—	%	1		—	%	(2)		—	%

Total	$	2,364	17.5	%	$	9,120	(104.4)	%	$	(7,672)	76.2	%

Schedule of Changes in Valuation Allowance

The following table summarizes changes in the valuation allowance (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at January 1	$	8,700	$	3,114	$	—
Additions	—		8,700		3,114
Deductions	(402)		(3,114)		—
Balance at December 31	$	8,298	$	8,700	$	3,114

Schedule of Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities recorded on the consolidated balance sheets as of December 31, 2025 and 2024 consist of the following (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	11,179	$	10,001
Fixed assets foreign	97		—
Inventories, net	2,105		3,082
Warranty reserve	651		469
Trade receivables	1,562		1,375
Profits interest units	4,042		3,437
Section 163(j)	5,474		4,902
Accrued expenses	280		350
Transaction costs	1,130		1,180
Operating lease liabilities	7,602		6,968
Other	1,135		2,276
Gross deferred tax assets	35,257		34,040
Valuation allowance	(8,298)		(8,700)
Total deferred tax asset	26,959		25,340
Less: Foreign deferred tax benefit	(718)		(729)
Total domestic deferred tax asset	$	26,241	$	24,611
Deferred tax liabilities:
Intangible assets	(40,091)		(42,702)
Property and equipment, net	(11,196)		(6,056)
Prepaid expenses and other	(1,505)		(1,165)
Investments in partnerships	(322)		(318)
Operating lease right-of-use assets	(7,392)		(6,717)
Other	(4)		—
Total deferred tax liabilities	(60,510)		(56,958)
Net deferred tax liabilities	$	(34,269)	$	(32,347)

Classification in the Consolidated Balance Sheet
Non-current deferred tax assets	$	718	$	729
Non-current deferred tax liabilities	(34,269)		(32,347)
Net deferred tax liabilities	$	(33,551)	$	(31,618)

SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Net sales	$ 545,912	$ 508,520	$ 566,492
Stock-based compensation expense	9,247	7,392	18,804
Interest expense, net	25,805	24,840	30,916
Other (income) expense, net	(3,492)	6,237	(1,004)
Earnings from equity method investment	5,222	4,060	3,723
Income tax expense (benefit)	2,364	9,120	(7,672)
Net income (loss)	11,124	(17,860)	(2,388)
Single Reportable Segment
Segment Reporting Information [Line Items]
Net sales	545,912	508,520	566,492
Other cost of sales	346,540	339,078	398,293
Other selling, general and administrative expense	104,078	93,138	86,385
Depreciation	21,560	16,494	13,817
Amortization	29,794	27,952	26,934
Stock-based compensation expense	9,247	7,392	18,804
Strategic initiative costs	2,806	3,329	4,092
Acquisition and integration related costs	785	2,348	911
Restructuring charges	523	512	3,727
Interest expense, net	25,805	24,840	30,916
Odessa fire	0	0	(2,600)
Other (income) expense, net	(3,492)	6,237	(1,004)
Earnings from equity method investment	5,222	4,060	3,723
Income tax expense (benefit)	2,364	9,120	(7,672)
Net income (loss)	$ 11,124	$ (17,860)	$ (2,388)

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 12, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized income tax benefit related to stock-based compensation		$ 0.7	$ 0.6	$ 0.5
Total unrecognized stock-based compensation expense		$ 7.0
Total unrecognized stock-based compensation expense expected to be recognized over a weighted-average period		1 year 9 months 10 days
Performance level percent		100.00%
Performance period		3 years
2021 Omnibus Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	21,170,212
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance level percent		0.00%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance level percent		200.00%
Stock Appreciation Rights (SARs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		0	0
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		0	0

NATURE OF THE BUSINESS	12 Months Ended
NATURE OF THE BUSINESS	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF THE BUSINESS	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.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 11,124	$ (17,860)	$ (2,388)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	51,354	44,446	40,751
Gain on insurance proceeds received for capital	0	0	(1,463)
Unrealized foreign currency (gains) loss	(4,131)	6,223	(110)
Amortization of deferred financing costs and debt discount	1,720	1,720	1,720
Non-cash lease expense	7,502	7,111	7,675
Change in fair value of interest rate swap	717	(808)	4,729
Deferred income taxes	2,405	(1,678)	(9,685)
Stock-based compensation expense	9,247	7,392	18,804
Bad debt expense	1,736	2,069	5,379
Other non-cash, net	651	1,115	16
Earnings from equity method investment	(5,222)	(4,060)	(3,723)
Distributions received from equity method investment	3,632	5,109	2,878
Provision on liability for uncertain tax positions	0	0	(7,503)
Changes in operating assets and liabilities:
Trade receivables	(9,223)	(2,378)	13,040
Inventories	2,840	22,695	68,190
Prepaid expenses and other current assets	(1,622)	(1,992)	(1,326)
Income tax receivable	(8,214)	(2,981)	1,333
Other assets	(244)	1,263	(4,346)
Accounts payable	5,803	(4,039)	(8,512)
Accrued expenses and other current liabilities	(6,072)	(1,329)	(11,938)
Other long-term liabilities	(573)	(711)	2,848
Net cash provided by operating activities	63,430	61,307	116,369
Cash flows from investing activities:
Purchases of property and equipment	(25,385)	(20,116)	(33,189)
Deposit on property purchases	(12,000)	0	0
Capital reimbursed from insurance proceeds	0	0	1,463
Acquisition of business, net of cash acquired	(4,934)	(64,527)	0
Net cash used in investing activities	(42,319)	(84,643)	(31,726)
Cash flows from financing activities:
Payments on long-term debt borrowings	(3,250)	(21,250)	(13,250)
Proceeds from borrowings on revolving credit facility	25,000	0	48,000
Payments on revolving credit facilities	(25,000)	0	(48,000)
Repayments of finance lease obligations	(823)	(771)	(625)
Common stock withheld for taxes on restricted stock units	(2,900)	0	0
Net cash used in financing activities	(6,973)	(22,021)	(13,875)
Effect of exchange rate changes on cash	507	(1,008)	(631)
Net increase (decrease) in cash	14,645	(46,365)	70,137
Cash at beginning of period	56,398	102,763	32,626
Cash at end of period	71,043	56,398	102,763
Supplemental cash flow information:
Cash paid for interest	26,990	24,894	25,747
Income taxes paid, net	8,180	15,475	6,990
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses	1,148	510	955
Right-of-use operating and finance lease assets obtained in exchange for lease liabilities	$ 10,353	$ 5,426	$ 6,193

LEASES - Narrative (Details)	Dec. 31, 2025
Minimum
Lessee, Lease, Description [Line Items]
Term of lease	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of lease	11 years

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) - Condensed Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Statement of Income Captions [Line Items]
Net income (loss)	$ 11,124	$ (17,860)	$ (2,388)
Equity in other comprehensive income (loss) of subsidiary	1,168	(1,511)	(6)
Comprehensive income (loss)	12,292	(19,371)	(2,394)
Latham Investment Holdings, LP
Condensed Statement of Income Captions [Line Items]
Net income (loss)	11,124	(17,860)	(2,388)
Equity in other comprehensive income (loss) of subsidiary	1,168	(1,511)	(6)
Comprehensive income (loss)	$ 12,292	$ (19,371)	$ (2,394)

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

ACQUISITIONS - Schedule of Pro Forma Financial Information (Details) - Coverstar Central, LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Net sales	$ 545,912	$ 520,795	$ 586,717
Net income (loss)	$ 11,308	$ (12,634)	$ 2,794

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Estimated Amortization Expense Related to Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 28,719
2027	28,719
2028	27,760
2029	22,391
2030	21,541
Thereafter	138,943
Net Amount	$ 268,073	$ 292,913

NET SALES (Details) - USD ($) $ in Thousands	12 Months Ended
NET SALES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 545,912	$ 508,520	$ 566,492
In-ground Swimming Pools
Disaggregation of Revenue [Line Items]
Net sales	261,960	259,214	297,828
Covers
Disaggregation of Revenue [Line Items]
Net sales	160,764	131,335	140,949
Liners
Disaggregation of Revenue [Line Items]
Net sales	$ 123,188	$ 117,971	$ 127,715

- 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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- 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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+ Details

Long-Term Debt - Term Loan (Details) - USD ($)		12 Months Ended
Long-Term Debt - Term Loan (Details) - USD ($)	Feb. 23, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Repayment of long term debt		$ 3,250,000	$ 21,250,000	$ 13,250,000
Long-term debt		279,841,000	281,521,000
Discount and debt issuance costs		4,972,000	6,542,000
Term Loan Facility
Debt Instrument [Line Items]
Amount borrowed	$ 325,000,000.0
Debt instrument, periodic payment, principal	$ 812,500
Principal payments calculated as percent of outstanding principal	0.25%
Mandatory prepayment rate as a percentage of excess cash flow	50.00%
Mandatory prepayment rate as a percentage of non-permitted indebtedness	100.00%
Repayment of long term debt			$ 18,000,000.0
Debt instrument annual periodic principal payment		3,300,000
Long-term debt		279,800,000
Unamortized debt issuance expense		2,800,000
Unamortized discount		$ 2,200,000
Debt instrument, interest rate during period		8.91%
Term Loan Facility \| Minimum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Term Loan Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Term Loan Facility \| Maximum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%
Term Loan Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss)	$ 11,124	$ (17,860)	$ (2,388)
Weighted-average common shares outstanding
Basic (in shares)	116,424,673	115,434,828	112,899,586
Diluted (in shares)	119,822,088	115,434,828	112,899,586
Net income (loss) per share attributable to common stockholders:
Basic (in usd per share)	$ 0.10	$ (0.15)	$ (0.02)
Diluted (in usd per share)	$ 0.09	$ (0.15)	$ (0.02)
Restricted stock awards
Net income (loss) per share attributable to common stockholders:
Potentially dilutive securities outstanding (in shares)	0	10,722	697,822
Restricted stock units
Net income (loss) per share attributable to common stockholders:
Potentially dilutive securities outstanding (in shares)	192,039	22,275	188,548
Stock options
Net income (loss) per share attributable to common stockholders:
Potentially dilutive securities outstanding (in shares)	1,150,250	1,410,382	1,702,316
Stock appreciation rights
Net income (loss) per share attributable to common stockholders:
Potentially dilutive securities outstanding (in shares)	0	326,395	491,386
Performance stock units
Net income (loss) per share attributable to common stockholders:
Potentially dilutive securities outstanding (in shares)	99,311	20,781	0

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

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


	Year Ended December 31,
	2025		2024		2023
Cost of sales	$	—	$	—	$	81
Selling, general, and administrative	9,247		7,392		18,723
	$	9,247	$	7,392	$	18,804

Schedule of Restricted Stock Units Activity

The following table represents the Company’s restricted stock units activity during the year ended December 31, 2025:


	Shares	Weighted- Average Grant- Date Fair Value
Outstanding at January 1, 2025	4,200,759	$	3.25
Granted	903,766	7.12
Vested	(1,374,814)	3.28
Forfeited	(394,117)	3.73
Outstanding at December 31, 2025	3,335,594	$	4.22

Schedule of Stock Option Activity

The following table represents the Company’s stock option activity during the year ended December 31, 2025:


	Shares	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contract Term	Aggregate 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 December 31, 2025	1,150,712	$	14.84	4.63	$	75
Vested and expected to vest at December 31, 2025	1,150,712	$	14.84	4.63	$	75
Options exercisable at December 31, 2025	952,293	$	15.23	4.53	$	56

Schedule of Stock Appreciation Rights Activity

The following table represents the Company’s stock appreciation rights activity during the year ended December 31, 2025:


	Shares	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contract Term	Aggregate 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 December 31, 2025	514,503	$	3.12	4.81	$	1,661
Vested and expected to vest at December 31, 2025	514,503	$	3.12	4.81	$	1,661
Stock appreciation rights exercisable at December 31, 2025	234,295	$	3.11	4.84	$	759

Schedule of PSU Activity

The following table represents the Company’s PSU activity during the year ended December 31, 2025:


	Shares	Weighted- Average Grant Date Fair Value

Outstanding at January 1, 2025	807,771	$	4.06
Granted	325,613	7.31
Adjustment for performance achievement (1)	(9,060)	—
Forfeited	(182,521)	3.67
Outstanding at December 31, 2025 (2)	941,803	$	5.25

(1)Represents the adjustment to previously granted PSUs based on the Company’s performance as of December 31, 2025.

(2)An additional 195,254 PSUs could potentially be included if the maximum performance level of 200% is earned for all PSUs granted during the fiscal year ended December 31, 2025

GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The following table presents the changes in the carrying value of goodwill during the years ended December 31, 2025 and 2024 (in thousands):


	Amount
Balance as of December 31, 2023	$	131,363
Acquisition	22,047
Foreign currency translation adjustment	(785)
Balance as of December 31, 2024	152,625
Acquisition	1,947
Foreign currency translation adjustment	617
Balance as of December 31, 2025	$	155,189

The Company performed an annual test for goodwill impairment in the fourth quarter of the years ended December 31, 2025 and December 31, 2024 in accordance with Step 0 of FASB ASC 350, Intangibles - Goodwill and Other and determined that goodwill was not impaired.

Intangible Assets

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


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

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


	December 31, 2024
	Gross Carrying Amount		Foreign Currency Translation		Accumulated Amortization		Net 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
Dealer relationships	235,176		(3)		79,397		155,776
Order backlog	2,020		—		1,775		245
	$	428,050	$	(897)	$	134,240	$	292,913

The Company recognized $28.9 million, $27.1 million, and $26.5 million of amortization expense related to intangible assets during the years ended December 31, 2025, 2024, and 2023, respectively.

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


Fiscal Year Ending	Estimated Future Amortization Expense
2026	$	28,719
2027	28,719
2028	27,760
2029	22,391
2030	21,541
Thereafter	138,943
	$	268,073

STOCKHOLDERS’ EQUITY	12 Months Ended
STOCKHOLDERS’ EQUITY	Dec. 31, 2025
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Repurchase Program On May 10, 2022, the Board of the Company approved a stock repurchase program (the “Repurchase Program”), which authorized the Company to repurchase up to $100 million of the Company’s shares of common stock over the next three years. The Company was authorized to effect these repurchases in open market transactions, privately negotiated purchases, or other acquisitions. The Company was not obligated to repurchase any of its shares of its common stock under the Repurchase Program and the timing and amount of any repurchases was subject to market conditions, the Company’s stock price, alternative uses of capital, the terms of the Company’s debt instruments, and other factors. The Repurchase Program ended on May 10, 2025, and the Board has not authorized a new stock repurchase program. As of December 31, 2025 and 2024, 116,766,927 and 115,764,839 shares of common stock were issued and outstanding for accounting purposes, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY)

23. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY)

Latham Group, Inc.

(Parent Company Only)

Condensed Balance Sheets

(in thousands, except share and per share data)


	December 31,
	2025		2024
Assets
Investment in subsidiary	$	405,861	$	387,222
Total assets	$	405,861	$	387,222
Liabilities and Stockholders’ Equity
Total liabilities	$	—	$	—
Stockholders’ Equity
Preferred stock, $0.0001 par value; 100,000,000 shares authorized as of both December 31, 2025 and December 31, 2024; no shares issued and outstanding as of both December 31, 2025 and December 31, 2024	—		—
Common stock, $0.0001 par value; 900,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 116,766,927 and 115,764,839 shares issued and outstanding, as of December 31, 2025 and December 31, 2024, respectively	12		12
Additional paid-in capital	473,423		467,076
Accumulated deficit	(63,692)		(74,816)
Accumulated other comprehensive loss	(3,882)		(5,050)
Total stockholders’ equity	405,861		387,222
Total liabilities and stockholders’ equity	$	405,861	$	387,222

The accompanying notes are an integral part of these condensed financial statements.

Latham Group, Inc.

(Parent Company Only)

Condensed Statements of Operations

(in thousands, except share and per share data)


	Year Ended December 31,
	2025		2024		2023
Equity in net income (loss) of subsidiary	$	11,124	$	(17,860)	$	(2,388)
Net income (loss) attributable to common stockholders	$	11,124	$	(17,860)	$	(2,388)
Net income (loss) per share
Net income (loss) per share attributable to common stockholders – basic and diluted
Basic	$	0.10	$	(0.15)	$	(0.02)
Diluted	$	0.09	$	(0.15)	$	(0.02)
Weighted-average common shares outstanding – basic and diluted
Basic	116,424,673		115,434,828		112,899,586
Diluted	119,822,088		115,434,828		112,899,586

The accompanying notes are an integral part of these condensed financial statements.

Latham Group, Inc.

(Parent Company Only)

Condensed Statements of Comprehensive Income (Loss)

(in thousands)


	Year Ended December 31,
	2025		2024		2023
Net income (loss)	$	11,124	$	(17,860)	$	(2,388)
Equity in other comprehensive income (loss) of subsidiary	1,168		(1,511)		(6)
Comprehensive income (loss)	$	12,292	$	(19,371)	$	(2,394)

The accompanying notes are an integral part of these condensed financial statements.

Latham Group, Inc.

(Parent Company Only)

Condensed Statement of Cash Flows

(in thousands)


	Year Ended December 31,
	2025		2024		2023
Cash flows from operating activities:
Net income (loss)	$	11,124	$	(17,860)	$	(2,388)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in net (income) loss of subsidiary	(11,124)		17,860		2,388
Net cash provided by operating activities	—		—		—
Cash flows from investing activities:
Distribution from subsidiary	—		—		—
Net cash provided by investing activities	—		—		—
Cash flows from financing activities:
Proceeds from issuance of common stock	—		—		—
Repurchase and retirement of common stock	—		—		—
Net cash used in financing activities	—		—		—
Net increase in cash:	—		—		—
Cash at beginning of period	—		—		—
Cash at end of period	$	—	$	—	$	—

The accompanying notes are an integral part of these condensed financial statements.

Notes to Condensed Financial Statements of Registrant (Parent Company Only)

Basis of Presentation

These condensed parent company-only financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X. Latham Group, Inc. has no material assets or standalone operations other than its ownership in its consolidated subsidiaries. Under the terms of the Credit Agreement entered into by the Latham Pool Products, a wholly owned subsidiary of LIMC, which itself is a wholly owned subsidiary of Latham Group, Inc., Latham Pool Products is restricted from making dividend payments, loans or advances to Latham Group, Inc., unless certain conditions are met. As of December 31, 2025 and 2024, substantially all of the consolidated net assets of Latham Pool Products are considered restricted net assets as defined in Rule 4-08(e)(3) of Regulation S-X.

Latham Group, Inc. is able to transfer assets from Latham Pool Products in order to pay certain tax liabilities.

These condensed parent company financial statements have been prepared using the same accounting principles and policies described in Note 2 of the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiary using the equity method compared to the consolidation method employed by Latham Pool Products with its subsidiaries.

Common Stock

During the year ended December 31, 2023, the Company repurchased and concurrently retired 4,483,620 shares of the Company’s common stock for an aggregate amount of $23.0 million, pursuant to the Repurchase Program.

COMPOSITION OF CERTAIN BALANCE SHEET ACCOUNTS (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure Text Block Supplement [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	December 31,
	2025		2024
Accrued sales rebates	$	18,354	$	13,545
Accrued product warranties	3,056		2,389
Accrued incentives	6,624		8,678
Accrued vacation	2,153		2,509
Accrued payroll	3,871		4,405
Accrued interest	2,020		4,153

Deferred revenue	4,329		3,794
Other accrued expenses	8,572		7,937
Total accrued expenses and other current liabilities	$	48,979	$	47,410

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31,
	2025		2024
Deposits	$	12,863	$	556
Prepaid expenses	4,174		2,972
Prepaid insurance	1,615		1,538
Vendor rebate receivable	1,325		1,040
A/R other	685		1,034
Prepaid inventory	7		1,239
Other prepaids	274		157
Total prepaid expenses and other current assets	$	20,943	$	8,536

Schedule for Allowance for Bad Debt

The allowance for bad debt consisted of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at the beginning of the year	$	5,869	$	7,544	$	3,161
Bad debt expense	1,736		2,069		5,379
Write-offs, net of recoveries	(1,066)		(3,744)		(996)
Balance at the end of the year	$	6,539	$	5,869	$	7,544

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements and notes have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company’s consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s 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.

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 has 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 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 Company does not have material finance leases.

Revenue Recognition

Under FASB ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify

the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines which goods or services are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when, or as, that performance obligation is satisfied.

The Company sells its products through business-to-business distribution channels. With the exception of its extended service warranties and custom product contracts, the Company recognizes its revenue at a point in time when control of the promised goods is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. Control of the goods is considered to have been transferred upon shipping or upon arrival at the customer’s destination, depending on the terms of the purchase order. Revenue that is derived from its extended service warranties, which are separately priced and sold, is recognized over the term of the contract. Refer to “Warranties” within this same Note for further information.

Revenue from custom products is recognized over time utilizing an input method that compares the cost of cumulative work-in-process to date to the most current estimates for the entire cost of the performance obligation. Custom products are generally delivered to the customer within three days of receipt of the purchase order.

Each product shipped is considered to be one performance obligation. For each product shipped, the transaction price by product is specified in the purchase order. The Company recognizes revenue on the transaction price less any estimated rebates or other sales incentives. Customer rebates and other sales incentives are estimated by applying the portfolio approach using the most-likely-amount method and are recorded as a reduction to revenue. Estimates are updated each reporting period and any changes are allocated to the performance obligations on the same basis as at inception. The Company believes the most-likely-amount method best predicts the amount of consideration to which it will be entitled.

The Company has elected to account for shipping and handling costs as activities to fulfill the promise to transfer the goods. As a result of this accounting policy election, the Company does not consider shipping and handling activities as promised services to its customers. Therefore, shipping and handling costs billed to customers are recorded in net sales, and the related costs in cost of sales.

The Company does not engage in contracts greater than one year, and therefore does not have any contract costs capitalized as of December 31, 2025, and 2024.

As a practical expedient, the Company does not adjust the promised amount of consideration for the effects of a significant financing component since the period between the transfer of a promised good to a customer and when the customer pays for that product is one year or less.

Warranties

The Company offers limited assurance-type warranties on most of its products, which assure that the product will comply with agreed upon specifications. These assurance-type warranties are not separately priced and are not considered separate performance obligations. The Company also offers optional extended service contracts that are separately priced. The Company recognizes revenue related to extended service contracts over the term of the contract.

The Company’s assurance-type warranties generally range from five years to lifetime warranties. At the time product revenue is recognized, the Company records a liability for estimated costs that may be incurred under its warranties. The costs are estimated based on historical experience and any specific warranty issues that have been identified. The accuracy of the estimate of additional costs is dependent on the number and cost of future claims submitted during the warranty periods. Although historical warranty costs have been within expectations, there can be no assurance that future warranty costs will not exceed historical amounts. The Company believes that the reserves established for estimated and probable future product warranty claims are adequate. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the balance as necessary. Warranty costs are recorded within cost of sales on the consolidated statements of operations. The Company’s provision for product warranties was recorded within accrued

expenses and other current liabilities and other long-term liabilities on the consolidated balance sheets as of December 31, 2025 and 2024.

Cost of Sales

Cost of sales includes the cost of materials and all costs to make products saleable, such as labor, materials, inbound freight, including inter-plant freight, purchasing, and receiving costs, operating lease costs related to distribution and manufacturing facilities, and warehousing and distributions costs. In addition, all depreciation expense associated with assets used to manufacture products and make them saleable is included in cost of sales. The Company records shipping and handling costs associated with outbound freight as cost of sales when the related revenue is recognized in the consolidated statements of operations.

Trade Receivables, Net

Trade receivables are recorded at the original invoiced amount and do not bear interest. The Company maintains an allowance for bad debt. The allowance for bad debt is based on the best estimate of the amount of probable credit losses in existing accounts receivable. The Company determines the allowances based on historical write-off experience. The Company’s allowance for bad debt as of December 31, 2025 and 2024 was $6.5 million and $5.9 million, respectively.

Concentration of Credit Risk

Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and trade receivables. The Company from time to time may have bank deposits in excess of insurance limits of the Federal Deposit Insurance Corporation. The Company also has bank deposits in international accounts. The Company has not historically sustained any credit losses in such accounts and believes it is not exposed to any significant credit risk related to its cash. The Company routinely reviews the financial strength of its customers before extending credit and believes that its trade receivables credit risk exposure is limited. Generally, the Company does not require collateral from its customers. The Company provides extended payment terms to certain customers.

During the years ended December 31, 2025, 2024 and 2023, one customer represented approximately 22.6%, 21.0% and 20.3% of the Company’s net sales, respectively. As of December 31, 2025 and 2024, outstanding trade receivables related to this customer were $5.9 million and $4.6 million, respectively.

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 years ended December 31, 2025, 2024 and 2023.

Business Combinations

In determining whether an acquisition should be accounted for as a business combination or asset acquisition, the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this is the case, the single identifiable asset or the group of similar assets is not deemed to be a business, and is instead deemed to be an asset. If this is not the case, the Company then further evaluates whether the single identifiable asset or group of similar identifiable assets and activities includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the Company concludes that the single identifiable asset or group of similar identifiable assets and activities is a business.

The Company accounts for business combinations that are deemed to be businesses using the acquisition method of accounting. Application of this method of accounting requires that (i) identifiable assets acquired (including identifiable intangible assets) and liabilities assumed generally be measured and recognized at fair value as of the acquisition date and (ii) the excess of the purchase price over the net fair value of identifiable assets acquired and liabilities assumed be recognized as goodwill, which is not amortized for accounting purposes but is subject to testing for impairment at least annually. Any contingent assets acquired and contingent liabilities assumed are also recognized at fair value if the Company can reasonably estimate fair value during the measurement period (which cannot exceed one year from the acquisition date). The Company re-measures any contingent liabilities at fair value in each subsequent reporting period. Transaction costs related to business combinations are expensed as incurred. Determining the fair value of assets acquired and liabilities assumed in a business combination requires management to use significant judgment and estimates, especially with respect to intangible assets.

During the measurement period, which extends no later than one year from the acquisition date, the Company may record certain adjustments to the carrying value of the assets acquired and liabilities assumed with the corresponding offset to goodwill. After the measurement period, all adjustments are recorded in the consolidated statements of operations as operating expenses or income. Refer to Note 3 for additional detail.

Equity Method Investments

Investments and ownership interests in common stock or in-substance common stock are accounted for under the equity method accounting if the Company has the ability to exercise significant influence over the entity, but does not have a controlling financial interest. The Company also uses the equity method of accounting for investments in a partnership or limited liability company with specific ownership accounts, if the Company has an ownership interest of 5% or more. Under the equity method, investments are initially recognized at cost and adjusted to reflect the Company’s interest in net earnings, dividends received and other-than-temporary impairments. The Company records its interest in the net earnings of its equity method investee, along with adjustments for amortization of basis differences, investee capital transactions and other comprehensive income (loss), within earnings (losses) from equity method investment in the consolidated statements of operations. Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are generally amortized over the lives of the related assets that gave rise to the underlying basis differences. Profits or losses related to intra-entity sales with its equity method investee are eliminated until realized by the investor or investee.

The Company records its proportionate share of earnings or losses of Premier Holdco, LLC (“Premier Pools & Spas”) within earnings from equity method investment in the consolidated statements of operations on a three-month lag. For presentation in the consolidated statements of cash flows, the Company utilizes the cumulative earnings approach for purposes of determining whether distributions should be classified as either a return on investment, which are included in operating activities, or a return of investment, which would be included in investing activities. Under the cumulative earnings approach, the Company compares the distributions received to its cumulative equity-method earnings since inception. Any distributions received up to the amount of cumulative equity earnings are considered a return on investment and classified in operating activities. Any excess distributions would be considered a return of investment and classified in investing activities.

Equity method goodwill is not amortized or tested for impairment; instead the Company evaluates equity method investments for impairment when events or changes in circumstances indicate that the decline in value below the carrying amount of its equity method investment is determined to be other than temporary. In such a case, the decline in value below the carrying amount of its equity method investment is recognized in the consolidated statements of operations in the period the impairment occurs.

Inventories, Net

Inventories, primarily raw materials and finished goods, are stated at the lower of cost or net realizable value. Cost is determined under the first-in, first-out method. Inventory costs include all costs directly attributable to the products, including all manufacturing overhead, and excludes costs to distribute. The Company periodically reviews its inventory for slow moving or obsolete items and writes down the related products to estimated net realizable value. As of December 31, 2025 and 2024, the Company’s reserve for estimated slow moving products or obsolescence was $6.9 million and $8.3 million, respectively.

Property and Equipment, Net

Property and equipment are recorded at cost and presented net of accumulated depreciation. Property and equipment acquired through business combinations are recorded at fair value at the acquisition date. Expenditures for betterments and major improvements that substantially enhance the value and increase the estimated useful life of the assets are capitalized and depreciated over the new estimated useful life. Normal repairs and maintenance costs are expensed as incurred. Depreciation and amortization expense are recognized using the straight-line method over the estimated useful lives of each respective asset category as follows:


			Estimated Useful Life
Building and improvements			25 years
Molds and dyes			5 – 10 years
Machinery and equipment (including computer equipment and software)			3 – 10 years
Furniture and fixtures			5 – 7 years
Vehicles			5 years

Leasehold improvements are amortized over the shorter of the term of the related lease or the estimated useful lives of the improvements. When property and equipment is sold or retired, the asset cost and accumulated depreciation and amortization are removed from the respective accounts and a gain or loss is recognized, if any, on the consolidated statements of operations.

The Company capitalizes external costs and directly attributable internal costs to acquire or create internal-use software that are incurred subsequent to the completion of the preliminary project state. These costs relate to activities such as software design, configuration, coding, testing, and installation, and they exclude training and maintenance. Once the software is substantially complete and ready for its intended use, capitalized development costs are amortized straight-line over the estimated useful life of the software, generally not to exceed five years.

Long-Lived Assets

Long-lived assets include property and equipment and definite-lived intangible assets. The Company evaluates the carrying value of its long-lived assets for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. Conditions that may indicate impairment include, but are not limited to, a significant decrease in the market price of an asset, a significant adverse change in the extent or manner in which an asset is being used or a significant decrease in its physical condition, and operating or cash flow performance that demonstrates continuing losses associated with an asset or asset group. The Company also considers non-financial data such as changes in the operating environment, competitive information, market trends, and business relationships.

A potential impairment has occurred if the projected future undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group are less than the carrying value of the asset or asset group. The estimate of cash flows includes management’s assumptions of cash inflows and outflows directly resulting from the use of the asset in operation. If the carrying value exceeds the sum of the undiscounted cash flows, an impairment charge is recorded equal to the excess of the asset or asset group’s carrying value over its fair value. Fair value is measured using appropriate valuation methodologies that would typically include a projected discounted cash flow model using a discount rate the Company believes is commensurate with the risk inherent in its business. The Company did not recognize any impairment losses on long-lived assets during the years ended December 31, 2025 and 2024.

The Company amortizes its definite-lived intangible assets using the straight-line method. The weighted-average estimated useful lives (in years) of the Company’s definite-lived intangible assets are as follows:


Asset						Estimated Useful Life
Trade names and trademarks						9 – 25 years
Technology						15 years
Pool designs						14 – 15 years
Dealer relationships						5 – 13 years
Patented technology						5 – 10 years
Non-competition agreements						5 years
Franchise relationships						4 years
Order backlog						10 – 12 months

Goodwill

The Company accounts for goodwill as the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. Goodwill is not subject to amortization; rather, the Company tests goodwill for impairment annually on the first day of the Company’s fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. The Company has one reporting unit for goodwill impairment testing purposes.

Impairment testing is performed for the Company’s reporting unit by first assessing qualitative factors to see if further testing of goodwill is required. If the Company concludes that it is more likely than not that its reporting unit’s fair value is less than its carrying amount based on the qualitative assessment, then a quantitative test is required. The Company may also choose to bypass the qualitative assessment and perform the quantitative test.

If the estimated fair value of the reporting unit exceeds the carrying amount, the Company considers that goodwill is not impaired. If the carrying value exceeds estimated fair value, there is an impairment of goodwill and an impairment loss is recorded. The Company calculates the impairment loss by comparing the fair value of its reporting unit less the carrying amount, including goodwill. Goodwill impairment would be limited to the carrying value of the goodwill.

Debt Issuance Costs

The Company defers costs incurred in conjunction with acquiring third-party financing. The Company amortizes debt issuance costs over the term of the related long-term debt instruments using the effective interest method. Debt issuance costs related to long-term debt are recorded as a direct reduction to the carrying amount of long-term debt on the consolidated balance sheets.

Segment Reporting

The Company identifies operating segments based on how the chief operating decision maker ("CODM") manages the business, allocates resources, makes operating decisions, and evaluates operating performance.

The Company conducts its 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 CODM, reviews financial information presented on a consolidated basis for purposes of assessing financial performance and allocating resources.

Income Taxes

The Company accounts for income taxes using the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities, using enacted tax rates expected to be applicable in the years in which the temporary differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company evaluates the realizability of its deferred tax assets and establishes a valuation

allowance when it is more likely than not that all or a portion of the deferred tax assets will not be realized. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected, scheduling of anticipated reversals of taxable temporary differences, and considering prudent and feasible tax planning strategies. If in future periods the Company were to determine that it would be able to realize its deferred tax assets in excess of the net recorded amount, an adjustment to the deferred tax assets, particularly a release of the valuation allowance, would increase income in the period such determination was made.

The Company records liabilities for uncertain income tax positions based on a two-step process. The first step is recognition, where an individual tax position is evaluated as to whether it has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have less than a 50% likelihood of being sustained, no tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, the Company performs the second step of measuring the benefit to be recorded. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized on ultimate settlement. The actual benefits ultimately realized may differ from the estimates. In future periods, changes in facts, circumstances, and new information may require the Company to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in income tax expense (benefit) and liability in the period in which such changes occur.

The Company’s policy is to classify interest and penalties related to unrecognized tax benefits as a component of income tax expense (benefit) within the consolidated statements of operations. The Company had no accrued interest and no accrued penalties as of December 31, 2025 and December 31, 2024. The Company reinvests earnings of foreign operations indefinitely and, accordingly, does not provide for income taxes that could result from the remittance of such earnings.

The Company has evaluated the impact of Pillar Two in the jurisdictions in which the Company operates and has determined no additional top up tax is required.

Stock-Based Compensation

Stock-based compensation is measured and recognized based on the grant date fair value of the awards. The fair value of the Company’s common stock is determined based on the quoted market price of the Company’s common stock for purposes of computing stock-based compensation expense. For stock options, the Company uses a Black-Scholes model for estimating the grant date fair value. The Black-Scholes pricing model requires critical assumptions including risk-free rate, volatility, expected term and expected dividend yield. The expected term is computed using the simplified method. The Company uses the simplified method to calculate expected term of the stock options as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the stock-based award. Due to the lack of a public market for the Company’s common stock and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company. The historical volatility is calculated based on a period of time corresponding with expected term assumption. The Company utilized a dividend yield of zero, since it has no history or plan of declaring dividends on its common stock. The assumptions underlying these valuations represented the Company’s best estimate, which involved inherent uncertainties and the application of judgment. As a result, if the Company had used significantly different assumptions or estimates, the fair value of the Company’s stock-based compensation expense could have been materially different.

For stock options, restricted stock awards, restricted stock units and stock appreciation rights, stock-based compensation is recognized using a graded vesting method over the requisite service period in which employees earn the awards. The Company accounts for forfeitures of stock-based awards as they occur rather than applying an estimated forfeiture rate to stock-based compensation expense.

Employee Benefit Plans

The Company has various retirement savings plans covering substantially all employees of the Company. These plans allow eligible employees to make discretionary contributions. The Company makes discretionary matching and other contributions depending on the plan and recognized expense of $1.8 million, $1.5 million, and $1.4 million related to such plans during the years ended December 31, 2025, 2024 and 2023, respectively.

Foreign Currency Translation and Foreign Currency Transactions

The financial statements of the Company’s foreign operations are denominated in local currency and are then translated to U.S. dollars. Assets and liabilities are translated using the current rate of exchange at the balance sheet dates or historical rates of exchange, as applicable. Revenue and expenses are translated using the average monthly exchange rates prevailing throughout the reporting period. The related foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Transaction gains and losses associated with the Company’s international subsidiaries, which are denominated in currencies other than the Company’s foreign entities’ functional currencies, are recognized as a component of other (income) expense, net within the consolidated statements of operations.

Advertising Costs

Advertising costs, consisting of costs related to dealer conferences and commercials, are expensed as incurred and are included in selling, general, and administrative expense on the consolidated statements of operations. Total advertising costs were $10.0 million, $8.5 million, and $9.2 million during the years ended December 31, 2025, 2024 and 2023, respectively.

Comprehensive Income (Loss)

Comprehensive income (loss) is a measure of net income (loss) and all other changes in equity that result from transactions other than with equity holders and would normally be recorded in the consolidated statements of stockholders’ equity and the consolidated statements of comprehensive income (loss). Other comprehensive income (loss) consists of foreign currency translation adjustments.

Income tax expense (benefit) on the components of other comprehensive income (loss) was not significant for the years ended December 31, 2025, 2024 and 2023.

Earnings Per Share

Basic net income (loss) per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share is calculated by dividing net income (loss) available to common stockholders by the diluted weighted-average number of shares of common stock outstanding for the period. Potentially dilutive shares are included in the diluted per-share calculations when the effect of their inclusion is dilutive. In periods where the Company reports a net loss, the effect of anti-dilutive stock options, restricted stock awards, restricted stock units and stock appreciation rights are excluded and diluted loss per share is equal to basic loss per share.

Treasury Stock

The Company accounts for treasury stock acquisitions using the cost method. The Company accounts for the retirement of treasury stock by deducting its par value from common stock and reflecting any excess of cost over par value as a deduction from additional paid-in capital on the consolidated balance sheets.

Recently Issued Accounting Pronouncements and Recently Adopted Accounting Pronouncements

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, which will occur no later than December 31, 2026. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40 (“ASU 2024-03”)), which improves disclosures to provide more detailed information about a business entity’s expenses. ASU 2024-03 is effective for public business entities for fiscal

years beginning after December 15, 2026. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating ASU 2024-03 and its potential impact on the 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 consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) (“ASU 2025-11”), which improves the navigability of the required interim disclosures and clarifying when that guidance is applicable. ASU 2025-11 is effective for public business entities for interim reporting periods within annual fiscal years beginning after December 15, 2027. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating ASU 2025-11 and its potential impact on the consolidated financial statements.

Recently Adopted Accounting Pronouncements

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. The Company adopted ASU 2023-09 during the year ended December 31, 2025. See Note 14 for further detail.

INVENTORIES, NET (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

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


	December 31,
	2025		2024
Raw materials	$	50,973	$	49,322
Finished goods	23,953		27,779
	$	74,926	$	77,101

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Schedule 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:


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

Schedule of Pro Forma Financial Information

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, 2023. 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, 2023 and is not necessarily indicative of the Company’s future financial results.


	Year Ended December 31,
(in thousands)	2025		2024		2023
Net sales	$	545,912	$	520,795	$	586,717
Net income (loss)	$	11,308	$	(12,634)	$	2,794

GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 545,912	$ 508,520	$ 566,492
Property and equipment, net	118,820	112,848
United States Federal
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	462,076	429,336	475,024
Property and equipment, net	76,736	72,827
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	50,105	48,138	58,443
Property and equipment, net	34,890	34,882
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	21,783	21,455	22,534
Property and equipment, net	5,293	4,018
New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	6,277	5,721	6,030
Property and equipment, net	1,901	1,121
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 5,671	$ 3,870	$ 4,461

- Definition

+ References

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property and Equipment, Net

Depreciation and amortization expense are recognized using the straight-line method over the estimated useful lives of each respective asset category as follows:


			Estimated Useful Life
Building and improvements			25 years
Molds and dyes			5 – 10 years
Machinery and equipment (including computer equipment and software)			3 – 10 years
Furniture and fixtures			5 – 7 years
Vehicles			5 years

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2025		2024
Land	$	2,727	$	2,684
Building and improvements	43,452		38,567
Machinery and equipment	63,152		52,715
Furniture and fixtures	2,019		2,059
Computer equipment and software	25,418		19,332
Molds and dyes	28,666		23,006
Leasehold improvements	15,577		13,744
Vehicles	6,003		5,134
Construction in progress	15,988		17,497
	203,002		174,738
Less: Accumulated depreciation	(84,182)		(61,890)
	$	118,820	$	112,848

Schedule of Weighted-Average Estimated Useful Lives

The weighted-average estimated useful lives (in years) of the Company’s definite-lived intangible assets are as follows:


Asset						Estimated Useful Life
Trade names and trademarks						9 – 25 years
Technology						15 years
Pool designs						14 – 15 years
Dealer relationships						5 – 13 years
Patented technology						5 – 10 years
Non-competition agreements						5 years
Franchise relationships						4 years
Order backlog						10 – 12 months

Long-Term Debt - Principal payments due (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2026	$ 3,250
2027	3,250
2028	3,250
2029	275,063
Total payments due	$ 284,813

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Use of Estimates

Seasonality

Leases

Revenue Recognition

The Company does not engage in contracts greater than one year, and therefore does not have any contract costs capitalized as of December 31, 2025, and 2024.

Warranties

expenses and other current liabilities and other long-term liabilities on the consolidated balance sheets as of December 31, 2025 and 2024.

Cost of Sales

Trade Receivables, Net

Concentration of Credit Risk

Fair Value Measurements

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.

Business Combinations

Equity Method Investments

Inventories, Net

Property and Equipment, Net


			Estimated Useful Life
Building and improvements			25 years
Molds and dyes			5 – 10 years
Machinery and equipment (including computer equipment and software)			3 – 10 years
Furniture and fixtures			5 – 7 years
Vehicles			5 years

Long-Lived Assets


Asset						Estimated Useful Life
Trade names and trademarks						9 – 25 years
Technology						15 years
Pool designs						14 – 15 years
Dealer relationships						5 – 13 years
Patented technology						5 – 10 years
Non-competition agreements						5 years
Franchise relationships						4 years
Order backlog						10 – 12 months

Goodwill

Debt Issuance Costs

Segment Reporting

Income Taxes

The Company has evaluated the impact of Pillar Two in the jurisdictions in which the Company operates and has determined no additional top up tax is required.

Stock-Based Compensation

Employee Benefit Plans

Foreign Currency Translation and Foreign Currency Transactions

Advertising Costs

Comprehensive Income (Loss)

Income tax expense (benefit) on the components of other comprehensive income (loss) was not significant for the years ended December 31, 2025, 2024 and 2023.

Earnings Per Share

Treasury Stock

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Depreciation and amortization expense are recognized using the straight-line method over the estimated useful lives of each respective asset category as follows:


			Estimated Useful Life
Building and improvements			25 years
Molds and dyes			5 – 10 years
Machinery and equipment (including computer equipment and software)			3 – 10 years
Furniture and fixtures			5 – 7 years
Vehicles			5 years

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2025		2024
Land	$	2,727	$	2,684
Building and improvements	43,452		38,567
Machinery and equipment	63,152		52,715
Furniture and fixtures	2,019		2,059
Computer equipment and software	25,418		19,332
Molds and dyes	28,666		23,006
Leasehold improvements	15,577		13,744
Vehicles	6,003		5,134
Construction in progress	15,988		17,497
	203,002		174,738
Less: Accumulated depreciation	(84,182)		(61,890)
	$	118,820	$	112,848

NET SALES (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Net Sales by Product Line

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


	Year Ended December 31,
	2025		2024		2023
In-ground Swimming Pools	$	261,960	$	259,214	$	297,828
Covers	160,764		131,335		140,949
Liners	123,188		117,971		127,715
	$	545,912	$	508,520	$	566,492

GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

GEOGRAPHIC INFORMATION

Net sales by geography is based on the delivery address of the customer as specified in purchase order. Net sales by geographic area was as follows (in thousands):


	December 31,
	2025		2024		2023
Net sales
United States	$	462,076	$	429,336	$	475,024
Canada	50,105		48,138		58,443
Australia	21,783		21,455		22,534
New Zealand	6,277		5,721		6,030
Other	5,671		3,870		4,461
Total	$	545,912	$	508,520	$	566,492

Our long-lived assets by geographic area, which consist of property and equipment, net were as follows (in thousands):


	December 31,
	2025		2024
Long-lived assets
United States	$	76,736	$	72,827
Canada	34,890		34,882
Australia	5,293		4,018
New Zealand	1,901		1,121
Total	$	118,820	$	112,848

INCOME TAXES - Schedule of Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
(Loss) income before income taxes:
United States	$ 9,168	$ 559	$ (16,303)
Foreign	4,320	(9,299)	6,243
Total	$ 13,488	$ (8,740)	$ (10,060)

- Definition

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

+ References

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+ Details

ACQUISITIONS - Schedule of Purchase Price to Specific Intangible Asset Categories (Details) - Coverstar Central, LLC $ in Thousands	Aug. 02, 2024 USD ($)
Dealer relationships
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Fair Value	$ 37,800
Amortization Period (in years)	13 years
Order backlog
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Fair Value	$ 420
Amortization Period (in years)	1 year

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Level 2 \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of interest rate swap liability	$ 1.1	$ 0.4

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

16. STOCK-BASED COMPENSATION

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

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


	Year Ended December 31,
	2025		2024		2023
Cost of sales	$	—	$	—	$	81
Selling, general, and administrative	9,247		7,392		18,723
	$	9,247	$	7,392	$	18,804

The recognized income tax benefit related to stock-based compensation was $0.7 million, $0.6 million and $0.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, total unrecognized stock-based compensation expense related to all unvested stock-based awards was $7.0 million, which is expected to be recognized over a weighted-average period of 1.78 years.

No stock options or stock appreciation rights were awarded during the year ended December 31, 2025.

Restricted Stock Awards

The Company's restricted stock awards vested in the year ended December 31, 2024 and none are outstanding during the year ended December 31, 2025.

Restricted Stock Units

The following table represents the Company’s restricted stock units activity during the year ended December 31, 2025:


	Shares	Weighted- Average Grant- Date Fair Value
Outstanding at January 1, 2025	4,200,759	$	3.25
Granted	903,766	7.12
Vested	(1,374,814)	3.28
Forfeited	(394,117)	3.73
Outstanding at December 31, 2025	3,335,594	$	4.22

Stock Options

The following table represents the Company’s stock option activity during the year ended December 31, 2025:


	Shares	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contract Term	Aggregate 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 December 31, 2025	1,150,712	$	14.84	4.63	$	75
Vested and expected to vest at December 31, 2025	1,150,712	$	14.84	4.63	$	75
Options exercisable at December 31, 2025	952,293	$	15.23	4.53	$	56

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.

No stock options were granted during the year ended December 31, 2025 or December 31, 2024.

Stock Appreciation Rights

The following table represents the Company’s stock appreciation rights activity during the year ended December 31, 2025:


	Shares	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contract Term	Aggregate 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 December 31, 2025	514,503	$	3.12	4.81	$	1,661
Vested and expected to vest at December 31, 2025	514,503	$	3.12	4.81	$	1,661
Stock appreciation rights exercisable at December 31, 2025	234,295	$	3.11	4.84	$	759

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.

No stock appreciation rights were granted during the years ended December 31, 2025 or December 31, 2024.

Performance Stock Units

During the year ended December 31, 2025, the Compensation Committee of the Board approved the grant of performance stock units (“PSUs”) as a portion of the annual equity award to the Company’s senior management. The 2025 PSU program includes three equal tranches of grants. Each tranche has an annual performance period, with performance goals established for 2025 in dollars and in 2026 and 2027 as a percentage of growth from actual performance in the prior year. Any earned PSUs cliff vest on the third anniversary of the grant date for the first tranche.

Thirty-three percent of the target number of PSUs awarded on each grant date will be earned at 0% to 200% of the target PSUs based on the Company's achievement of the applicable Adjusted EBITDA performance goal (with 100% of PSUs being earned at target performance, and linear interpolation between threshold and target and maximum performance) as defined in the award agreement, for each year of the three-year performance period beginning on January 1, 2025 and ending December 31, 2027. 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 year ended December 31, 2025:


	Shares	Weighted- Average Grant Date Fair Value

Outstanding at January 1, 2025	807,771	$	4.06
Granted	325,613	7.31
Adjustment for performance achievement (1)	(9,060)	—
Forfeited	(182,521)	3.67
Outstanding at December 31, 2025 (2)	941,803	$	5.25

(1)Represents the adjustment to previously granted PSUs based on the Company’s performance as of December 31, 2025.

(2)An additional 195,254 PSUs could potentially be included if the maximum performance level of 200% is earned for all PSUs granted during the fiscal year ended December 31, 2025

INCOME TAXES - Schedule of Reconciliation of the Statutory Tax Rate With Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Federal statutory tax rate	$ 2,833	$ (1,835)	$ (2,113)
Domestic state and local income taxes, net of federal effect	1,330	1,469	(1,411)
Research and Development Tax Credit	(1,339)	0	0
Global intangible low taxed income	0	(171)	337
Foreign derived intangible income	(278)	118	(45)
Meals and entertainment	256	332	298
Executive compensation disallowance	778	242	329
Nondeductible stock compensation	(504)	179	2,706
Foreign restructuring	0	1,509	0
Capital loss expiration	0	3,171	0
Partnership income	(449)	(242)	(15)
Nondeductible expenses and other adjustments	264	32	(261)
Change in Unrecognized Tax Benefits	0	0	(10,237)
Change in valuation allowance	0	(3,171)	3,114
Income tax expense (benefit)	$ 2,364	$ 9,120	$ (7,672)
Percent
Federal statutory tax rate	21.00%	21.00%	21.00%
Domestic state and local income taxes, net of federal effect	9.90%	(16.80%)	14.20%
Research and Development Tax Credit	(9.90%)	0.00%	0.00%
Global intangible low taxed income	0.00%	2.00%	(3.40%)
Foreign derived intangible income	(2.10%)	(1.40%)	0.40%
Meals and entertainment	1.90%	(3.80%)	(3.00%)
Executive compensation disallowance	0.058	(0.028)	(0.033)
Nondeductible stock compensation	(3.70%)	(2.10%)	(26.90%)
Foreign restructuring	0	(0.173)	0
Capital loss expiration	0	(0.363)	0
Partnership income	(0.033)	0.028	0.001
Nondeductible expenses and other adjustments	2.00%	(0.50%)	2.50%
Change in Unrecognized Tax Benefits	0.00%	0.00%	101.80%
Change in valuation allowance	0.00%	36.30%	(31.00%)
Total	17.50%	(104.40%)	76.20%
Australia
Amount
Foreign rate differential	$ (10)	$ (147)	$ 511
Amortization	241	274	374
Penalties and fines	0	0	411
Restructuring	0	(111)	(2,141)
Other	$ 5	$ 3	$ 6
Percent
Foreign rate differential	(0.10%)	1.70%	(5.10%)
Amortization	0.018	(0.031)	(0.037)
Penalties and fines	0	0	(0.041)
Restructuring	0.00%	1.30%	21.40%
Other	0.00%	0.00%	(0.10%)
Canada
Amount
Canadian branch accounting	$ (223)	$ (1,642)	$ (117)
Nondeductible expenses and other adjustments	0	0	542
Change in valuation allowance	(742)	8,700	0
Foreign rate differential	138	(430)	(25)
Restructuring	0	749	0
Other	$ (37)	$ 8	$ (7)
Percent
Canadian branch accounting	(0.017)	0.188	0.012
Nondeductible expenses and other adjustments	0.00%	0.00%	(5.40%)
Change in valuation allowance	(5.50%)	(99.50%)	0.00%
Foreign rate differential	1.00%	4.90%	0.20%
Restructuring	0.00%	(8.60%)	0.00%
Other	(0.30%)	(0.10%)	0.10%
New Zealand
Amount
Foreign rate differential	$ 97	$ 82	$ 74
Other	$ 4	$ 1	$ (2)
Percent
Foreign rate differential	0.70%	(0.90%)	(0.70%)
Other	0.00%	0.00%	0.00%

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Value of Goodwill

The following table presents the changes in the carrying value of goodwill during the years ended December 31, 2025 and 2024 (in thousands):


	Amount
Balance as of December 31, 2023	$	131,363
Acquisition	22,047
Foreign currency translation adjustment	(785)
Balance as of December 31, 2024	152,625
Acquisition	1,947
Foreign currency translation adjustment	617
Balance as of December 31, 2025	$	155,189

Schedule of Intangible Assets

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


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

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


	December 31, 2024
	Gross Carrying Amount		Foreign Currency Translation		Accumulated Amortization		Net 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
Dealer relationships	235,176		(3)		79,397		155,776
Order backlog	2,020		—		1,775		245
	$	428,050	$	(897)	$	134,240	$	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):


Fiscal Year Ending	Estimated Future Amortization Expense
2026	$	28,719
2027	28,719
2028	27,760
2029	22,391
2030	21,541
Thereafter	138,943
	$	268,073

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

EQUITY METHOD INVESTMENT (Details) - USD ($) $ in Thousands		12 Months Ended
EQUITY METHOD INVESTMENT (Details) - USD ($) $ in Thousands	Oct. 30, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 06, 2021
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 26,482	$ 24,891
Distribution received from equity method investment		3,632	5,109	$ 2,878
Interest in net earnings		$ 5,222	$ 4,060	$ 3,723
Premier Group Holdings Inc.
Schedule of Equity Method Investments [Line Items]
Ownership percentage					29.80%
Premier Pools & Spas
Schedule of Equity Method Investments [Line Items]
Ownership percentage	28.00%	18.20%	20.10%
Consideration paid	$ 25,400
Percentage of voting interests		20.10%
Equity method investments		$ 26,500	$ 24,900
Distribution received from equity method investment		3,600	5,100
Interest in net earnings		5,200	4,100
Basis difference adjustment		$ 200	$ 200

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Operations of the Company's Single Segment

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


	Year Ended December 31,
	2025		2024		2023
Net sales	$	545,912	$	508,520	$	566,492
Other cost of sales(1)	346,540		339,078		398,293
Other selling, general and administrative expense(2)	104,078		93,138		86,385
Depreciation	21,560		16,494		13,817
Amortization(3)	29,794		27,952		26,934
Stock-based compensation expense	9,247		7,392		18,804
Strategic initiative costs(4)	2,806		3,329		4,092
Acquisition and integration related costs(5)	785		2,348		911
Restructuring charges(6)	523		512		3,727
Interest expense, net	25,805		24,840		30,916
Odessa fire(7)	—		—		(2,600)
Other (income) expense, net	(3,492)		6,237		(1,004)
Earnings from equity method investment	(5,222)		(4,060)		(3,723)
Income tax expense (benefit)	2,364		9,120		(7,672)


Net income (loss)	$	11,124	$	(17,860)	$	(2,388)

(1)Other cost of sales includes total cost of sales (as presented in the 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 statements of operations) excluding depreciation, amortization, stock-based compensation, strategic initiative costs, acquisition and integration related costs, and Odessa fire 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 related to a cost reduction plan that includes severance and other costs for our executive management changes and additional costs related to our cost reduction plans, which include further actions to reduce our manufacturing overhead by reducing headcount in addition to facility shutdowns.

(7)Represents costs incurred and insurance recoveries related to a production facility fire in Odessa, Texas.

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

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


	December 31,
	2025		2024
Term Loan	$	284,813	$	288,063
Revolving Credit Facility	—		—
Less: Unamortized discount and debt issuance costs	(4,972)		(6,542)
Total debt	279,841		281,521
Less: Current portion of long-term debt	(3,250)		(3,250)
Total long-term debt	$	276,591	$	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 consolidated balance sheet and are being amortized over the life of the Revolving Credit Facility.

As of December 31, 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 (each, as defined in the Credit Agreement), plus a margin ranging from 3.75% to 4.00%, depending on the First Lien Net Leverage Ratio, or based on the Base Rate (as defined in the Credit Agreement), plus a margin ranging from 2.75% to 3.00%, depending on the First Lien Net Leverage Ratio. Loans under the Term Loan are subject to scheduled quarterly amortization payments of $812,500, equal to 0.25% of the initial principal amount of the Term Loan. The Term Loan contains customary mandatory prepayment provisions, including requirements to make mandatory prepayments with 50% of any excess cash flow and with 100% of the net cash proceeds from the incurrence of

indebtedness not otherwise permitted to be incurred by the covenants, asset sales, and casualty and condemnation events, in each case, subject to customary exceptions.

During the fiscal year ended December 31, 2024, the Company made a payment of $18.0 million in addition to the required annual payments $3.3 million. No additional payments were made in the year ended December 31, 2025.

Outstanding borrowings as of December 31, 2025 were $279.8 million, net of unamortized discount and debt issuance costs of $5.0 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 December 31, 2025, the unamortized debt issuance costs and discount on the Term Loan were $2.8 million and $2.2 million, respectively. The effective interest rate was 8.91% at December 31, 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 5 for additional detail).

Subsequently, the Company entered into a new interest rate swap that was executed on June 4, 2025 (the “2025 Interest Rate Swap”). As part of the 2025 Interest Rate Swap, the Company terminated the 2023 Interest Rate Swap prior to its May 18, 2026 termination date. The 2025 Interest Rate Swap became effective on May 19, 2025 and has a termination date of May 18, 2027. Under the terms of the 2025 Interest Rate Swap, the Company fixed its SOFR borrowing rate at 3.92% on a notional amount of $140.0 million. The 2025 Interest Rate Swap is not designated as a hedging instrument for accounting purposes (see Note 5).

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
2026	$	3,250
2027	3,250
2028	3,250

2029	275,063
	$	284,813

Guarantees

The obligations under the Credit Agreement are guaranteed by certain wholly owned subsidiaries (the “Guarantors”) of the Company that are party to that certain security agreement, which was executed in connection with the Credit Agreement. The obligations under the Credit Agreement are secured by substantially all of the Guarantors’ tangible and intangible assets, including their accounts receivables, equipment, intellectual property, inventory, cash and cash equivalents, deposit accounts, and security accounts. The Credit Agreement also restricts payments and other distributions unless certain conditions are met, which could restrict the Company’s ability to pay dividends. The ownership chain between Latham Pool Products and the Company consists of a series of holding companies with no material assets, liabilities, or standalone operations other than indirect equity interests in Latham Pool Products.

- Definition

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

+ 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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
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+ Details

PRODUCT WARRANTIES (Tables)

12 Months Ended

Dec. 31, 2025

Product Warranties Disclosures [Abstract]

Schedule of Warranty Reserve Activity

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


	Year Ended December 31,
	2025		2024		2023
Balance at the beginning of the fiscal year	$	2,647	$	3,161	$	3,990
Adjustments to reserve	3,834		2,615		5,319
Less: Settlements made (in cash or in kind)	(3,132)		(3,129)		(6,148)
Balance at the end of the fiscal year	$	3,349	$	2,647	$	3,161

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SBC, Pension and Other Postretirement Plans, Advertising , EPS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Discretionary matching and other contributions	$ 1.8	$ 1.5	$ 1.4
Total advertising costs	$ 10.0	$ 8.5	$ 9.2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Trade Receivables, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Allowance for bad debt	$ 6,539	$ 5,869	$ 7,544	$ 3,161

STOCK-BASED COMPENSATION - Performance Stock Units (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Weighted Average Grant Date Fair Value
Performance level percent	100.00%
Maximum
Weighted Average Grant Date Fair Value
Performance level percent	200.00%
Performance stock units
Shares
Balance at beginning	807,771
Granted	325,613
Adjustment for expected performance achievement	(9,060)
Forfeited	182,521
Balance at ending	941,803
Weighted Average Grant Date Fair Value
Balance at beginning \| $ / shares	$ 4.06
Granted \| $ / shares	7.31
Adjustment for expected performance achievement \| $ / shares	0
Forfeited \| $ / shares	3.67
Balance at ending \| $ / shares	$ 5.25
Additional PSUs potentially be included if the maximum performance level is earned	195,254

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Long-Lived Assets (Details)	12 Months Ended
	Dec. 31, 2025
Technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	15 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	5 years
Franchise relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	4 years
Minimum \| Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	9 years
Minimum \| Pool designs
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	14 years
Minimum \| Dealer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	5 years
Minimum \| Patented technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	5 years
Minimum \| Order backlog
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	10 months
Maximum \| Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	25 years
Maximum \| Pool designs
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	15 years
Maximum \| Dealer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	13 years
Maximum \| Patented technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	10 years
Maximum \| Order backlog
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	12 months

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed balance sheets

Latham Group, Inc.

(Parent Company Only)

Condensed Balance Sheets

(in thousands, except share and per share data)


	December 31,
	2025		2024
Assets
Investment in subsidiary	$	405,861	$	387,222
Total assets	$	405,861	$	387,222
Liabilities and Stockholders’ Equity
Total liabilities	$	—	$	—
Stockholders’ Equity
Preferred stock, $0.0001 par value; 100,000,000 shares authorized as of both December 31, 2025 and December 31, 2024; no shares issued and outstanding as of both December 31, 2025 and December 31, 2024	—		—
Common stock, $0.0001 par value; 900,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 116,766,927 and 115,764,839 shares issued and outstanding, as of December 31, 2025 and December 31, 2024, respectively	12		12
Additional paid-in capital	473,423		467,076
Accumulated deficit	(63,692)		(74,816)
Accumulated other comprehensive loss	(3,882)		(5,050)
Total stockholders’ equity	405,861		387,222
Total liabilities and stockholders’ equity	$	405,861	$	387,222

Schedule of condensed statements of operations

Latham Group, Inc.

(Parent Company Only)

Condensed Statements of Operations

(in thousands, except share and per share data)


	Year Ended December 31,
	2025		2024		2023
Equity in net income (loss) of subsidiary	$	11,124	$	(17,860)	$	(2,388)
Net income (loss) attributable to common stockholders	$	11,124	$	(17,860)	$	(2,388)
Net income (loss) per share
Net income (loss) per share attributable to common stockholders – basic and diluted
Basic	$	0.10	$	(0.15)	$	(0.02)
Diluted	$	0.09	$	(0.15)	$	(0.02)
Weighted-average common shares outstanding – basic and diluted
Basic	116,424,673		115,434,828		112,899,586
Diluted	119,822,088		115,434,828		112,899,586

Schedule of condensed statements of comprehensive income

Latham Group, Inc.

(Parent Company Only)

Condensed Statements of Comprehensive Income (Loss)

(in thousands)


	Year Ended December 31,
	2025		2024		2023
Net income (loss)	$	11,124	$	(17,860)	$	(2,388)
Equity in other comprehensive income (loss) of subsidiary	1,168		(1,511)		(6)
Comprehensive income (loss)	$	12,292	$	(19,371)	$	(2,394)

Schedule of condensed statements of cash flows

Latham Group, Inc.

(Parent Company Only)

Condensed Statement of Cash Flows

(in thousands)


	Year Ended December 31,
	2025		2024		2023
Cash flows from operating activities:
Net income (loss)	$	11,124	$	(17,860)	$	(2,388)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in net (income) loss of subsidiary	(11,124)		17,860		2,388
Net cash provided by operating activities	—		—		—
Cash flows from investing activities:
Distribution from subsidiary	—		—		—
Net cash provided by investing activities	—		—		—
Cash flows from financing activities:
Proceeds from issuance of common stock	—		—		—
Repurchase and retirement of common stock	—		—		—
Net cash used in financing activities	—		—		—
Net increase in cash:	—		—		—
Cash at beginning of period	—		—		—
Cash at end of period	$	—	$	—	$	—

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2025		2024
Land	$	2,727	$	2,684
Building and improvements	43,452		38,567
Machinery and equipment	63,152		52,715
Furniture and fixtures	2,019		2,059
Computer equipment and software	25,418		19,332
Molds and dyes	28,666		23,006
Leasehold improvements	15,577		13,744
Vehicles	6,003		5,134
Construction in progress	15,988		17,497
	203,002		174,738
Less: Accumulated depreciation	(84,182)		(61,890)
	$	118,820	$	112,848

Depreciation and amortization expense related to property and equipment during the years ended December 31, 2025, 2024 and 2023 was $21.6 million, $16.5 million, and $13.8 million, respectively. Construction in progress recorded as of December 31, 2025 and 2024 primarily related to an ongoing effort to increase fiberglass molds and fiberglass production capacity as well as our ongoing digital transformation project costs. The Company recorded aggregate gains on sales and disposals of property and equipment of less than $0.1 million during the year ended December 31, 2025 and aggregate losses on sales and disposals of property and equipment of $0.4 million and $0.1 million during the years ended December 31, 2024 and 2023, respectively.

INCOME TAXES - Total Income Tax Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal	$ 6,139	$ 12,271	$ 4,985
State	1,659	2,520	1,050
Foreign	382	684	955
Total income taxes paid	$ 8,180	$ 15,475	$ 6,990

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 27, 2026	Jun. 27, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40358
Entity Registrant Name	Latham Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2797583
Entity Address, Address Line One	787 Watervliet Shaker Road
Entity Address, City or Town	Latham
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12110
City Area Code	800
Local Phone Number	833-3800
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	SWIM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 304,679,669
Entity Common Stock, Shares Outstanding		116,766,927
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for use in connection with its 2026 Annual Meeting of Stockholders, which is to be filed no later than 120 days after December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001833197
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - Restricted stock units	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Shares
Balance at beginning \| shares	4,200,759
Granted \| shares	903,766
Vested \| shares	(1,374,814)
Forfeited \| shares	(394,117)
Balance at ending \| shares	3,335,594
Weighted Average Grant Date Fair Value
Balance at beginning \| $ / shares	$ 3.25
Granted \| $ / shares	7.12
Vested \| $ / shares	3.28
Forfeited \| $ / shares	3.73
Balance at ending \| $ / shares	$ 4.22

NET INCOME (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of basic and diluted net income (loss) per share

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


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss) attributable to common stockholders	$	11,124	$	(17,860)	$	(2,388)
Denominator:
Weighted-average common shares outstanding
Basic	116,424,673		115,434,828		112,899,586
Diluted	119,822,088		115,434,828		112,899,586
Net income (loss) per share attributable to common stockholders:
Basic	$	0.10	$	(0.15)	$	(0.02)
Diluted	$	0.09	$	(0.15)	$	(0.02)

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

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


	Year Ended December 31,
	2025	2024	2023
Restricted stock awards	—	10,722	697,822
Restricted stock units	192,039	22,275	188,548
Stock options	1,150,250	1,410,382	1,702,316
Stock appreciation rights	—	326,395	491,386
Performance stock units	99,311	20,781	—

PRODUCT WARRANTIES

12 Months Ended

Dec. 31, 2025

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTIES

11. PRODUCT WARRANTIES

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


	Year Ended December 31,
	2025		2024		2023
Balance at the beginning of the fiscal year	$	2,647	$	3,161	$	3,990
Adjustments to reserve	3,834		2,615		5,319
Less: Settlements made (in cash or in kind)	(3,132)		(3,129)		(6,148)
Balance at the end of the fiscal year	$	3,349	$	2,647	$	3,161

COMPOSITION OF CERTAIN BALANCE SHEET ACCOUNTS - Bad Debts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for bad debt activity roll forward
Balance at the beginning of the year	$ 5,869	$ 7,544	$ 3,161
Bad debt expense	1,736	2,069	5,379
Write-offs, net of recoveries	(1,066)	(3,744)	(996)
Balance at the end of the year	$ 6,539	$ 5,869	$ 7,544

GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Net Sales by Geography

Net sales by geography is based on the delivery address of the customer as specified in purchase order. Net sales by geographic area was as follows (in thousands):


	December 31,
	2025		2024		2023
Net sales
United States	$	462,076	$	429,336	$	475,024
Canada	50,105		48,138		58,443
Australia	21,783		21,455		22,534
New Zealand	6,277		5,721		6,030
Other	5,671		3,870		4,461
Total	$	545,912	$	508,520	$	566,492

Schedule of Long-Lived Assets by Geographic Area

Our long-lived assets by geographic area, which consist of property and equipment, net were as follows (in thousands):


	December 31,
	2025		2024
Long-lived assets
United States	$	76,736	$	72,827
Canada	34,890		34,882
Australia	5,293		4,018
New Zealand	1,901		1,121
Total	$	118,820	$	112,848

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES Litigation From time to time, the Company may be involved in legal proceedings in the ordinary course of business, including, among other things, contract and employment claims, personal injury claims, intellectual property claims, product liability claims and warranty claims, some of which may be covered by insurance. As of December 31, 2025, there were no legal proceedings against the Company that it believes would have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. However, the results of any current or future legal proceedings cannot be predicted with certainty and, regardless of the outcome, the Company may incur significant costs and experience a diversion of management resources as a result of legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Components of the Company's Outstanding Debt Obligations

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


	December 31,
	2025		2024
Term Loan	$	284,813	$	288,063
Revolving Credit Facility	—		—
Less: Unamortized discount and debt issuance costs	(4,972)		(6,542)
Total debt	279,841		281,521
Less: Current portion of long-term debt	(3,250)		(3,250)
Total long-term debt	$	276,591	$	278,271

Schedule of Principal Payments Due on the Outstanding Debt


Fiscal Year Ending	Term Loan
2026	$	3,250
2027	3,250
2028	3,250

2029	275,063
	$	284,813

- Definition

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

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 11,124	$ (17,860)	$ (2,388)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net cash provided by operating activities	63,430	61,307	116,369
Cash flows from investing activities:
Net cash used in investing activities	(42,319)	(84,643)	(31,726)
Cash flows from financing activities:
Net cash used in financing activities	(6,973)	(22,021)	(13,875)
Net increase in cash	14,645	(46,365)	70,137
Cash at beginning of period	56,398	102,763	32,626
Cash at end of period	71,043	56,398	102,763
Latham Investment Holdings, LP
Cash flows from operating activities:
Net income (loss)	11,124	(17,860)	(2,388)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in net (income) loss of subsidiary	(11,124)	17,860	2,388
Net cash provided by operating activities	0	0	0
Cash flows from investing activities:
Distribution from subsidiary	0	0	0
Net cash used in investing activities	0	0	0
Cash flows from financing activities:
Proceeds from issuance of common stock	0	0	0
Repurchase and retirement of common stock	0	0	0
Net cash used in financing activities	0	0	0
Net increase in cash	0	0	0
Cash at beginning of period	0	0	0
Cash at end of period	$ 0	$ 0	$ 0

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) - Condensed Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income (loss) per share attributable to common stockholders – basic and diluted
Basic (in usd per share)	$ 0.10	$ (0.15)	$ (0.02)
Diluted (in usd per share)	$ 0.09	$ (0.15)	$ (0.02)
Weighted-average common shares outstanding – basic and diluted
Basic (in shares)	116,424,673	115,434,828	112,899,586
Diluted (in shares)	119,822,088	115,434,828	112,899,586
Latham Investment Holdings, LP
Condensed Income Statements, Captions [Line Items]
Equity in net income (loss) of subsidiary	$ 11,124	$ (17,860)	$ (2,388)
Net income (loss) attributable to common stockholders	$ 11,124	$ (17,860)	$ (2,388)
Net income (loss) per share attributable to common stockholders – basic and diluted
Basic (in usd per share)	$ 0.10	$ (0.15)	$ (0.02)
Diluted (in usd per share)	$ 0.09	$ (0.15)	$ (0.02)
Weighted-average common shares outstanding – basic and diluted
Basic (in shares)	116,424,673	115,434,828	112,899,586
Diluted (in shares)	119,822,088	115,434,828	112,899,586

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Operating lease expense	$	9,084	$	8,613
Finance lease amortization of assets	849		848
Finance lease interest on lease liabilities	264		316
Short-term lease expense	480		433
Variable lease expense	778		562
Total lease expense	$	11,455	$	10,772

Schedule of Supplemental Lease Information

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


	December 31, 2025		December 31, 2024		Classification

Lease right-of-use assets:
Operating leases	$	30,723	$	28,259	Operating lease right-of-use assets
Finance leases	2,714		3,261		Other assets
Total lease right-of-use assets	$	33,437	$	31,520

Lease-related liabilities
Current
Operating leases	$	7,630	$	7,176	Current operating lease liabilities
Finance leases	815		779		Accrued expenses and other current liabilities
Non-current
Operating leases	23,964		22,138		Non-current operating lease liabilities
Finance leases	2,125		2,678		Other long-term liabilities
Total lease liabilities	$	34,534	$	32,771

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


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term (years)
Finance leases	3.6		4.4
Operating leases	4.9		5.3
Weighted-average discount rate
Finance leases	8.1	%	8.2	%
Operating leases	5.9	%	5.4	%

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


	Year Ended
	December 31, 2025		December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	7,576	$	7,134

Schedule of Maturities of Operating Lease Liabilities

The following table summarizes fiscal year maturities of operating lease liabilities as of the year ended December 31, 2025 (in thousands):


	Operating Leases		Finance Leases		Total
2026	$	9,244	$	1,016	$	10,260
2027	7,409		924		8,333
2028	6,080		912		6,992
2029	5,456		428		5,884
2030	4,858		97		4,955
Thereafter	3,383		4		3,387
Total lease payments	36,430		3,381		39,811
Less: Interest	(4,836)		(441)		(5,277)
Present value of lease liability	$	31,594	$	2,940	$	34,534

Schedule of Maturities of Finance Lease Liabilities

The following table summarizes fiscal year maturities of operating lease liabilities as of the year ended December 31, 2025 (in thousands):


	Operating Leases		Finance Leases		Total
2026	$	9,244	$	1,016	$	10,260
2027	7,409		924		8,333
2028	6,080		912		6,992
2029	5,456		428		5,884
2030	4,858		97		4,955
Thereafter	3,383		4		3,387
Total lease payments	36,430		3,381		39,811
Less: Interest	(4,836)		(441)		(5,277)
Present value of lease liability	$	31,594	$	2,940	$	34,534

INCOME TAXES - Income Tax Paid, Jurisdictions Greater Than 5% (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Total income taxes paid	$ 8,180	$ 15,475	$ 6,990
United States Federal
Effective Income Tax Rate Reconciliation [Line Items]
Total income taxes paid	$ 6,139	$ 12,271	4,985
New Zealand
Effective Income Tax Rate Reconciliation [Line Items]
Total income taxes paid			$ 670

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The Company leases manufacturing facilities, office space, land, and certain vehicles under operating leases. The Company also leases certain vehicles and equipment under finance leases. As of December 31, 2025, our operating leases substantially have remaining terms of one year to eleven years, some of which include options to extend and/or terminate the leases. The Company does not have material finance leases.

The components of lease expense for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Operating lease expense	$	9,084	$	8,613
Finance lease amortization of assets	849		848
Finance lease interest on lease liabilities	264		316
Short-term lease expense	480		433
Variable lease expense	778		562
Total lease expense	$	11,455	$	10,772

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


	December 31, 2025		December 31, 2024		Classification

Lease right-of-use assets:
Operating leases	$	30,723	$	28,259	Operating lease right-of-use assets
Finance leases	2,714		3,261		Other assets
Total lease right-of-use assets	$	33,437	$	31,520

Lease-related liabilities
Current
Operating leases	$	7,630	$	7,176	Current operating lease liabilities
Finance leases	815		779		Accrued expenses and other current liabilities
Non-current
Operating leases	23,964		22,138		Non-current operating lease liabilities
Finance leases	2,125		2,678		Other long-term liabilities
Total lease liabilities	$	34,534	$	32,771

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


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term (years)
Finance leases	3.6		4.4
Operating leases	4.9		5.3
Weighted-average discount rate
Finance leases	8.1	%	8.2	%
Operating leases	5.9	%	5.4	%

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


	Year Ended
	December 31, 2025		December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	7,576	$	7,134

The following table summarizes fiscal year maturities of operating lease liabilities as of the year ended December 31, 2025 (in thousands):


	Operating Leases		Finance Leases		Total
2026	$	9,244	$	1,016	$	10,260
2027	7,409		924		8,333
2028	6,080		912		6,992
2029	5,456		428		5,884
2030	4,858		97		4,955
Thereafter	3,383		4		3,387
Total lease payments	36,430		3,381		39,811
Less: Interest	(4,836)		(441)		(5,277)
Present value of lease liability	$	31,594	$	2,940	$	34,534

LEASES

The Company leases manufacturing facilities, office space, land, and certain vehicles under operating leases. The Company also leases certain vehicles and equipment under finance leases. As of December 31, 2025, our operating leases substantially have remaining terms of one year to eleven years, some of which include options to extend and/or terminate the leases. The Company does not have material finance leases.

The components of lease expense for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Operating lease expense	$	9,084	$	8,613
Finance lease amortization of assets	849		848
Finance lease interest on lease liabilities	264		316
Short-term lease expense	480		433
Variable lease expense	778		562
Total lease expense	$	11,455	$	10,772

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


	December 31, 2025		December 31, 2024		Classification

Lease right-of-use assets:
Operating leases	$	30,723	$	28,259	Operating lease right-of-use assets
Finance leases	2,714		3,261		Other assets
Total lease right-of-use assets	$	33,437	$	31,520

Lease-related liabilities
Current
Operating leases	$	7,630	$	7,176	Current operating lease liabilities
Finance leases	815		779		Accrued expenses and other current liabilities
Non-current
Operating leases	23,964		22,138		Non-current operating lease liabilities
Finance leases	2,125		2,678		Other long-term liabilities
Total lease liabilities	$	34,534	$	32,771

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


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term (years)
Finance leases	3.6		4.4
Operating leases	4.9		5.3
Weighted-average discount rate
Finance leases	8.1	%	8.2	%
Operating leases	5.9	%	5.4	%

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


	Year Ended
	December 31, 2025		December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	7,576	$	7,134

The following table summarizes fiscal year maturities of operating lease liabilities as of the year ended December 31, 2025 (in thousands):


	Operating Leases		Finance Leases		Total
2026	$	9,244	$	1,016	$	10,260
2027	7,409		924		8,333
2028	6,080		912		6,992
2029	5,456		428		5,884
2030	4,858		97		4,955
Thereafter	3,383		4		3,387
Total lease payments	36,430		3,381		39,811
Less: Interest	(4,836)		(441)		(5,277)
Present value of lease liability	$	31,594	$	2,940	$	34,534

SUBSEQUENT EVENT	12 Months Ended
SUBSEQUENT EVENT	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT On February 5, 2026, the Company entered into an agreement to purchase four of its production facilities that are currently being leased for $17.6 million, $12.0 million of which was a deposit made during the year ended December 31, 2025. On February 26, 2026, the Company acquired Freedom Pools, a fiberglass manufacturer and installer operating in Australia and New Zealand. The purchase price was approximately $17.0 million, and the transaction was fully funded with cash on hand.

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 11,179	$ 10,001
Fixed assets foreign	97	0
Inventories, net	2,105	3,082
Warranty reserve	651	469
Trade receivables	1,562	1,375
Profits interest units	4,042	3,437
Section 163	5,474	4,902
Accrued expenses	280	350
Transaction costs	1,130	1,180
Operating lease liabilities	7,602	6,968
Other	1,135	2,276
Gross deferred tax assets	35,257	34,040
Valuation allowance	(8,298)	(8,700)	$ (3,114)	$ 0
Total deferred tax asset	26,959	25,340
Less: Foreign deferred tax benefit	(718)	(729)
Total domestic deferred tax asset	26,241	24,611
Deferred tax liabilities:
Intangible assets	(40,091)	(42,702)
Property and equipment, net	(11,196)	(6,056)
Prepaid expenses and other	(1,505)	(1,165)
Investments in partnerships	(322)	(318)
Operating lease right-of-use assets	(7,392)	(6,717)
Other	(4)	0
Total deferred tax liabilities	(60,510)	(56,958)
Net deferred tax liabilities	(34,269)	(32,347)
Non-current deferred tax assets	718	729
Non-current deferred tax liabilities	(34,269)	(32,347)
Net deferred tax liabilities	$ 33,551	$ 31,618

EQUITY METHOD INVESTMENT	12 Months Ended
EQUITY METHOD INVESTMENT	Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	EQUITY METHOD INVESTMENT On October 30, 2020, the Company entered into a securities purchase agreement to purchase 28% of the common units of Premier Pools & Spas for $25.4 million. On August 6, 2021, the Company entered into a securities purchase agreement, together with Premier Holdco LLC, Premier Pools Management Corp. Holdco, Premier Franchise Management Holdco, PFC Holdco, and PPSF, LLC, pursuant to which Premier Group Holdings Inc., an affiliate of Wynnchurch Capital, L.P., acquired 29.8% of the common units of Premier Pools & Spas in aggregate from all sellers, including the Company. Sellers who were not related parties of Wynnchurch Capital, L.P. or the Company determined the purchase price per common unit paid by Premier Group Holdings Inc., indicating the amount paid for the common units of Premier Pools & Spas reflects the price that would be paid in an arm’s-length transaction. The Company’s post-sale ownership interest in Premier Pools & Spas was 20.1% following such transaction. On December 17, 2021, Premier Pools & Spas issued additional non-voting common units to Premier Group Holdings Inc. The Company’s ownership interest in Premier Pools & Spas after the issuance of additional non-voting common units is 18.2% while its voting interest remains 20.1%. The Company historically concluded that it held common stock of Premier Pools & Spas and had the ability to exercise significant influence over Premier Pools & Spas but did not have a controlling financial interest. As required when there is a change in facts or circumstances, the Company reassessed its ability to exercise significant influence during the quarter ended December 31, 2022. The Company concluded that it no longer had the ability to exercise significant influence. However, the Company also considered that it has an ownership interest of greater than 5% in Premier Pools & Spas, which is a limited liability company with specific ownership accounts. Accordingly, because of the legal form of the investee, the Company continues to account for this investment using the equity method of accounting since it is not required to demonstrate the ability to exercise significant influence under the relevant guidance. The Company’s proportionate share of the earnings or losses of the investee are reported as a separate line in the consolidated statements of operations. Premier Pools & Spas is a holding company for its manufacturing and franchising companies including PFC LLC, Premier Franchise Management LLC, Premier Pools Management LLC, and Premier Fiberglass LLC (the “Premier Companies”). The Premier Companies are a leading swimming pool-building brand that uses its franchisee network to sell and install pools around the United States. In connection with Latham’s investment in Premier Pools & Spas, the Company entered into an exclusive supply agreement with Premier Pools & Spas, the Premier Companies, and Premier Pools & Spas’ franchisees (“Premier Franchisees”) (together, the “Customer”). In February 2024, a new supply agreement was entered into with an effective date of January 1, 2024. Premier Pools & Spas does not consolidate the operations of the Premier Franchisees. Per the supply agreement, Latham paid volume and growth rebates based on purchases of Latham fiberglass products by Premier Franchisees. The January 1, 2024 supply agreement terminated effective January 16, 2025 and was replaced with a non-exclusive, preferred supplier agreement. As of December 31, 2025 and 2024, the Company’s carrying amount for the equity method investment in Premier Pools & Spas was $26.5 million and $24.9 million, respectively. Premier Pools & Spas paid the Company dividends that are presented on the consolidated statements of cash flows as distribution received from equity method investment of $3.6 million and $5.1 million for the years ended December 31, 2025 and 2024, respectively. The Company recorded its interest in net earnings of Premier Pools & Spas of $5.2 million and $4.1 million for the years ended December 31, 2025 and 2024, respectively, which included basis difference adjustments of $0.2 million and $0.2 million, respectively.

FAIR VALUE MEASUREMENTS - Schedule of Carrying Amount and Fair Value of the Term Loans (Details) - Term Loan Facility - Level 2 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term Loan	$ 279,841	$ 281,521
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term Loan	$ 279,841	$ 276,946

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

+ Details

PRODUCT WARRANTIES (Details) - USD ($) $ in Thousands	12 Months Ended
PRODUCT WARRANTIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the fiscal year	$ 2,647	$ 3,161	$ 3,990
Adjustments to reserve	3,834	2,615	5,319
Less: Settlements made (in cash or in kind)	(3,132)	(3,129)	(6,148)
Balance at the end of the fiscal quarter	$ 3,349	$ 2,647	$ 3,161

LEASES - Operating and finance lease right-of-use assets and liabilities and Supplemental information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lease right-of-use assets:
Operating leases	$ 30,723	$ 28,259
Finance leases	$ 2,714	$ 3,261
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Total lease right-of-use assets	$ 33,437	$ 31,520
Lease-related liabilities
Operating leases	7,630	7,176
Finance leases	$ 815	$ 779
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Operating leases	$ 23,964	$ 22,138
Finance leases	$ 2,125	$ 2,678
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 34,534	$ 32,771
Weighted-average remaining lease term (years)
Finance leases	3 years 7 months 6 days	4 years 4 months 24 days
Operating leases	4 years 10 months 24 days	5 years 3 months 18 days
Weighted-average discount rate
Finance leases	8.10%	8.20%
Operating leases	5.90%	5.40%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 7,576	$ 7,134

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases and Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Revenue, Practical Expedient, Financing Component [true false]	true
Product warranty term	5 years

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 152,625	$ 131,363
Acquisition	1,947	22,047
Foreign currency translation adjustment	617	(785)
Ending balance	$ 155,189	$ 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) customer	Dec. 31, 2024 USD ($) customer	Dec. 31, 2023 customer
Concentration Risk [Line Items]
Number of largest customers \| customer	1	1	1
Trade receivables	$ 39,914	$ 32,299
Net Sales \| Customer concentration \| Customer One
Concentration Risk [Line Items]
Concentration risk percentage	22.60%	21.00%	20.30%
Accounts Receivable \| Credit Concentration Risk \| Customer One
Concentration Risk [Line Items]
Trade receivables	$ 5,900	$ 4,600

- Definition

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

+ References

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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

SUBSEQUENT EVENT (Details) $ in Millions	Feb. 26, 2026 USD ($)	Feb. 05, 2026 USD ($) facility	Dec. 31, 2025 USD ($)
Leased Facility Acquisition
Subsequent Event [Line Items]
Asset Acquisition, Agreement, Assets Acquired, Prepaid Lease Expense			$ 12.0
Subsequent Event \| Freedom Pools
Subsequent Event [Line Items]
Business acquisition, cash consideration	$ 17.0
Subsequent Event \| Leased Facility Acquisition
Subsequent Event [Line Items]
Production facilities \| facility		4
Current lease for facilities to be purchased		$ 17.6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories, Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Reserves for estimated slow moving products or obsolescence	$ 6.9	$ 8.3

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Hartford, Connecticut

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill, Deferred Offering Costs, Segments, Taxes (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Number of reporting units	1
Number of operating segments	1
Number of reportable segments	1
Accrued penalties on unrecognized tax benefits \| $	$ 0	$ 0

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization	$ 28,944	$ 27,103	$ 26,519

- Definition

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

+ References

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	116,766,927	115,764,839
Common stock, shares outstanding (in shares)	116,766,927	115,764,839

INVENTORIES, NET

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

INVENTORIES, NET

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


	December 31,
	2025		2024
Raw materials	$	50,973	$	49,322
Finished goods	23,953		27,779
	$	74,926	$	77,101

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investor \| Maximum
Related Party Transaction [Line Items]
Amounts of transaction (less than)	$ 0.1	$ 0.1	$ 0.1

- 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
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+ Details

Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Feb. 23, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 284,813
Less: Unamortized discount and debt issuance costs	(4,972)	$ (6,542)
Total debt	279,841	281,521
Less: Current portion of long-term debt	(3,250)	(3,250)
Total long-term debt	276,591	278,271
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross	284,813	288,063
Total debt	279,800
Amount borrowed			$ 325,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0
Maximum borrowing capacity			$ 75,000

COMPOSITION OF CERTAIN BALANCE SHEET ACCOUNTS - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disclosure Text Block Supplement [Abstract]
Accrued sales rebates	$ 18,354	$ 13,545
Accrued product warranties	3,056	2,389
Accrued incentives	6,624	8,678
Accrued vacation	2,153	2,509
Accrued payroll	3,871	4,405
Accrued interest	2,020	4,153
Deferred revenue	4,329	3,794
Other accrued expenses	8,572	7,937
Total accrued expenses and other current liabilities	$ 48,979	$ 47,410

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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 years ended December 31, 2025 and December 31, 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):


	December 31,
	2025				2024
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Term Loan	$	279,841	$	279,841	$	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 December 31, 2025 and 2024, the Company’s interest rate swap was a liability of $1.1 million and $0.4 million, respectively, which was recorded within other long-term liabilities on the consolidated balance sheets. See Note 9 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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

INCOME TAXES - Schedule of Changes in the valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets Valuation Allowance [Roll Forward]
Balance at January 1	$ 8,700	$ 3,114	$ 0
Additions	0	8,700	3,114
Deductions	402	3,114	0
Balance at December 31	$ 8,298	$ 8,700	$ 3,114

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES


	Year Ended December 31,
	2025		2024		2023
Income (loss) before income taxes:
United States	$	9,168	$	559	$	(16,303)
Foreign	4,320		(9,299)		6,243
Total	$	13,488	$	(8,740)	$	(10,060)


	Year Ended December 31,
	2025		2024		2023
Federal	$	6,139	$	12,271	$	4,985
State	1,659		$	2,520	1,050
Foreign	382		$	684	955
Total income taxes paid	$	8,180	$	15,475	$	6,990

Year Ended December 31,

2025

2024

2023

Jurisdictions greater than 5%

United States Federal

6,139

12,271

4,985

Australia

New Zealand

670

Canada

States: None

* The amount of income taxes paid during the year does not meet the five percent disaggregation threshold.

Income tax expense (benefit) from continuing operations is composed of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current income tax expense (benefit):
United States federal	$	(1,314)	$	8,364	$	710
United States state and local	737		1,890		515
Foreign	536		544		788
Total current tax expense	(41)		10,798		2,013
Deferred income tax (benefit) expense:
United States federal	2,041		(7,335)		(8,965)
United States state and local	298		(968)		(1,000)
Foreign	66		6,625		280
Total deferred tax (benefit)	$	2,405	$	(1,678)	$	(9,685)
Total income tax expense (benefit):
United States federal	$	727	$	1,029	$	(8,255)
United States state and local	1,035		922		(485)
Foreign	602		7,169		1,068
Total income tax expense (benefit)	$	2,364	$	9,120	$	(7,672)


	Year Ended December 31, 2025				Year Ended December 31, 2024				Year Ended December 31, 2023
Federal statutory tax rate	$	2,833	21.0	%	$	(1,835)	21.0	%	$	(2,113)	21.0	%
Domestic state and local income taxes, net of federal effect	1,330		9.9	%	1,469		(16.8)	%	(1,411)		14.2	%

Tax Credits
Research and Development Tax Credit	(1,339)		(9.9)	%	—		—	%	—		—	%

Effects of Cross-Border Tax Laws
Global intangible low taxed income	—		—	%	(171)		2.0	%	337		(3.4)	%
Foreign derived intangible income	(278)		(2.1)	%	118		(1.4)	%	(45)		0.4	%
Canadian branch accounting	(223)		(1.7)	%	(1,642)		18.8	%	(117)		1.2	%

Nontaxable or Nondeductible Items
Meals and entertainment	256		1.9	%	332		(3.8)	%	298		(3.0)	%
Executive compensation disallowance	778		5.8	%	242		(2.8)	%	329		(3.3)	%
Nondeductible stock compensation	(504)		(3.7)	%	179		(2.1)	%	2,706		(26.9)	%
Foreign restructuring	—		—	%	1,509		(17.3)	%	—		—	%
Capital loss expiration	—		—	%	3,171		(36.3)	%	—		—	%
Partnership income	(449)		(3.3)	%	(242)		2.8	%	(15)		0.1	%
Nondeductible expenses and other adjustments	264		2.0	%	32		(0.5)	%	(261)		2.5	%

Change in Unrecognized Tax Benefits	—		—	%	—		—	%	(10,237)		101.8	%
Change in valuation allowance	—		—	%	(3,171)		36.3	%	3,114		(31.0)	%

Foreign Tax Effects
Australia
Foreign rate differential	(10)		(0.1)	%	(147)		1.7	%	511		(5.1)	%
Amortization	241		1.8	%	274		(3.1)	%	374		(3.7)	%
Penalties and fines	—		—	%	—		—	%	411		(4.1)	%
Restructuring gain	—		—	%	(111)		1.3	%	(2,141)		21.4	%
Other	5		—	%	3		—	%	6		(0.1)	%

Canada
Foreign rate differential	138		1.0	%	(430)		4.9	%	(25)		0.2	%
Nondeductible expenses and adjustments	—		—	%	—		—	%	542		(5.4)	%
Change in valuation allowance	(742)		(5.5)	%	8,700		(99.5)	%	—		—	%
Restructuring	—		—	%	749		(8.6)	%	—		—	%
Other	(37)		(0.3)	%	8		(0.1)	%	(7)		0.1	%

New Zealand
Foreign rate differential	97		0.7	%	82		(0.9)	%	74		(0.7)	%
Other	4		—	%	1		—	%	(2)		—	%

Total	$	2,364	17.5	%	$	9,120	(104.4)	%	$	(7,672)	76.2	%

For the year ended December 31, 2025, state and local income taxes in California, Illinois, Indiana, Minnesota, New Jersey, Tennessee and Utah comprise the majority of the domestic state and local income taxes. For the year ended December 31, 2024 these states were Illinois, Indiana, Minnesota, New Jersey, Pennsylvania, Tennessee and Utah and in 2023, they were California, Florida, Illinois, Indiana, New Jersey, Pennsylvania and Tennessee.

The following table summarizes changes in the valuation allowance (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at January 1	$	8,700	$	3,114	$	—
Additions	—		8,700		3,114
Deductions	(402)		(3,114)		—
Balance at December 31	$	8,298	$	8,700	$	3,114

As of December 31, 2025 and 2024, after consideration of all evidence, both positive and negative, management concluded that it is not more likely than not that it would be able to realize all of its deferred tax assets of one of its foreign subsidiaries and that a valuation allowance of $8.3 million and $8.7 million was necessary as of December 31, 2025 and 2024, respectively.

During the year ended December 31, 2023, there was a valuation allowance for the Company's capital loss carryforward deferred tax asset which was reversed in 2024 because the capital loss carryforward expired. It is reasonably possible that the Company’s estimates of future taxable income may change within the next 12 months, resulting in a change to the valuation allowance in one or more jurisdictions.

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA maintains the 21.0% corporate tax rate and makes permanent many of the beneficial expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act of 2017, including the immediate expensing of domestic research and development expenditures, more favorable interest deductibility and 100 percent bonus depreciation with effective dates in 2025. Revisions to the international tax framework are effective for the year ended December 31, 2026.

Deferred Income Taxes

Deferred income taxes recognize the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the carrying amounts used for income tax purposes, and the impact of available net operating loss and tax credit carryforwards. These items are stated at the enacted tax rates that are expected to be in effect when taxes are actually paid or recovered. The Company has elected with respect to its treatment of global intangible low-tax income ("GILTI") to account for taxes on GILTI as incurred.

Deferred income tax assets and liabilities recorded on the consolidated balance sheets as of December 31, 2025 and 2024 consist of the following (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	11,179	$	10,001
Fixed assets foreign	97		—
Inventories, net	2,105		3,082
Warranty reserve	651		469
Trade receivables	1,562		1,375
Profits interest units	4,042		3,437
Section 163(j)	5,474		4,902
Accrued expenses	280		350
Transaction costs	1,130		1,180
Operating lease liabilities	7,602		6,968
Other	1,135		2,276
Gross deferred tax assets	35,257		34,040
Valuation allowance	(8,298)		(8,700)
Total deferred tax asset	26,959		25,340
Less: Foreign deferred tax benefit	(718)		(729)
Total domestic deferred tax asset	$	26,241	$	24,611
Deferred tax liabilities:
Intangible assets	(40,091)		(42,702)
Property and equipment, net	(11,196)		(6,056)
Prepaid expenses and other	(1,505)		(1,165)
Investments in partnerships	(322)		(318)
Operating lease right-of-use assets	(7,392)		(6,717)
Other	(4)		—
Total deferred tax liabilities	(60,510)		(56,958)
Net deferred tax liabilities	$	(34,269)	$	(32,347)

Classification in the Consolidated Balance Sheet
Non-current deferred tax assets	$	718	$	729
Non-current deferred tax liabilities	(34,269)		(32,347)
Net deferred tax liabilities	$	(33,551)	$	(31,618)

FASB ASC 740, Accounting for Income Taxes requires that the Company reduce its deferred income tax assets by a valuation allowance if, based on the weight of the available evidence, it is more likely than not that all or a portion of a deferred tax asset will not be realized.

The Company reinvests earnings of foreign operations indefinitely and, accordingly, does not provide for income taxes that could result from the remittance of such earnings. The Company acknowledges that it would need to accrue and pay taxes should it decide to repatriate cash generated from earnings of its foreign subsidiaries that are considered indefinitely reinvested but expects that the potential tax liability would be insignificant.

Tax Uncertainties

The liability related to uncertain tax positions, exclusive of interest, was $6.4 million at December 31, 2022. As of December 31, 2023, the statute of limitations expired with respect to the Company’s 2019 U.S. Federal income tax return

for which the uncertain tax position liability had been recorded. As a result of the expiration of the statute of limitations, the Company released the uncertain tax position liability with a corresponding net tax benefit of $7.5 million (a gross tax benefit of $10.6 million from the liability release offset by tax expense of $3.1 million from establishing a valuation allowance on an associated deferred tax asset) during the fourth fiscal quarter of 2023. There was no liability related to uncertain tax positions as of December 31, 2025 and 2024.

The Company is subject to income taxes in the U.S., certain states and numerous foreign jurisdictions. While the Company believes it has adequately provided for all tax positions, amounts asserted by taxing authorities could be greater than its accrued position. Accordingly, additional provisions on federal and foreign tax-related matters could be recorded in the future as revised estimates are made or the underlying matters are settled or otherwise resolved.

The Company files a federal consolidated tax return which includes all U.S. entities as well several combined/consolidated state tax returns and separate state tax returns. In addition, the Company files Canadian, Australian and New Zealand tax returns for its Canadian, Australian, and New Zealand entities. The Company is subject to the regular examination of our income tax returns by tax authorities. The Company does not have any federal audits in process. Examinations in material jurisdictions or changes in laws, rules, regulations or interpretations by local taxing authorities could result in impacts to tax years open under statute or to foreign operating structures currently in place. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations or changes in laws, rules, regulations or interpretations to determine the adequacy of our provision for taxes. It is possible the outcomes from these examinations will have a material adverse effect on our financial condition and operating results.

Tax years from the fiscal year ended December 31, 2022 through present are open for examination in the U.S. Tax years and tax periods ended December 31, 2021 through present are open for state examination. Tax years and tax periods from June 30, 2022 through present are currently open for examination in Canada. Tax years and tax periods from June 30, 2021 through present are currently open for examination in Australia. Tax years and tax periods from March 31, 2021 through present are currently open for examination in New Zealand.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

ACQUISITIONS - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Aug. 02, 2024	Dec. 31, 2023
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Goodwill	$ 155,189	$ 152,625		$ 131,363
Coverstar Central, LLC
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

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Amount and Fair Value of the Term Loans


	December 31,
	2025				2024
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Term Loan	$	279,841	$	279,841	$	281,521	$	276,946

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have prioritized cybersecurity risks and made investments of time and resources to mitigate this risk area. We have implemented and maintain various technical, physical, and organizational measures, processes, standards, and/or policies designed to manage and mitigate material risks from cybersecurity threats to our information systems and data. Our risk mitigation steps include engagements with third-party service providers with expertise in cybersecurity that assist us in assessing risk, including vulnerability assessments and penetration testing, and the implementation of risk mitigation measures. We have implemented firewalls (including encryption of data, network security controls, access controls and physical security) across all of our locations and invested in intrusion detection and protection systems, email filtering and systems to mitigate the risk of phishing attacks. As part of our cybersecurity program, we conduct mandatory training for employees on how to recognize potential cyber threats and we have communicated reporting procedures for employees to bring any such threats to the immediate attention of our IT security team. New hires and employees who join our Company as the result of acquisitions must complete this required training. Further, we test employee knowledge of our cybersecurity policies through threat simulations throughout the year. We maintain a managed detection and response system and a security operations center that operates 24 hours per day, seven days per week. Further, we have prepared an incident response plan to activate in the event of a cybersecurity event, including to respond to any such incident, define and seek to control the extent of the incident (including using an escalation framework based on the materiality of incidents), assess and take reasonable actions intended to remediate any damage caused, and implement measures designed to prevent future reoccurrences. We also have developed a disaster recovery and business continuity plan that provides for reduced downtime and data loss in the event of a security breach. The incident response team also leads simulation exercises to evaluate the effectiveness of such plan. As we have increased our remote workforce in recent years, our management has focused on the Company enhancing the security of remote access with trusted devices, endpoint security controls and infrastructure resiliency. As part of this process, we enhanced our security incident response procedures to address risks specific to remote working conditions. Further, as we integrate acquired organizations and their information technology systems, we assess potential vulnerabilities to cybersecurity threats and make the investments necessary to mitigate such vulnerabilities. As part of our integration process, we apply the same technical, physical and organizational measures, processes, standards and/or policies to the acquired organizations.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have prioritized cybersecurity risks and made investments of time and resources to mitigate this risk area. We have implemented and maintain various technical, physical, and organizational measures, processes, standards, and/or policies designed to manage and mitigate material risks from cybersecurity threats to our information systems and data.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	As with most companies, we have experienced cyber-attacks, attempts to breach our systems and other similar incidents. We expect such incidents to continue as cyber criminals use increasingly sophisticated methods to seek to infiltrate company information technology systems. Risks from cybersecurity threats, including from prior cyber incidents, have not materially affected our Company in 2025, including our business strategy, results of operations or financial condition. We carry cyber risk insurance that provides protection against a breach or other data security incident, but such insurance may not be sufficient, and any related insurance proceeds may not be timely paid to us.
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board oversees the Company’s cybersecurity program by receiving regular reports (or more often, if necessary) from our Chief Executive Officer and our combined Chief Information Officer and Chief Information Security Officer (our “CIO/CISO”) on potential threats (including emerging risks) and any incidents, and the measures we have taken to prevent and to mitigate the impact of cyber-attacks on our systems. Our Board also reviews the efficacy of our cybersecurity program, the status of key information security initiatives, and approves, as appropriate, reasonable investments to enhance the protection of our information technology systems. Our management team and Board conduct simulation exercises to test our level of preparedness to respond to potential cybersecurity threats. Our executive leadership team, which includes our Chief Executive Officer and CIO/CISO, manages the Company’s efforts to address cybersecurity threats by receiving weekly reports from our CIO/CISO on potential threats, mitigation steps, the sufficiency of cybersecurity resources (including personnel, third party resources, hardware and software), and employee training and communications. Our CIO/CISO is a direct report of our Chief Executive Officer. Our CIO/CISO has over 25 years of experience, including serving in similar roles leading and overseeing cybersecurity and information technology programs. He has the following educational qualifications in the cybersecurity field: a Master’s degree in Information Management, a Bachelor’s degree in Computer Engineering and a degree in electronics and telecommunications engineering. He also has been certified in matters relevant to cybersecurity risk management as follows: certified information systems auditor; certified information systems security professional; certified data privacy solutions professional; and certified in risk information systems and controls (CRISC). The members of our IT security function that support our CIO/CISO and our information security program also have relevant educational and industry experience. Our executive leadership team further includes several executives with prior experience in information technology systems, including cybersecurity, data privacy regulation, enterprise risk management, assessment and auditing of internal controls related to data security. Our incident response plan is led by our CIO/CISO and includes a multidisciplinary team, including members of our IT security function, executive management of our legal, finance, human resources, corporate communications and internal audit/risk functions.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Chief Executive Officer
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board oversees the Company’s cybersecurity program by receiving regular reports (or more often, if necessary) from our Chief Executive Officer and our combined Chief Information Officer and Chief Information Security Officer (our “CIO/CISO”) on potential threats (including emerging risks) and any incidents, and the measures we have taken to prevent and to mitigate the impact of cyber-attacks on our systems.
Cybersecurity Risk Role of Management [Text Block]	Our risk mitigation steps include engagements with third-party service providers with expertise in cybersecurity that assist us in assessing risk, including vulnerability assessments and penetration testing, and the implementation of risk mitigation measures. We have implemented firewalls (including encryption of data, network security controls, access controls and physical security) across all of our locations and invested in intrusion detection and protection systems, email filtering and systems to mitigate the risk of phishing attacks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our incident response plan is led by our CIO/CISO and includes a multidisciplinary team, including members of our IT security function, executive management of our legal, finance, human resources, corporate communications and internal audit/risk functions.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO/CISO is a direct report of our Chief Executive Officer. Our CIO/CISO has over 25 years of experience, including serving in similar roles leading and overseeing cybersecurity and information technology programs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our executive leadership team, which includes our Chief Executive Officer and CIO/CISO, manages the Company’s efforts to address cybersecurity threats by receiving weekly reports from our CIO/CISO on potential threats, mitigation steps, the sufficiency of cybersecurity resources (including personnel, third party resources, hardware and software), and employee training and communications.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Long-Term Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Millions	Feb. 23, 2022	Dec. 31, 2025
Debt Instrument [Line Items]
Commitment fee rate range, depending on leverage ratio	0.375%
Debt issuance costs	$ 0.8
Amount outstanding		$ 0.0
Remaining borrowing capacity		$ 75.0
Minimum
Debt Instrument [Line Items]
Commitment fee rate range, depending on leverage ratio	0.25%
Maximum
Debt Instrument [Line Items]
Commitment fee rate range, depending on leverage ratio	0.50%
SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Canadian Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
EURIBOR or AUD Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%

ACQUISITIONS - Narrative (Details) $ in Thousands		1 Months Ended
ACQUISITIONS - Narrative (Details) $ in Thousands	Aug. 02, 2024 USD ($)	Feb. 28, 2025 USD ($) business	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Combination [Line Items]
Goodwill			$ 155,189	$ 152,625	$ 131,363
Coverstar Central, LLC
Business Combination [Line Items]
Total consideration	$ 71,500
Business acquisition, cash consideration	66,500
Net working capital adjustment receivable	1,200
Business acquisition, non-cash settlement	4,900
Business combination, transaction costs	900
Goodwill	$ 22,047
Business Combination, Series of Individually Immaterial Business Combinations
Business Combination [Line Items]
Total consideration		$ 5,600
Number of business acquired \| business		2

COMPOSITION OF CERTAIN BALANCE SHEET ACCOUNTS - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disclosure Text Block Supplement [Abstract]
Deposits	$ 12,863	$ 556
Prepaid expenses	4,174	2,972
Prepaid insurance	1,615	1,538
Vendor rebate receivable	1,325	1,040
A/R other	685	1,034
Prepaid inventory	7	1,239
Other prepaids	274	157
Total prepaid expenses and other current assets	$ 20,943	$ 8,536

ACQUISITIONS

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

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 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:


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

Pro Forma Financial Information (Unaudited)


	Year Ended December 31,
(in thousands)	2025		2024		2023
Net sales	$	545,912	$	520,795	$	586,717
Net income (loss)	$	11,308	$	(12,634)	$	2,794

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 year ended December 31, 2023.

Other Business Combinations

In February 2025, the Company completed the acquisition of two autocover dealers located in New York and Tennessee for a purchase price of $5.6 million. This acquisition qualified as a business combination. This transaction resulted in an increase to goodwill and intangibles, but was not material to our consolidated financial statements, and as a result, additional business combination disclosures for this acquisition have been omitted.

- Definition

The entire disclosure for business combination.

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+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period (in shares) at Dec. 31, 2022		114,667,975
Balance, beginning of period at Dec. 31, 2022	$ 382,790	$ 11	$ 440,880	$ (54,568)	$ (3,533)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(2,388)			(2,388)
Foreign currency translation adjustments	(6)				(6)
Retirement of restricted stock (in shares)		(155,450)
Issuance of common stock upon release of restricted stock units (in shares)		359,257
Stock-based compensation expense	18,804		18,804
Balance, end of period (in shares) at Dec. 31, 2023		114,871,782
Balance, end of period at Dec. 31, 2023	399,200	$ 11	459,684	(56,956)	(3,539)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(17,860)			(17,860)
Foreign currency translation adjustments	(1,511)				(1,511)
Issuance of common stock upon release of restricted stock units (in shares)		893,057
Issuance of common stock upon release of restricted stock units	1	$ 1
Stock-based compensation expense	7,392		7,392
Balance, end of period (in shares) at Dec. 31, 2024		115,764,839
Balance, end of period at Dec. 31, 2024	387,222	$ 12	467,076	(74,816)	(5,050)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	11,124			11,124
Foreign currency translation adjustments	1,168				1,168
Issuance of common stock upon release of restricted stock units (in shares)		1,447,840
Common stock withheld for taxes on restricted stock units (in shares)		(445,752)
Common stock withheld for taxes on restricted stock units	(2,900)		(2,900)
Stock-based compensation expense	9,247		9,247
Balance, end of period (in shares) at Dec. 31, 2025		116,766,927
Balance, end of period at Dec. 31, 2025	$ 405,861	$ 12	$ 473,423	$ (63,692)	$ (3,882)

INCOME TAXES - Schedule of Current and Deferred Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current income tax expense (benefit):
United States federal	$ (1,314)	$ 8,364	$ 710
United States state and local	737	1,890	515
Foreign	536	544	788
Total current tax expense	(41)	10,798	2,013
Deferred income tax (benefit) expense:
United States federal	2,041	(7,335)	(8,965)
United States state and local	298	(968)	(1,000)
Foreign	66	6,625	280
Total deferred tax (benefit)	2,405	(1,678)	(9,685)
Total income tax expense (benefit):
United States federal	727	1,029	(8,255)
United States state and local	1,035	922	(485)
Foreign	602	7,169	1,068
Income tax expense (benefit)	$ 2,364	$ 9,120	$ (7,672)

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 11,124	$ (17,860)	$ (2,388)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	1,168	(1,511)	(6)
Total other comprehensive income (loss), net of tax	1,168	(1,511)	(6)
Comprehensive income (loss)	$ 12,292	$ (19,371)	$ (2,394)

- Definition

+ References + Details

- Definition

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

+ References

+ Details

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 203,002	$ 174,738
Less: Accumulated depreciation	(84,182)	(61,890)
Property, plant and equipment, net	118,820	112,848
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,727	2,684
Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	43,452	38,567
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	63,152	52,715
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,019	2,059
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	25,418	19,332
Molds and dyes
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	28,666	23,006
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	15,577	13,744
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,003	5,134
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 15,988	$ 17,497

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash	$ 71,043	$ 56,398
Trade receivables, net	39,914	32,299
Inventories, net	74,926	77,101
Income tax receivable	12,178	3,964
Prepaid expenses and other current assets	20,943	8,536
Total current assets	219,004	178,298
Property and equipment, net	118,820	112,848
Equity method investment	26,482	24,891
Deferred tax assets	718	729
Operating lease right-of-use assets	30,723	28,259
Goodwill	155,189	152,625
Intangible assets, net	268,073	292,913
Other assets	4,214	3,644
Total assets	823,223	794,207
Current liabilities:
Accounts payable	19,283	13,141
Current maturities of long-term debt	3,250	3,250
Current operating lease liabilities	7,630	7,176
Accrued expenses and other current liabilities	48,979	47,410
Total current liabilities	79,142	70,977
Long-term debt, net of discount, debt issuance costs, and current portion	276,591	278,271
Deferred income tax liabilities, net	34,269	32,347
Non-current operating lease liabilities	23,964	22,138
Other long-term liabilities	3,396	3,252
Total liabilities	417,362	406,985
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 shares authorized as of both December 31, 2024 and December 31, 2023; no shares issued and outstanding as of both December 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 900,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 115,764,839 and 114,871,782 shares issued and outstanding, as of December 31, 2024 and December 31, 2023, respectively	12	12
Additional paid-in capital	473,423	467,076
Accumulated deficit	(63,692)	(74,816)
Accumulated other comprehensive loss	(3,882)	(5,050)
Total stockholders’ equity	405,861	387,222
Total liabilities and stockholders’ equity	$ 823,223	$ 794,207

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

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 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 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):


	Year Ended December 31,
	2025		2024		2023
Net sales	$	545,912	$	508,520	$	566,492
Other cost of sales(1)	346,540		339,078		398,293
Other selling, general and administrative expense(2)	104,078		93,138		86,385
Depreciation	21,560		16,494		13,817
Amortization(3)	29,794		27,952		26,934
Stock-based compensation expense	9,247		7,392		18,804
Strategic initiative costs(4)	2,806		3,329		4,092
Acquisition and integration related costs(5)	785		2,348		911
Restructuring charges(6)	523		512		3,727
Interest expense, net	25,805		24,840		30,916
Odessa fire(7)	—		—		(2,600)
Other (income) expense, net	(3,492)		6,237		(1,004)
Earnings from equity method investment	(5,222)		(4,060)		(3,723)
Income tax expense (benefit)	2,364		9,120		(7,672)


Net income (loss)	$	11,124	$	(17,860)	$	(2,388)

(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.

(7)Represents costs incurred and insurance recoveries related to a production facility fire in Odessa, Texas.

- 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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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/exampleRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

NET INCOME (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

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


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss) attributable to common stockholders	$	11,124	$	(17,860)	$	(2,388)
Denominator:
Weighted-average common shares outstanding
Basic	116,424,673		115,434,828		112,899,586
Diluted	119,822,088		115,434,828		112,899,586
Net income (loss) per share attributable to common stockholders:
Basic	$	0.10	$	(0.15)	$	(0.02)
Diluted	$	0.09	$	(0.15)	$	(0.02)


	Year Ended December 31,
	2025	2024	2023
Restricted stock awards	—	10,722	697,822
Restricted stock units	192,039	22,275	188,548
Stock options	1,150,250	1,410,382	1,702,316
Stock appreciation rights	—	326,395	491,386
Performance stock units	99,311	20,781	—

COMPOSITION OF CERTAIN BALANCE SHEET ACCOUNTS

12 Months Ended

Dec. 31, 2025

Disclosure Text Block Supplement [Abstract]

COMPOSITION OF CERTAIN BALANCE SHEET ACCOUNTS

10. COMPOSITION OF CERTAIN BALANCE SHEET ACCOUNTS

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	December 31,
	2025		2024
Accrued sales rebates	$	18,354	$	13,545
Accrued product warranties	3,056		2,389
Accrued incentives	6,624		8,678
Accrued vacation	2,153		2,509
Accrued payroll	3,871		4,405
Accrued interest	2,020		4,153

Deferred revenue	4,329		3,794
Other accrued expenses	8,572		7,937
Total accrued expenses and other current liabilities	$	48,979	$	47,410

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31,
	2025		2024
Deposits	$	12,863	$	556
Prepaid expenses	4,174		2,972
Prepaid insurance	1,615		1,538
Vendor rebate receivable	1,325		1,040
A/R other	685		1,034
Prepaid inventory	7		1,239
Other prepaids	274		157
Total prepaid expenses and other current assets	$	20,943	$	8,536

Allowance for Bad Debt

The allowance for bad debt consisted of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at the beginning of the year	$	5,869	$	7,544	$	3,161
Bad debt expense	1,736		2,069		5,379
Write-offs, net of recoveries	(1,066)		(3,744)		(996)
Balance at the end of the year	$	6,539	$	5,869	$	7,544

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2025
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Expense Reimbursement The Company entered into a Stockholders’ Agreement with Pamplona Capital Management ("the Sponsor") and Wynnchurch Capital, L.P. on April 27, 2021. The Stockholders’ Agreement requires the Company to reimburse the Sponsor and Wynnchurch Capital, L.P. the reasonable out-of-pocket costs and expenses in connection with monitoring and overseeing their investment in the Company. The Company had less than $0.1 million in transactions with the Sponsor or Wynnchurch Capital, L.P. during the years ended December 31, 2025, 2024 and 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 3,114	$ 8,298	$ 8,700	$ 0
Uncertain tax positions		$ 0	$ 0	$ 6,400
Net decrease of uncertain tax position liability from expiration of the statute of limitations	7,500
Gross decrease of uncertain tax position liability from expiration of the statute of limitations	10,600
Income tax on gross decrease of uncertain tax position liability from expiration of the statute of limitations	$ 3,100

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net sales	$ 545,912	$ 508,520	$ 566,492
Cost of sales	363,824	354,776	413,548
Gross profit	182,088	153,744	152,944
Selling, general, and administrative expense	122,565	108,364	110,296
Amortization	28,944	27,103	26,519
Income from operations	30,579	18,277	16,129
Other expense:
Interest expense, net	25,805	24,840	30,916
Other (income) expense, net	(3,492)	6,237	(1,004)
Total other expense, net	22,313	31,077	29,912
Earnings from equity method investment	5,222	4,060	3,723
Income (loss) before income taxes	13,488	(8,740)	(10,060)
Income tax expense (benefit)	2,364	9,120	(7,672)
Net income (loss)	$ 11,124	$ (17,860)	$ (2,388)
Net income (loss) per share attributable to common stockholders:
Basic (in usd per share)	$ 0.10	$ (0.15)	$ (0.02)
Diluted (in usd per share)	$ 0.09	$ (0.15)	$ (0.02)
Weighted-average common shares outstanding – basic and diluted
Basic (in shares)	116,424,673	115,434,828	112,899,586
Diluted (in shares)	119,822,088	115,434,828	112,899,586

Long-Term Debt - Interest rate risk (Details) - USD ($) $ in Millions	Jun. 04, 2025	Mar. 10, 2023
Interest rate swap
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

LEASES - Lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease expense	$ 9,084	$ 8,613
Finance lease amortization of assets	849	848
Finance lease interest on lease liabilities	264	316
Short-term lease expense	480	433
Variable lease expense	778	562
Total lease expense	$ 11,455	$ 10,772

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

INVENTORIES, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 50,973	$ 49,322
Finished goods	23,953	27,779
Inventory, net, Total	$ 74,926	$ 77,101

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment, Net (Details)	Dec. 31, 2025
Building and improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life	25 years
Molds and dyes \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Molds and dyes \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Machinery and equipment (including computer equipment and software) \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Machinery and equipment (including computer equipment and software) \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Software
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Total assets	$ 823,223	$ 794,207
Liabilities and Stockholders’ Equity
Total liabilities	417,362	406,985
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 shares authorized as of both December 31, 2024 and December 31, 2023; no shares issued and outstanding as of both December 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 900,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 115,764,839 and 114,871,782 shares issued and outstanding, as of December 31, 2024 and December 31, 2023, respectively	12	12
Additional paid-in capital	473,423	467,076
Accumulated deficit	(63,692)	(74,816)
Accumulated other comprehensive loss	(3,882)	(5,050)
Total stockholders’ equity	405,861	387,222	$ 399,200	$ 382,790
Total liabilities and stockholders’ equity	823,223	794,207
Latham Investment Holdings, LP
Assets
Investment in subsidiary	405,861	387,222
Total assets	405,861	387,222
Liabilities and Stockholders’ Equity
Total liabilities	0	0
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 shares authorized as of both December 31, 2024 and December 31, 2023; no shares issued and outstanding as of both December 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 900,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 115,764,839 and 114,871,782 shares issued and outstanding, as of December 31, 2024 and December 31, 2023, respectively	12	12
Additional paid-in capital	473,423	467,076
Accumulated deficit	(63,692)	(74,816)
Accumulated other comprehensive loss	(3,882)	(5,050)
Total stockholders’ equity	405,861	387,222
Total liabilities and stockholders’ equity	$ 405,861	$ 387,222

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 431,425	$ 428,050
Foreign Currency Translation	(190)	(897)
Accumulated Amortization	163,162	134,240
Net Amount	268,073	292,913
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	148,100	148,100
Foreign Currency Translation	(112)	(592)
Accumulated Amortization	42,784	36,183
Net Amount	105,204	111,325
Patented technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	16,126	16,126
Foreign Currency Translation	0	(9)
Accumulated Amortization	11,776	10,303
Net Amount	4,350	5,814
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,000	13,000
Foreign Currency Translation	0	0
Accumulated Amortization	3,540	2,673
Net Amount	9,460	10,327
Pool designs
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,628	13,628
Foreign Currency Translation	(78)	(293)
Accumulated Amortization	4,845	3,909
Net Amount	8,705	9,426
Dealer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	238,551	235,176
Foreign Currency Translation	0	(3)
Accumulated Amortization	98,197	79,397
Net Amount	140,354	155,776
Order backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,020	2,020
Foreign Currency Translation	0	0
Accumulated Amortization	2,020	1,775
Net Amount	$ 0	$ 245

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]
Net cash provided by financing activities	$ (6,973)	$ (22,021)	$ (13,875)
Latham Investment Holdings, LP
Condensed Financial Statements, Captions [Line Items]
Net cash provided by financing activities	$ 0	$ 0	$ 0
Latham Investment Holdings, LP \| Repurchase Program
Condensed Financial Statements, Captions [Line Items]
Number of shares repurchased during the period (in shares)			4,483,620
Net cash provided by financing activities			$ 23,000

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 5
-Subsection 04
-Paragraph c
-Subparagraph Schedule I
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 7
-Subsection 05
-Paragraph c
-Subparagraph Schedule II
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 9
-Subsection 06
-Publisher SEC

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 8: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 7
-Subparagraph (SAB Topic 1.B.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480922/205-10-S99-7

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481003/205-10-S50-2

+ Details

LEASES - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 9,244
2027	7,409
2028	6,080
2029	5,456
2030	4,858
Thereafter	3,383
Total lease payments	36,430
Less: Interest	(4,836)
Present value of lease liability	31,594
Finance Leases
2026	1,016
2027	924
2028	912
2029	428
2030	97
Thereafter	4
Total lease payments	3,381
Less: Interest	(441)
Present value of lease liability	2,940
Total
2026	10,260
2027	8,333
2028	6,992
2029	5,884
2030	4,955
Thereafter	3,387
Total lease payments	39,811
Less: Interest	(5,277)
Total lease liabilities	$ 34,534	$ 32,771

STOCK-BASED COMPENSATION - Stock Options and SARs (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock options
Shares
Outstanding at the beginning	1,383,738
Granted (in shares)	0	0
Exercised	0
Forfeited	(34,719)
Expired	(198,307)
Outstanding at the end	1,150,712	1,383,738
Vested and expected to vest	1,150,712
Options exercisable at the end	952,293
Weighted-Average Exercise Price per Share
Outstanding at the beginning (in dollars per share)	$ 15.20
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	15.38
Expired (in dollars per share)	17.31
Outstanding at the end (in dollars per share)	14.84	$ 15.20
Vested and expected to vest at the end (in dollars per share)	14.84
Options exercisable at the end (in dollars per share)	$ 15.23
Weighted-Average Remaining Contract Term
Outstanding at the end (in years)	4 years 7 months 17 days
Vested and expected to vest at the end (in years)	4 years 7 months 17 days
Options exercisable at the end (in years)	4 years 6 months 10 days
Outstanding at the end (in dollars)	$ 75
Vested and expected to vest (in dollars)	75
Options exercisable at the end (in dollars)	$ 56
Stock appreciation rights
Shares
Outstanding at the beginning	660,556
Granted (in shares)	0	0
Exercised	(73,026)
Forfeited	(73,027)
Outstanding at the end	514,503	660,556
Vested and expected to vest	514,503
Options exercisable at the end	234,295
Weighted-Average Exercise Price per Share
Outstanding at the beginning (in dollars per share)	$ 3.15
Granted (in dollars per share)	0
Exercised (in dollars per share)	3.24
Forfeited (in dollars per share)	3.24
Outstanding at the end (in dollars per share)	3.12	$ 3.15
Vested and expected to vest at the end (in dollars per share)	3.12
Options exercisable at the end (in dollars per share)	$ 3.11
Weighted-Average Remaining Contract Term
Outstanding at the end (in years)	4 years 9 months 21 days
Vested and expected to vest at the end (in years)	4 years 9 months 21 days
Options exercisable at the end (in years)	4 years 10 months 2 days
Outstanding at the end (in dollars)	$ 1,661
Vested and expected to vest (in dollars)	1,661
Options exercisable at the end (in dollars)	$ 759

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 9,247	$ 7,392	$ 18,804
Cost of Sales
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	0	0	81
Selling, General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 9,247	$ 7,392	$ 18,723

- Definition

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

+ References

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+ Details

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) - Condensed Balance Sheets - Additional (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	116,766,927	115,764,839
Common stock, shares outstanding (in shares)	116,766,927	115,764,839
Latham Investment Holdings, LP
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	116,766,927	115,764,839
Common stock, shares outstanding (in shares)	116,766,927	115,764,839

NET SALES

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

NET SALES

13. NET SALES

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


	Year Ended December 31,
	2025		2024		2023
In-ground Swimming Pools	$	261,960	$	259,214	$	297,828
Covers	160,764		131,335		140,949
Liners	123,188		117,971		127,715
	$	545,912	$	508,520	$	566,492

- 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
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+ Details