MasterCraft Boat Holdings Reports Decline in Q3 and Nine-Month Financial Performance

MasterCraft Boat Holdings, Inc. reported a decline in financial performance for the third quarter and first nine months of fiscal 2025, as detailed in its latest 10-Q filing. For the three months ended March 30, 2025, the company recorded net sales of $75.96 million, a decrease of 9.5% from $83.98 million in the same period last year. The nine-month figures showed a more significant decline, with sales dropping 23.6% to $204.69 million from $268.03 million. Gross profit for the quarter was $15.77 million, down 19.5% year-over-year, while the nine-month gross profit fell 39.0% to $38.46 million.

The decrease in revenue was attributed to planned lower unit volumes aimed at aligning dealer inventories with retail demand, as well as unfavorable changes in pricing and model mix. Operating income for the third quarter fell to $4.11 million, a 39.1% decline from $6.75 million in the prior year, and for the nine months, it dropped 81.1% to $5.30 million from $28.07 million. The company also reported a net income of $3.74 million for the quarter, slightly down from $3.76 million a year earlier, while the nine-month net income plummeted to $1.35 million from $15.84 million.

In terms of operational developments, MasterCraft has undergone significant strategic changes, including the sale of its Aviara brand and related assets, which has been classified as discontinued operations. This transaction, completed in October 2024, was part of a broader strategy to exit the luxury dayboat category. The company also reported a leadership transition, with Chief Financial Officer Timothy M. Oxley announcing his retirement effective December 31, 2025, and Scott Kent set to succeed him on July 1, 2025.

The company’s cash position improved, with cash and cash equivalents increasing to $28.51 million as of March 30, 2025, up from $7.39 million at the end of the previous fiscal year. This increase was primarily due to proceeds from the Aviara Facility Sale, which generated $26.1 million. MasterCraft also maintained a strong liquidity position with no outstanding long-term debt and $100 million available under its revolving credit facility. Looking ahead, the company anticipates continued market and economic uncertainty, which may impact its performance through the remainder of the fiscal year.