OneWater Marine Reports Revenue Increase to $380.6 Million, Net Loss Improves

OneWater Marine Inc. reported a modest increase in revenue for the three months ended December 31, 2025, achieving $380.6 million, up from $375.8 million in the same period last year. This growth was primarily driven by a significant 24% increase in pre-owned boat sales, which reached $70.4 million, and a 10.3% rise in service, parts, and other sales, totaling $68.0 million. However, new boat sales declined by 5.9% to $233.3 million, reflecting a decrease in unit sales despite an increase in average sales prices. The company's gross profit also improved, rising 6.4% to $89.4 million, resulting in a gross margin of 23.5%, up from 22.4% a year earlier.

In terms of profitability, OneWater Marine reported a net loss of $7.7 million for the quarter, a notable improvement from the $13.6 million loss recorded in the prior year. This reduction in net loss was largely attributed to an increase in income tax benefits, which rose by 154.3% to $13.4 million, offsetting some of the operational losses. The company’s loss from operations increased to $5.2 million, primarily due to higher restructuring and impairment charges of $7.4 million related to the adjustment of assets held for sale.

Operationally, OneWater Marine continues to expand its footprint, operating 95 retail locations across 18 states as of December 31, 2025. The company has been actively pursuing acquisitions to bolster its market position, having acquired 83 additional dealerships since its inception in 2014. The recent acquisition of T-H Marine Supplies and Ocean Bio-Chem has enhanced its offerings in marine parts and accessories, contributing to the growth in service and parts sales.

The company’s financial position remains stable, with total assets increasing to $1.44 billion from $1.40 billion at the end of the previous fiscal year. However, cash and restricted cash decreased to $42.4 million, down from $64.8 million, primarily due to increased cash used in operating activities. OneWater Marine's debt levels also rose, with total liabilities reaching $1.16 billion, reflecting a $71.5 million increase in floor plan notes payable. The company remains compliant with its financial covenants and continues to evaluate opportunities for future growth through strategic acquisitions.

Looking ahead, OneWater Marine anticipates that its diversified revenue streams and ongoing acquisition strategy will position it well to navigate potential economic challenges. The company is focused on maintaining its market share and enhancing profitability through operational efficiencies and strategic investments in high-margin service and parts sales.