OneWater Marine reported fiscal Q1 2026 total revenues of $380.6 million, up 1.3% from $375.8 million a year earlier. Pre-owned boat revenues surged 24.0% to $70.4 million on higher unit volumes and improved average selling prices, while new boat revenues declined 5.9% to $233.3 million due to lower unit sales partially offset by disciplined price mix. Service, parts and other sales rose 10.3% to $68.0 million, reflecting strengthened parts distribution and dealership service activity. Finance and insurance income was $8.9 million, down 5.4% from the prior year period as a percentage of total boat sales.

Gross profit increased 6.3% year-over-year to $89.4 million, lifting gross margin by 110 basis points to 23.5% due to favorable boat model mix and portfolio optimization. SG&A expenses were $81.4 million (21.4% of revenue), up from 21.0% last year, driven by higher variable personnel costs including sales commissions. The company recorded a net loss of $7.7 million, or $0.47 per diluted share, versus $13.6 million, or $0.81 per share, in Q1 2025. Adjusted EBITDA nearly doubled to $3.6 million, and adjusted diluted loss per share narrowed to $0.04 from $0.54, excluding non-cash impairment and other adjustments.

At quarter-end, cash and cash equivalents totaled $32.2 million, and total liquidity—including availability under credit facilities—stood at $49.2 million. Inventory decreased to $601.5 million from $636.7 million a year ago, reflecting disciplined purchasing and classification of $52.8 million of assets as held for sale. Total long-term debt was $399.4 million, resulting in adjusted net debt of 5.1× trailing twelve-month Adjusted EBITDA. The company expects proceeds from the planned divestiture of its Distribution segment assets to be used for debt reduction by March 31, 2026.

For fiscal 2026, OneWater anticipates flat to low single-digit industry trends and maintains full-year revenue guidance of $1.83 billion to $1.93 billion, reflecting exited brands. Adjusted EBITDA is projected between $65 million and $85 million, and adjusted diluted earnings per share are forecast at $0.25 to $0.75. Management’s strategic priorities include further portfolio optimization, margin discipline in new and used boat operations, debt reduction through asset sales, and enhanced balance-sheet leverage management.