OneWater Marine Q2 Revenue $442.3M; Gross Margin Up 110bps
OneWater Marine posted Q2 revenue of $442.3 million and a net loss of $12.9 million (78 cents per share, 34 cents adjusted), with gross margin expanding by 110 basis points. Inventory levels have fallen 19% over two years, pre-owned boat sales rose 5%, and full-year guidance remains $1.78–$1.88 billion in revenue and 20–70 cents EPS.
1. Q2 Financial Results
OneWater Marine posted revenue of $442.3 million in the fiscal second quarter and recorded a net loss of $12.9 million, or 78 cents per share, with adjusted losses of 34 cents per share. Gross margin expanded by 110 basis points driven by disciplined pricing and a streamlined brand portfolio.
2. Operational Highlights
Inventory levels declined 19% over the past two years, improving the aging profile and supporting healthier margins. Pre-owned boat sales rose 5% due to better availability and higher average unit prices, while finance penetration remained stable above 60%, indicating continued demand for financed purchases.
3. Outlook & Guidance
Full-year revenue guidance remains at $1.78–$1.88 billion with earnings per share forecast between 20 and 70 cents. Management aims to reduce net debt-to-EBITDA leverage below 4.0x by year-end, expects $16–17 million in delayed boat show sales to materialize in Q3, and plans to maintain a wait-and-see approach on future inventory orders.
4. Structural Changes
The sale of non-core assets and a $6 million trade name impairment charge were recorded this quarter to focus on core operations. Cost-reduction actions initiated in late March and early April are projected to yield approximately $6 million in annualized SG&A savings.