OneWater Marine yesterday announced the results of its fiscal 2025 first quarter.
Revenue of $375.8 million was an increase of 3.2% compared with $364 million in the year-ago quarter. New-boat revenue increased 2.9%, driven by an increase in units sold. Gross profit totaled $84.1 million for the quarter, down $7.4 million from $91.4 million year-over-year. Gross profit margin of 22.4% decreased 270 basis points compared with the prior year, driven by new and preowned boat pricing.
The company reported a net loss of $13.6 million for the quarter, compared with a net loss of $8 million in 2024. First quarter adjusted EBITDA decreased to $1.9 million from $7.1 million a year ago. As of Dec. 31, according to the retailer, cash and cash equivalents were $22.7 million, and total liquidity, including cash and availability under credit facilities, was in excess of $40 million.
“First quarter results exceeded expectations, driven by higher unit sales in both new and preowned categories,” CEO Austin Singleton said in a statement. “Our strategic inventory management and operational execution drove outperformance against the industry, and our team did a great job working down inventory. Although these efforts pressured margins in the quarter, higher finance and insurance penetration helped offset the impact, reinforcing the durability of our business model.”
