Revenue increased 1% to $380.6 million, while same-store sales were flat compared with the previous-year quarter. Gross profit margin was 23.5%. There was a net loss of $7.7 million during the quarter. OneWater said the results were largely driven by flat same-store sales and lower unit volumes.
“We delivered a solid first quarter supported by a strong inventory position and consistent execution across the business,” executive chairman Austin Singleton said in a statement. “Gross margins were modestly better than we anticipated, driven by favorable model mix and the benefits of portfolio optimization efforts, which we expect to be realized in various amounts throughout the year. As the first quarter is seasonally our smallest, our focus remains on disciplined execution as industry conditions begin to improve. Supported by a healthy inventory mix and improved aging prole, we believe we are well-positioned to execute on our priorities of higher profitability and improved balance sheet leverage.”
OneWater said it anticipates the industry to be flat to down low single digits year-over-year in 2026 based on industry trends. The company is maintaining its previously issued full-fiscal-year outlook. Factoring in lost revenue from exited brands, it expects dealership same-store sales to be flat year-over-year and total revenue in the range of $1.83 billion to $1.93 billion.
