OneWater(ONEW) - 2025 Q4 - Annual Results

Revenue and Profitability - Revenue for fiscal fourth quarter 2025 was $460.1 million, an increase of 21.8% compared to $377.9 million in fiscal fourth quarter 2024[4] - New boat revenue increased 26.7% to $274.5 million, while pre-owned boat revenue increased 24.6% to $91.4 million[4] - Gross profit for fiscal fourth quarter 2025 totaled $103.9 million, up $13.2 million from $90.7 million in the prior year, with a gross profit margin of 22.6%[5] - Total revenues for fiscal year 2025 increased 5.6% to $1.87 billion from $1.77 billion in fiscal year 2024[9] - Adjusted diluted earnings per share for fiscal year 2025 was $0.44, down from $0.98 in 2024[12] - Adjusted EBITDA for fiscal year 2025 decreased 15.0% to $70.1 million compared to $82.5 million in fiscal year 2024[12] Losses and Impairments - The company reported a net loss of $(116.2) million for fiscal year 2025, compared to a net loss of $(6.2) million in fiscal year 2024, primarily due to a $145.8 million non-cash impairment charge[12] - For the three months ended September 30, 2025, OneWater Marine Inc. reported a net loss of $112.96 million compared to a net loss of $10.41 million for the same period in 2024[25] - Adjusted net income attributable to OneWater Marine Inc. for the twelve months ended September 30, 2025, was $7.09 million, down from $14.58 million in 2024[25] - The diluted earnings per share for Class A common stock was $(7.22) for the twelve months ended September 30, 2025, compared to $(0.39) for the same period in 2024[25] Expenses and Costs - Selling, general and administrative expenses for fiscal fourth quarter 2025 were $84.3 million, or 18.3% of revenue, down from 21.0% in the prior year[7] - The company incurred restructuring and impairment costs of $149.68 million for the twelve months ended September 30, 2025, compared to $15.32 million in 2024, reflecting a significant increase[25] - Stock-based compensation expenses rose to $10.50 million for the twelve months ended September 30, 2025, compared to $8.44 million in 2024, indicating a 24.5% increase[25] - The company reported transaction costs of $1.55 million for the twelve months ended September 30, 2025, slightly up from $1.53 million in 2024[25] Inventory and Assets - As of September 30, 2025, total inventory decreased to $539.8 million from $590.8 million a year earlier, reflecting disciplined inventory management[12] - Total current assets reached $719.21 million, up from $637.36 million, indicating a growth of approximately 12.85%[19] - Accounts receivable net increased to $608.85 million, up from $326.69 million, marking an increase of approximately 86.14%[19] - Inventory levels were reported at $539.79 million, a rise from $359.90 million, reflecting a growth of about 50.00%[19] Liabilities and Equity - Total liabilities were reported at $1,118.87 million, a decrease from $1,199.23 million, showing a reduction of about 6.69%[19] - Total equity attributable to shareholders was $284.95 million, compared to $336.81 million, representing a decline of approximately 15.38%[19] - Current liabilities totaled $594.95 million, compared to $586.07 million, indicating a slight increase of about 1.51%[19] - Long-term debt net was reported at $370.53 million, a decrease from $354.14 million, indicating a reduction of approximately 4.43%[19] Future Outlook - The company anticipates total revenue for fiscal year 2026 to be in the range of $1.83 billion to $1.93 billion, with adjusted EBITDA expected between $65 million and $85 million[13] - The pro forma adjusted net debt leverage ratio increased to 5.1x for the twelve months ended September 30, 2025, compared to 4.9x in 2024[25] Company Operations - OneWater Marine operates 95 retail locations and 9 distribution centers across 19 states, positioning itself as one of the largest marine retailers in the U.S.[26] - OneWater Marine's financial results are subject to change and should not be viewed as a substitute for complete audited financial statements[27]