Marine Products | 10-Q: FY2025 Q3 Revenue: USD 53.15 M

Revenue: As of FY2025 Q3, the actual value is USD 53.15 M.

EPS: As of FY2025 Q3, the actual value is USD 0.07.

EBIT: As of FY2025 Q3, the actual value is USD 2.422 M.

Boats and Accessories: Revenue for the three months ended September 30, 2025, was $52,016 thousand, compared to $48,674 thousand for the same period in 2024. For the nine months ended September 30, 2025, revenue was $175,906 thousand compared to $185,303 thousand in 2024.
Parts: Revenue for the three months ended September 30, 2025, was $1,132 thousand, compared to $1,176 thousand for the same period in 2024. For the nine months ended September 30, 2025, revenue was $3,942 thousand compared to $3,434 thousand in 2024.

Net Income: Net income for the three months ended September 30, 2025, was $2,650 thousand, compared to $3,404 thousand for the same period in 2024. For the nine months ended September 30, 2025, net income was $9,018 thousand compared to $13,586 thousand in 2024.
Gross Profit: Gross profit for the three months ended September 30, 2025, was $10,228 thousand, compared to $9,182 thousand for the same period in 2024. For the nine months ended September 30, 2025, gross profit was $34,090 thousand compared to $36,340 thousand in 2024.
Operating Income: Operating income for the three months ended September 30, 2025, was $2,865 thousand, compared to $3,590 thousand for the same period in 2024. For the nine months ended September 30, 2025, operating income was $10,289 thousand compared to $14,582 thousand in 2024.
Operating Margin: Operating margin for the three months ended September 30, 2025, was 5.4%, compared to 7.2% for the same period in 2024. For the nine months ended September 30, 2025, operating margin was 5.7% compared to 7.7% in 2024.

Net Cash Provided by Operating Activities: Net cash provided by operating activities for the three months ended September 30, 2025, was $2,577 thousand, compared to $5,145 thousand for the same period in 2024. For the nine months ended September 30, 2025, net cash provided by operating activities was $11,742 thousand compared to $24,882 thousand in 2024.
Free Cash Flow: Free cash flow for the three months ended September 30, 2025, was $2,132 thousand, compared to $3,232 thousand for the same period in 2024. For the nine months ended September 30, 2025, free cash flow was $10,774 thousand compared to $21,308 thousand in 2024.

Total Number of Boats Sold: 494 boats were sold for the three months ended September 30, 2025, compared to 500 for the same period in 2024. For the nine months ended September 30, 2025, 1,760 boats were sold compared to 2,007 in 2024.
Average Gross Selling Price per Boat: The average gross selling price per boat for the three months ended September 30, 2025, was $97.0 thousand, compared to $91.0 thousand for the same period in 2024. For the nine months ended September 30, 2025, the average price was $91.8 thousand compared to $85.0 thousand in 2024.

Core Business Focus: The company has adjusted production levels to align with expected demand, with dealers remaining cautious due to lower retail demand and higher financing costs. The financial results for the remainder of 2025 will depend on economic trends, demand for discretionary products, interest rates, and the effectiveness of incentive programs.
Non-Core Business: The company became a member of Independent Boat Builders, Inc. (IBBI) to serve as a marine purchasing cooperative, allowing for competitive pricing without minimum purchase commitments.

The company emphasizes strategies with concrete projections, such as adjusting production levels to align with demand and monitoring dealer inventories and order patterns for changes in demand.