$ONEW

OneWater Marine Inc.

CIK:0001772921|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 530,711	$ 552,864	$ 1,353,565	$ 1,412,199
Cost of sales:
Total cost of sales	403,230	424,201	1,031,161	1,089,071
Selling, general and administrative expenses	87,243	92,138	254,254	258,989
Depreciation and amortization	4,075	5,593	12,659	16,426
Transaction costs	210	175	2,846	1,111
Change in fair value of contingent consideration	0	144	203	452
Restructuring and impairment	304	234	14,330	1,473
Income from operations	35,649	30,379	38,112	44,677
Other expense (income):
Interest expense – floor plan	6,763	7,340	20,530	21,870
Interest expense – other	7,070	9,041	23,051	27,129
Other (income) expense, net	(150)	(224)	1,031	853
Total other expense, net	13,683	16,157	44,612	49,852
Net income (loss) before income tax expense (benefit)	21,966	14,222	(6,500)	(5,175)
Income tax expense	10,293	3,507	2,439	(1,903)
Net income (loss)	11,673	10,715	(8,939)	(3,272)
Net loss attributable to non-controlling interests of One Water Marine Holdings, LLC	0	0	0	1,648
Net income (loss) attributable to OneWater Marine Inc.	11,673	10,715	(8,939)	(1,624)
New boat
Revenues:
Total revenues	319,960	326,134	825,267	883,631
Cost of sales:
Total cost of sales	262,826	274,184	681,366	744,522
Pre-owned boat
Revenues:
Total revenues	121,058	125,941	285,840	272,467
Cost of sales:
Total cost of sales	96,559	103,406	229,022	222,865
Finance & insurance income
Revenues:
Total revenues	17,293	17,782	40,206	42,185
Service, parts & other
Revenues:
Total revenues	72,400	83,007	202,252	213,916
Cost of sales:
Total cost of sales	$ 43,845	$ 46,611	$ 120,773	$ 121,684
Class A Common Stock
Other expense (income):
Net loss per share of Class A common stock – basic (in usd per share)	$ 0.70	$ 0.66	$ (0.54)	$ (0.10)
Net loss per share of Class A common stock - diluted (in usd per share)	$ 0.69	$ 0.65	$ (0.54)	$ (0.10)
Basic weighted-average shares of Class A common stock outstanding (in shares)	16,618	16,313	16,588	15,700
Diluted weighted-average shares of Class A common stock outstanding (in shares)	16,954	16,444	16,588	15,700

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (8,939)	$ (3,272)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	13,795	18,509
Equity-based awards	8,947	6,717
Loss on asset disposals	224	248
Non-cash interest expense	2,924	3,393
Deferred income tax provision	2,210	(1,446)
Change in fair value of contingent consideration	203	452
Loss on disposition of business	965	0
Restructuring and impairment	12,901	0
(Increase) decrease in assets:
Accounts receivable	(12,876)	(3,373)
Inventories	34,701	71,810
Prepaid expenses and other current assets	7,589	24,924
Other assets	(882)	(1,052)
Increase (decrease) in liabilities:
Accounts payable	(5,682)	346
Other payables and accrued expenses	(2,847)	(1,210)
Customer deposits	3,279	(34,226)
Net cash provided by operating activities	56,512	81,820
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment and construction in progress	(6,970)	(9,297)
Proceeds from disposal of property and equipment	44	373
Cash used for additions to intangible assets	(311)	(530)
Cash received in acquisitions	0	713
Proceeds from disposal of a business	48,735	0
Net cash provided by (used in) investing activities	41,498	(8,741)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings from floor plan	(15,023)	(7,610)
Proceeds from long-term debt	15,775	21,046
Payments on long-term debt	(80,907)	(27,064)
Payments of debt issuance costs	(2,528)	(935)
Payments of contingent consideration	0	(2,419)
Payments of tax withholdings for equity-based awards	(1,570)	(1,823)
Proceeds from issuance of Class A common stock as part of employee stock purchase plan	438	535
Distributions to members	0	(192)
Payments on financing lease obligations	(141)	0
Net cash used in financing activities	(83,956)	(18,462)
Effects of exchange rate changes on cash and restricted cash	18	(48)
Net change in cash and restricted cash	14,072	54,569
Cash and restricted cash at beginning of period	64,820	27,337
Cash and restricted cash at end of period	78,892	81,906
Supplemental cash flow disclosures:
Cash paid for interest	40,593	46,132
Cash paid (received) for income taxes and income tax refunds	110	(5,842)
Noncash items:
Purchase of property and equipment funded by long-term debt	807	219
Right-of-use assets obtained in exchange for new lease liabilities	$ 2,586	$ 6,023

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
CURRENT ASSETS:
Cash	$ 68,705	$ 52,166
Restricted cash	10,187	12,654
Accounts receivable, net	64,492	60,885
Inventories	485,527	539,793
Prepaid expenses and other current assets	46,192	53,715
Total current assets	675,103	719,213
Property and equipment, net	58,214	91,576
Operating lease right-of-use assets	115,592	128,988
Financing lease right-of-use assets	988	0
Other long-term assets	3,577	2,309
Deferred tax assets, net	69,651	72,587
Intangible assets, net	121,932	130,198
Goodwill	258,954	258,954
Total assets	1,304,011	1,403,825
CURRENT LIABILITIES:
Accounts payable	37,061	43,758
Other payables and accrued expenses	35,900	41,429
Customer deposits	32,559	29,280
Notes payable – floor plan	404,659	419,682
Current portion of operating lease liabilities	16,757	16,615
Current portion of financing lease liabilities	101	0
Current portion of long-term debt, net	23,920	77,895
Current portion of tax receivable agreement liability	2,637	2,637
Total current liabilities	553,594	631,296
Other long-term liabilities	1,050	2,544
Tax receivable agreement liability	34,858	34,858
Long-term operating lease liabilities	103,381	115,977
Long-term financing lease liabilities	851	0
Long-term debt, net	324,226	334,197
Total liabilities	1,017,960	1,118,872
Commitments and Contingencies
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and September 30, 2025	0	0
Additional paid-in capital	248,291	240,478
Retained earnings	36,015	44,954
Accumulated other comprehensive income (loss)	1,579	(643)
Total stockholders’ equity	286,051	284,953
Total liabilities and stockholders’ equity	1,304,011	1,403,825
Class A Common Stock
STOCKHOLDERS’ EQUITY
Common stock value	$ 166	$ 164
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, par or stated value per share (in usd per shares)	$ 0.01	$ 0.01
Common stock, shares, issued (in shares)	16,619,658	16,373,991
Common stock, shares, outstanding (in shares)	16,619,658	16,373,991
Class B Common Stock
STOCKHOLDERS’ EQUITY
Common stock value	$ 0	$ 0
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par or stated value per share (in usd per shares)	$ 0.01	$ 0.01
Common stock, shares, issued (in shares)	0	0
Common stock, shares, outstanding (in shares)	0	0