ONEWHIGH SIGNALFINANCIAL10-K

OneWater Marine reported a catastrophic swing to a $114.6M net loss from the prior year's $5.7M loss, driven by operational deterioration that turned a $64.8M operating profit into an $85.5M operating loss.

This represents a fundamental breakdown in OneWater's operational performance, with the company unable to generate positive operating income despite being a marine retailer in what has been a strong boating market. The magnitude of the deterioration suggests either significant one-time charges, major operational issues, or severe market headwinds that management may not have adequately communicated to investors.

Comparing 2025-12-15 vs 2024-12-10View on EDGAR →
FINANCIAL ANALYSIS

OneWater's financial performance collapsed across profitability metrics, with net income deteriorating by over 1,900% to a $114.6M loss and operating income swinging from a $64.8M profit to an $85.5M loss, while gross profit declined 32% to $64.1M. Paradoxically, operating cash flow surged 163% to $91.8M while capital expenditures were cut in half to $12M, suggesting aggressive working capital management and cost-cutting measures. The balance sheet contracted with total assets declining 12% to $1.4B and stockholders' equity falling 21% to $285M, painting a picture of a company in severe operational distress despite generating strong cash flow through what appears to be inventory liquidation and reduced investment.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-1908.4%
-$5.7M→-$114.6M

Net income declined 1908.4% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-231.8%
$64.8M→-$85.5M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Operating Cash Flow
Cash Flow
+163.4%
$34.8M→$91.8M

Operating cash flow surged 163.4% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
-53.6%
$25.9M→$12.0M

Capex reduced 53.6% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Gross Profit
P&L
-32.3%
$94.7M→$64.1M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Stockholders Equity
Balance Sheet
-21%
$360.8M→$285.0M

Equity decreased 21% — buybacks or losses reducing book value, monitor solvency ratios.

Accounts Receivable
Balance Sheet
-16.9%
$73.3M→$60.9M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Total Assets
Balance Sheet
-11.7%
$1.6B→$1.4B

Total assets contracted 11.7% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2025-12-15
PRIOR — 2024-12-10
ADDED
The registrant had 16,527,533 shares of Class A common stock, par value $0.01 per share, and no shares of Class B common stock, par value $0.01 per share, outstanding as o f December 2, 2025.
Except as otherwise indicated or required by the context, all references in this Annual Report on Form 10-K to the Company, OneWater, we, us or our relate to OneWater Inc.
Overview We believe that we are one of the largest and fastest-growing marine retailers in the United States with 95 dealership locations, 9 distribution centers/warehouses and multiple online marketplaces as of September 30, 2025.
("Ocean Bio-Chem")) significantly expanded our sales of marine-related parts and accessories.
As of September 30, 2025, the Dealerships segment includes operations of 95 dealerships in 17 states including Florida, Texas, Alabama and Georgia, among others, and represents approximately 92% of revenues for the year ended September 30, 2025.
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REMOVED
The registrant had 14,826,496 shares of Class A common stock, par value $0.01 per share, and 1,429,940 shares of Class B common stock, par value $0.01 per share, outstanding as o f November 26, 2024.
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading Risk Factors, Business, and Management s Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-K.
All forward-looking statements, expressed or implied, included in this Form 10-K are expressly qualified in their entirety by this cautionary statement.
Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Form 10-K.
Except as otherwise indicated or required by the context, all references in this Form 10-K to the Company, OneWater, we, us or our relate to (i) for periods after the Reorganization, OneWater Inc.
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