ADDED
As of February 13, 2026, there were 33,234,715 shares of the registrant s common stock outstanding.
The Company operates through a nationwide network that includes, as of December 31, 2025, approximately 191 manufacturing plants and 50 warehouse and distribution facilities located in 25 states, with a small presence in Mexico, China and Canada.
Over the last three years, we have executed on a number of new product initiatives and completed acquisitions for aggregate cash consideration of approximately $560 million, net of cash acquired.
These product initiatives and acquisitions directly complement our core competencies and existing products, expand our presence in our primary end markets, and position us to opportunistically enter into adjacent end markets or product categories.
The Company s net sales by end market are as follows: 2025 2024 RV 45 % 44 % Marine 15 % 15 % Powersports 10 % 10 % MH 17 % 18 % Industrial 13 % 13 % Total 100 % 100 % Recreational Vehicles The Company s RV products are sold primarily to major RV original equipment manufacturers ("OEMs"), smaller OEMs, and to a lesser extent, manufacturers in adjacent industries.
The RV market is largely concentrated among Thor Industries, Inc.
("Winnebago"), which together accounted for approximately 86% of retail market share for towables and 85% for motorized units for 2025 according to Company estimates based on data from Statistical Surveys, Inc.
Following a dealer inventory restocking in the first half of 2024, OEMs reduced production levels slightly in the second half of the year as dealers actively managed inventory levels as retail demand softened.
In 2025, dealer inventory dynamics continued to normalize, with inventory reductions moderating as dealer inventory levels moved closer to targeted levels.
OEMs demonstrated operating discipline during this period to support a balanced inventory channel for the long-term health and stability of the industry.
REMOVED
As of February 14, 2025, there were 33,644,702 shares of the registrant s common stock outstanding.
The Company operates through a nationwide network that includes, as of December 31, 2024, approximately 179 manufacturing plants and 47 warehouse and distribution facilities located in 25 states, with a small presence in Mexico, China and Canada.
Over the last three years, we have executed on a number of new product initiatives and completed acquisitions for approximately $696 million in total consideration that directly complement our core competencies and existing products, expand our presence in our primary end markets, and position us to opportunistically enter into adjacent end markets or product categories.
Previously, our sales to the powersports end market were included in the Company s marine end market sales.
Effective with the first quarter of 2024, powersports net sales are being reported separately after the January 2024 acquisition of Sportech, LLC ( Sportech ), as disclosed in Note 2 "Revenue Recognition" of the Notes to Consolidated Financial Statements.
The Company s net sales by end market are as follows: 2024 2023 RV 44 % 43 % Marine 15 % 23 % Powersports 10 % 4 % MH 18 % 16 % Industrial 13 % 14 % Total 100 % 100 % Recreational Vehicles The Company s RV products are sold primarily to major manufacturers of RVs, smaller original equipment manufacturers ("OEMs"), and to a lesser extent, manufacturers in adjacent industries.
The RV market is primarily dominated by Thor Industries, Inc.
("Winnebago") which combined held approximately 86% of retail market share for towables and 83% for motorized units for 2024 as reported per Statistical Surveys, Inc.
We also are optimistic about the near-term outlook for the RV market, which we believe bottomed in 2023 after a period of sharp declines in OEM production.
Following a dealer inventory restocking in the first half of 2024, OEMs reduced production slightly in the second half of 2024 as retail demand decreased, with dealers managing inventory levels and the OEMs demonstrating operating discipline to maintain a balanced inventory channel for the long-term health and stability of the industry.