mbuu-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-36290

MALIBU BOATS, INC.

(Exact Name of Registrant as specified in its charter)

Delaware

5075 Kimberly Way, Loudon, Tennessee 37774

46-4024640

(State or other jurisdiction of
incorporation or organization)

(Address of principal executive offices,
including zip code)

(I.R.S. Employer
Identification No.)

(865) 458-5478

(Registrant’s telephone number,
including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.01	MBUU	Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

☑


Class A Common Stock, par value $0.01, outstanding as of October 27, 2025:	19,226,584	shares
Class B Common Stock, par value $0.01, outstanding as of October 27, 2025:	12	shares

Table of Contents

TABLE OF CONTENTS



		Page
PART I	FINANCIAL INFORMATION	1
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)	1
	Condensed Consolidated Balance Sheets (Unaudited)	2
	Condensed Consolidated Statements of Stockholders' Equity (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows (Unaudited)	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36

PART II	OTHER INFORMATION	37
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	39

SIGNATURES		40

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. All statements other than statements of historical facts contained in this Form 10-Q are forward-looking statements, including statements regarding demand for our products and expected industry trends, impact of macroeconomic conditions on our results of operations and financial condition, our business strategy and plans, and management’s objectives for future operations. In particular, many of the statements under the heading “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” constitute forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” the negative of these terms, or by other similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions, involving known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Such factors include, but are not limited to: our ability to accurately forecast demand for our products; our large fixed-cost base; our ability to execute our manufacturing strategy; increases in the cost of, or unavailability of, raw materials, component parts and transportation costs; disruptions in our suppliers’ operations; our reliance on third-party suppliers for raw materials and components; our reliance on certain suppliers for our engines and outboard motors; climate events in areas where we operate; our ability to meet our manufacturing workforce needs; our dependence on key management employees; our ability to grow our business through acquisitions and integrate such acquisitions to fully realize their expected benefits; our growth strategy which may require us to secure significant additional capital; our ability to enhance existing products and develop and market new or enhanced products; our ability to protect our intellectual property; compromises or disruptions to our network and information systems; risks related to operating in foreign jurisdictions, including tariffs; general economic conditions; the continued strength and positive perception of our brands; increased consumer preference for used boats, alternative fuel-powered boats or the supply of new boats by competitors in excess of demand; the seasonality of our business; competition within our industry and with other activities for consumers’ scarce leisure time; inflation and heightened interest rates; our reliance on our network of independent dealers and increasing competition for dealers; the financial health of our dealers and their continued access to financing; our obligation to repurchase inventory of certain dealers; our exposure to risks associated with litigation, investigation and regulatory proceedings; an impairment in the carrying value of goodwill, trade names and other long-lived assets; risks inherent in changes to U.S trade policy, tariffs and import/export regulations; significant repair or replacement costs due to warranty claims; any failure to comply with laws and regulations including environmental, workplace safety and other regulatory requirements; covenants in our credit agreement governing our revolving credit facility which may limit our operating flexibility; our obligation to make certain payments under a tax receivable agreement; and any failure to maintain effective internal control over financial reporting or disclosure controls or procedures. We discuss many of these factors, risks and uncertainties in greater detail under the heading “Item 1A. Risk Factors” in our Form 10-K for the year ended June 30, 2025, filed with the Securities and Exchange Commission on August 28, 2025, as such disclosures may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission, including subsequent annual reports on Form 10-K and quarterly reports on Form 10-Q.

You should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from those suggested by the forward-looking statements for various reasons, including those discussed under “Item 1A. Risk Factors” in our Form 10-K for the year ended June 30, 2025, filed with the Securities and Exchange Commission on August 28, 2025. Except as required by law, we assume no obligation to update forward-looking statements for any reason after the date of this Form 10-Q to conform these statements to actual results or to changes in our expectations.

Table of Contents

Part I - Financial Information

Item 1. Financial Statements

MALIBU BOATS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(In thousands, except share and per share data)


	Three Months Ended September 30,
	2025		2024
Net sales	$	194,733	$	171,580
Cost of sales	166,802		143,371
Gross profit	27,931		28,209
Operating expenses:
Selling and marketing	6,293		4,864
General and administrative	20,767		27,240

Amortization	1,713		1,716
Operating loss	(842)		(5,611)
Other (income) expense, net:
Other income, net	(866)		(10)
Interest expense	423		396
Other (income) expense, net	(443)		386
Loss before provision (benefit) for income taxes	(399)		(5,997)
Provision (benefit) for income taxes	311		(850)
Net loss	(710)		(5,147)
Net loss attributable to non-controlling interest	(8)		(99)
Net loss attributable to Malibu Boats, Inc.	$	(702)	$	(5,048)

Comprehensive loss:
Net loss	$	(710)	$	(5,147)
Other comprehensive income:
Change in cumulative translation adjustment	224		968
Other comprehensive income	224		968
Comprehensive loss	(486)		(4,179)
Less: comprehensive loss attributable to non-controlling interest, net of tax	(5)		(80)
Comprehensive loss attributable to Malibu Boats, Inc., net of tax	$	(481)	$	(4,099)

Weighted-average shares outstanding used in computing net loss per share:
Basic	19,335,990		20,025,742
Diluted	19,335,990		20,025,742
Net loss available to Class A Common Stock per share:
Basic	$	(0.04)	$	(0.25)
Diluted	$	(0.04)	$	(0.25)

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

MALIBU BOATS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and per share data)


	September 30, 2025		June 30, 2025
Assets
Current assets
Cash	$	44,105	$	37,002
Trade receivables, net	34,543		23,034
Inventories	145,038		142,163
Prepaid expenses and other current assets	21,185		14,634
Assets held for sale	3,059		3,059
Total current assets	247,930		219,892
Property, plant and equipment, net	231,962		235,877
Goodwill	51,356		51,306
Other intangible assets, net	166,925		168,634
Deferred tax assets	50,728		51,601
Other assets	6,713		7,268
Total assets	$	755,614	$	734,578
Liabilities
Current liabilities

Accounts payable	$	39,263	$	24,420
Accrued expenses	112,201		109,770
Income taxes and tax distribution payable	296		151
Payable pursuant to tax receivable agreement, current portion	271		271
Total current liabilities	152,031		134,612
Deferred tax liabilities	13,852		14,674
Other liabilities	6,772		7,297
Payable pursuant to tax receivable agreement, less current portion	39,332		40,162
Long-term debt	23,000		18,000
Total liabilities	234,987		214,745
Commitments and contingencies (See Note 16)
Stockholders' Equity
Class A Common Stock, par value $0.01 per share, 100,000,000 shares authorized; 19,226,584 shares issued and outstanding as of September 30, 2025; 19,225,848 issued and outstanding as of June 30, 2025	190		190
Class B Common Stock, par value $0.01 per share, 25,000,000 shares authorized; 12 shares issued and outstanding as of September 30, 2025 and June 30, 2025	—		—
Preferred Stock, par value $0.01 per share; 25,000,000 shares authorized; no shares issued and outstanding as of September 30, 2025 and June 30, 2025	—		—
Additional paid in capital	36,627		35,253
Accumulated other comprehensive loss, net of tax	(4,422)		(4,646)
Accumulated earnings	483,962		484,664
Total stockholders' equity attributable to Malibu Boats, Inc.	516,357		515,461
Non-controlling interest	4,270		4,372
Total stockholders’ equity	520,627		519,833
Total liabilities and stockholders' equity	$	755,614	$	734,578

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

MALIBU BOATS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders' Equity (Unaudited)

(In thousands, except number of Class B shares)


	Class A Common Stock			Class B Common Stock			Additional Paid In Capital		Accumulated Other Comprehensive Loss		Accumulated Earnings		Non-controlling Interest in LLC		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance at June 30, 2025	19,226	$	190	12	$	—	$	35,253	$	(4,646)	$	484,664	$	4,372	$	519,833
Net loss	—	—		—	—		—		—		(702)		(8)		(710)
Stock-based compensation, net of withholding taxes on vested equity awards	(5)	—		—	—		1,213		—		—		—		1,213
Issuances of equity for services	—	—		—	—		40		—		—		—		40
Increase in payable pursuant to the tax receivable agreement	—	—		—	—		(26)		—		—		—		(26)
Increase in deferred tax asset from step-up in tax basis	—	—		—	—		52

SEC Form 10-Q filed by Malibu Boats Inc.