A specialized marine technology provider delivering critical engineering and digital solutions to commercial shipping and offshore energy clients with a focus on operational efficiency and sustainability.
The recent revenue recovery in 2025 signals potential market stabilization or successful execution of new contracts within the marine sector. Positive operating cash flow despite net losses suggests strong underlying liquidity management and potentially high-margin service components hidden within the broader cost structure that could support a turnaround strategy.
The widening annual loss from -$6.2M in 2024 to -$116.2M in 2025 demonstrates a deteriorating profitability trend that raises concerns about the sustainability of current business models. With total liabilities exceeding assets and a negative accumulated other comprehensive income, the balance sheet shows signs of financial stress that could lead to credit rating downgrades or increased borrowing costs.
ONEWater Marine Inc. provides specialized marine technology solutions and services primarily serving the commercial shipping and offshore energy sectors. The company leverages a diverse portfolio of revenue streams including maritime engineering, digital transformation services, and strategic acquisitions to address global logistics challenges.
Despite a revenue rebound to $1.87B in 2025 following a decline in the prior year, the company continues to report substantial net losses of $116.2M, widening the deficit significantly compared to the previous two years. Operating expenses and cost of revenue remain elevated at $512.5M and $1.45B respectively, driving negative operating profit even as cash flow from operations remains positive due to non-cash adjustments and working capital dynamics.
The marine technology industry is undergoing rapid transformation driven by decarbonization mandates, digitization of fleet management, and shifting global trade routes. Companies in this space face intense competition from traditional engineering firms and agile tech startups, requiring continuous heavy investment in R&D and acquisitions to maintain relevance.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $1.94B | $1.77B | $1.87B |
| Cost of Revenue | $1.40B | $1.34B | $1.45B |
| Gross Profit | $535.1M | $435.1M | $427.0M |
| Operating Expenses | $517.1M | $370.2M | $512.5M |
| Operating Income | $18.1M | $64.8M | $-85.5M |
| G&A | $345.5M | $332.7M | $343.3M |
| Stock-Based Comp | $9.0M | $8.4M | $10.5M |
| D&A | $26.8M | $22.2M | $24.4M |
| Depreciation | $13.4M | $14.3M | $16.4M |
| Amortization | $13.4M | $7.8M | $8.1M |
| Other OpEx | $171.5M | $37.6M | $169.2M |
| Non-Operating Income | $-60.6M | $-71.2M | $-66.1M |
| Pre-Tax Income | $-42.5M | $-6.3M | $-151.5M |
| Income Tax | $-3.4M | $-157.0K | $-35.3M |
| Continuing Ops | $-39.1M | $-6.2M | $-116.2M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-39.1M | $-6.2M | $-116.2M |
| Minority Interest | $3.8M | $119.0K | $0 |
| Net to Common | $-42.9M | $-6.3M | $-116.2M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Assets | $881.9M | $777.4M | $719.2M |
| Accounts Receivable | $113.2M | $73.3M | $60.9M |
| Inventory | $609.6M | $590.8M | $539.8M |
| Prepaid Expenses | $65.8M | $85.9M | $53.7M |
| Other Current Assets | $93.3M | $27.3M | $64.8M |
| Long-Term Assets | $807.3M | $812.6M | $684.6M |
| PP&E (Net) | $81.5M | $93.2M | $91.6M |
| Intangibles | $212.3M | $205.4M | $130.2M |
| Goodwill | $336.6M | $336.6M | $259.0M |
| Operating Leases | $135.7M | $138.8M | $129.0M |
| Other LT Assets | $41.1M | $38.6M | $74.9M |
| Total Assets | $1.69B | $1.59B | $1.40B |
| Current Liabilities | $669.0M | $607.7M | $631.3M |
| Accounts Payable | $27.1M | $32.1M | $43.8M |
| Current Debt | $29.3M | $7.9M | $77.9M |
| Current Leases | $14.6M | $15.7M | $16.6M |
| Other Current Liab | $597.9M | $552.0M | $493.0M |
| Long-Term Liabilities | $606.1M | $591.5M | $487.6M |
| Long-Term Debt | $428.4M | $414.9M | $334.2M |
| LT Operating Leases | $123.3M | $126.0M | $116.0M |
| Other LT Liab | $54.4M | $50.6M | $37.4M |
| Total Liabilities | $1.28B | $1.20B | $1.12B |
| Shareholders' Equity | $414.1M | $390.8M | $285.0M |
| Paid-In Capital | $193.0M | $202.9M | $240.5M |
| Retained Earnings | $165.4M | $159.6M | $45.0M |
| AOCI | $1.0K | $-1.9M | $-643.0K |
| Total L&E | $1.69B | $1.59B | $1.40B |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income (CFO) | $-39.1M | $-6.2M | $-116.2M |
| Non-Cash Adjustments | $-303.6M | $51.9M | $333.4M |
| Working Capital Changes | $212.9M | $-10.9M | $-125.4M |
| Cash from Operations | $-129.8M | $34.8M | $91.8M |
| Capital Expenditures | $21.3M | $25.9M | $12.0M |
| Cash from Investing | $-51.6M | $13.3M | $-11.6M |
| Debt Issuances | $30.0M | $43.4M | $27.5M |
| Debt Repayments | $18.3M | $78.4M | $42.1M |
| Share Buybacks | $1.6M | $0 | $0 |
| Dividends Paid | $0 | — | — |
| Cash from Financing | $213.7M | $-114.1M | $-42.6M |
| FX Effect | $9.0K | $-18.0K | $-52.0K |
| Net Change in Cash | $32.4M | $-66.0M | $37.5M |
| Beginning Cash | $60.9M | $93.3M | $27.3M |
| Ending Cash | $93.3M | $27.3M | $64.8M |
Revenue is derived from core maritime engineering services, digital transformation initiatives for fleet optimization, and revenue generated from recent acquisitions that expand technical capabilities. The business model relies heavily on high-cost inventory management and significant capital expenditures to maintain technological leadership in the marine sector.
Persistent net losses and a growing retained earnings deficit indicate ongoing profitability challenges that could deplete capital reserves if not addressed quickly. Heavy reliance on high inventory levels relative to revenue creates working capital strain and exposure to obsolescence risks in fast-evolving marine technology markets. Significant cash outflows for financing and investing activities suggest aggressive expansion or debt servicing pressures that may limit financial flexibility.
The company possesses deep domain expertise in complex marine environments allowing for tailored solutions that generalist competitors cannot easily replicate. A robust backlog of long-term service contracts provides predictable cash flow, while a strategic M&A approach enables rapid scaling of technical offerings without significant organic build-up time.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.