Sep 10, 2026 earnings call — Acquisition integration and margin expansion
Combined company net sales were $348.9 million and adjusted EBITDA was $45.6 million for fiscal 2026.
Revenue $0.1B (est $0.1B) · EPS $0.67 (est $0.63)
Key quotes
"Since closing the transaction, we have spent significant time with the Chaparral and Robalo teams, dealers, and products."
"The X Series drove significant revenue and profitability growth throughout both the fourth quarter and full year, and we believe this product expansion has further strengthened our leadership position in the premium ski/wake category."
"Due to delayed retail recovery, we are moderating production levels to align wholesale and retail demand, which result in holding shipments and average selling prices near our Q4 exit rate."
Analyst Q&A 3
Chaparral and Robalo impact
Q (Craig Kennison · Baird): They asked how Chaparral and Robalo contribute to the next six-month results and how much revenue those brands add. They also asked about any early surprises or challenges with the Marine Products business.
A: Management said purchase accounting reduced near-term reported margins: an inventory step-up of $2.6 million and higher depreciation weighed on the six-week results. Public gross margin for the six-week ownership period was 0.9%, which would be 9% without the inventory step-up, and depreciation in that period was $1.1 million with an estimated $2.7 million quarterly run rate going forward. They said adjusted EBITDA for the six-week period was about 5.5% and that run-rate volumes should remain roughly flat from how the business exited Q4 into the six-month transition.
"Our public gross margins in the K are going to show 0.9% for the gross margins for the Chaparral and Robalo business for that six-week ownership period." — Scott Kent (CFO)
Retail trend and inventory levels
Q (Noah Zatzkin · KeyBanc): They asked what happened to retail through the quarter and what the company is seeing now, and they asked about inventory positions across the industry.
A: Management said they are modeling a 5%-10% industry decline across segments, reflecting the current calendar-year trend and expecting that to continue through the low retail season. They said the industry has been reducing inventory since the COVID highs; the legacy brands' pipeline is down about 20% or 30% and about 20% when including Chaparral and Robalo. They added dealer inventory is clean, promotional intensity is healthier, premium customers remain engaged, and they are managing conservatively until retail recovery broadens.
"As I think we mentioned, the 5%-10% we're sort of assuming for the industry across really all of our segments was really a reflection of the current calendar year trend that's been going on across our segments." — Scott Kent (CFO)
Dealer relations and plant changes
Q (Gregory Miller · Truist): They asked what changes to dealer relations the company is implementing after the acquisition and whether any changes were made at the Georgia plant.
A: Management said they are protecting what makes each brand special while using scale, process, and cross-company expertise to create value, and dealers are already picking up new brands within the portfolio. For the Georgia plant, teams are sharing best practices in both directions, there are a handful of high-priority operational items, and structured integration and synergy teams are working on those opportunities including purchasing synergies on sourcing.
"With synergy plans in general as it relates to dealers, you can imagine with that added scale, product diversity, brand leverage, there's all kinds of discussions happening." — Brad Nelson (CEO)