MasterCraft Boat Holdings reported a Q3 2025 revenue of $75.96 million, down 20.6% year-over-year, with a gross margin of 20.8% and GAAP net income of $3.74 million (EPS $0.23). The quarter benefited from higher XStar production and a more favorable product mix, but was restrained by macro headwinds and tariff uncertainty that pressured demand across the marine sector. Management emphasized disciplined cost control, cash generation, and balance sheet strength, underscoring a fortress liquidity position with no debt and roughly $167 million of total liquidity. The company reiterated its commitment to capital return via buybacks and signaled a cautious but actionable path toward inventory optimization and channel health, while revising full-year guidance downward to reflect macro pressure. Looking ahead, MCFT is prioritizing the XStar ramp, BALISE expansion, and dealer network investments, while maintaining flexibility to adjust production in response to demand dynamics and tariff movements. The updated FY2025 guidance calls for net sales near $275 million, Adjusted EBITDA around $20 million, and Adjusted EPS about $0.71, with capex around $9 million. The investment thesis rests on a debt-free balance sheet, strong operating cash flow, and selective growth initiatives that could unlock upside as market conditions recover.