MarineMax delivered a record March quarter with revenue of $631.5 million and 11% comparable-store sales growth, underscoring resilience in its premium marine portfolio despite industry softness and tariff uncertainty. The quarter highlighted a shift in mix toward higher-margin products and services (marinas, superyacht services, finance and insurance), which helped offset ongoing pressure from aggressive promotional activity that compressed boat margins to historically low levels. While consolidated gross margin stood at 30.0% for the quarter and was essentially flat year-to-date versus fiscal 2024, the mix shift and higher-margin recurring services supported adjusted EBITDA growth (+5% YoY) to $30.9 million. Management signaled prudence amid tariffs and macro headwinds, narrowing FY2025 guidance to reflect a weaker top-line and potential margin headwinds. On the balance sheet, MarineMax maintains strong liquidity, with cash and cash equivalents of $203.5 million and a net-debt-to-adjusted-EBITDA ratio of approximately 1.2x, and approximately $200 million of available credit lines, positioning the company to pursue growth opportunities and address seasonality. The strategic emphasis on selective store optimization and marina acquisitions (e.g., Shelter Bay Marine; Treasure Island Marina lease extension) reinforces MarineMax’s premium-positioning thesis and longer-term earnings resilience.