OneWater Marine (ONEW) reported QQ1 2025 revenue of $375.8 million, up 3.2% year over year, as a low double-digit increase in new unit sales outpaced broader industry trends. However, the quarter delivered a modest operating loss (-$1.97 million) and a net loss of $11.97 million, reflecting ongoing margin pressure from the strategic exit of underperforming brands and promotional activity to accelerate sales. Management highlighted improved dynamics in the Model Year 2025 lineup that should lift margins later in 2025, supported by stronger F&I performance and disciplined inventory management. The company reaffirmed its full-year guidance, targeting revenue of $1.7–$1.85 billion, adjusted EBITDA of $80–$110 million, and adjusted EPS of $1–$2, underscoring a path to leverage reduction and cash-flow generation as inventory normalizes. Inventory declined 10% year over year to $637 million as of 12/31/2024, while liquidity remained robust with over $40 million of total liquidity and a net leverage of roughly 5.2x trailing twelve-month Adjusted EBITDA, signaling a still-acute but improving balance-sheet trajectory. The quarter also featured external hurricane-related disruptions in Florida, which temporarily affected near-term demand in affected locales, but management pointed to resilience and ongoing promotions as mitigants. Overall, QQ1 2025 reflects a transition phase: near-term headwinds from brand exits and seasonal dynamics are being offset by a structurally healthier inventory position, continued F&I momentum, and a relatively constructive back-half-year selling season.