Malibu Boats Swings to Profit as Saxdor Adds Sales

The Tip Desk · November 11, 2026 · 4 min read

Net sales rose 29.9% to $252.9 million as the newly acquired Saxdor brand contributed $51.1 million and GAAP results flipped to $6.1 million of income.

Malibu Boats, Inc. (MBUU), the recreational powerboat maker, reported net sales of $252.9 million for the three months ended September 30, 2026, up 29.9% from a year earlier, and swung to GAAP net income of $6.1 million, or $0.30 a share diluted, from a $0.7 million loss, or $0.04 a share.

The company said the sales increase was driven primarily by $51.1 million of revenue from the newly acquired Saxdor segment, higher unit volumes in Cobalt and Saltwater Fishing, a favorable Cobalt model mix, a favorable segment mix and year-over-year price increases, partially offset by lower Malibu volumes and higher dealer incentive costs. President and Chief Executive Officer Steve Menneto said results reflected a softer retail environment over the summer and a decision to manage wholesale shipments with discipline to protect dealer health, which kept net sales modestly below the guided range and constrained adjusted EBITDA.

Unit volume rose 15.1% to 1,299 units, including 139 Saxdor units and higher Cobalt and Saltwater Fishing shipments, offset by 33 fewer Malibu units. Consolidated net sales per unit increased 12.9% to $194,720, which the company attributed to Saxdor, segment mix and price increases.

Saxdor contributed 139 units at $367,691 each. Cobalt net sales increased 18.8% to $61.5 million on 42 more units, favorable model mix and price increases; net sales per unit rose 4.4% to $178,316. Saltwater Fishing net sales increased 7.1% to $68.9 million on 22 more units; net sales per unit fell 0.5% to $222,110 as dealer incentives rose. Malibu segment net sales decreased 9.1% to $71.5 million on 33 fewer units, with net sales per unit down 3.2% to $141,503 as dealer incentives rose.

Gross profit increased 35.5% to $37.8 million and gross margin rose 70 basis points to 15.0%, which the company said was driven primarily by the gross margin of newly acquired Saxdor. Adjusted EBITDA increased 21.7% to $14.3 million, while adjusted EBITDA margin decreased from 6.1% to 5.7%. Adjusted net income per share remained $0.15 on a basic weighted-average share count of 19.7 million shares.

General and administrative expenses decreased 43.9% to $11.6 million, including a $15.0 million derecognition of a liability related to insurance proceeds previously received from Starr Indemnity & Liability Company that are no longer subject to a reservation of rights, as well as decreases in incentive pay, partially offset by Saxdor-related acquisition expenses. As a percentage of sales, G&A fell to 4.6% from 10.7%. Operating income increased to $13.2 million from a $0.8 million loss. Amortization rose $3.0 million to $4.7 million on Saxdor intangibles.

Cash used in operating activities was $31.1 million, versus $6.5 million provided a year earlier. The company said the quarter ending September 30 is its heaviest working-capital period and that the use of cash was driven primarily by a $31.8 million inventory rebuild from unusually lean balances at the end of fiscal 2026, a $14.7 million increase in trade receivables and higher incentive and insurance payments, partly offset by a $23.1 million increase in accounts payable. Capital expenditures were $8.4 million. The company said it expects working capital needs to decrease as the year progresses. Cash was $40.3 million, debt $172.9 million and available liquidity about $213.5 million.

On November 3, 2026, the board approved a change in fiscal year end from June 30 to December 31, creating a six-month transition period ending December 31, 2026. For the three months ending December 31, 2026, the company expects net sales of $236 million to $248 million and Adjusted EBITDA of $13.0 million to $15.0 million. For the six-month transition period it expects net sales of $489 million to $501 million and Adjusted EBITDA of $27.3 million to $29.3 million, superseding the August 27, 2026 twelve-month outlook. Calendar 2027 outlook is to be provided with transition-period results in March 2027.