
Three Months Ended September 30, 2025
	Malibu		Saltwater Fishing		Cobalt		Total
Net sales	$	78,647	$	64,318	$	51,768	$	194,733
Cost of sales (excluding depreciation)	60,492		54,631		44,069		159,192
Sales and marketing expense	2,798		2,281		1,214		6,293
General and administrative expense (excluding depreciation) 1	4,471		4,425		3,441		12,337
Other segment items 2	(10)		—		—		(10)
Segment Adjusted EBITDA	10,896		2,981		3,044		16,921
Reconciliation of segment adjusted EBITDA to loss before income taxes:
Corporate expenses and other 3							7,469
Depreciation							8,138
Amortization							1,713


Loss before income taxes							$	(399)








Three Months Ended September 30, 2024
	Malibu		Saltwater Fishing		Cobalt		Total
Net sales	$	56,019	$	64,751	$	50,810	$	171,580
Cost of sales (excluding depreciation)	41,739		53,107		41,679		136,525
Sales and marketing expense	1,979		1,902		983		4,864
General and administrative expense (excluding depreciation) 1	3,723		4,578		3,292		11,593
Other segment items 2	(10)		—		—		(10)
Segment Adjusted EBITDA	8,588		5,164		4,856		18,608
Reconciliation of segment adjusted EBITDA to loss before income taxes:
Corporate expenses and other 3							15,515
Depreciation							7,374
Amortization							1,716
Loss before income taxes							$	(5,997)

1 The primary difference between this significant segment expense and “general and administrative expense” within the Company’s Condensed Consolidated Statements of Operations relates to stock-based compensation, professional fees and litigation settlements which all fall under the "corporate expenses and other" category discussed below.

3 Corporate expenses and other represents costs incurred at the corporate level that are not allocated to the operating segments, specifically relating to certain executive compensation including stock-based compensation, corporate professional fees, litigation settlements, interest expense, adjustments to tax receivable agreement, other corporate costs, and unallocated shared service function expenses. “Corporate expenses and other” is included in the table above to reconcile the total of Segment Adjusted EBITDA to the Company’s consolidated loss before income taxes.