MARINE PRODUCTS CORPORATION_September 30, 2025

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to__________

Commission File No. 1-16263

MARINE PRODUCTS CORPORATION

(exact name of registrant as specified in its charter)

Delaware	58-2572419
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

2801 Buford Highway, Suite 300, Atlanta, Georgia 30329

(Address of principal executive offices) (zip code)

(404) 321-7910

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:		Trading Symbol(s)		Name of each exchange on which registered:
Common stock, par value $0.10		MPX		New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	⌧
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

As of October 24, 2025, Marine Products Corporation had 34,999,034 shares of common stock outstanding.

Table of Contents

Marine Products Corporation

Table of Contents

		Page No.
Part I. Financial Information

Item 1.	Financial Statements (Unaudited)

	Consolidated Balance Sheets – As of September 30, 2025, and December 31, 2024	3

	Consolidated Statements of Operations – for the three and nine months ended September 30, 2025 and 2024	4

	Consolidated Statements of Stockholders’ Equity – for the three and nine months ended September 30, 2025 and 2024	5

	Consolidated Statements of Cash Flows – for the nine months ended September 30, 2025 and 2024	6

	Notes to Consolidated Financial Statements	7 - 15

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25

Item 4.	Controls and Procedures	25

Part II. Other Information

Item 1.	Legal Proceedings	26

Item 1A.	Risk Factors	26

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26

Item 3.	Defaults upon Senior Securities	26

Item 4.	Mine Safety Disclosures	26

Item 5.	Other Information	26

Item 6.	Exhibits	27

Signatures		28

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2025, AND DECEMBER 31, 2024

(In thousands, except shares and par value data)


	September 30,		December 31,
	2025		2024
ASSETS		(Unaudited)	(Note 1)
Cash and cash equivalents	$	47,403	$	52,379
Accounts receivable, net		5,063		4,176
Inventories		61,463		49,960
Income taxes receivable		2,134		439
Retirement plan assets		20,305		—
Prepaid expenses and other current assets		4,344		3,040
Total current assets		140,712		109,994
Property, plant and equipment, net		22,869		24,247
Goodwill		3,308		3,308
Other intangibles, net		465		465
Deferred income taxes		7,086		9,729
Retirement plan assets		—		18,489
Other long-term assets		5,012		5,015
Total assets	$	179,452	$	171,247

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Accounts payable	$	13,036	$	5,499
Retirement plan liabilities		23,548		—
Accrued expenses and other liabilities		14,848		13,425
Total current liabilities		51,432		18,924
Retirement plan liabilities		—		21,667
Other long-term liabilities		1,764		1,653
Total liabilities		53,196		42,244
Commitments and contingencies (Note 14)

Stockholders’ Equity
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued		—		—
Common stock, $0.10 par value, 74,000,000 shares authorized, issued and outstanding – 34,999,034 shares in 2025 and 34,707,304 shares in 2024		3,500		3,471
Capital in excess of par value		—		—
Retained earnings		122,756		125,532
Total stockholders’ equity		126,256		129,003
Total liabilities and stockholders’ equity	$	179,452	$	171,247

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(In thousands except per share data)

(Unaudited)


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Net sales	$	53,148	$	49,850	$	179,848	$	188,737
Cost of goods sold		42,920		40,668		145,758		152,397
Gross profit		10,228		9,182		34,090		36,340
Selling, general and administrative expenses		7,363		5,642		23,801		21,809
Gain on disposition of assets, net		—		(50)		—		(51)
Operating income		2,865		3,590		10,289		14,582
Interest income, net		443		634		1,361		2,364
Income before income taxes		3,308		4,224		11,650		16,946
Income tax provision		658		820		2,632		3,360
Net income	$	2,650	$	3,404	$	9,018	$	13,586

Earnings per share
Basic	$	0.07	$	0.10	$	0.25	$	0.37
Diluted	$	0.07	$	0.10	$	0.25	$	0.37

SEC Form 10-Q filed by Marine Products Corporation