• Harley-Davidson for recreational boats.
• Airstream for fiberglass boats.
• YETI, but building premium recreational boats.

• Chaparral Boats: Manufacturer of a diverse range of recreational fiberglass powerboats, including sportboats, cruisers, and yachts.
• Robalo Boats: Manufacturer of premium offshore fiberglass fishing boats, specializing in center console, dual console, and walkaround models.

Marine Products Corporation (symbol: MPX) sells primarily to other companies, specifically to an extensive network of independent marine dealerships located throughout the United States and internationally. These dealerships then sell the manufactured boats (Chaparral and Robalo brands) to individual consumers.

According to Marine Products' Annual Report on Form 10-K for the fiscal year ended December 31, 2023, no single customer accounted for 10% or more of its consolidated net sales in 2023, 2022, or 2021. This indicates that the company does not have a concentration of sales with any one "major customer" that would require disclosure by name in its public filings.

Therefore, while the company sells to other companies (independent dealerships), there are no individually identifiable major customer companies (and their symbols) that can be listed, as no single entity accounts for a significant enough portion of revenue to be considered a major customer for disclosure purposes.

• Yamaha Motor Co., Ltd. (Symbol: YAMHF)
• AB Volvo (Symbol: VOLVY)

Ben M. Palmer, President and Chief Executive Officer

Ben M. Palmer has served as President and Chief Executive Officer of Marine Products Corporation since May 2022. He previously held the roles of Vice President, Chief Financial Officer, and Treasurer of the company from its spin-off in 2001, and became Corporate Secretary in 2018. Mr. Palmer also serves as President, Chief Executive Officer, and Director of RPC, Inc. Before joining RPC, Inc., he was the CFO of EQ Services, a commercial mortgage and asset management subsidiary of The Equitable Companies, for three years. He also spent ten years with Arthur Andersen LLP in its audit and business advisory services division. Mr. Palmer holds a Bachelor of Science in Business Administration from Auburn University.

Michael L. Schmit, Vice President, Chief Financial Officer and Corporate Secretary

Michael L. Schmit joined Marine Products Corporation in May 2022 as Vice President, Chief Financial Officer, and Corporate Secretary. Prior to this, he was the Chief Accounting Officer and Corporate Controller at SWM International. He also served as Chief Accounting Officer and Corporate Controller at Chart Industries. Mr. Schmit began his career at Ernst & Young. He also serves as Vice President, Chief Financial Officer, Treasurer, and Corporate Secretary for RPC, Inc. Mr. Schmit is a Certified Public Accountant (CPA) and earned a B.S. in Business Administration from the University of Nebraska.

Richard A. Hubbell, Executive Chairman of the Board

Richard A. Hubbell has served as Executive Chairman of the Board of Marine Products Corporation since May 2022. He previously held the positions of Director, President, and Chief Executive Officer of the company since its spin-off in 2001. Mr. Hubbell is also the Executive Chairman of the Board at RPC, Inc., where he previously served as President since 1987 and CEO since 2003. His background also includes serving as Executive Vice President of Rollins Communications, Inc., a media company. Mr. Hubbell joined Rollins, Inc. in 1970 and holds a Bachelor of Arts in Economics from Westminster College.

The key risks to Marine Products (MPX) are primarily driven by macroeconomic factors impacting consumer discretionary spending and the inherent competitive and operational challenges within the marine industry.

1. Economic Sensitivity and Consumer Discretionary Spending: Marine Products' sales are highly susceptible to negative economic conditions, including elevated interest rates, inflation, and decreased consumer confidence. Since boats are typically purchased with discretionary income, consumers are more likely to postpone or avoid such purchases during economic uncertainty or recessionary periods. This sensitivity to economic cycles directly impacts demand for the company's products. Recent reports indicate that high interest rates continue to restrain "finance buyers," a crucial segment for big-ticket items like boats, and the broader marine industry has experienced a slowdown.
2. Intense Competition and Dependence on Dealer Network: The company faces significant competition from other recreational powerboat manufacturers in attracting and retaining independent boat dealers. The strength and quality of its network of independent boat dealers are critical to generating sales. A deterioration in this network or intense competitive pressures could materially and adversely affect boat sales.
3. Supply Chain Disruptions, Tariffs, and Single Operational Location: Marine Products is exposed to risks related to its supply chain, including the availability and cost of key components such as engines, resins, and fiberglass. The uncertainty around potential tariffs on these materials also poses a persistent threat. Furthermore, the company's manufacturing operations are concentrated in a single location in Nashville, Georgia, making it vulnerable to business interruptions caused by adverse weather conditions or other unforeseen events at this site.

The clear emerging threat for Marine Products (MPX) is the growth of boat sharing and subscription services.

These services, exemplified by companies like Freedom Boat Club and Carefree Boat Club, offer consumers access to a fleet of boats without the traditional costs and responsibilities of ownership (e.g., maintenance, storage, insurance). This model directly challenges the core business of MPX, which relies on individuals purchasing new boats. As these services expand and gain popularity, they represent a shift in consumer preference from boat ownership to boat access, potentially reducing the addressable market for new boat sales. This parallels historical disruptions where access models (Netflix, Uber) threatened traditional ownership or asset-heavy businesses.

Marine Products Corporation (MPX) primarily manufactures fiberglass recreational boats under two main brands: Chaparral and Robalo. Chaparral offers sterndrive and outboard pleasure boats for family recreational markets, including sport boats, surf series, and luxury sportboats. Robalo specializes in outboard sport fishing boats, encompassing center consoles, Cayman Bay Boats, and dual consoles.

The addressable markets for Marine Products' offerings can be identified within the broader recreational boating and fiberglass boat markets, with a significant focus on North America.

• Global Recreational Boating Market: The global recreational boating market size is projected to increase from USD 30.9 billion in 2025 to USD 44.1 billion by 2032, with a compound annual growth rate (CAGR) of 5.2% during this period. North America is a leading region, holding a 46% market share in 2025.
• North America Recreational Boating Market: The North America recreational boating market was valued at USD 10.06 billion in 2024 and is expected to grow to USD 14.99 billion by 2033, with a CAGR of 4.53% from 2025 to 2033. Another report estimates the North America leisure boat market revenue at USD 19.467.6 million in 2023, with a projected growth to USD 26,244.8 million by 2030, at a CAGR of 4.4%. Yet another source valued the North America leisure boat market at USD 16.45 billion in 2024, expecting it to reach USD 21.63 billion by 2030, with a CAGR of 4.67%.
• U.S. Boat Building Market (includes recreational fiberglass boats): The U.S. boat building market was valued at USD 15.5 billion in 2024 and is expected to reach USD 28.1 billion by 2032, growing at a CAGR of 7.8% during 2025–2032. Fiberglass boats dominate this market, holding a 40% value share in 2024.
• Global Fiberglass Boats Market: The global fiberglass boats market size was valued at USD 1.6 billion in 2023 and is projected to reach USD 2.7 billion by 2031, growing at a CAGR of 7.5% during the forecast period 2024-2031. North America is a prominent player in this market.
• Global Recreational Fiberglass Boat Market: This market is projected to reach an estimated value of US$ 9,538.5 million (approximately USD 9.54 billion) in 2024. North America is expected to remain the largest recreational fiberglass boat market during the forecast period, with the USA being the primary growth driver.
• Global Fishing Boat Market: The global fishing boat market size was estimated at USD 10 billion in 2025 and is projected to reach USD 15 billion by 2033, expanding at a CAGR of 5% during the forecast period. Another report states the global fishing boat market size was worth around USD 1532.47 million (approximately USD 1.53 billion) in 2023 and is predicted to grow to around USD 3018.32 million (approximately USD 3.02 billion) by 2032 with a CAGR of roughly 7.82%. North America is anticipated to exhibit significant growth in the fishing boat market.

Marine Products (MPX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Stabilization and Improvement in Market Demand: After a period of challenging market conditions, Marine Products has observed a stabilization of demand, with management anticipating a potential return to year-over-year sales growth in the second half of 2025. The company's Q3 2025 earnings marked the first quarter of year-over-year growth in over two years, indicating a positive shift in market trends.
2. Introduction of New and Enhanced Products: Marine Products is focusing on product innovation with its upcoming Model Year 2026 introductions. These are expected to feature new models and enhancements across the entire product portfolio, including cost-effective alternatives, which should stimulate demand and drive sales. The company continues to diversify its product lines through innovation.
3. Effective Dealer Inventory Management: The company has actively managed its field inventory, successfully reducing it by 11% year-over-year as of Q2 2025 and 15% by the end of 2024. This disciplined approach to aligning production with channel inventory is crucial for fostering consistent dealer ordering and smoother production schedules, thereby supporting future sales.
4. Potential for Favorable Interest Rate Environment: Management acknowledges that a reduction in interest rates could significantly boost retail demand by increasing consumer and dealer spending. As macro-economic conditions evolve, a more favorable interest rate environment could directly translate into increased boat sales.

Share Repurchases

• In 2020, Marine Products Corporation used $1.4 million in cash to repurchase its common stock in the open market.
• As of June 30, 2024, and September 30, 2025, there were 1,570,428 shares remaining available for repurchase under the authorized share repurchase program.
• No shares were repurchased under the formal share repurchase program during the first six months of 2023 or 2024. Similarly, no shares were repurchased under this program during the three months ended September 30, 2024, and September 30, 2025.

Capital Expenditures

• Capital expenditures in 2020 were $2.1 million.
• Management expected capital expenditures to be approximately $4.0 million during 2023, with key projects including warehouse expansions and transportation equipment purchases.
• For 2024, capital expenditures were projected to be approximately $5.0 million, including a significant solar panel installation at the Nashville, Georgia production site. For the full year 2025, capital expenditures are expected to be between $1.0 million and $1.5 million.