Net sales increased 3.3% to $244.4 million in 2025, primarily due to a 9% increase in positive price/mix, partially offset by a 6% decrease in unit sales to dealers. Net income decreased to $11.4 million in 2025 from $17.9 million in 2024. Diluted earnings per share fell to $0.32 in 2025 from $0.50 in 2024. Operating income decreased to $14.0 million in 2025 from $18.3 million in 2024. EBITDA was $17.2 million in 2025, down from $21.1 million in 2024. The company entered into a definitive merger agreement with MasterCraft Boat Holdings, Inc. on February 5, 2026, where each Marine Products share will convert into 0.232 shares of MasterCraft common stock and $2.43 in cash. Dealer inventories are believed to be at an appropriate level as of December 31, 2025, given demand expectations. Sales order backlog as of December 31, 2025, was 766 boats with estimated net sales of approximately $68.9 million, representing an approximate 14.7-week backlog, up from 655 boats and $53.4 million (11.7-week backlog) in 2024. Research and development costs increased to $1.5 million in 2025 from $762 thousand in 2024. The Supplemental Executive Retirement Plan (SERP) was dissolved in the fourth quarter of 2025, resulting in a taxable gain of $4.7 million from the liquidation of company-owned life insurance policies.