# EDGAR Filing Document

**Accession Number:** 0001129155
**File Stem:** 0001104659-26-057814
**Filing Date:** 2026-5
**Character Count:** 110555
**Document Hash:** 138784ceb9647b1c729644322414187b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-057814.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001104659-26-057814

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARINE PRODUCTS CORP
- **CENTRAL INDEX KEY:** 0001129155
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHIP & BOAT BUILDING & REPAIRING [3730]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 582572419
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16263
- **FILM NUMBER:** 26957710

**BUSINESS ADDRESS:**
- **STREET 1:** 2801 BUFORD HIGHWAY NE, SUITE 300
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30329
- **BUSINESS PHONE:** 404-321-2140

**MAIL ADDRESS:**
- **STREET 1:** 2801 BUFORD HIGHWAY NE, SUITE 300
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30329

?xml version='1.0' encoding='ASCII'? MARINE PRODUCTS CORPORATION_March 31, 2026

[**Table of Contents**](#TOC)

------

**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 March 31, 2026

**or**

☐ **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 ⌧ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> 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 April 24, 2026, Marine Products Corporation had 34,234,398 shares of common stock outstanding.

------

[**Table of Contents**](#TOC)

 **Marine Products Corporation**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page No.** |
| [**Part I. Financial Information**](#PARTIFINANCIALINFORMATION_666221) | [**Part I. Financial Information**](#PARTIFINANCIALINFORMATION_666221) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 1.](#ITEM1FINANCIALSTATEMENTS_825322) | [Financial Statements (Unaudited)](#ITEM1FINANCIALSTATEMENTS_825322) |  |
|  | [Consolidated Balance Sheets – As of March 31, 2026 and December 31, 2025](#CONSOLIDATEDBALANCESHEETS_628643) | 3 |
|  | [Consolidated Statements of Operations – for the three months ended March 31, 2026 and 2025](#CONSOLIDATEDSTATEMENTSOFOPERATIONS_96990)  | 4 |
|  | [Consolidated Statements of Stockholders' Equity – for the three months ended March 31, 2026 and 2025](#STOCKHOLDERSEQUITY_255930) | 5 |
|  | [Consolidated Statements of Cash Flows – for the three months ended March 31, 2026 and 2025](#CASHFLOWS_970547) | 6 |
|  | [Notes to Consolidated Financial Statements](#a1GENERAL_961783) | 7 - 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 2.](#ITEM2MANAGEMENTSDISCUSSION_747734) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ITEM2MANAGEMENTSDISCUSSION_747734) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 3.](#ITEM3QUANTITATIVEANDQUALITATIVEDISCLOSUR) | [Quantitative and Qualitative Disclosures About Market Risk](#ITEM3QUANTITATIVEANDQUALITATIVEDISCLOSUR) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 4.](#ITEM4CONTROLSANDPROCEDURES_973267) | [Controls and Procedures](#ITEM4CONTROLSANDPROCEDURES_973267) | 24 |
| [**Part II. Other Information**](#PARTIIOTHERINFORMATION_668481) | [**Part II. Other Information**](#PARTIIOTHERINFORMATION_668481) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 1.](#ITEM1LEGALPROCEEDINGS_53190) | [Legal Proceedings](#ITEM1LEGALPROCEEDINGS_53190) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 1A.](#Item1ARISKFACTORS_808716) | [Risk Factors](#Item1ARISKFACTORS_808716) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 2.](#ITEM2UNREGISTEREDSALESOFEQUITYSECURITIES) | [Unregistered Sales of Equity Securities and Use of Proceeds](#ITEM2UNREGISTEREDSALESOFEQUITYSECURITIES) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 3.](#ITEM3DEFAULTSUPONSENIORSECURITIES_207927) | [Defaults upon Senior Securities](#ITEM3DEFAULTSUPONSENIORSECURITIES_207927) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 4.](#ITEM4MINESAFETYDISCLOSURES_330360) | [Mine Safety Disclosures](#ITEM4MINESAFETYDISCLOSURES_330360) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 5.](#ITEM5OTHERINFORMATION_609761) | [Other Information](#ITEM5OTHERINFORMATION_609761) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 6.](#ITEM6Exhibits_707622) | [Exhibits](#ITEM6Exhibits_707622)  | 27 |
| [**Signatures**](#SIGNATURES) | [**Signatures**](#SIGNATURES) | 28 |

---

[**Table of Contents**](#TOC)

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

#### MARINE PRODUCTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2026, AND DECEMBER 31, 2025

(In thousands, except shares and par value data)

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | December 31, <br>2025 |
| **ASSETS** | (Unaudited) | (Note 1) |
| Cash and cash equivalents | $**45799** | $43512 |
| Accounts receivable, net | **5201** | 6865 |
| Inventories | **55103** | 54691 |
| Income taxes receivable | **2865** | 2208 |
| Prepaid expenses and other current assets | **4200** | 3302 |
| &nbsp;&nbsp;Total current assets | **113168** | 110578 |
| Property, plant and equipment, net | **22357** | 22650 |
| Goodwill | **3308** | 3308 |
| Other intangibles, net | **465** | 465 |
| Deferred income taxes | **4890** | 5217 |
| Other long-term assets | **5012** | 5014 |
| &nbsp;&nbsp;**Total assets** | $**149200** | $147232 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Liabilities** |  |  |
| Accounts payable | $**14490** | $6648 |
| Accrued expenses and other liabilities | **15000** | 13960 |
| &nbsp;&nbsp;Total current liabilities | **29490** | 20608 |
| Other long-term liabilities | **1654** | 1659 |
| &nbsp;&nbsp;Total liabilities | **31144** | 22267 |
| Commitments and contingencies (Note 15) |  |  |
| **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 – 35,234,398 shares in 2026 and 34,998,034 shares in 2025 | **3523** | 3500 |
| Capital in excess of par value | **—** |  |
| Retained earnings | **114533** | 121465 |
| Total stockholders' equity | **118056** | 124965 |
| **Total liabilities and stockholders' equity** | $**149200** | $147232 |

---

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

[**Table of Contents**](#TOC)

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(In thousands except per share data)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | 2025 |
| **Net sales** | $**66533** | $59002 |
| Cost of goods sold | **55462** | 48049 |
| Gross profit | **11071** | 10953 |
| Selling, general and administrative expenses | **8824** | 8340 |
| Merger related costs | **4966** |  |
| Operating (loss) income | **(2719)** | 2613 |
| Interest income, net | **325** | 442 |
| (Loss) income before income taxes | **(2394)** | 3055 |
| Income tax (benefit) provision | **(329)** | 849 |
| **Net (loss) income** | $**(2065)** | $2206 |
| **(Loss) earnings per share** |  |  |
| Basic | $**(0.06)** | $0.06 |
| Diluted | $**(0.06)** | $0.06 |

---

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

[**Table of Contents**](#TOC)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(In thousands)

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  | **Three months ended March 31,**  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Capital in**<br>**Excess of**<br>**Par Value** | <br>**Retained**<br>**Earnings** | <br>**Total** |
| Balance, December 31, 2025 | 34998 | $3500 | $— | $121465 | $124965 |
| Stock issued for stock incentive plans, net | **378** | **37** | **1387** | **—** | **1424** |
| Stock purchased and retired | **(142)** | **(14)** | **(1387)** | **66** | **(1335)** |
| Net loss | **—** | **—** | **—** | **(2065)** | **(2065)** |
| Cash dividends ($0.14 per share) | **—** | **—** | **—** | **(4933)** | **(4933)** |
| **Balance, March 31, 2026** | **35234** | $**3523** | $**—** | $**114533** | $**118056** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three months ended March 31,  | Three months ended March 31,  | Three months ended March 31,  | Three months ended March 31,  | Three months ended March 31,  |
|  | Common Stock | Common Stock | | | |
|  | Shares | Amount | Capital in<br>Excess of<br>Par Value | <br>Retained<br>Earnings | <br>Total |
| Balance, December 31, 2024 | 34707 | $3471 | $— | $125532 | $129003 |
| Stock issued for stock incentive plans, net | 363 | 36 | 1105 |  | 1141 |
| Stock purchased and retired | (115) | (12) | (1105) | 62 | (1055) |
| Net income |  |  |  | 2206 | 2206 |
| Cash dividends ($0.14 per share) |  |  |  | (4894) | (4894) |
| Balance, March 31, 2025 | 34955 | $3495 | $— | $122906 | $126401 |

---

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

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(In thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | 2025 |
| **OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;**Net (loss) income** | $**(2065)** | $2206 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **785** | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | **1424** | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition of assets, net | **4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax provision (benefit) | **327** | (76) |
| (Increase) decrease in assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable  | **1664** | (3617) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | **(657)** | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories  | **(412)** | (2904) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **(898)** | (1751) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | **2** | 392 |
| &nbsp;&nbsp;Increase (decrease) in liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **7842** | 13110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities  | **1040** | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | **(5)** | (376) |
| **Net cash provided by operating activities** | **9051** | 10769 |
| **INVESTING ACTIVITIES** |  |  |
| Capital expenditures | **(496)** | (96) |
| **Net cash used for investing activities** | **(496)** | (96) |
| **FINANCING ACTIVITIES** |  |  |
| Payment of dividends | **(4933)** | (4894) |
| Cash paid for common stock purchased and retired | **(1335)** | (1055) |
| **Net cash used for financing activities** | **(6268)** | (5949) |
| Net increase in cash and cash equivalents | **2287** | 4724 |
| Cash and cash equivalents at beginning of period | **43512** | 52379 |
| **Cash and cash equivalents at end of period** | $**45799** | $57103 |

---

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

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

1.&nbsp;&nbsp;&nbsp;&nbsp;GENERAL

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

The Consolidated Balance Sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the annual report of Marine Products Corporation ("Marine Products," the "Company" or "MPC") on Form 10-K for the year ended December 31, 2025.

A group that includes Amy R. Kreisler and Timothy C. Rollins, each of whom is a director of the Company, certain of their family members, and certain companies under their and/or their family members' control, controls in excess of fifty percent of the Company's voting power.

2.&nbsp;&nbsp;&nbsp;&nbsp; PROPOSED TRANSACTION WITH MASTERCRAFT

On February 5, 2026, we entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among MasterCraft Boat Holdings, Inc., a Delaware corporation ("MasterCraft"), Titan Merger Sub 1, Inc., a Delaware corporation and a wholly owned, direct subsidiary of MasterCraft ("Merger Sub I"), Titan Merger Sub 2, LLC, a Delaware limited liability company and a wholly owned, direct subsidiary of MasterCraft ("Merger Sub II"), and the Company. The Merger Agreement, among other things, provides for the combination of MasterCraft and Marine Products in a stock-and-cash transaction whereby (i) Merger Sub I will merge with and into Marine Products (the "First Merger"), with Marine Products surviving the First Merger as a direct wholly owned subsidiary of MasterCraft, and (ii) immediately following the First Merger, Marine Products will merge into Merger Sub II (the "Second Merger" and, together with the First Merger, the "Mergers"), with Merger Sub II surviving the Second Merger as a wholly owned subsidiary of MasterCraft.

Under the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the First Merger (the "First Effective Time"), each share of Marine Products common stock, par value $0.10 per share, will be converted to the right to receive 0.232 shares (the "Stock Consideration") of MasterCraft common stock and $2.43 in cash, without interest (the "Cash Consideration" and, together with the Stock Consideration, the "Merger Consideration").

The completion of the Mergers remains subject to customary closing conditions, including, but not limited to: (i) the approval of the Merger Agreement by the affirmative vote of the holders of a majority in voting power of the outstanding Marine Products common stock entitled to vote thereon, (ii) the approval of the issuance of shares of MasterCraft common stock to be issued in the First Merger by the affirmative vote of the holders of a majority in voting power of the outstanding MasterCraft common stock present in person or by proxy and entitled to vote thereon at a meeting of MasterCraft stockholders, (iii) the absence of any injunction or order by any court or other governmental entity restraining, enjoining, preventing or otherwise prohibiting the consummation of the Mergers, and (iv) the absence of a material adverse effect with respect to each of MasterCraft and Marine Products.

Merger related costs for the three months ended March 31, 2026 were $5.0 million primarily for various transaction fees associated with the Mergers. These costs are recorded in Merger related expenses , including the full text of the Merger Agreement, in the accompanying Consolidated Statements of Operations.

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

Further information regarding the Mergers, including the full text of the Merger Agreement, is provided in our Current Report on Form 8-K filed with the SEC on February 5, 2026, which is incorporated by reference herein.

3.&nbsp;&nbsp;&nbsp;&nbsp;RECENT ACCOUNTING STANDARDS

*Recently Issued Accounting Standards Update ("ASU") Not Yet Adopted:*

*ASU 2025-11: Interim Reporting (Topic 270): Narrow-Scope Improvements:* This ASU updates existing guidance related to interim reporting. This amendment provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The provisions in this ASU are effective beginning in the first quarter of 2028. Early adoption is permitted on either a prospective or retrospective basis. The Company is currently assessing the potential impact of adoption of these provisions on its consolidated financial statements.

*ASU 2025-06: Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software:* This ASU updates existing guidance related to the capitalization of development costs for internal-use software. These amendments update the threshold required to start capitalizing software costs and remove references to a sequential software development method. The provisions in this ASU are effective beginning in the first quarter of 2028. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently assessing the potential impact of adoption of these provisions on the consolidated financial statements.

*ASU 2024-03: Income Statement (Topic 220): Disaggregation of Income Statement Expenses:* The amendments in this ASU require public companies to disclose, in interim and year-end reporting periods, additional information about certain expenses in the financial statements. These disclosures are effective beginning with 2027 annual reports, and interim reports beginning with the first quarter of 2028. Early adoption is permitted on either a prospective or retrospective basis. The Company is currently assessing the potential impact of adoption of these provisions on the consolidated financial statements.

4.&nbsp;&nbsp;&nbsp;&nbsp;NET SALES

*Accounting Policy:*

MPC's contract revenues are generated principally from selling to independent dealers the following: (1) fiberglass motorized boats and accessories and (2) parts. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. Satisfaction of contract terms occurs with the transfer of title of our boats and accessories and parts to our dealers. Net sales are measured as the amount of consideration we expect to receive in exchange for transferring the goods to the dealer. The amount of consideration we expect to receive consists of the sales price adjusted for dealer incentives. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold as they are deemed to be assurance-type warranties. See the note titled Warranty Costs. Incidental promotional items that are immaterial in the context of the contract are recognized as expense. Fees charged to customers for shipping and handling are included in Net sales in the accompanying Consolidated Statements of Operations and the related costs incurred by the Company are included in Cost of goods sold.

*Nature of goods:*

MPC's performance obligations within its contracts consist of: (1) boats and accessories and (2) parts. The Company transfers control and recognizes revenue on the satisfaction of its performance obligations (point in time) as follows:

● Boats and accessories (domestic sales) – upon delivery and acceptance by the dealer

● Boats and accessories (international sales) – upon delivery to shipping port

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

● Parts – upon shipment/delivery to carrier

*Payment terms:*

For most domestic customers, MPC manufactures and delivers boats and accessories and parts ahead of payment - i.e., MPC has fulfilled its performance obligations prior to submitting an invoice to the dealer. MPC invoices the customer when the products are delivered and typically receives the payment within seven to ten business days after invoicing. For some domestic customers and all international customers, MPC requires payment prior to transferring control of the goods. These amounts are classified as deferred revenue and recognized when control has transferred, which generally occurs within three months of receiving the payment.

When the Company enters into contracts with its customers, it generally expects there to be no significant timing difference between the date the goods have been delivered to the customer (satisfaction of the performance obligation) and the date cash consideration is received. Accordingly, there is no financing component to the Company's arrangements with its customers.

*Significant judgments:*

*Determining the transaction price*

The transaction price for MPC's boats and accessories is the invoice price adjusted for dealer incentives. Key inputs and assumptions in determining variable consideration related to dealer incentives include:

● Inputs: Current model year boat sales, total potential program incentive percentage, prior model year results of dealer incentive activity (i.e., incentive earned as a percentage of total incentive potential).

● Assumption: Current model year incentive activity will closely reflect prior model year actual results, adjusted as necessary for dealer purchasing trends or economic factors.

*Other:*

Our contracts with dealers do not provide them with a right of return. Accordingly, we do not have any obligations recorded for returns or refunds.

*Disaggregation of revenues:*

The following table disaggregates our sales by major source:

---

| | | |
|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
| *(in thousands)* | **2026** | 2025 |
| Boats and accessories | $**65166** | $57674 |
| Parts | **1367** | 1328 |
| Net sales | $**66533** | $59002 |

---

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

The following table disaggregates our revenues between domestic and international:

---

| | | |
|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
| *(in thousands)* | **2026** | 2025 |
| Domestic | $**62133** | $54267 |
| International | **4400** | 4735 |
| Net sales | $**66533** | $59002 |

---

*Contract balances:*

Amounts received from international and certain domestic dealers toward the purchase of boats are classified as deferred revenue and are included in Accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets.

---

| | | |
|:---|:---|:---|
|  | **March 31,**  | December 31,  |
| *(in thousands)* | **2026** | 2025 |
| Deferred revenue | $**603** | $1185 |

---

Substantially all of the deferred revenue disclosed above has been or will be recognized as sales during the immediately following quarters, respectively, when control is transferred.

5.&nbsp;&nbsp;&nbsp;&nbsp;(LOSS) EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding are as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
| *(in thousands)* | **2026** | 2025 |
| Net (loss) income available for stockholders: | $**(2065)** | $2206 |
| Less: Adjustments for earnings attributable to participating securities | **(122)** | (129) |
| Net (loss) income used in calculating (loss) earnings per share | $**(2187)** | $2077 |
| Weighted average shares outstanding (including participating securities) | **35167** | 34877 |
| Adjustment for participating securities | **(810)** | (633) |
| Shares used in calculating basic and diluted earnings per share | **34357** | 34244 |

---

6.&nbsp;&nbsp;&nbsp;&nbsp;STOCK-BASED COMPENSATION

The Company has issued various forms of stock incentives, including incentive and non-qualified stock options, time-lapse restricted shares, and performance stock unit awards under its Stock Incentive Plans to officers, selected employees and non-employee directors.

In the first quarter of 2026, the Company issued 380,200 time-lapse restricted shares under the 2024 Stock incentive Plan, to certain employees that will vest ratably over a period of three years. In addition, the Company granted performance share unit awards to its executive officers that vest at different levels based on the achievement of pre-established financial performance targets together with a modifier for stock performance based on total shareholder return. The awards are issued at different levels ranging among threshold, target and maximum with interpolation used for financial performance achieved within those levels.

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

PSUs are subject to a three-year cliff vesting. The Company periodically evaluates the portion of awards that are probable to vest and updates the compensation expense accrual accordingly.

As of March 31, 2026, there were 1,926,214 shares available for grant under the Company's 2024 Stock Incentive Plan, which has a 10-year term.

*Treatment of Marine Products Equity Awards in the Proposed Transaction with MasterCraft*

Immediately prior to the First Effective Time, each outstanding Marine Products restricted stock award ("Marine Products RSAs"), will accelerate and vest in full and be treated in the same manner as shares of Marine Products common stock for purposes of receiving the Merger Consideration, except that Marine Products RSAs awarded in 2026 and held by employees who continue with the combined company following the closing date (the "Assumed RSAs") will convert into MasterCraft RSAs, with the same time-vesting restrictions as the existing Marine Products RSAs, provided that the Assumed RSAs will also include double-trigger change-in-control vesting provisions following the Mergers. In addition, each unvested Marine Products performance stock unit ("Marine Products PSU") with an incomplete performance period as of the closing date of the Mergers will vest based on "target" performance and be treated in the same manner as shares of Marine Products common stock for purposes of receiving the Merger Consideration, while each unvested Marine Products PSU with a completed performance period as of the closing date of the Mergers will vest based on "actual" performance and be treated in the same manner as shares of Marine Products common stock for purposes of receiving the Merger Consideration.

7.&nbsp;&nbsp;&nbsp;&nbsp;WARRANTY COSTS

For its Chaparral and Robalo products, Marine Products provides a lifetime limited structural hull warranty and a transferable one-year limited warranty to the original owner. Chaparral also includes a five-year limited structural deck warranty. Warranties for additional items are provided for periods of one to five years and are not transferable. Additionally, as it relates to the second subsequent owner, a five-year transferable hull warranty and the remainder of the original one-year limited warranty on certain components are available. The five-year transferable hull warranty terminates five years after the date of the original retail purchase. Claim costs related to components are generally absorbed by the original component manufacturer. The manufacturers of the engines, generators, and navigation electronics included on our boats provide and administer their own warranties for various lengths of time.

An analysis of the warranty accruals for the three months ended March 31, 2026 and 2025 is as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **2026** | 2025 |
| Balance at January 1 | $**6275** | $6228 |
| Less: Payments made during the period | **(886)** | (1110) |
| Add: Warranty provision for the period | **1011** | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes to warranty provision for prior periods | **59** | 45 |
| Balance at March 31  | $**6459** | $6045 |

---

The warranty accruals are reflected in Accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets.

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

8.&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS SEGMENT

MPC has one reportable segment — its Powerboat Manufacturing business. The Chief Operating Decision Maker (CODM) makes resource allocation and performance assessment decisions based on this segment as a whole. MPC's CODM is the Chief Executive Officer. In addition, the Company's results of operations and its financial condition are not significantly reliant upon any single customer or product model.

Significant segment expenses for the three months ended March 31, 2026 and 2025 are shown in the following table:

---

| | | |
|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
| *(in thousands)* | **2026** | 2025 |
| Materials | $**35726** | $31129 |
| Overhead | **6961** | 5697 |
| Labor costs | **7439** | 6387 |
| Other cost of goods sold <sup>(1)</sup> | **5336** | 4836 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cost of goods sold** | $**55462** | $48049 |
| Employment costs | $**4632** | $3806 |
| Warranty expense | **1070** | 927 |
| Other selling, general and administrative expenses <sup>(2)</sup> | **3122** | 3607 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Selling, general and administrative expenses** | $**8824** | $8340 |
| **Merger related costs** | $**4966** | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Comprised primarily of accessories cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes professional fees, insurance, advertising and promotions, research and development and other costs .

#### 9 . INCOME TAXES
The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is revised, if necessary, at the end of each successive interim period to the Company's current annual estimated tax rate.

Income tax provision for the three months ended March 31, 2026 reflects an effective tax rate of 13.7% on a pretax loss compared to 27.8% on a pretax income for the comparable period in the prior year. The decrease in the effective tax rate is primarily due to the impact of detrimental discrete adjustments on a pretax loss in 2026 compared to a pretax income in 2025.

10.&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTS RECEIVABLE

Accounts receivable consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**  | December 31,  |
| *(in thousands)* | **2026** | 2025 |
| Trade receivables | $**4214** | $5251 |
| Other | **998** | 1625 |
| &nbsp;&nbsp;Total | **5212** | 6876 |
| Less: allowance for credit losses | **(11)** | (11) |
| Net accounts receivable | $**5201** | $6865 |

---

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

Trade receivables consist primarily of balances related to the sales of boats which are shipped pursuant to "floor-plan financing" programs with qualified lenders. Other receivables consist primarily of certain incentives and rebates from suppliers. Trade receivables as of December 31, 2024 were $1.2 million.

11.&nbsp;&nbsp;&nbsp;&nbsp;INVENTORIES

Inventories consist of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**  | December 31,  |
| *(in thousands)* | **2026** | 2025 |
| Raw materials and supplies | $**31510** | $27075 |
| Work in process | **11172** | 13212 |
| Finished goods | **12421** | 14404 |
| Total inventories | $**55103** | $54691 |

---

12. ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**  | December 31,  |
| *(in thousands)* | **2026** | 2025 |
| Accrued payroll and related expenses | $**2896** | $2359 |
| Accrued sales incentives and discounts | **3233** | 2566 |
| Accrued warranty costs | **6459** | 6275 |
| Accrued insurance expenses | **849** | 638 |
| Deferred revenue | **603** | 1185 |
| Other | **960** | 937 |
| Total accrued expenses and other liabilities | $**15000** | $13960 |

---

13. FAIR VALUE MEASUREMENTS

The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company's assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Level 1 **—** Quoted market prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Level 2 **—** Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Level 3 **—** Unobservable inputs developed using the Company's estimates and assumptions, which reflect those that market participants would use.

The Company's policy is to recognize transfers between levels at the beginning of quarterly reporting periods. For the three months ended March 31, 2026 and the year ended December 31, 2025, there were no significant transfers in or out of levels 1, 2 or 3.

The carrying amount of other financial instruments reported in the balance sheet for current assets and current liabilities approximate their fair values because of the short-term maturity of these instruments. The Company currently does not use the

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

fair value option to measure any of its existing financial instruments and has not determined whether or not it will elect this option for financial instruments it may acquire in the future.

14. CREDIT FACILITIES

The Company has a revolving credit agreement with Truist Bank which provides a credit facility of $20.0 million. The facility includes: (i) a $5.0 million sublimit for swingline loans, (ii) a $2.5 million aggregate sublimit for all letters of credit, and (iii) a committed accordion which can increase the aggregate commitments by the greater of $35.0 million and adjusted EBITDA (as calculated under the Credit Agreement) over the most recently completed twelve-month period. The revolving credit facility includes a full and unconditional guarantee by the Company and its consolidated domestic subsidiaries. The facility is secured by a first priority security interest in and lien on substantially all personal property of MPC and the guarantors including, without limitation, certain assets owned by the Company. The facility is scheduled to mature on November 12, 2026; however, we expect to terminate the agreement in connection with the consummation of the Mergers.

Revolving borrowings under the facility accrue interest at a rate equal to Term Secured Overnight Financing Rate (SOFR) plus the applicable percentage, as defined. The applicable percentage is between 150 and 250 basis points for all loans based on MPC's net leverage ratio plus a SOFR adjustment of 11.45 basis points. In addition, the Company pays facility fees under the agreement ranging from 25 to 45 basis points, based on MPC's net leverage ratio, on the unused revolving commitment.

The credit agreement contains certain financial covenants including: (i) a maximum consolidated leverage ratio of 2.50:1.00 and (ii) a minimum consolidated fixed charge coverage ratio of 1.25:1.00, both determined as of the end of each fiscal quarter. Additionally, the agreement contains customary covenants including affirmative and negative covenants and events of default (each with customary exceptions, thresholds and exclusions). As of March 31, 2026, the Company was in compliance with all covenants.

The Company has incurred total loan origination fees and other debt related costs associated with this revolving credit facility in the aggregate of $195 thousand. These costs are being amortized to interest expense over the remaining term of the loan, and the remaining net balance is classified as part of Other assets in the accompanying Consolidated Balance Sheets. MPC had no outstanding borrowings under the revolving credit facility as of March 31, 2026 and December 31, 2025.

Interest expense incurred, which includes facility fees on the unused portion of the revolving credit facility and the amortization of loan costs, on the credit facility was $22 thousand for the three months ended March 31, 2026 and $23 thousand for the three months ended March 31, 2025. Interest expense paid on the credit facility was $25 thousand for both the three months ended March 31, 2026 and 2025.

15. COMMITMENTS AND CONTINGENCIES

*Lawsuits:*

The Company is a defendant in certain lawsuits which allege that plaintiffs have been injured or incurred damages as a result of Company business activities or the use of the Company's products. The Company is vigorously contesting these actions. Management, after consultation with legal counsel, is of the opinion that the outcome of these lawsuits will not have a material adverse effect on the financial position, results of operations or liquidity of Marine Products.

*Litigation Related to the Proposed Transaction with MasterCraft:*

Stockholders have filed and may continue to file lawsuits challenging the Mergers, which may name us, MasterCraft, members of our Board, members of the MasterCraft board, or others as defendants. No assurance can be made as to the outcome of such lawsuits, including the amount of costs associated with defending claims or any other liabilities that may be incurred in connection with the litigation of any claims. If plaintiffs are successful in obtaining an injunction prohibiting the parties from completing the Mergers on the agreed-upon terms, such an injunction may delay the completion of the Mergers or may prevent the Mergers from being completed altogether.

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

*Repurchase Obligations:*

The Company is a party to various agreements with third-party lenders that provide floor plan financing to qualifying dealers whereby the Company guarantees varying amounts of debt on boats in dealer inventory. The Company's obligation under these guarantees becomes effective in the case of a default under the financing arrangement between the dealer and the third-party lender. The agreements provide for the return of repossessed boats to the Company in new and unused condition subject to normal wear and tear as defined, in exchange for the Company's assumption of specified percentages of the debt obligation on those boats, up to certain contractually determined dollar limits by the lenders. The Company had no material financial impact associated with repurchases under these contractual agreements during the three months ended March 31, 2026 and March 31, 2025. Pursuant to the Merger Agreement we have agreed to limit repurchases pursuant to floorplan financing arrangements to $500,000 individually or $1,000,000 in the aggregate during the time period between the execution of the Merger Agreement and the completion of the Mergers except as specifically approved by MasterCraft.

Management continues to monitor the risk of defaults and resulting repurchase obligations based in part on information provided by third-party floor plan lenders and will adjust the guarantee liability at the end of each reporting period based on information reasonably available at that time.

The Company currently has an agreement with one of the floor plan lenders whereby the contractual repurchase limit is based on the highest of the following criteria: (i) a specified percentage of the average net receivables financed by the floor plan lender for our dealers, (ii) the total average net receivables financed by the floor plan lender for our two highest dealers for the three highest monthly receivables balances during the past twelve months, or (iii) $8.0 million, less repurchases during the prior 12 month period. As defined by the agreement, the repurchase limit for this lender was $8.4 million as of March 31, 2026. The Company also has an agreement with an additional floorplan lender whereby the contractual repurchase limit is based on the highest of the following criteria: (i) a specified percentage of the average net receivables financed by the floor plan lender for our dealers, or (ii) $18.8 million through June 30, 2026, reducing to $3.0 million beginning July 1, 2026. As defined by the agreement, the repurchase limit for this lender was $18.8 million as of March 31, 2026. Lastly, the Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of $1.6 million with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all floor plan financing institutions of $28.8 million as of March 31, 2026.

*Short-term Cash Incentive Compensation*:

In addition to recording Short-Term Cash Incentive ("STCI") compensation expense for executive officers, STCI expense has been recorded for certain non-executive employees based on a percentage of Pre-Tax Profit ("PTP incentive"), defined as pretax income before goodwill adjustments and certain allocated corporate expenses. The PTP incentive, subject to a discretionary determination, is nine percent in the aggregate per year.

Total STCI expense for the reported periods are as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
| *(in thousands)* | **2026** | 2025 |
| STCI expense | $**702** | $632 |

---

These amounts are included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations.

16. SUBSEQUENT EVENT

On April 28, 2026, the Board of Directors declared a regular cash dividend of $0.14 per share payable May 14, 2026 to common stockholders of record at the close of business May 8, 2026.

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

#### ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW AND OUTLOOK

Marine Products Corporation, through our wholly owned subsidiaries Chaparral and Robalo, is a leading manufacturer of recreational fiberglass powerboats. Our sales and profits are generated by selling the products that we manufacture to a network of independent dealers who in turn sell the products to retail customers. These dealers are located throughout the continental United States and in several international markets. Many of these dealers finance their inventory through third-party floorplan lenders, who pay Marine Products generally within seven to ten days after delivery of the products to the dealers.

The discussion on business and financial strategies of the Company set forth under the heading "Business Strategies" in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2025 is incorporated herein by reference. There have been no significant changes in the strategies since year-end although management continues to consider other potential opportunities to maximize stockholder value.

In executing these strategies and attempting to optimize our financial returns, management closely monitors dealer orders and inventories, the production mix of various models, and indications of demand such as consumer confidence, inflation concerns, interest rates, dealer orders placed at our annual dealer conferences, and retail attendance and orders at annual winter boat show exhibitions. We also consider trends related to certain key financial and other data, including our historical and forecasted financial results, market share, unit sales of our products, average selling price per boat, and gross profit margins, among others, as indicators of the success of our strategies. Our financial results are affected by consumer confidence — because pleasure boating is a discretionary expenditure, interest rates — because many retail customers finance the purchase of their boats, and other socioeconomic and environmental factors such as availability of leisure time, consumer preferences, demographics and the weather.

On February 5, 2026, we entered into the Merger Agreement with MasterCraft and the other parties thereto. Details of the transaction with MasterCraft are further described in the note titled Proposed Transaction with MasterCraft in the Notes to the Consolidated Financial Statements.

Consolidated net sales increased 12.8% to $66.5 million for the first quarter of 2026 in comparison to the same period of the prior year due primarily to a price/mix increase of 15% slightly offset by a 1% decrease in number of boats sold. Gross profit increased to $11.1 million in the first quarter of 2026, from $11.0 million in the same period of the prior year. Operating loss was $2.7 million for the first quarter of 2026, down from operating income of $2.6 million in the same period of the prior year. Net loss was $2.1 million in the first quarter of 2026, a decrease from net income of $2.2 million in the same period of the prior year. Diluted loss per share was $0.06 for the first quarter of 2026, down from diluted earnings per share of $0.06 in the same period of the prior year. Interest rates have remained elevated, and any sustained decrease could be another catalyst for dealers and consumers to increase spending. The Company continues to focus on reducing costs and aligning production to expected demand level.

Higher selling prices for boats following rapid inflation and higher interest rates in recent years have both contributed to higher costs of boat ownership, curbing consumer demand following several years of high post-pandemic sales. We have adjusted production levels to more closely align with expected demand; however, dealers remain cautious with their field inventory levels due to lower retail demand compared to recent years and higher financing costs.

Our financial results generally depend on a number of factors, including economic trends, demand for discretionary products, the impact of interest rates on consumer financing options and dealer inventory carrying costs, the effectiveness of the Company's incentive programs, the success of new model launches, and the Company's ability to manage manufacturing costs. We also expect to incur substantial costs in connection with the transaction with MasterCraft. While interest rates began to decrease during 2024 and decreased in 2025, the Company believes it may take further interest rate relief to drive increased consumer appetite for new boat purchases. However, the impact of tariffs on prices of imported manufacturing materials and components could contribute to inflation and limit further interest rate reductions. Additionally, the ongoing conflict involving Iran and the blockage of the Strait of Hormuz has resulted in elevated fuel prices and could cause fuel prices to increase even further. Elevated fuel costs can negatively impact demand for our products by increasing the overall cost of boat ownership and as a result could materially adversely impact our

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

business. The Company actively monitors dealer inventories and order patterns for changes in demand and adjusts production levels accordingly.

HOW WE EVALUATE OUR OPERATIONS

We use Earnings (loss) per share, and the non-GAAP financial measures Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization ["EBITDA/(LBITDA)"], EBITDA/(LBITDA) margin, Adjusted EBITDA, Adjusted EBITDA margin and free cash flow to evaluate and analyze the Company's operating performance. We believe that presenting EBITDA/(LBITDA), Adjusted EBITDA, Adjusted EBITDA margin and EBITDA/(LBITDA) margin enables a comparison of our operating performance consistently over various time periods without regard to changes in our capital structure. In addition, we believe that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating Marine Products' financial condition and liquidity. Marine Products' definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, since the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions, if any.

EBITDA/(LBITDA) and EBITDA/(LBITDA) margin have limitations as analytical tools and should not be considered as an alternative to net income, operating income, net income margin, or any other measure of financial performance presented in accordance with accounting principles generally accepted in the United States of America (GAAP). Similarly, free cash flow should be considered in addition to, rather than as a substitute for, GAAP presentation of net cash provided by operating, investing and financing activities, as a measure of our financial condition and liquidity.

See section titled Non-GAAP Financial Measures for a reconciliation of EBITDA/(LBITDA) and Adjusted EBITDA to net (loss) income and EBITDA/(LBITDA) margin and Adjusted EBITDA margin to net income (loss) margin, the most directly comparable financial measures calculated and presented in accordance with GAAP, and a reconciliation of Free Cash Flow to Operating Cash Flow, the most directly comparable financial measure calculated and presented in accordance with GAAP.

RESULTS OF OPERATIONS

Key operating and financial statistics for the three months ended March 31, 2026 and 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
| *(in thousands, except per share and number of boats sold)* | **2026** | 2025 |
| Net sales  | $**66533** | $59002 |
| Cost of goods sold | **55462** | 48049 |
| Selling, general and administrative expenses | **8824** | 8340 |
| Merger related costs | **4966** |  |
| Interest income, net | **325** | 442 |
| Income tax (benefit) provision | **(329)** | 849 |
| Net (loss) income | $**(2065)** | $2206 |
| Net (loss) income margin | **(3.1)%**  | 3.7% |
| (Loss) earnings per share | $**(0.06)** | $0.06 |
| Net cash provided by operating activities | $**9051** | $10769 |
| Total number of boats sold | **617** | 625 |
| Average gross selling price per boat  | $**97.7** | $85.1 |
| Non-GAAP financial measures: |  |  |
| Adjusted EBITDA | $**3032** | $3402 |
| Adjusted EBITDA margin | **4.6%**  | 5.8% |
| Free cash flow | $**8555** | $10673 |

---

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

#### THREE MONTHS ENDED MARCH 31, 2026 COMPARED TO THREE MONTHS ENDED MARCH 31, 2025
*Net sales* for the three months ended March 31, 2026 increased $7.5 million or 12.8% compared to the same period in 2025. The change in net sales during the quarter compared to the prior year was primarily due to a price/mix increase of 15% slightly offset by a 1% decrease in the number of boats sold. The Company's field inventory in units at the end of the first quarter of 2026 was approximately 2% below the first quarter of 2025. In the first quarter of 2026, net sales outside of the United States accounted for 6.6% of net sales compared to 8.0% of net sales in the same period of the prior year.

*Cost of goods sold* for the three months ended March 31, 2026 was $55.5 million, an increase of $7.4 million or 15.4% compared to the same period in 2025. Cost of goods sold as a percentage of net sales was 83.4% for the three months ended March 31, 2026 compared to 81.4% for the same period in the prior year due to higher overhead and labor costs in the current period.

*Selling, general and administrative expenses* for the three months ended March 31, 2026 were $8.8 million, an increase of $0.5 million or 5.8% compared to the same period in 2025. Selling, general and administrative expenses were 13.3% of net sales in the first quarter of 2026, compared to 14.1% for the same period in 2025.

*Merger related costs* for the three months ended March 31, 2026 were $5.0 million for various transaction fees associated with the Mergers.

*Interest income, net* for the three months ended March 31, 2026 decreased to $325 thousand from $442 thousand in the same period of the prior year due to lower average cash balances. Marine Products generates interest income primarily from investments of excess cash in money market funds. Additionally, interest expense is recorded for the revolving credit facility, including fees on the unused portion of the facility and the amortization of loan costs.

*Income tax (benefit) provision* for the three months ended March 31, 2026 was an income tax benefit of $329.0 thousand compared to an income tax provision of $849.0 thousand for the same period in 2025. The effective tax rate was 13.7% for the three months ended March 31, 2026 compared to 27.8% for the same period in the prior year. The decrease in the effective tax rate is primarily due to the impact of detrimental discrete adjustments on a pretax loss in 2026 compared to a pretax income in 2025.

*Net (loss) income and diluted (loss) earnings per share.* Net loss of $2.1 million during the three months ended March 31, 2026, or $0.06 diluted loss per share, decreased from net income of $2.2 million during the three months ended March 31, 2025, or $0.06 diluted earnings per share. Net loss was negatively impacted by $5.0 million due to merger related costs incurred during the first quarter of 2026. Net loss margin was 3.1% for the three months ended March 31, 2026 compared to net income margin of 3.7% during the three months ended March 31, 2025.

*Adjusted EBITDA and Adjusted EBITDA margin.* Adjusted EBITDA was $3.0 million during the three months ended March 31, 2026 compared to $3.4 million during the three months ended March 31, 2025 primarily due to increased cost of goods sold and selling, general and administrative expenses as discussed above. Adjusted EBITDA margin was 4.6% for the three months ended March 31, 2026 compared to 5.8% for the three months ended March 31, 2025.

*Net cash provided by operating activities and Free cash flow.* Net cash provided by operating activities decreased $1.7 million to $9.1 million during the three months ended March 31, 2026 compared to the same period of 2025. The decrease was primarily due to a net loss in 2026 compared to net income in 2025, partially offset by net favorable working capital adjustments during the first quarter of 2026. Free cash flow decreased $2.1 million due to the decrease in net cash provided by operating activities, coupled with higher capital expenditures during the three months ended March 31, 2026 compared to the same period of the prior year.

**Non-GAAP Financial Measures**

*Reconciliation of GAAP and non-GAAP Financial Measures*

Marine Products has disclosed non-GAAP financial measures of (LBITDA)/ EBITDA, (LBITDA) EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin and free cash flow in the Results of Operations section above. These measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP.

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

A non-GAAP financial measure is a numerical measure of financial performance, financial position or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

The following are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures.

---

| | | |
|:---|:---|:---|
| (Unaudited) | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
| *(in thousands)* | **2026** | 2025 |
| **Reconciliation of Net (Loss) Income to (LBITDA) EBITDA and Adjusted EBITDA** |  |  |
| Net (loss) income | $**(2065)** | $2206 |
| Adjustments: |  |  |
| &nbsp;&nbsp;Add: Income tax provision | **(329)** | 849 |
| &nbsp;&nbsp;Add: Depreciation and amortization | **785** | 789 |
| &nbsp;&nbsp;Less: Interest income, net | **325** | 442 |
| (LBITDA) EBITDA | $**(1934)** | $3402 |
| &nbsp;&nbsp;Add: Merger related costs | **4966** | - |
| Adjusted EBITDA | $**3032** | $3402 |
| Net sales | $**66533** | $59002 |
| Net (loss) income margin <sup>(1)</sup> | **(3.1)%** | 3.7% |
| (LBITDA) EBITDA margin <sup>(1)</sup> | **(2.9)%** | 5.8% |
| Adjusted EBITDA margin <sup>(1)</sup> | **4.6%** | 5.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net income margin is calculated as net income divided by net sales. (LBITDA) EBITDA margin is calculated as (LBITDA) EBITDA divided by net sales. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by net sales.

---

| | | |
|:---|:---|:---|
| (Unaudited) | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
| *(in thousands)* | **2026** | 2025 |
| **Reconciliation of Operating Cash Flow to Free Cash Flow** |  |  |
| Net cash provided by operating activities | $**9051** | $10769 |
| Capital expenditures | **(496)** | (96) |
| Free cash flow | $**8555** | $10673 |

---

#### LIQUIDITY AND CAPITAL RESOURCES
*Cash Flows*

The Company's cash and cash equivalents at March 31, 2026 were $45.8 million compared to $43.5 million at December 31, 2025. The following table sets forth the cash flows for the applicable periods:

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
| *(in thousands)* | **2026** | 2025 |
| Net cash provided by operating activities | $**9051** | $10769 |
| Net cash used for investing activities | **(496)** | (96) |
| Net cash used for financing activities | **(6268)** | (5949) |

---

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

Cash provided by operating activities for the three months ended March 31, 2026, decreased by $1.7 million compared to the three months ended March 31, 2025, primarily due to the decrease in net income partially offset by net favorable working capital adjustments. Working capital was source of cash of $8.6 million during the three months ended March 31, 2026, compared to $6.7 million in the same period of the prior year. In the first quarter of 2026, working capital was a source of cash due primarily to a net favorable change of $7.8 million in accounts payable resulting from increased activity levels and higher merger related costs in comparison to the same period of the prior year.

Cash used for investing activities for the three months ended March 31, 2026 increased $0.4 million in comparison to the same period in the prior year due to higher capital expenditures during the three months ended March 31, 2026.

Cash used for financing activities for the three months ended March 31, 2026 increased $0.3 million in comparison to the same period in 2025.

#### Financial Condition and Liquidity
The Company believes that the liquidity provided by existing cash, cash equivalents, its overall strong capitalization and cash generated by operations will be sufficient to meet the Company's requirements for at least the next twelve months. The Company's decisions about the amount of cash to be used for investing and financing purposes are influenced by its capital position and the expected amount of cash to be provided by operations and are currently subject to limitations imposed by the Merger Agreement during the time period between the execution of the Merger Agreement and the completion of the Mergers. The Company also has a revolving line of credit facility, described below, to increase its flexibility for managing its investment in its working capital or for funding other purposes. However, the Merger Agreement generally caps the amount of indebtedness that the Company can incur outside the ordinary course of business at $1 million during the time period between the execution of the Merger Agreement and the completion of the Mergers except as specifically approved by MasterCraft.

The Company has a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (SEC) that expires on May 5, 2028, which permits it to offer common stock, preferred stock, warrants, rights, depositary shares, purchase contracts and units containing two or more of the foregoing, in one or more offerings in an aggregate amount of up to $150 million. The Form S-3 is intended to provide us the flexibility to conduct registered sales of our securities, subject to market conditions and our future capital needs. However, the Company's ability to issue securities is currently restricted by the Merger Agreement during the time period between the execution of the Merger Agreement and the completion of the Mergers except as specifically approved by MasterCraft.

#### Cash Requirements
If the Mergers are not completed during 2026, management expects that capital expenditures during 2026 will be approximately $1 million to $5 million, of which $496 thousand has been spent through March 31, 2026. Also, the Merger Agreement sets specific limits the Company's ability to make unbudgeted capital expenditures during the time period between the execution of the Merger Agreement and the completion of the Mergers except as specifically approved by MasterCraft.

In connection with the Mergers, we expect to incur transaction-related costs, including fees for financial and legal advisors and proxy solicitors. We must pay substantially all of these costs and expenses whether or not the Mergers are completed. We expect our existing cash balances together with cash generated from operations will be sufficient to fund these costs. Actual costs may differ from these estimates depending on the timing of the closing, regulatory requirements, or other unforeseen developments. In addition, the Merger Agreement could require us to pay a termination fee of $11.6 million, in cash, under certain specified circumstances, including upon a change of recommendation by our board of directors or upon termination of the Merger Agreement in order to accept a "superior proposal." For further information, refer to Item 1A "Risk Factors - Risks Related to the Mergers" included in the Marine Products Annual Report on Form 10-K for the year ended December 31, 2025.

The Company adopted a stock buyback program in 2001 that as subsequently amended authorized the aggregate repurchase of 8,250,000 shares in the open market. The Company did not repurchase any shares under this program in three months ended March 31, 2026 and 2025. There are 1,570,428 shares that remain available for repurchase as of March 31, 2026, but the Merger Agreement generally prohibits any further repurchases under this program during the time period between the execution of the Merger Agreement

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

and the completion of the Mergers except as specifically approved by MasterCraft. The program by its terms does not have a predetermined expiration date.

On April 28, 2026, the Board of Directors declared a regular quarterly cash dividend of $0.14 per common share payable May 14, 2026 to stockholders of record at the close of business on May 8, 2026. Subject to industry conditions and Marine Products' earnings, financial condition, and other relevant factors, the Company expects to continue to pay regular quarterly cash dividends to stockholders of common stock should the Mergers not close. Any additional regular, quarterly or special cash dividends during the time period between the execution of the Merger Agreement and the completion of the Mergers would require the approval of MasterCraft.

OFF BALANCE SHEET ARRANGEMENTS

To assist dealers in obtaining financing for the purchase of its boats for inventory, the Company has entered into agreements with various third-party floor plan lenders whereby the Company guarantees varying amounts of debt for qualifying dealers on boats in inventory. The Company's obligation under these guarantees becomes effective in the case of a default under the financing arrangement between the dealer and the third-party lender. The agreements provide for the return of all repossessed boats to the Company in new and unused condition as defined, in exchange for the Company's assumption of specified percentages of the debt obligation on those boats, up to certain contractually determined dollar limits which vary by lender. The Company had no material financial impact associated with repurchases under these contractual agreements during the three months ended March 31, 2026 and March 31, 2025. Pursuant to the Merger Agreement we have agreed to limit repurchases pursuant to floorplan financing arrangements to $500,000 individually or $1,000,000 in the aggregate during the time period between the execution of the Merger Agreement and the completion of the Mergers except as specifically approved by MasterCraft.

Management continues to monitor the risk of defaults and resulting repurchase obligations based in part on information provided by the third-party floor plan lenders and will adjust the guarantee liability at the end of each reporting period based on information reasonably available at that time.

The Company currently has an agreement with one of the floor plan lenders whereby the contractual repurchase limit is based on the highest of the following criteria: (i) a specified percentage of the average net receivables financed by the floor plan lender for our dealers, (ii) the total average net receivables financed by the floor plan lender for our two highest dealers for the three highest monthly receivables balances during the past twelve months, or (iii) $8.0 million, less repurchases during the prior 12 month period. As defined by the agreement, the repurchase limit for this lender was $8.4 million as of March 31, 2026. The Company also has an agreement with an additional floorplan lender whereby the contractual repurchase limit is based on the highest of the following criteria: (i) a specified percentage of the average net receivables financed by the floor plan lender for our dealers, or (ii) $18.8 million through June 30, 2026, reducing to $3.0 million beginning July 1, 2026. As defined by the agreement, the repurchase limit for this lender was $18.8 million as of March 31, 2026. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of $1.6 million with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all floor plan financing institutions of $28.8 million as of March 31, 2026. Although the Company has these agreements with financial institutions, in certain situations, the Company may decide for business reasons to repurchase boats in excess of these contractual amounts. However, as noted above, pursuant to the Merger Agreement we have agreed to limit repurchases pursuant to floorplan financing arrangements to $500,000 individually or $1,000,000 in the aggregate during the time period between the execution of the Merger Agreement and the completion of the Mergers except as specifically approved by MasterCraft.

#### CERTAIN RELATED PARTY TRANSACTIONS
In conjunction with its spin-off from RPC, Inc. ("RPC") in 2001, the Company and RPC entered into various agreements that define their relationship after the spin-off. RPC charged the Company for its allocable share of administrative costs incurred for services rendered on behalf of Marine Products totaling $414 thousand for the three months ended March 31, 2026 and $297 thousand for the three months ended March 31, 2025.

Marine Products and RPC own 50% each of a limited liability company, 255 RC, LLC, that was created for the joint purchase and ownership of a corporate aircraft. Marine Products recorded certain net operating costs comprised of rent and an allocable share of fixed costs of $33 thousand for the three months ended March 31, 2026 and $43 thousand for the three months ended March 31, 2025.

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

A group that includes Amy R. Kreisler and Timothy C. Rollins, each of whom is a director of the Company, certain of their family members, and certain companies under their and/or their family members' control, controls in excess of fifty percent of the Company's voting power.

Pursuant to the registration rights agreement between us and our largest stockholder, LOR, Inc. ("LOR") and certain of its affiliates (collectively, "the Selling Stockholders") and their permitted transferees, we have filed a shelf registration statement on Form S-3 with the SEC that expires on May 5, 2028. The Form S-3 shelf registration statement registers for resale up to 24,419,029 shares of our common stock, which represents substantially all of the Company securities held by the Selling Stockholders. In addition, they have, subject to certain conditions and limitations, certain piggy-back registration rights with respect to registrations initiated by us.

#### CRITICAL ACCOUNTING POLICIES
The discussion of Critical Accounting Policies is incorporated herein by reference from the Company's annual report on Form 10-K for the fiscal year ended December 31, 2025. There have been no significant changes in the critical accounting policies since year-end.

#### IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS
See the note titled Recent Accounting Standards in the Notes of the Consolidated Financial Statements for a description of recent accounting pronouncements, including the expected dates of adoption and expected effects on results of operations and financial condition, if known.

#### SEASONALITY
Marine Products' quarterly operating results are affected by weather and general economic conditions. Quarterly operating results for the second quarter have historically recorded the highest sales volume for the year because this corresponds with the highest retail sales volume period. For similar reasons, quarterly operating results for the fourth quarter often record the lowest sales volume for the year. The results for any quarter are not necessarily indicative of results to be expected in any future period.

#### INFLATION
New boat buyers typically finance their purchases. The Company believes that previous increases in interest rates (which were generally linked to higher inflation) reduced retail demand for smaller boats, since purchasers of smaller boats are typically more sensitive to increases in the cost of boat ownership and typically finance their purchases. Higher interest rates also impact many of our dealers, as their inventories are financed and they bear much of the carrying costs related to boats held in inventory. Lastly, the Company incurs higher costs from rising interest rates because we often pay a portion of dealer floor plan interest as part of our dealer sales incentive programs. Although economic uncertainty continues to impact the marine industry, we are encouraged by the potential for lower interest rates helping the finance buyer.

As a result of post-pandemic supply chain disruptions and general inflation, the market prices of the raw materials and components used by the Company's manufacturing processes increased and remain elevated. In response, the Company increased the prices for its products, and they remain historically high. In 2025 and through the three months ended March 31, 2026, input cost inflation was immaterial, though many items remain elevated compared to historical levels. The Company believes the cost of boat ownership has risen enough over the last several years to impact retail demand. Therefore, it may be more difficult to raise prices in the future to compensate for increased costs of raw materials and components, which could impact the Company's sales and profit margins. As discussed above, the ongoing tariff developments could result in a resumption in inflationary pressures.

FORWARD-LOOKING STATEMENTS

Certain statements made in this report that are not historical facts are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. The words "may," "should," "will," "expect," "believe," "anticipate," "intend," "plan," "seek," "project," "estimate," and similar expressions used in this document that do not relate to historical facts are intended to identify forward-looking statements. Such forward-looking statements may include, without limitation: our belief that the Company's results of operations and its financial condition are not significantly reliant upon any single customer or product model;the ongoing conflict involving Iran and the blockage of the Strait of Hormuz could materially adversely affect the Company's business, elevated fuel costs

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

can negatively impact demand for products by increasing the overall cost of boat ownership, higher fuel prices may reduce utilization of existing boats which can negatively affect dealer profitability, geopolitical instability may continue to increase shipping transit times and freight rates, disruptions may result in higher input costs and parts shortages, the Company's ability to fully offset higher costs or maintain margins without adversely affecting demand is uncertain, the Company's expectation that substantially all deferred revenue will be recognized in the immediately following quarter, the Company is currently assessing the potential impact of new accounting standards on its consolidated financial statements, catastrophic weather or civil unrest may disrupt manufacturing operations, economic conditions and decreases in consumer confidence may impact discretionary spending, business interruptions due to adverse weather or increased interest rates may occur, unanticipated changes in consumer demand and preferences may arise, the Company's strategy to increase sales may not achieve anticipated success, the Company's ability to raise prices in the future may be limited, disruptions in supplier relationships may occur, potential liabilities for personal injury or property damage claims may arise, higher tariffs could increase materials costs and result in higher inflation, the Company's cash and operations will be sufficient to meet requirements for at least the next twelve months, management expects capital expenditures will be approximately $1 million to $5 million if the mergers are not completed during 2026, expectations regarding termination of our credit facility, statements regarding the impact of the Mergers, the Company expects existing cash and operations will be sufficient to fund merger-related costs, actual merger costs may differ from estimates, the Merger Agreement could require a termination fee of $11.6 million under certain circumstances, the Company expects to continue paying regular quarterly dividends if the Mergers do not close, any sustained decrease in interest rates could be a catalyst for increased dealer and consumer spending, the Company believes it may take further interest rate relief to drive increased consumer appetite, tariffs could contribute to inflation and limit interest rate reductions, management continues to monitor the risk of defaults and will adjust guarantee liability based on available information, and litigation challenging the Mergers may delay or prevent completion.

Such forward-looking statements are based on certain assumptions and analyses made by our management in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes to be appropriate. We caution you that such statements are only predictions and not guarantees of future performance and that actual results, developments and business decisions may differ from those envisioned by the forward-looking statements. Risk factors that could cause such future events not to occur as expected include, but are not limited to, the following: our manufacturing operations are conducted in a single location, and to support our operations, several of our suppliers have also established facilities close to our manufacturing facility to provide timely delivery of fabricated components to us; as a result, catastrophic weather, civil unrest or other unanticipated events beyond our control may disrupt both our and our suppliers' ability to conduct manufacturing operations or transport our finished boats to our dealer network, and we do not own or have access to alternate manufacturing locations, economic conditions, unavailability of credit and possible decreases in the level of consumer confidence impacting discretionary spending, business interruptions due to adverse weather conditions, increased interest rates, increased fuel costs, unanticipated changes in consumer demand and preferences, deterioration in the quality of Marine Products' network of independent boat dealers or availability of financing of their inventory, or in our relationships with them, continued lowering of consumer demand whether due to further increases to interest rates, overall impairment to the national and global economies, or because our designs fail to match evolving customer tastes and needs, the possibility that our strategy to increase sales in response to changing market conditions may not achieve the success we anticipate; our ability to further raise prices in the future may be limited, the ongoing conflict involving Iran, the blockage of the Strait of Hormuz and resulting elevated oil prices could materially adversely affect our business, financial condition and results of operations, Marine Products relies upon third-party dealer floor plan lenders which provide financing to its network of independent dealers, interest rates and fuel prices affect Marine Products' sales, Marine Products' dependence on its network of independent boat dealers may affect its operating results and sales, Marine Products' financial condition and operating results may be adversely affected by boat dealer defaults, Marine Products' sales are affected by weather conditions, which may involve long-term impact from global warming, Marine Products encounters intense competition which affects our sales and profits, because Marine Products relies on third-party suppliers, Marine Products may be unable to obtain adequate raw materials, engines and components at reasonable prices or at all, which could increase our working capital requirements and adversely affect sales and profit margins, increasing expectations from customers, investors and other stakeholders regarding our environmental, social and governance (ESG) practices may affect our business, may create additional costs for us, or expose us to related risks, Marine Products purchases materials and components for boat production, as well as conducts business internationally; these aspects of our business could be affected by tariffs in that higher tariffs could increase materials costs and/or result in higher inflation, which typically results in higher interest rates that could translate into an increased cost of boat ownership, causing prospective buyers to choose to forego or delay boat purchases, and in addition, the higher prices of materials caused by tariffs would increase the costs of manufacturing our products, and could negatively affect our profit margins, Marine Products has potential liability for personal injury and property damage claims, if Marine Products is unable to comply with environmental and other regulatory requirements, its business may be

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

exposed to liability and fines, Marine Products' success will depend on its key personnel, and the loss of any key personnel may affect its powerboat sales, Marine Products' ability to attract and retain qualified employees is crucial to its results of operations and future growth, Marine Products' executive officers, directors and their affiliates together have a substantial ownership interest, and public stockholders may have no effective voice in Marine Products' management and the availability of Marine Products' common stock to the investing public may be limited, the controlling group could take actions that could negatively impact our results of operations, financial condition or stock price, provisions in Marine Products' certificate of incorporation and bylaws may inhibit a takeover of Marine Products, our operations rely on digital systems and processes that are subject to cyber-attacks or other threats that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition, risks related to artificial intelligence, increased usage of artificial intelligence and machine learning technologies could expose us to operational, safety, cybersecurity, legal and reputational risks and could adversely affect our ability to compete, our operating results and our cash flows, Marine Products' stock price has been volatile, the number of shares of MasterCraft common stock issuable in the First Merger in respect of one share of our common stock is fixed and will not be adjusted, failure to complete the Mergers, or a delay in the completion of the Mergers, could negatively impact our business, results of operations, financial condition, and stock price, uncertainties associated with the Mergers may cause a loss of key employees at either of the Company or MasterCraft, which could adversely affect the future business and operations of the combined company following the Mergers, current holders of our common stock will have a significantly reduced ownership and voting interest in the combined company after the Mergers and will therefore have less voting influence over the combined company, litigation against us or MasterCraft, or the members of our or MasterCraft's board of directors, could prevent or delay the completion of the Mergers, the Merger Agreement limits our ability to pursue alternatives to the Mergers and may discourage other companies from trying to acquire us, if the Mergers are consummated, the combined company may not perform as we or the market expects and may fail to realize the projected benefits and cost savings of the Mergers, which could adversely affect the value of MasterCraft common stock, which our current stockholders will own following the completion of the Mergers, if the Mergers were to fail to qualify as a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended, the Company's stockholders may be required to pay additional U.S. federal income taxes, and our cash and cash equivalents are held primarily at a single financial institution. Additional discussion of factors that could cause actual results to differ from management's projections, forecasts, estimates and expectations is contained in Marine Products' Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2025 and in Item 1A of Part II of this Form 10-Q.

#### ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company is subject to interest rate risk exposure through borrowings on its credit facility. As of March 31, 2026, there were no outstanding interest-bearing advances on our credit facility, which bear interest at a floating rate.

Marine Products does not hold derivative financial instruments which could expose the Company to significant market risk. Marine Products maintains investments primarily in money market funds which are not subject to interest rate risk exposure. Marine Products does not expect any material changes in market risk exposures or how those risks are managed.

#### ITEM 4. CONTROLS AND PROCEDURES
*Evaluation of disclosure controls and procedures* — The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms, and that such information is accumulated and communicated to its management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of the end of the period covered by this report, March 31, 2026 (the "Evaluation Date"), the Company carried out an evaluation, under the supervision and with the participation of its management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures. Based upon this evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective at a reasonable assurance level as of the Evaluation Date.

*Changes in internal control over financial reporting* — There were no changes in the Company's internal control over financial reporting during the first quarter of 2026 which were identified in connection with management's evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

PART II. OTHER INFORMATION

#### ITEM 1. LEGAL PROCEEDINGS
Marine Products is involved in litigation from time to time in the ordinary course of its business. Marine Products does not believe that the outcome of such litigation will have a material effect on the financial position, results of operations or liquidity of Marine Products.

#### Item 1A. RISK FACTORS
Except as set forth below, there have been no material changes from the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

**The ongoing conflict involving Iran, the blockage of the Strait of Hormuz and resulting elevated oil prices could materially adversely affect our business, financial condition and results of operations**

We are currently experiencing an armed conflict involving Iran in the Middle East, an actual blockage of the Strait of Hormuz and elevated global oil prices, any of which, and especially all of which together, could materially adversely affect our business, financial condition and results of operations. The Strait of Hormuz, a critical transit point for a significant portion of the world's crude oil supply, is presently blocked, and global oil markets have reacted with oil prices at recent highs. These conditions have led, and may continue to lead, to significant increases in fuel prices for our dealers and retail customers. Elevated and volatile fuel costs can negatively impact demand for our products by increasing the overall cost of boat ownership and use, reducing discretionary spending on recreational boating and causing consumers to delay or forego purchases or upgrades. Higher fuel prices may also reduce utilization of existing boats, which can negatively affect dealer profitability, dealer inventory decisions and trade-in activity, thereby adversely impacting our sales volumes and pricing.

In addition, the current conflict involving Iran and related geopolitical instability are contributing to broader commodity and supply chain disruptions that increase our product costs. Many of the raw materials, components and finished goods used in our manufacturing operations, including resins, fiberglass, foam, metals, electronic components and propulsion systems, are sensitive to changes in energy and transportation costs, as well as to global shipping capacity and routing. The actual closure and blockage of the Strait of Hormuz have increased, and may continue to increase, shipping transit times, freight rates and insurance costs for us and our suppliers, including on routes that do not directly transit the Strait, due to knock-on effects on global logistics networks. These conditions may result in higher input costs, parts shortages, delivery delays and reduced production efficiency. Although we may attempt to mitigate these impacts through pricing actions, alternative sourcing or adjustments to production, there can be no assurance that we will be able to fully offset higher costs or maintain our margins without adversely affecting demand. If the current blockage of the Strait of Hormuz and related oil price increases persist or worsen, our business, financial condition and results of operations could be materially adversely affected.

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

#### ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Maximum Number  |
|  |  |  | Total Number of  | (or Approximate  |
|  |  |  | Shares (or Units)  | Dollar Value) of  |
|  | Total  |  | Purchased as  | Shares (or Units)  |
|  | Number of  | Average  | Part of Publicly  | that May Yet Be  |
|  | Shares  | Price Paid Per  | Announced  | Purchased Under  |
|  | (or Units)  | Share  | Plans or  | the Plans or  |
| Period | Purchased | (or Unit) | Programs | Programs <sup>(1)</sup> |
| January 1, 2026 to January 31, 2026 | 135610<br><sup>(2)</sup> | $9.48 |  | 1570428 |
| February 1, 2026 to February 28, 2026 | 459<br><sup>(2)</sup> | 9.43 |  | 1570428 |
| March 1, 2026 to March 31, 2026 | 5792<br><sup>(2)</sup> | 7.89 |  | 1570428 |
| Totals | 141861 | $9.41 |  | 1570428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company's Board of Directors announced a stock buyback program on April 25, 2001 authorizing the repurchase of 2,250,000 shares in the open market and another on March 14, 2005 authorizing the repurchase of an additional 3,000,000 shares. On January 22, 2008, the Board of Directors authorized an additional 3,000,000 shares that the Company may repurchase. During the first quarter of 2026, there were no shares repurchased in the open market under this program and there are 1,570,428 shares that remain available for repurchase. The program does not have a predetermined expiration date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes shares repurchased by the Company in connection with taxes related to vesting of restricted shares.

#### ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.

#### ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.

#### ITEM 5. OTHER INFORMATION
During the three months ended March 31, 2026, no director or officer, as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended, of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

#### ITEM 6. Exhibits

---

| | |
|:---|:---|
| Exhibit Number | Description |
| 2.1 | [Agreement and Plan of Merger, dated as of February 5, 2026, by and among MasterCraft Boat Holdings, Inc., Titan Merger Sub 1, Inc., Titan Merger Sub 2, LLC and Marine Products Corporation (incorporated by reference to Exhibit 2.1 to the Form 8-K filed on February 5, 2026)](https://www.sec.gov/Archives/edgar/data/1129155/000110465926010931/tm265315d2_ex2-1.htm). |
| 3.1(a) | [Marine Products Corporation Articles of Incorporation (incorporated herein by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form 10 filed on February 13, 2001).](https://www.sec.gov/Archives/edgar/data/1129155/000091406200500070/ma1031.txt) |
| 3.1(b) | [Certificate of Amendment of Certificate of Incorporation of Marine Products Corporation executed on June 8, 2005 (incorporated herein by reference to Exhibit 99.1 to the Registrant's Current Report on Form 8-K filed June 9, 2005).](https://www.sec.gov/Archives/edgar/data/1129155/000091406205000409/marineprod8k60805ex99.txt) |
| 3.1(c) | [Amended and Restated Certificate of Incorporation of Marine Products Corporation dated April 22, 2025 (incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form S-3 filed on April 23, 2025).](https://www.sec.gov/Archives/edgar/data/1129155/000155837025005282/mpx-20250423xex3d1.htm) |
| 3.2 | [Amended and Restated By-laws of Marine Products Corporation (incorporated herein by reference to Exhibit 3.2 to the Form 10-Q filed on October 30, 2025](https://www.sec.gov/Archives/edgar/data/1129155/000110465925104278/mpx-20250930xex3d2.htm).  |
| 4 | [Restated Form of Stock Certificate of Marine Products Corporation (incorporated herein by reference to Exhibit 4.1 to the Registrant's Registration Statement to the Form 10 filed on February 13, 2001).](https://www.sec.gov/Archives/edgar/data/1129155/000091406200500070/ma1041.txt) |
| 10.1 | [Voting Agreement, dated as of February 5, 2026, by and among MasterCraft Boat Holdings, Inc., Marine Products Corporation and certain stockholders identified in an exhibit thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on February 5, 2026](https://www.sec.gov/Archives/edgar/data/1129155/000110465926010931/tm265315d2_ex10-1.htm)). |
| 10.2 | [Transaction Bonuses approved March 12, 2026.](mpx-20260331xex10d2.htm) |
| 31.1 | [Section 302 certification for Chief Executive Officer.](mpx-20260331xex31d1.htm) |
| 31.2 | [Section 302 certification for Chief Financial Officer.](mpx-20260331xex31d2.htm) |
| 32.1 | [Section 906 certifications for Chief Executive Officer and Chief Financial Officer.](mpx-20260331xex32d1.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

[**Table of Contents**](#TOC)

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
|  | **MARINE PRODUCTS CORPORATION** |
| Date: May 8, 2026 | /s/ Ben M. Palmer |
|  | Ben M. Palmer |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: May 8, 2026 | /s/ Michael L. Schmit |
|  | Michael L. Schmit |
|  | Vice President, Chief Financial Officer and Corporate Secretary |
|  | (Principal Financial and Accounting Officer) |

---

## Exhibit 10.2

**Exhibit 10.2**

Transaction Bonuses

As of February 5, 2026, Marine Products Corporation ("Marine Products" or the "Company") entered into an Agreement and Plan of Merger with MasterCraft Boat Holdings, Inc. ("MasterCraft") and certain other parties thereto.

On March 12, 2026, the Human Capital Management and Compensation Committee of the Board of Directors of the Company recommended the payment of transaction bonuses to Ben M. Palmer and Michael L. Schmit in the amount of $200,000 and $100,000 respectively, contingent on the closing of the transactions contemplated by the Merger Agreement (collectively, the "Transaction Bonuses"). MasterCraft consented to the payment of the Transaction Bonuses, provided that half of the Transaction Bonuses is paid upon the Closing (as defined in the Merger Agreement) and the remaining half is paid upon ninety days following the Closing.

------

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATIONS**

I, Ben M. Palmer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Marine Products Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 8, 2026 | /s/ Ben M. Palmer |
|  | Ben M. Palmer |
|  | President and Chief Executive Officer  |
|  | (Principal Executive Officer) |

---

------

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATIONS**

I, Michael L. Schmit, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Marine Products Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 8, 2026 | /s/ Michael L. Schmit  |
|  | Michael L. Schmit |
|  | Vice President, Chief Financial Officer, and Corporate Secretary |
|  | (Principal Financial and Accounting Officer) |

---

------

## Exhibit 32.1

**EXHIBIT 32.1**

CERTIFICATION OF PERIODIC FINANCIAL REPORTS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

To the best of their knowledge the undersigned hereby certify that the Quarterly Report on Form 10-Q of Marine Products Corporation for the period ended March 31, 2026, fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. Sec. 78m) and that the information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of Marine Products Corporation.

---

| | |
|:---|:---|
| Date: May 8, 2026 | /s/ Ben M. Palmer |
|  | Ben M. Palmer |
|  | President and Chief Executive Officer  |
|  | (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| Date: May 8, 2026 | /s/ Michael L. Schmit |
|  | Michael L. Schmit |
|  | Vice President, Chief Financial Officer and Corporate Secretary |
|  | (Principal Financial and Accounting Officer) |

---

------