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INCOME TAXES | 12 Months Ended
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Dec. 31, 2025
INCOME TAXES |
INCOME TAXES | NOTE 8: INCOME TAXES For financial reporting purposes, income before income taxes included the following component: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ ​ ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31, | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
Income before income taxes - domestic | ​ | $ | 15,765 | ​ | $ | 21,142 | ​ | $ | 52,062
​ The following table lists the components of the provision (benefit) for income taxes: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Years ended December 31, | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
Current provision (benefit): |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Federal | ​ | $ | (86) | ​ | $ | 3,986 | ​ | $ | 12,384
State | ​ |  | (44) | ​ |  | 442 | ​ |  | 1,109
Deferred provision (benefit): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Federal | ​ |  | 4,268 | ​ |  | (1,101) | ​ |  | (3,047)
State | ​ |  | 244 | ​ |  | (38) | ​ |  | (79)
Total income tax provision | ​ | $ | 4,382 | ​ | $ | 3,289 | ​ | $ | 10,367
​ The Base Erosion and Profit Shifting framework 2.0 (Pillar Two) released by the Organization for Economic Co-operation and Development introduced a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds. The United States has not yet enacted legislation to adopt the provisions of Pillar Two. As of December 31, 2025, we have no recorded effects for Pillar Two due to our operational jurisdiction being wholly domestic. We will continue to monitor the impact of this legislation going forward. A reconciliation between the federal statutory rate and Marine Products’ income tax provision and effective tax rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31, | ​ ​ ​ | ​ | 2025 | ​ | ​ | 2024 | ​ | ​ | 2023
Federal statutory rate |  | $ | 3,311 | ​ | 21.0 | % | ​ | $ | 4,440 | ​ | 21.0 | % | ​ | $ | 10,933 | ​ | 21.0 | %
State income taxes, net of federal benefit (a) |  |  | 241 | ​ | 1.5 |  | ​ |  | 314 | ​ | 1.5 |  | ​ |  | 694 | ​ | 1.3 |
Tax credits: |  |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |
Research and development credit | ​ | ​ | (177) | ​ | (1.1) | ​ | ​ | ​ | (110) | ​ | (0.5) | ​ | ​ | ​ | (652) | ​ | (1.3) | ​
Investment tax credit | ​ | ​ | — | ​ | — | ​ | ​ | ​ | (1,003) | ​ | (4.7) | ​ | ​ | ​ | — | ​ | — | ​
Change in unrecognized tax benefits | ​ |  | (69) | ​ | (0.4) | ​ | ​ |  | 49 | ​ | 0.2 | ​ | ​ |  | 241 | ​ | 0.5 | ​
Non-deductible expenses: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term retirement plan | ​ | ​ | 988 | ​ | 6.3 | ​ | ​ | ​ | — | ​ | — | ​ | ​ | ​ | — | ​ | — | ​
Other | ​ | ​ | (184) | ​ | (1.2) | ​ | ​ | ​ | (162) | ​ | (0.8) | ​ | ​ | ​ | (137) | ​ | (0.3) | ​
Cross-border tax laws |  |  | — | ​ | — |  | ​ |  | (71) | ​ | (0.3) |  | ​ |  | (243) | ​ | (0.5) |
Other |  |  | 272 | ​ | 1.7 |  | ​ |  | (168) | ​ | (0.8) |  | ​ |  | (469) | ​ | (0.8) |
Income tax provision and effective tax rate |  | $ | 4,382 | ​ | 27.8 | % | ​ | $ | 3,289 | ​ | 15.6 | % | ​ | $ | 10,367 | ​ | 19.9 | %
​
(a) | State taxes in Florida and North Carolina made up the majority (greater than 50 percent) of the tax effect in this category.
​ Significant components of the Company’s deferred tax assets and liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | ​ | ​ |  | ​ | ​
December 31, | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Deferred tax assets: |  | ​ | ​ |  | ​ | ​
Warranty costs | ​ | $ | 1,380 | ​ | $ | 1,370
Sales incentives and discounts | ​ |  | 224 | ​ |  | 436
Self-insurance | ​ | ​ | 256 | ​ | ​ | 524
Stock-based compensation | ​ |  | 1,059 | ​ |  | 908
Long-term retirement plan | ​ |  | — | ​ |  | 4,767
Capitalized research and development | ​ | ​ | — | ​ | ​ | 3,226
Federal net operating loss carryforwards | ​ | ​ | 3,482 | ​ | ​ | —
All others, net | ​ |  | 344 | ​ |  | 331
Total deferred tax assets | ​ |  | 6,745 | ​ |  | 11,562
Deferred tax liabilities: | ​ |  | ​ | ​ |  | ​
Depreciation and amortization expense | ​ |  | (1,528) | ​ |  | (1,833)
Net deferred tax assets | ​ | $ | 5,217 | ​ | $ | 9,729
​ Total net income tax payments were $1.8 million in 2025, $4.5 million in 2024, and $13.9 million in 2023. The following table lists the components of the payments for income taxes. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ ​ ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31, | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
Federal | ​ | $ | 1,500 | ​ | $ | 4,000 | ​ | $ | 12,999
State: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Florida | ​ | ​ | 90 | ​ | ​ | 160 | ​ | ​ | 450
North Carolina | ​ | ​ | 110 | ​ | ​ | 94 | ​ | ​ | 175
Other | ​ |  | 54 | ​ |  | 222 | ​ |  | 287
Total net income tax payments | ​ | $ | 1,754 | ​ | $ | 4,476 | ​ | $ | 13,911
​ The Company’s policy is to record interest and penalties related to income tax matters, as part of income tax expense. During 2025, the Company recognized a decrease in the estimated liability for unrecognized tax positions, which is recorded in other long-term liabilities on the Consolidated Balance Sheet. This liability, if released, would affect our effective rate. A reconciliation of the beginning and ending amount of unrecognized tax positions is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | 2025 | ​ ​ ​ | 2024
Balance at January 1 | ​ | $ | 1,411 | ​ | $ | 1,349
Additions (reductions) based on tax positions related to the current year | ​ |  | (121) | ​ |  | 21
Additions for tax positions of prior years | ​ |  | 41 | ​ |  | 41
Balance at December 31 | ​ | $ | 1,331 | ​ | $ | 1,411
​ The Company and its subsidiaries are subject to U.S. federal and state income tax in multiple jurisdictions. In many cases, the estimated liability for uncertain tax positions are related to tax years that remain open and subject to examination by the relevant taxing authorities. In general, the Company’s 2022 through 2024 tax years remain open to examination. Additional years may be open to the extent attributes are being carried forward to an open year.

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