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olivLaw · US equity research

NextBoat Inc. NXB

Ship & Boat Building & Repairing · SIC 3730 · Vertical: Ship & Boat Building & Repairing (SIC 3730)

1.48USD−1.33% · 1 dayClose 04 Nov 2026

NextBoat Inc. (formerly Off The Hook YS Inc.) is a national pre-owned yacht and boat dealer and wholesaler that combines brokerage, financing, service and marine asset recovery. The company reported revenue of 119.9 mn USD in fiscal 2025, and its 2026 revenue guidance was raised, a signal that matters in a segment where pre-owned boat sales already outpace new ones.

At the close of 04 Nov 2026, NextBoat Inc. (NXB) stock was 1.48 USD (−1.33% on the day), with market capitalisation 37.2 m USD, beta 1.41, 52-week range 1.46–3.80 USD. Latest reported quarter (Q2 2026): revenue of 59.1 m USD (+88.4% YoY), net income of -1.9 m USD (−437.5% YoY), diluted EPS -0.08 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
37.2 m USD
shares as of 13 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.34 · TTM to 30 Jun 2026
E/P (TTM)
-23.19%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.41
Volatility (1y) 83%
52-week range
1.463.80

Price history

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Technical reading

RSI (14)
31.5
weak (30–45)
Bollinger (20, 2)
1.32 – 2.15
in the lower half of the band · %B 0.19 · band width 47.6%
SMA 50 / 200
1.98 / 2.31
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.14 / -0.13
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−22.5%−1.1%−21.4 pp—
3 months−30.5%−0.5%−30.1 pp—
6 months−42.4%+4.4%−46.8 pp—
Year to date−29.2%+12.3%−41.5 pp—
1 yearunavailable+13.5%unavailable−7.9%
3 yearsunavailable+76.4%unavailable−16.4%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−61.6%
13 Nov 2025 → 30 Oct 2026
Max drawdown (5y)
−61.6%
13 Nov 2025 → 30 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
59.1 m USD
+88.4% YoY
Net income
-1.9 m USD
−437.5% YoY
Diluted EPS
-0.08
−366.7% YoY
net / operating
-3.2% / -1.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue25.9 m29.8 m27.2 m31.3 m24.0 m37.3 m29.8 m59.1 m
Cost of revenue23.0 m27.9 m24.6 m26.6 m21.0 m34.2 m26.7 m49.5 m
Gross profit2.9 m1.9 m2.7 m4.8 m3.0 m3.1 m3.2 m9.5 m
SG&A256.6 k699.1 k423.9 k400.0 k617.4 k986.6 k1.3 m1.4 m
Operating income1.3 m78.5 k820.6 k1.1 m310.4 k-1.8 m-2.9 m-1.0 m
Depreciation & amortisation68.8 k48.5 k36.4 k86.8 k87.2 k100.5 k158.7 k163.2 k
Interest expense404.3 k416.8 k545.3 k571.2 k500.4 k644.4 k529.1 k1.2 m
Pre-tax income——289.8 k553.8 k——-3.3 m-2.2 m
Income tax——————163.0 k-161.9 k
Net income960.5 k-680.8 k289.8 k553.8 k-66.7 k-2.6 m-3.5 m-1.9 m
Diluted EPS0.05-0.03 ≈0.010.03-0.00-0.12 ≈-0.14-0.08
Operating cash flow—-4.0 m-5.4 m5.2 m ≈-445.5 k ≈-33.2 k-20.9 m2.8 m ≈
Capex—-22.2 k10.8 k6.5 k ≈185.6 k ≈374.5 k2.9 m80.8 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20242025
Revenue99.0 m119.9 m
Revenue YoYunavailable+21.1%
Net income991.7 k-1.9 m
Net income YoYunavailable−288.7%
Diluted EPS0.05-0.09
Diluted EPS YoYunavailable−280.0%
net %1.0%-1.6%
Free cash flow-7.1 m-1.3 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
12.4 m USD
Financial debt
62.0 k USD
Net debt
-12.4 m USD
Equity
11.8 m USD
Total assets
48.4 m USD
Debt / equity
0.01x
Current ratio
1.29x
ROE
-29.2%
ROA
-4.7%
FCF margin
-1.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
99.0 m
2025
119.9 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2024
90.2 m
2025
108.4 m

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2024
8.8 m
2025
11.5 m

SEC (XBRL)· 31 Mar 2026verified

SG&A
2024
1.8 m
2025
2.4 m

SEC (XBRL)· 31 Mar 2026verified

Operating income
2024
2.7 m
2025
462.9 k

SEC (XBRL)· 31 Mar 2026verified

Depreciation & amortisation
2024
255.2 k
2025
310.9 k

SEC (XBRL)· 31 Mar 2026verified

EBITDA
2024
2.9 m ≈
2025
773.8 k ≈

SEC (XBRL)· 31 Mar 2026derived

Interest expense
2024
1.6 m
2025
2.3 m

SEC (XBRL)· 31 Mar 2026verified

Pre-tax income
2024
991.7 k
2025
-2.0 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2024
—
2025
-132.0 k

SEC (XBRL)· 31 Mar 2026verified

Net income
2024
991.7 k
2025
-1.9 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2024
0.05
2025
-0.09

SEC (XBRL)· 31 Mar 2026verified

Weighted average diluted shares
2024
20.0 m
2025
20.5 m

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2024
2.9 m
2025
12.4 m

SEC (XBRL)· 31 Mar 2026verified

Receivables
2024
104.3 k
2025
269.9 k

SEC (XBRL)· 31 Mar 2026verified

Inventories
2024
22.6 m
2025
26.0 m

SEC (XBRL)· 31 Mar 2026verified

Current assets
2024
28.9 m
2025
39.9 m

SEC (XBRL)· 31 Mar 2026verified

Property, plant & equipment, net
2024
461.7 k
2025
823.2 k

SEC (XBRL)· 31 Mar 2026verified

Goodwill
2024
570.0 k
2025
570.0 k

SEC (XBRL)· 31 Mar 2026verified

Intangibles (excl. goodwill)
2024
—
2025
560.4 k

SEC (XBRL)· 31 Mar 2026verified

Total assets
2024
31.6 m
2025
48.4 m

SEC (XBRL)· 31 Mar 2026verified

Accounts payable
2024
962.7 k
2025
1.5 m

SEC (XBRL)· 31 Mar 2026verified

Short-term debt
2024
137.5 k
2025
—

SEC (XBRL)· 15 Dec 2025verified

Long-term debt
2024
229.3 k
2025
62.0 k

SEC (XBRL)· 31 Mar 2026verified

Current liabilities
2024
29.3 m
2025
30.9 m

SEC (XBRL)· 31 Mar 2026verified

Total liabilities
2024
30.7 m
2025
36.6 m

SEC (XBRL)· 31 Mar 2026verified

Equity
2024
967.4 k
2025
11.8 m

SEC (XBRL)· 13 Aug 2026verified

Shares outstanding at year end
2024
—
2025
23.8 m

SEC (XBRL)· 15 Dec 2025verified

Cash flow · USD

Operating cash flow
2024
-7.1 m
2025
-697.4 k

SEC (XBRL)· 31 Mar 2026verified

Capex
2024
25.0 k
2025
577.5 k

SEC (XBRL)· 31 Mar 2026verified

Free cash flow
2024
-7.1 m ≈
2025
-1.3 m ≈

SEC (XBRL)· 31 Mar 2026derived

Investing cash flow
2024
-25.0 k
2025
-749.9 k

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2024
8.4 m
2025
10.9 m

SEC (XBRL)· 31 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
21.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-82.8%
computed by olivLawFY 2025
Net income growth (YoY)
-288.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-280.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
12.5%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-3.2%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-3.6%
computed by olivLawTTM to 30 Jun 2026
Net margin
-5.4%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-14.7%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-129.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-8.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-46.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-16.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-2.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.5x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-1.9x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-18.6 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
3.5 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-22.1 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
3 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
168 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
6 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
165 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
37.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
34.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-23.2%
computed by olivLawTTM to 30 Jun 2026
P/B
3.1x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
0.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-59.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
1.44
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 35.4% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.48 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 37.2 m USD

Key indicators

Market capitalisation
37.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
3.1x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-129.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-5.4%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
21.1%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 13 Aug 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 270derived 24

Score by group

35% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Ship & Boat Building & Repairing (SIC 3730)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-46.3%0 (on a fixed band)29%
Net margin · Quality-5.4%20 (vs peers)18%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-1.9x0 (on a fixed band)18%
Current ratio · Balance sheet1.0x20 (on a fixed band)12%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-59.4%0 (on a fixed band)24%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet8/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality8/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

NextBoat Inc. (NXB). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 119.9 m USD in 2025; YoY growth 21.1%; net margin -5.4%; ROE -129.3%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROIC: -46.3%
  • Net margin: -5.4%
  • Interest coverage: -1.9x
  • Current ratio: 1.0x
  • FCF yield: -59.4%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Ship & Boat Building & Repairing (SIC 3730) · same industry (4-digit SIC) · compared with 6 companies

Multiples and returns vs the median

P/E
—
vertical median 21.2x
EV/EBITDA
—
vertical median —
P/S
0.2x
vertical median 0.9x
below median (−72.0%)
P/B
3.1x
vertical median 1.4x
above median (+117.2%)
ROE
-129.3%
vertical median 0.3%
below median (−40,783.8%)
Net margin
-5.4%
vertical median 0.2%
below median (−3,066.4%)
EBIT margin
-3.6%
vertical median 0.3%
below median (−1,155.7%)
Revenue YoY
21.1%
vertical median 11.7%
above median (+80.3%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
GDGeneral Dynamics Corporation98.6 bn21.218.0%8.2%+10.1%+7% / +48%
HIIHuntington Ingalls Industries, Inc.12.0 bn16.414.0%5.4%+8.2%−3% / +28%
MCFTMasterCraft Boat Holdings, Inc.541.6 m—-0.6%-0.5%+22.8%+20% / +11%
NXBNextBoat Inc.37.2 m—-129.3%-5.4%+21.1%unavailable / unavailable
VEEETwin Vee Powercats Co.5.2 m—-62.6%-76.3%+3.0%−91% / −98%
MBUUMalibu Boats, Inc.297275.00.3%0.2%+13.3%−13% / −44%
VMARVision Marine Technologies Inc.————+45.4%−100% / −100%

1- and 3-year price returns: for NXB from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    NextBoat Inc. (formerly Off The Hook YS Inc.) is a national pre-owned yacht and boat dealer and wholesaler that combines brokerage, financing, service and marine asset recovery. The company reported revenue of 119.9 mn USD in fiscal 2025, and its 2026 revenue guidance was raised, a signal that matters in a segment where pre-owned boat sales already outpace new ones.

    SWOT

    Strengths

    • A national broker network and eight physical locations support a high-volume model with a diversified inventory.
    • Vertical integration across brokerage, wholesale, financing, service and asset recovery reduces reliance on third parties.
    • Revenue and pre-owned volumes grew consistently in fiscal 2025 and in the first quarter of 2026.

    Weaknesses

    • Heavy reliance on floorplan financing and interest rate conditions exposes margins to variable funding costs.
    • Thin gross margins, especially on new boats, where price pressure and faster turnover have compressed profitability.
    • Concentration on a limited number of manufacturers and dealers, with the risk of losing annually renewable contracts.

    Opportunities

    • Expanding service infrastructure and inventory through recent acquisitions could support larger volumes.
    • Attaching more Azure financing to the company's own sales could grow internal business from its existing customer base.
    • The growing dominance of pre-owned boats could draw more sellers and buyers to the company's digital platforms.

    Threats

    • Weaker demand for new boats and cautious buyers facing high interest rates could reduce volumes and margins.
    • Changes in regulation of boat financing could affect Azure commissions.
    • Competition from banks, online platforms and regional dealers could pressure prices and commissions.

    Risks

    • Dependence on floorplan financinghigh

      The company relies heavily on floorplan financing for inventory, and a lower limit or higher costs could restrict purchases and margins.

    • Relationships with manufacturersmedium

      Dealer agreements are generally renewable annually, and losing a key manufacturer could materially affect new boat sales.

    • Integration of acquisitionsmedium

      The Apex Marine and Bellhart acquisitions could fail to deliver expected synergies if operational and staff integration runs into difficulties.

    • Seasonality and volatilitymedium

      The industry is highly seasonal, and fuel costs, insurance and economic conditions can shift demand quickly.

    • Personnel costslow

      Higher salaries and post-listing stock compensation could weigh on operating expenses if revenue growth does not keep pace.

    Investment thesis

    What would need to be true (bull case)

    • If the shift toward pre-owned boats persists, the company could benefit from a growing market where its national wholesale and brokerage position offers scale advantages.
    • Revenue guidance for 2026 was raised after the first quarter, suggesting a growth path that could continue if the acquisitions integrate well.
    • The integrated model combining financing, service and asset recovery may increase revenue per transaction and reduce reliance on outside suppliers.

    What would break the thesis

    • Revenue growth has partly come from acquisitions and a larger floorplan limit, while gross margins have stayed thin, especially on new boats.
    • Demand for new boats has contracted, and if interest rates stay high, Azure financing and commission income could keep declining.
    • Integrating several acquisitions at once, along with rising staff and marketing costs, could pressure profitability if volumes do not keep pace.

    What to watch

    • Pace of Apex Marine and Bellhart integration and its effect on service marginsQ3 2026
    • Delivery against the 2026 revenue guidance of 165 to 170 mn USD2026
    • Utilization of the floorplan limit against the 60 mn USD capacitynext 10-Q
    • Gross margin on new and pre-owned boats after the acquisitionsQ4 2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The company presents itself as a premium yacht and boat dealership specializing in buying, selling and wholesaling vessels, headquartered in Wilmington, North Carolina. According to the fiscal 2025 annual report, OTH operated through eight physical locations and a nationwide broker network, which grew to about 111 brokers by mid-2026 per the quarterly report.

    The integrated model includes WeBuyBoats.com for instant cash offers, Azure Funding for boat loans and insurance brokerage, OTH Yacht Services for maintenance, and Marine Asset Recovery for repossessions. High-end brokerage runs through Autograph Yacht Group, established in January 2025.

    Inventory depends heavily on floorplan financing with capacity of up to 60 mn USD, of which 25.3 mn USD was drawn at December 31, 2025. In 2026 the Apex Marine (May 2026) and Bellhart Marine Group (May 2026) acquisitions extended service infrastructure and sales in South Florida.

    Segments

    Financing and services

    Azure Funding finance income fell during 2025 as the customer mix shifted toward cash buyers, while service, parts and other sales grew sharply in Q2 2026 on recent acquisitions.

    Market context

    The US recreational boating market generated about 56.7 bn USD in annual sales in 2022 per NMMA. Pre-owned boats accounted for 78.3% of total boat sales in 2024, while new powerboat retail units fell 9.1% that year amid high interest rates and cautious spending.

    NMMA data also show an aging owner base, with the median owner age at 60 by end-2024, which could shape long-term demand. The industry expected a return to growth in 2025, although that outlook depends on macroeconomic conditions and US economic policy.

    Trends

    • Preference for pre-owned boatstailwind

      Buyers increasingly choose used boats at more accessible prices, favoring a wholesale and resale model. If this trend persists, it could support the company's volumes.

    • High rates and boat financingheadwind

      Boat loans are sensitive to interest rates, and 2025 rates stayed above historical averages. This can reduce demand for financed purchases and Azure commission income.

    • Consolidation through acquisitionsmixed

      The Apex Marine and Bellhart acquisitions of May 2026 extend service and presence in Florida. They could reduce outsourced costs and speed inventory turns, but they also bring integration risk.

    • Technology and digital platformstailwind

      Proprietary lead-generation sites and AI-enabled CRM tools support a showroom-free model. Their efficiency, however, depends on transaction volume and marketing costs.

    Competitive position

    The company competes with other pre-owned boat dealers, regional brokers, banks and specialty recreational lenders, and other online boat buying and auction platforms. Its stated advantage is the integration of brokerage, wholesale, financing and service.

    Competition centers on loan approval speed, customer experience, rate structures and dealer relationships. The company claims its own network sets reference pricing as a price maker, but this is an internal claim not verified by external sources.

    • Banks and specialty recreational lenders

      Compete with Azure Funding in approving loans for boats and recreational vehicles.

    • Other pre-owned boat dealers and brokers

      Compete for inventory and customers in the same regional US markets.

    • Online boat auction and sales platforms

      Offer alternative channels for selling used boats, sometimes at lower commissions.

    • Authorized dealers of new boat manufacturers

      Compete in the new boat segment, where the company relies on annually renewable dealer agreements.

    News & filings

    SEC filings

    • Current report29 Oct 2026
      Material agreement · Creation of a direct financial obligation · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
    • Current report19 Oct 2026
      Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
    • Current report09 Oct 2026
      Departure or appointment of officers
    • Current report29 Sept 2026
      Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
    • Current report04 Sept 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report28 Aug 2026
      Departure or appointment of officers
    • Current report18 Aug 2026
      Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
    • Quarterly report13 Aug 2026
    • Current report13 Aug 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report04 Aug 2026
      Regulation FD disclosure · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / NextBoat Inc. · 31 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / NextBoat Inc. · 13 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / NextBoat Inc. · 14 May 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.