NextBoat AI| Investor Relations

NextBoat Inc. Announces Fiscal Second Quarter 2026 Results

Second quarter 2026 revenue increased 88.4% year-over-year to a record $59.1 million

Record number of units transacted, 138% year-over-year increase

WILMINGTON, NC / ACCESS Newswire / August 13, 2026 / NextBoat Inc. (NYSE American:NXB) (“NextBoat” or the “Company”), a vertically integrated, technology-driven marine marketplace and one of the largest buyers and sellers of used boats in the United States, today announced financial results for its second quarter ended June 30, 2026.

2026 Second Quarter Highlights

  • Revenue increased 88.4% to $59.1 million compared to $31.3 million in the second quarter of 2025

  • Pre-owned boat sales increased 104.4% compared to the second quarter of 2025

  • Sold 255 boats during the second quarter, a Company record

  • Gross profit increased 100.1% to $9.5 million compared to $4.8 million in the second quarter of 2025

  • Expanded the Company’s broker network to 111 brokers

  • Advanced strategic partnership with MarineMax, Inc. as NextBoat’s preferred wholesale and trade-in partner

  • Executed 2 strategic acquisitions

  • Adjusted EBITDA1 of $0.8 million

“We achieved record revenue of $59.1 million, expanded our national broker network, executed two acquisitions and continued to build out our infrastructure. We are not simply focused on selling more boats. We are focused on increasing the number of transactions we can process, increasing the revenue we generate from each transaction, and increasing the proportion of our revenue that comes from higher-margin businesses. That is the opportunity we see ahead,” said Brian John, Chief Executive Officer of NextBoat.

“Transaction volume was up approximately 138% year-over-year, and our team grew right alongside it – our closing team tripled and our organization grew about 42% year-over-year to build the machine that makes this possible. That’s not incremental progress – that’s a company hitting its stride,” added Blake Phillips, Chief Operating Officer of NextBoat.

Second Quarter 2026 Results

Overall, revenue increased by $27.7 million, or 88.4%, to $59.1 million for the three months ended June 30, 2026, from $31.3 million for the three months ended June 30, 2025. The increase was primarily attributable to the contribution of the Apex Marine and Bellhart businesses acquired during the quarter, an increase in our floor plan limit that supported higher inventory utilization throughout the period, and the continued expansion of our broker network at Off The Hook and our premier brokerage division, Autograph Yacht Group. These factors contributed to an increase in the number of pre-owned boats sold and brokerage deals closed.

Gross profit increased by $4.8 million, or 100.1%, to $9.5 million for the three months ended June 30, 2026, compared to $4.8 million for the three months ended June 30, 2025. Gross profit as a percentage of revenue was 16.1% for the three months ended June 30, 2026 compared to 15.2% for the three months ended June 30, 2025. The increase was driven primarily by the higher-margin service, brokerage and finance revenue added through the Apex Marine and Bellhart acquisitions.

Selling, general, and administrative expenses consist primarily of insurance, utilities, and other customary operating expenses. SG&A increased $1.0 million, or 259.7%, to $1.4 million for the three months ended June 30, 2026, compared to $0.4 million for the three months ended June 30, 2025. The increase was primarily attributable to the operating cost base of the Apex Marine and Bellhart businesses acquired during the quarter, higher indirect marketing expenses, and higher insurance costs related to increased inventory levels under floorplan financing arrangements, each in line with the Company’s planned business expansion for 2026.

Salaries and wages expense increased $3.6 million, or 127.8%, to $6.5 million for the three months ended June 30, 2026, compared to $2.8 million for the three months ended June 30, 2025. Leading into and following our initial public offering, salaries and wages increased as we aligned our compensation with public-company market benchmarks and enhanced retention packages to ensure we can attract, motivate, and retain the talent required to deliver long-term shareholder value, and as we added the employee base of the businesses acquired during the quarter. Further, the Company recognized share-based compensation of $1.7 million for the three months ended June 30, 2026. These equity awards have several vesting conditions including service-based and performance-based requirements and vest between one and five years.

Interest expense, net increased $0.6 million, or 109.6%, to $1.2 million for the three months ended June 30, 2026, compared to $0.6 million for the three months ended June 30, 2025, driven primarily by higher average floor plan borrowings outstanding during the quarter and by debt assumed in the acquisitions and debt incurred to facilitate the Apex Marine and Bellhart transactions.

The Company recorded a net loss of $2.1 million for the three months ended June 30, 2026, compared to net income of $0.6 million for the three months ended June 30, 2025.

Adjusted EBITDA1 was an income of $0.8 million for the three months ended June 30, 2026, compared to income of $0.8 million for the three months ended June 30, 2025, a slight increase less than $0.1 million.

Fiscal 2026 Guidance

For full year 2026, the Company maintains its revenue guidance in a range of $165 million to $170 million.

Conference Call and Webcast

The Company will host an earnings conference call today, August 13, 2026, at 4:30 p.m. Eastern Time. To participate by telephone, please dial (833) 461-5787 (domestic), or (585) 542-9983 (international). The conference passcode is 366 467 666.

A live webcast of the conference call will be available in the Investor Relations section of the Company’s website at https://investor.nextboat.com using the conference passcode 366 467 666. An online replay of the webcast will be available for a limited time immediately following the call.

About NextBoat Inc.

Founded in 2012, NextBoat Inc., previously known as Off The Hook YS Inc., is a vertically integrated, technology-driven marine marketplace transforming how boats are bought, sold, financed, and serviced across the United States. Through proprietary technology, transaction data, financing capabilities, and a growing national acquisition network, the Company operates across boat brokerage, wholesale inventory acquisition, auctions, financing, and marine services. NextBoat’s ecosystem includes Off The Hook Yachts, Autograph Yacht Group, Azure Funding, and proprietary lead-generation platforms. Headquartered in Wilmington, North Carolina, NextBoat is rapidly expanding its national footprint and market share within the $57 billion U.S. marine industry.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding NextBoat Inc. (“Company”), including, without limitation, statements regarding the Company’s business strategy, technology platform, market opportunity, planned operations, and expected results and benefits. You can generally identify forward-looking statements by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” or “will,” or the negative of such terms thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on the Company’s current plans, objectives, estimates, expectations, and intentions and inherently involve significant risks and uncertainties, many of which are beyond our control. Actual results, performance or achievements, including the timing of events, may differ materially from those expressed or implied by the forward-looking statements as a result of various risks and uncertainties, including those described under the heading “Risk Factors” in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other subsequent filings with the SEC. Copies of these filings are available on the SEC’s website at www.sec.gov. Investors are cautioned that forward-looking statements are not guarantees of future performance, and are cautioned not to place undue reliance on any such forward-looking statements. The forward-looking statements made in this press release are made only as of the date hereof or as of the dates indicated in the forward-looking statements and reflect the views stated therein with respect to future events at such dates, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update, revise or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances occurring after the date such statements were made, except as required by applicable law.

Contact

Chad Corbin
Chief Financial Officer
chadcorbin@nextboat.com

Investor Relations

ir@nextboat.com

NEXTBOAT INC.

Condensed Consolidated Statements of Operations
(Unaudited)
For the Three and Six Months Ended June 30, 2026 and 2025

For the three months ended June 30,

For the six months ended June 30,

2026

2025

2026

2025
Revenues

$

59,063,204

$

31,348,061

$

88,906,943

$

58,586,843
Cost of revenues

49,527,606

26,581,626

75,009,541

50,296,398
Gross profit

9,535,598

4,766,435

13,897,402

8,290,445
Operating expenses:
Depreciation and amortization

163,150

86,837

321,838

123,210
Selling, general and administrative

1,438,694

399,992

2,732,469

823,852
Advertising and marketing

349,410

47,609

940,303

376,655
Professional services

1,422,174

47,193

2,008,374

101,480
Salaries and wages

6,480,556

2,844,934

10,792,942

4,547,597
Rent expenses

715,563

227,403

1,003,418

384,561
Total operating expenses

10,569,547

3,653,968

17,799,344

6,357,355
(Loss) Income from operations

(1,033,949

)

1,112,467

(3,901,942

)

1,933,090
Other income (expenses):
Interest expense, net

(1,197,101

)

(571,214

)

(1,726,231

)

(1,116,512

)
Other income, net

(507

)

12,588

92,126

27,037
Total other expenses

(1,197,608

)

(558,626

)

(1,634,105

)

(1,089,475

)
(Loss) profit before income taxes

(2,231,557

)

553,841

(5,536,047

)

843,615
Income tax (benefit) expenses

(161,882

)

–

1,150

–
Net (Loss) Income

(2,069,675

)

553,841

(5,537,197

)

843,615
Net Loss attributed to non-controlling interest

(200,607

)

–

(200,607

)

–
Net (Loss) Income attributed to Nextboat Inc.

(1,869,068

)

553,841

(5,336,590

)

843,615
Basic and diluted net (loss) income per common share

(0.08

)

0.03

(0.22

)

0.04
Basic and diluted weighted average common shares outstanding

24,791,031

20,000,000

24,552,176

20,000,000

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

NEXTBOAT INC.

Condensed Consolidated Balance Sheets
As of June 30, 2026 and December 31, 2025

June 30, 2026

December 31, 2025

(Unaudited)

(Audited)
Assets
Current Assets
Cash and cash equivalents

$

7,737,601

$

12,428,774
Accounts receivable, net

1,333,402

269,938
Inventory

60,393,869

26,035,844
Prepaid expense

1,397,605

706,256
Other current assets

569,048

434,584
Total Current Assets

71,431,525

39,875,396
Non-Current Assets
Property, plant and equipment, net

3,998,268

823,231
Other receivable

–

27,486
Due from related party

69,912

44,623
Right-of-use assets

18,920,775

6,516,415
Goodwill

5,499,795

570,000
Intangible assets, net

572,829

560,406
Total Non-Current Assets

29,061,579

8,542,161
Total Assets

$

100,493,104

$

48,417,557
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable

$

2,318,679

$

1,471,198
Accrued liabilities

1,699,465

790,804
Lease liabilities, current

2,550,653

963,731
Current portion of long-term debt

1,969,226

32,453
Due to related party

2,776,442

315,088
Customer deposits

2,857,835

1,210,447
Short-term debt

2,170,000

–
Floor plan notes payable

51,561,686

25,312,694
Other current liabilities

576,934

773,821
Total Current Liabilities

68,480,920

30,870,236
Long-Term Liabilities
Long-term debt, noncurrent

3,263,451

62,003
Lease liabilities, noncurrent

16,690,631

5,650,165
Total Long-Term Liabilities

19,954,082

5,712,168
Total Liabilities

88,435,002

36,582,404
Stockholders’ Equity
Common stock, $0.001 par value; 100,000,000 shares authorized; 25,084,128 and 24,020,000 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively

25,084

24,020
Additional paid-in capital

23,723,649

17,964,567
Common stock payable

350,000

350,000
Non-controlling interest

(200,607

)

–
Accumulated deficit

(11,840,024

)

(6,503,434

)
Total Stockholders’ Equity

12,058,102

11,835,153
Total Liabilities and Stockholders’ Equity

$

100,493,104

$

48,417,557

Non-GAAP Financial Information

To supplement NextBoat’s financial information presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), NextBoat presents certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA1. These non-GAAP financial measures, which are defined below, should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies.

NextBoat is presenting these non-GAAP financial measures to assist investors in seeing NextBoat’s operating results through the eyes of management and because NextBoat believes that these measures provide a useful tool for investors to use in assessing NextBoat’s operating performance against prior period operating results and against business objectives. NextBoat uses non-GAAP financial measures to evaluate its operating results and for financial and operational decision-making. Reconciliations of the non-GAAP financial measures presented to the most directly comparable GAAP financial measures are included in the tables below.

1Adjusted EBITDA

The Company defines Adjusted EBITDA as GAAP net income (loss) before interest expense, income taxes, depreciation and amortization, and certain additional adjustments, including stock-based compensation and other non-cash items or other items that management does not consider indicative of ongoing operating performance.

The Three Months Ended June 30, 2026, Compared to The Three Months Ended June 30, 2025

June 30, 2026

June 30, 2025

$ Change
Net (loss) income

$

(2,069,675

)

$

553,841

$

(2,623,516

)
Interest expense – other

507,893

172,561

335,332
Income tax expenses

(161,882

)

–

(161,882

)
Depreciation and amortization

163,150

86,837

76,313
Stock-based compensation

1,689,311

–

1,689,311
Non-recurring expense

701,008

–

701,008
Adjusted EBITDA

$

829,805

$

813,239

$

16,566

The Six Months Ended June 30, 2026, Compared to The Six Months Ended June 30, 2025

June 30, 2026

June 30, 2025

$ Change
Net (loss) income

$

(5,537,197

)

$

843,615

$

(6,380,812

)
Interest expense – other

521,484

172,561

348,923
Income tax expenses

1,150

–

1,150
Depreciation and amortization

321,838

123,210

198,628
Stock-based compensation

3,450,924

–

3,450,924
Non-recurring expense

701,008

–

701,008
Adjusted EBITDA

$

(540,793

)

$

1,139,386

$

(1,680,179

)

SOURCE: NextBoat Inc.

View the original press release on ACCESS Newswire

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George Jousma

Independent Director

George Jousma, age 66, brings more than 45 years of executive experience representing the Italian yachting sector in the Americas. In 1994, Mr. Jousma became President of Allied Marine/Richard Bertram Yachts, where he expanded the business from a single yacht product line generating under $20 million in sales to a company of over 200 employees across nine locations, with revenues exceeding $200 million. 

During his 14-year tenure, Allied became one of the largest distributors of Azimut, Benetti, and Ferretti yachts in the Americas, ultimately leading to its acquisition by the Ferretti Group in 2008. That same year, Mr. Jousma founded Sanlorenzo of the Americas, serving as President and Chief Executive Officer for ten years and establishing Sanlorenzo as one of the leading motor yacht brands in the region.

 Mr. Jousma also served on the Board of Directors and as a two-term President of the International Yacht Brokers Association (IYBA), the largest professional association of its kind globally. He has been an active participant in the Marine Industries Association of South Florida (MIASF) and is a lifelong boater originally from the Midwestern United States.

Mary Reynolds

Independent Director

Mary Reynolds, age 41, has over 15 years of leadership experience in retail and commercial finance, with a focus on business development, process optimization, and strategic growth. Mrs. Reynolds currently serves as Digital Innovation Director at a Connecticut-based bank, where she leads cross-functional teams in delivering technology-driven financial solutions. 

Previously, Mrs. Reynolds led marine operations at a top-performing national bank, supporting over $500 million in loan originations in under two years while managing federal and state regulatory audits. 

From November 2024 to May 2025, she served as Vice President of Consumer Lending at The Washington Trust Company. From July 2020 to August 2023, Mrs. Reynolds served as Chief Operating Officer of LV/Bank of Clark and later as Senior Vice President, Head of Operations at LV/Axos Bank of LaVictoire Finance.

Jim Seagrave

Independent Director

Jim Segrave, age 54, is the Founder, Chairman, and Chief Executive Officer of flyExclusive, one of North America’s largest and most innovative private jet operators. Founded in 2015, flyExclusive operates a fleet of over 90 light, mid, and super-midsize jets, employs nearly 800 professionals, and generated estimated annual revenues exceeding $350 million in 2024.

 In December 2023, flyExclusive (NYSE: FLYX) completed its public listing on the New York Stock Exchange. Mr. Segrave previously founded Segrave Aviation, Inc., a successful aircraft charter company sold to Delta Air Lines in 2010, which became Delta Private Jets. He also founded LGM Ventures, LLC, which operates fixed-base operations (FBOs) at Eastern North Carolina airports, the largest daycare center in Kinston, and a restaurant and bar in Atlantic Beach. Mr. Segrave has been named to the North Carolina Power List of Most Influential Leaders for the past three years.

 In 2024, he received the Boy Scouts Distinguished Citizen Award and was awarded the Key to the City by the Mayor. He currently serves on the Board of Directors of Quality Equipment, which owns and operates 38 John Deere dealerships, and as Vice Chairman of the Board of Directors of L. Harvey & Son, one of North Carolina’s oldest privately held businesses, founded in 1871. Mr. Segrave is also a member of the Board of Trustees at East Carolina University, the Embry-Riddle Aeronautical University Industrial Advisory Board, and the National Business Aviation Association (NBAA) Leadership Council.

Mike Kosloske

Independent Director

Mike Kosloske, age 61, is a third-generation insurance industry professional with a long-standing track record in executive leadership and public company governance.

 He is the founder of Health Insurance Innovations, Inc. (HIIQ), a health insurance technology company that completed its initial public offering on Nasdaq in February 2013. Mr. Kosloske served as Chief Executive Officer of HIIQ, which was recognized as the #1 Growth Company on Nasdaq in 2016, 2017, and 2018. In 2013, he was a finalist for the Ernst & Young Entrepreneur of the Year award. HIIQ was acquired by Madison Dearborn Partners in 2019. Mr. Kosloske previously served on the Board of Directors for St. Joseph’s Hospitals Foundation (2016 – 2025) and currently serves on the Board of Directors for Seminole Boosters (2019 – Present). 

He is also Managing Partner of Future Labs Capital, a firm focused on funding and consulting for MIT-affiliated companies in artificial intelligence, machine learning, and quantum computing (2024 – Present).

Andrew Simmons

Executive Vice President

Andrew Simmons, age 37, combines over 19 years of experience in senior sales and marketing leadership across the marine and automotive industries. Previously, he had been involved in multiple ventures within these sectors, holding positions including Founder, Partner, and President of Sales. Mr. Simmons was the Founder and Partner of American Yacht Group, one of the United States’ largest new yacht dealerships, generating over $100 million in annual sales since its inception in 2019. 

His success at American Yacht Group contributed to over 50% growth in annual sales for HCB Yachts. Most recently, Mr. Simmons was promoted to President of Sales for HCB Yachts globally. Mr. Simmons has demonstrated a consistent ability to drive growth in competitive markets through innovative sales strategies and strong leadership. 

His experience in scaling businesses provides a valuable commercial perspective that supports the Company’s expansion and revenue growth initiatives.

Chad Corbin

Chief Financial Officer

Chad Corbin, age 47, combines over 22 years of experience in financial and operational senior management following a career that began at Ferguson Enterprises. Previously, he had been involved in multiple companies within the financial and manufacturing industries, holding positions including Chief Financial Officer, Controller, General Manager, and Operations Manager.

 From 2000 through 2008, Mr. Corbin was the Credit Manager and later the Operations Manager for Ferguson Enterprises’ Jacksonville, FL branch. From 2008 to 2017, he served as Controller and subsequently as Chief Financial Officer and General Manager of Filmwerks International, a company specializing in event production and technical solutions. During his nine-year tenure, he was responsible for overseeing financial operations, maintaining the company’s banking relationships, overseeing two large competitor acquisitions. Following Filmwerks, from 2017 to 2024, Mr. Corbin worked as a Financial/ Operational consultant for several small companies. 

Two of his larger contracts were with Audioengine and Manufacturing Methods. Audioengine, a leading innovator in high-end audio equipment, he managed accounting, fulfilment, production, and sales support functions. Manufacturing Methods, he served has their CFO, where he was responsible for financial and human resources decisions across three companies, maintaining compliance with GAAP standards. Mr. Corbin is also currently the Chief Financial Officer of the Company.

BLake R. Phillips

Chief Operating Officer

Blake R. Phillips, age 39, combines over 17 years of experience in the recreational marine industry’s senior management.

 Previously, he had been involved in three major companies in the boating industry, holding positions including senior sales executive and Chief Operating Officer. From 2013 through 2022, Mr. Phillips held leadership roles with White River Marine Group, the world’s largest builder of fishing and recreational boats by volume, and MarineMax, the world’s largest retailer of recreational boats and yachts. 

In October 2022, he joined Off The Hook YS Inc. as Chief Operating Officer to lead the Company’s expansion of its consumer base, supplier network, stores, and operational systems. Mr. Phillips has recruited, built, and led teams of over 100, earned top sales accolades for brands such as Boston Whaler and Azimut Yachts, consulted on new vessel manufacturing, opened retail locations, and designed and managed major boat show displays.

Brian S. John

Chief Executive Officer

Brian S. John, age 56, combines over 25 years of experience in financial consulting, capital markets, and senior executive leadership, following a career as an investor and advisor to global emerging growth companies. Previously, he had been involved in numerous companies in the financial consulting and consumer products industries, holding positions including Chief Executive Officer, Chairman, and board member. 

From 2018 through 2023, Mr. John was the Chief Executive Officer of Jupiter Wellness, Inc., a consumer health and wellness company that he took public on NASDAQ in November 2020. In 2021, as CEO of Jupiter Wellness, he acquired SRM Entertainment, which began trading on NASDAQ in August 2023. From 2021 to 2023, he also served as CEO of Jupiter Wellness Acquisition Corp (NASDAQ: JWAC), now known as CJET. Mr. John is the founder of Caro Partners, LLC, a financial consulting firm specializing in advising emerging growth companies, and has worked with hundreds of companies across dozens of countries. 

He is also currently the Chairman of the Board for Caring Brands, Inc., a consumer brand development company. Mr. John served on the board of directors of The Learning Center at the Els Center of Excellence, a school for children with autism in Jupiter, Florida, from 2015 through 2023.

Jason Ruegg

Founder, President and Chairman of the Board

Jason Ruegg, age 36, combines over 12 years of experience in senior management within the marine industry following an entrepreneurial career that began during college. Previously, he had been involved in multiple ventures within the recreational boating sector, holding positions including Founder, President, and Chairman. Since 2012, Mr. Ruegg has served as Founder and President of Off the Hook Yachts, a national leader in the wholesale and retail pre-owned yacht market. 

Under his leadership, the company has completed nearly 10,000 transactions and acquired close to $1 billion in used boats and yachts. Off the Hook Yachts has been repeatedly recognized, including being named to the Inc. 500 list of America’s Fastest-Growing Companies, consistently ranked among Boating Industry’s Top 100 Dealers, and has completed over 5,000 transactions. In addition to leading core operations, Mr. Ruegg founded Azure Funding, a marine finance company, which has grown to over $100 million in annual loans, and has acquired multiple marinas, shipyards, and dry-stack facilities. 

Mr. Ruegg is also currently a director of Off the Hook YS Inc., a vertically integrated marine retail and finance platform.