Off The Hook Yachts Reports Fourth Quarter and Full-Year 2025 Financial and Operating Results
Rhea-AI Summary
Off The Hook Yachts (NYSE: OTH) reported record 2025 revenue of $119.9 million (up 21.1% YoY) and a record 426 boats sold (up 32.7% YoY). Gross profit rose 30.6% to $11.5 million. The company completed an IPO in November 2025, raising ~$13.4 million, ending 2025 with $12.4 million cash and working capital of $9.4 million. Adjusted EBITDA was $0.5 million and net loss was $1.47 million, reflecting higher public-company operating costs. 2026 revenue guidance was raised to $150–$155 million from prior $140–$145 million.
Positive
- Record revenue of $119.9M (+21.1% YoY)
- Record 426 boats sold (+32.7% YoY)
- Gross profit improved to $11.5M (+30.6% YoY)
- Completed IPO raising ~$13.4M, boosting liquidity
- Raised 2026 revenue guidance to $150–$155M
- Year-end cash of $12.4M and working capital $9.4M
Negative
- Net loss of $1.47M in 2025 versus net income of $1.0M in 2024
- Operating expenses rose to $10.7M from $5.8M (public-company costs)
- Adjusted EBITDA declined to $0.5M from $1.2M
- Floorplan notes payable of $25.3M contribute to leverage and interest cost
News Market Reaction – OTH
On the day this news was published, OTH declined 0.50%, reflecting a mild negative market reaction. Argus tracked a trough of -27.4% from its starting point during tracking. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $228K from the company's valuation, bringing the market cap to $45.36M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
No peers from the stated sector appeared in the momentum scanner, suggesting the -11.57% move in OTH is stock-specific rather than part of a broader sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 15 | Earnings results | Positive | -15.3% | Q3 2025 earnings, IPO completion, and initial 2026 revenue guidance issued. |
The prior earnings release showed positive growth metrics but was followed by a sharp negative price reaction, similar to today’s decline on strong reported results and raised guidance.
Over the past six months, Off The Hook Yachts has highlighted rapid growth and its transition to a public-company infrastructure. In Q3 2025, it reported revenue of $24.0M and record nine‑month revenue of $82.6M, with strong unit growth and positive adjusted EBITDA. That earnings release coincided with an IPO and initial 2026 revenue guidance of $140–$145M. Today’s full‑year 2025 results and guidance raise extend that growth narrative but again coincide with a negative share-price reaction.
Historical Comparison
In the last earnings release, OTH fell 15.34% on positive growth figures. Today’s -11.57% move on record 2025 results and higher 2026 guidance is directionally consistent with that pattern.
Earnings news progressed from Q3 2025 results with initial $140–$145M 2026 guidance to full‑year 2025 results that raise 2026 revenue expectations to $150–$155M, reinforcing a continued top‑line growth trajectory.
Market Pulse Summary
This announcement details record $119.9M 2025 revenue, strong growth in boats sold, and a higher $150–$155M 2026 revenue outlook. It also highlights improved gross margin and a strengthened balance sheet following $13.4M in IPO proceeds, alongside higher operating expenses and a modest net loss. Investors may monitor execution on expanded floorplan utilization, Azure financing attachment rates, and whether operating leverage improves as scale increases.
Key Terms
ipo financial
initial public offering financial
adjusted ebitda financial
floorplan financing facility financial
floorplan interest expense financial
working capital financial
operating lease liabilities financial
extended warranty contracts financial
AI-generated analysis. Not financial advice.
Record revenue of
Record 426 boats sold in 2025, up
Increased 2026 revenue guidance to
Successfully completed IPO, strengthening balance sheet and liquidity
Wilmington, NC, March 30, 2026 (GLOBE NEWSWIRE) -- Off The Hook YS Inc. (NYSE American: “OTH”, or “Off the Hook Yachts”), a vertically integrated marine marketplace and the largest buyer and seller of used boats in the nation, today announced financial results for the year ended December 31, 2025. The Company will host a live conference call today at 4:30 P.M. EST.
“We achieved record revenue of
“Despite a more cautious macro environment for discretionary purchases, the number of boats that we sold grew by more than
2025 Fourth Quarter Highlights
- Revenue increased
25.2% to$37.3 million , up from$29.8 million , in the same period of 2024 - Record 117 boats sold during the quarter, up
62.5% , in the same period of 2024 - Gross profit increased
63.2% to$3.1 million , up from$1.9 million , in the same period of 2024 - Completed IPO in November 2025, raising approximately
$13.4 million in net proceeds
2025 Full-Year Highlights
- Record revenue of
$119.9 million , up21.1% compared to$99.0 million , in 2024 - Record 426 total boats sold, up
32.7% year-over-year - Gross profit increased
30.6% to$11.5 million , up from$8.8 million , in 2024- Net loss of
$1.47 million , compared to net income of$1.0 million , in 2024, primarily reflecting increased operating expenses associated with becoming a public company, including$1.8 million of stock-based compensation
- Net loss of
- Adjusted EBITDA of
$0.5 million , compared to$1.2 million , in the same period of 2024- Working capital on December 31, 2025, improved to
$9.4 million - Cash increased to
$12.4 million on December 31, 2025, compared to$2.93 million on September 30, 2025.
- Working capital on December 31, 2025, improved to
2026 Full Year Guidance
For 2026, the Company expects annual revenue to be between
Full-Year 2025 Financial Discussion
Revenue increased
New boat sales increased
Revenue from finance-related activities through Azure Funding was
Gross profit increased
Operating expenses were
Interest expense related to floorplan financing increased to
Net loss for 2025 was
Adjusted EBITDA was
As of December 31, 2025, the Company had
Working capital improved to
Total assets were
The Company believes its current cash position, combined with operating cash flow and available inventory financing facilities, provides sufficient liquidity to support planned growth investments.
Fourth Quarter Financial Discussion
Fourth quarter revenues of
We sold
The Company plans to increase the attachment rate of Azure financing with our boat sales and thereby growing the business internally.
Gross profit was
Operating expenses totaled
Floor plan interest expense was
Conference Call and Webcast
The Company will host an earnings conference call today, March 30, 2026, at 4:30 P.M. Eastern Time. To participate in the call, please dial (800) 715-9871 (domestic), or (646) 307-1963 (international). The conference passcode is 5863262. This call is being webcast and can be accessed using the conference passcode 5863262, on the Investor Relations section of the company’s website at the earnings call link., or on the company IR page at https://investor.offthehookyachts.com/. The online replay will be available following the call.
About Off The Hook Yachts Inc.
Founded in 2012, Off The Hook YS Inc. is a vertically integrated, marine marketplace transforming how boats are bought, sold, and financed across the United States. Leveraging proprietary technology, deep transaction data, and a national acquisition network, the Company increases speed, transparency, and inventory velocity across boat brokerage, wholesale trading, auctions, financing, and marine services, with an integrated ecosystem that includes Autograph Yacht Group, Azure Funding, and proprietary lead-generating platforms. Headquartered in Wilmington, North Carolina, Off The Hook is rapidly expanding its national footprint and market share within the
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Off The Hook YS Inc.’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section entitled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Off The Hook YS Inc. undertakes no duty to update such information except as required under applicable law.
Contacts:
Company
Chad Corbin
Chief Financial Officer (CFO)
Investor Relations
John Evans
Investor Relations
OFF THE HOOK YS INC.
Consolidated Balance Sheets as of December 31, 2025 and 2024
| December 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 12,428,774 | $ | 2,927,126 | ||||
| Accounts receivable, net | 269,938 | 104,317 | ||||||
| Inventory | 26,035,844 | 22,593,422 | ||||||
| Prepaid expense | 706,256 | 2,388,782 | ||||||
| Private label receivable | - | 4,942 | ||||||
| Other current assets | 434,584 | 840,401 | ||||||
| TOTAL CURRENT ASSETS | 39,875,396 | 28,858,990 | ||||||
| NON-CURRENT ASSETS | ||||||||
| Property, plant and equipment, net | 823,231 | 461,709 | ||||||
| Other receivable | 27,486 | 42,192 | ||||||
| Private label receivable | - | 185,550 | ||||||
| Due from related party | 44,623 | 11,313 | ||||||
| Right-of-use assets | 6,516,415 | 1,505,986 | ||||||
| Goodwill | 570,000 | 570,000 | ||||||
| Intangible assets, net | 560,406 | - | ||||||
| TOTAL NON-CURRENT ASSETS | 8,542,161 | 2,776,750 | ||||||
| TOTAL ASSETS | $ | 48,417,557 | $ | 31,635,740 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 1,471,198 | $ | 962,725 | ||||
| Accrued liabilities | 390,804 | 507,284 | ||||||
| Lease liabilities, current | 963,731 | 382,731 | ||||||
| Line of credit | - | 2,833,400 | ||||||
| Current portion of long-term debt | 32,453 | 137,468 | ||||||
| Due to related party | 315,088 | 1,422,540 | ||||||
| Customer deposits | 1,210,447 | 2,350,219 | ||||||
| Floor plan notes payable | 25,312,694 | 20,595,517 | ||||||
| Other current liabilities | 773,821 | 110,547 | ||||||
| TOTAL CURRENT LIABILITIES | 30,470,236 | 29,302,431 | ||||||
| LONG-TERM LIABILITIES | ||||||||
| Long-term debt, noncurrent | 62,003 | 229,295 | ||||||
| Lease liabilities, noncurrent | 5,650,165 | 1,136,624 | ||||||
| TOTAL LONG-TERM LIABILITIES | 5,712,168 | 1,365,919 | ||||||
| TOTAL LIABILITIES | 36,182,404 | 30,668,350 | ||||||
| STOCKHOLDERS’ EQUITY | ||||||||
| Common stock, with | 24,020 | 20,000 | ||||||
| Additional paid-in capital | 17,964,567 | 2,774,944 | ||||||
| Common stock payable | 350,000 | - | ||||||
| Accumulated loss | (6,103,434 | ) | (1,827,554 | ) | ||||
| TOTAL STOCKHOLDERS’ EQUITY | 12,235,153 | 967,390 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 48,417,557 | $ | 31,635,740 | ||||
OFF THE HOOK YS INC.
Consolidated Statements of Operations for the Years Ended December 31, 2025, and 2024
| For the years ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | $ | 119,866,298 | $ | 98,995,562 | ||||
| Cost of revenues | 108,400,082 | 90,214,652 | ||||||
| Gross profit | 11,466,216 | 8,780,910 | ||||||
| Operating expenses: | ||||||||
| Depreciation and amortization | 310,871 | 255,240 | ||||||
| Selling, general and administrative | 2,427,881 | 1,752,325 | ||||||
| Advertising and marketing | 1,162,037 | 489,008 | ||||||
| Professional services | 459,010 | 433,207 | ||||||
| Salaries and wages | 5,775,259 | 2,689,843 | ||||||
| Rent expenses | 868,246 | 477,364 | ||||||
| Total operating expenses | 11,003,304 | 6,096,987 | ||||||
| Income from operations | 462,912 | 2,683,923 | ||||||
| Other income (expenses): | ||||||||
| Interest expense, net | (2,261,241 | ) | (1,622,461 | ) | ||||
| Other income | 214,499 | 22,107 | ||||||
| Other expense | (19,922 | ) | (91,885 | ) | ||||
| Total other expenses | (2,066,664 | ) | (1,692,239 | ) | ||||
| Net (loss) income before income taxes | (1,603,752 | ) | 991,684 | |||||
| Income tax benefit | (131,955 | ) | - | |||||
| Net (loss) income | $ | (1,471,797 | ) | $ | 991,684 | |||
| Basic and diluted net (loss) income per common share | $ | (0.07 | ) | $ | 0.05 | |||
| Basic and diluted weighted average common share outstanding | $ | 20,509,356 | $ | 20,000,000 | ||||
OFF THE HOOK YS INC.
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, and 2024
| For the years ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net (loss) income | $ | (1,471,797 | ) | $ | 991,684 | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 310,871 | 255,240 | ||||||
| Imputed interest | - | 40,746 | ||||||
| Non-cash lease expense | 84,112 | 8,302 | ||||||
| Stock-based compensation | 1,800,899 | - | ||||||
| Non-cash income tax benefit Changes in operating assets and liabilities: | (132,911 | ) | ||||||
| Accounts receivable | (165,621 | ) | 74,804 | |||||
| Private label receivable | 190,492 | 1,412,228 | ||||||
| Other receivable | 14,706 | 90,034 | ||||||
| Inventory | (3,442,422 | ) | (10,036,610 | ) | ||||
| Prepaid expense | 1,682,526 | 4,755 | ||||||
| Other current assets | 405,817 | (568,275 | ) | |||||
| Due from related parties | (33,310 | ) | (11,313 | ) | ||||
| Accounts payable | 508,473 | 740,541 | ||||||
| Accrued liabilities | 27,269 | 204,722 | ||||||
| Customer deposits | (1,139,772 | ) | (326,216 | ) | ||||
| Other current liabilities | 663,274 | 11,125 | ||||||
| Net cash used in operating activities | (697,394 | ) | (7,108,233 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Capital expenditure of fixed assets | (577,456 | ) | (25,012 | ) | ||||
| Acquisition of intangible assets | (172,432 | ) | - | |||||
| Net cash used in investing activities | (749,888 | ) | (25,012 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from line of credit | 1,308,793 | 1,318,170 | ||||||
| Payment to line of credit | (4,142,193 | ) | (898,998 | ) | ||||
| Member distribution | (2,804,083 | ) | (736,289 | ) | ||||
| Member contribution | 2,644 | 920,969 | ||||||
| Proceed from short-term loan payable | - | 22,188 | ||||||
| Payment to short-term loan payable | - | (1,070,000 | ) | |||||
| Proceed from floorplan notes payables | 77,338,112 | 51,736,268 | ||||||
| Payment to floor plan notes payable | (72,620,935 | ) | (41,935,039 | ) | ||||
| Proceed from long-term debt | 59,429 | 2,820 | ||||||
| Payment to long-term debt | (331,736 | ) | (232,568 | ) | ||||
| Proceed from related-party debt | 2,917 | 1,346,771 | ||||||
| Payment to related party debt | (1,254,118 | ) | (2,068,552 | ) | ||||
| Proceeds from issuance of common stock upon initial public offering | 13,390,100 | |||||||
| Net cash provided by financing activities | 10,948,930 | 8,405,740 | ||||||
| Net change in cash | 9,501,648 | 1,272,495 | ||||||
| Cash and cash equivalents, beginning of period | 2,927,126 | 1,654,631 | ||||||
Non-GAAP Financial Information
To supplement OTH’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, OTH presents certain financial measures that are not prepared in accordance with GAAP, including adjusted EBITDA. 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.
OTH is presenting these non-GAAP financial measures to assist investors in seeing OTH’s operating results through the eyes of management and because OTH believes that these measures provide a useful tool for investors to use in assessing OTH’s operating performance against prior period operating results and against business objectives. OTH uses non-GAAP financial measures to evaluate its operating results and for financial and operational decision-making.
The accompanying tables provide more detail on the GAAP financial measures that are most directly comparable to the non-GAAP financial measures described above and the related reconciliations between these financial measures.
Adjusted EBITDA
We define and calculate adjusted EBITDA as GAAP net income (loss) before interest income or expense, income tax (benefit) expense, depreciation and amortization, and further adjusted for the items as described in the reconciliation below.
These include, but are not limited to the following:
- non-cash expenses, such as depreciation and amortization and stock-based compensation
- interest expense and income tax expense or benefit
The following tables present a reconciliation of adjusted EBITDA to our net (loss) income, which is the most directly comparable GAAP measure for the periods presented. We believe this information will be useful for investors to facilitate comparisons of our operating performance and identify trends in our business.
| Years Ended December 31, | ||||||||||||
| Description | 2025 | 2024 | Change | |||||||||
| Net (loss) income | $ | (1,471,797 | ) | $ | 991,684 | $ | (2,463,481 | ) | ||||
| Interest expense – other | 21,570 | - | 21,570 | |||||||||
| Income tax benefit | (131,955 | ) | - | (131,955 | ) | |||||||
| Depreciation and amortization | 310,871 | 255,240 | 55,631 | |||||||||
| Stock-based compensation | 1,800,899 | - | 1,800,899 | |||||||||
| Adjusted EBITDA | $ | 529,588 | $ | 1,246,924 | $ | 717,336 | ||||||
FAQ
What were Off The Hook Yachts (OTH) full-year 2025 revenues and growth?
How many boats did OTH sell in 2025 and what was the impact on average sale price?
What is Off The Hook Yachts' 2026 revenue guidance (NYSE: OTH)?
How did the November 2025 IPO affect OTH's balance sheet and liquidity?
Why did Off The Hook Yachts report a net loss in 2025 despite higher revenue?
What drove OTH's gross profit and Adjusted EBITDA performance in 2025?
