Off The Hook YS Inc. Reports First Quarter 2026 Financial and Operating Results
Rhea-AI Summary
Off The Hook Yachts (NYSE American: OTH) reported Q1 2026 revenue up 9.6% year over year to $29.8 million, a quarterly record, with gross profit up 18.3% to $3.2 million and gross margin improving to 10.7%.
The company sold a first‑quarter record 127 boats, including 124 pre‑owned units, and expanded its broker network by 30. It raised 2026 revenue guidance to $165–$170 million and completed the Apex Marine acquisition in South Florida to expand storage, service, and resale infrastructure.
Positive
- Q1 2026 revenue up 9.6% to $29.8 million
- Q1 gross profit up 18.3% to $3.2 million; margin 10.7%
- Pre-owned boat revenue up 31.8% to $27.8 million
- Pre-owned units sold up 55.0% to 124 boats
- First-quarter record 127 total boats sold
- 2026 revenue guidance raised to $165–$170 million from $155–$160 million
- Completion of Apex Marine acquisition expanding South Florida infrastructure
Negative
- New boat revenue down 76.4% to $1.3 million
- New boat gross margin fell to 1.1% from 4.5%
- Finance income down about 50.0% to $0.3 million
- SG&A expenses up 205.1% to $1.3 million
- Salaries and wages up 244.4% to $3.1 million, including $1.8 million stock-based compensation
News Market Reaction – OTH
In the May 15 session, OTH declined 3.14%, reflecting a moderate negative market reaction. Argus tracked a peak move of +9.2% during that session. Argus tracked a trough of -3.8% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. Trading volume was elevated at 2.5x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 30 | Q4 & 2025 earnings | Positive | -0.5% | Reported record 2025 results and raised 2026 revenue guidance. |
| Dec 15 | Q3 2025 earnings | Positive | -15.3% | Announced strong Q3 growth, record nine‑month revenue and updated guidance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been positive operationally but followed by negative price reactions, indicating a pattern of post-earnings sell-offs or profit-taking.
Recent history shows Off The Hook using earnings to highlight growth and raise guidance. The Dec 15, 2025 Q3 2025 update cited record revenue and boat sales, yet shares fell 15.34%. The Mar 30, 2026 Q4 and full-year 2025 results again reported record $119.9M revenue and higher 2026 guidance, but the stock slipped 0.5%. Today’s Q1 2026 report continues that trajectory with further revenue growth and another guidance increase, fitting the pattern of strong fundamentals against muted to negative immediate price reactions.
Key Terms
floorplan financing facility financial
stock-based compensation financial
gross margin financial
seller financing financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
First quarter 2026 revenue increased
Increased 2026 revenue guidance to
Wilmington, NC, May 14, 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 quarter ended March 31, 2026. The Company will host a live conference call today at 4:30 P.M. Eastern Time.
“We achieved record revenue of
“Despite what is normally a seasonably slow first quarter, we achieved record results, growing monthly revenue that has continued into the second quarter. We believe Off the Hook is well-positioned to continue accelerating growth in 2026. Early second quarter trends have been encouraging and based on current expectations we are raising our guidance for the full year. We will also continue our focus on building one of the leading platforms in the recreational marine market” added Mr. John.
“This morning we announced the completion of the Apex Marine acquisition which strengthens our position in South Florida and adds important operating infrastructure to support our storage, service, and resale strategy. Apex gives us a physical hub in one of our most active markets, with the potential to reduce outsourced service costs, improve turn times and support higher transaction volumes as we continue scaling the platform. We believe the future of this industry requires both technology and infrastructure, and Apex is an important investment in that combined model” concluded Mr. John.
2026 First Quarter Highlights
- Revenue increased
9.6% to$29.8 million compared to$27.2 million during the first quarter of 2025 - Pre-owned boat sales increased
31.8% compared to the first quarter of 2025 - Sold 127 boats during the first quarter, representing a first quarter record for the Company
- Gross profit increased
18.5% to$3.2 million compared to$2.7 million in the first quarter of 2025 - Expanded the Company’s broker network by 30 brokers during the quarter
Completion of Apex Marine Acquisition
On May 13, 2026, Off The Hook completed its previously announced acquisition of Apex Marine Sales, LLC, Apex Marine Stuart LLC, Apex Marine, LLC and Apex Marine Sales Brokerage, LLC, collectively referred to as Apex Marine. Located in South Florida, Apex Marine expands the Company’s physical infrastructure in one of its most active markets and is expected to support Off The Hook’s storage, service, brokerage and pre-owned boat resale operations.
The acquisition is an important component of the Company’s strategy to combine technology-enabled boat transactions with the operational infrastructure needed to support a national marine marketplace. Off The Hook expects Apex Marine to provide additional capacity to store, service and position boats for resale, while reducing reliance on certain outsourced services and supporting improved inventory turns as transaction volumes increase.
The acquisition consideration consisted of cash, common stock and seller financing, as described in the Company’s Current Report on Form 8-K filed with the SEC.
2026 Full Year Guidance
For full year 2026, the Company expects revenue between
First Quarter 2026 Financial Discussion
For the quarter ended March 31, 2026, revenue increased
New boat sales decreased by
Pre-owned boat sales increased by
Finance Income – Azure
Revenue from arranging financing products, including financing, insurance and extended warranty contracts, to customers through various third-party financial institutions and insurance companies decreased by approximately
Gross Profit
Gross profit increased by
New boat gross profit decreased by
Pre-owned boat gross profit increased by
Pre-owned boat gross margin as a percentage of pre-owned boat revenue was
Finance gross profit decreased by
Selling, General and Administrative Expenses
Selling, general, and administrative expenses consist primarily of lease expense, insurance, utilities, and other customary operating expenses. SG&A increased
Salaries and Wages
Salaries and wages expense increased
Conference Call and Webcast
The Company will host an earnings conference call today, May 14, 2026, at 4:30 P.M. Eastern Time. To participate by telephone, please dial (800) 715-9871 (domestic), or (646) 307-1963 (international). The conference passcode is 5863262.
A live webcast of the conference call will be available in the Investor Relations section of the Company’s website at https://investor.offthehookyachts.com using the conference passcode 5863262. An online replay of the webcast will be available for a limited time immediately 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 Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission and available on our Company website. 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:
Chad Corbin
Chief Financial Officer (CFO)
chadcorbin@offthehookys.com
Investor Relations
ir@offthehookys.com
OFF THE HOOK YS INC.
Condensed Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended March 31, 2026 and 2025
| For the Three Months Ended March 31, | ||||||||||
| 2026 | 2025 | |||||||||
| Revenues | $ | 29,843,739 | $ | 27,238,782 | ||||||
| Cost of revenues | 26,675,959 | 24,562,153 | ||||||||
| Gross Profit | 3,167,780 | 2,676,629 | ||||||||
| Operating Expenses: | ||||||||||
| Depreciation and amortization | 158,688 | 36,373 | ||||||||
| Selling, general and administrative | 1,293,775 | 423,860 | ||||||||
| Advertising and marketing | 590,893 | 329,046 | ||||||||
| Professional services | 586,200 | 54,287 | ||||||||
| Salaries and wages | 3,118,362 | 855,282 | ||||||||
| Rent expenses | 287,855 | 157,158 | ||||||||
| Total Operating Expenses | 6,035,773 | 1,856,006 | ||||||||
| (Loss) Income from Operations | (2,867,993 | ) | 820,623 | |||||||
| Other Income (Expenses): | ||||||||||
| Interest expense, net | (529,130 | ) | (545,298 | ) | ||||||
| Other income | 92,633 | 14,449 | ||||||||
| Total Other Expenses | (436,497 | ) | (530,849 | ) | ||||||
| (Loss) Income Before Income Taxes | (3,304,490 | ) | 289,774 | |||||||
| Income tax expenses | 163,032 | - | ||||||||
| Net (Loss) Income | $ | (3,467,522 | ) | $ | 289,774 | |||||
| Basic and Diluted Net (Loss) Income Per Common Share | $ | (0.14 | ) | $ | 0.01 | |||||
| Basic and diluted weighted average common share outstanding | 24,310,667 | 20,000,000 | ||||||||
OFF THE HOOK YS INC.
Condensed Consolidated Balance Sheets
As of March 31, 2026 and December 31, 2025
| March 31, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 5,330,457 | $ | 12,428,774 | ||||
| Accounts receivable, net | 304,194 | 269,938 | ||||||
| Inventory | 46,401,570 | 26,035,844 | ||||||
| Prepaid expense | 1,033,713 | 706,256 | ||||||
| Other current assets | 355,511 | 434,584 | ||||||
| Total Current Assets | 53,425,445 | 39,875,396 | ||||||
| Non-Current Assets | ||||||||
| Property, plant and equipment, net | 3,573,238 | 823,231 | ||||||
| Other receivable | 32,121 | 27,486 | ||||||
| Due from related party | 58,994 | 44,623 | ||||||
| Right-of-use assets | 6,247,247 | 6,516,415 | ||||||
| Goodwill | 570,000 | 570,000 | ||||||
| Intangible assets, net | 566,975 | 560,406 | ||||||
| Total Non-Current Assets | 11,048,575 | 8,542,161 | ||||||
| Total Assets | $ | 64,474,020 | $ | 48,417,557 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 1,508,056 | $ | 1,471,198 | ||||
| Accrued liabilities | 769,785 | 790,804 | ||||||
| Lease liabilities, current | 1,010,473 | 963,731 | ||||||
| Current portion of long-term debt | 31,105 | 32,453 | ||||||
| Due to related party | 815,088 | 315,088 | ||||||
| Customer deposits | 2,054,624 | 1,210,447 | ||||||
| Short-term debt | 1,500,000 | - | ||||||
| Floor plan notes payable | 40,004,232 | 25,312,694 | ||||||
| Other current liabilities | 845,140 | 773,821 | ||||||
| Total Current Liabilities | 48,538,503 | 30,870,236 | ||||||
| Long-Term Liabilities | ||||||||
| Long-term debt, noncurrent | 55,966 | 62,003 | ||||||
| Lease liabilities, noncurrent | 5,395,207 | 5,650,165 | ||||||
| Total Long-Term Liabilities | 5,451,173 | 5,712,168 | ||||||
| Total Liabilities | 53,989,676 | 36,582,404 | ||||||
| Stockholders’ Equity | ||||||||
| Common stock, | 24,320 | 24,020 | ||||||
| Additional paid-in capital | 20,080,980 | 17,964,567 | ||||||
| Common stock payable | 350,000 | 350,000 | ||||||
| Accumulated deficit | (9,970,956) | (6,503,434 | ) | |||||
| Total Stockholders’ Equity | 10,484,344 | 11,835,153 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 64,474,020 | $ | 48,417,557 | ||||
Non-GAAP Financial Information
To supplement OTH’s financial information presented in accordance with generally accepted accounting principles in the United States of America (“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.
Reconciliations of the non-GAAP financial measures presented to the most directly comparable GAAP financial measures are included in the tables below.
Adjusted 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. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is included in the tables below. The following table presents 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.
| For the Three Months Ended March 31, | ||||||||||||||
| Description | 2026 | 2025 | Change | |||||||||||
| Net (loss) income | $ | (3,467,522 | ) | $ | 289,774 | $ | (3,757,296 | ) | ||||||
| Interest expense – other | 13,592 | - | 13,592 | |||||||||||
| Income tax expenses | 163,032 | - | 163,032 | |||||||||||
| Depreciation and amortization | 158,688 | 36,373 | 122,315 | |||||||||||
| Stock-based compensation | 1,761,613 | - | 1,761,613 | |||||||||||
| Adjusted EBITDA | $ | (1,370,597 | ) | $ | 326,147 | $ | (1,696,744 | ) | ||||||
