NextBoat Inc. (NXB) doubles gross profit as debt and losses rise
Rhea-AI Filing Summary
NextBoat Inc. reported fiscal second quarter 2026 revenue of $59.1 million, an 88.4% year-over-year increase, driven by contributions from the Apex Marine and Bellhart acquisitions, higher floor plan capacity supporting inventory utilization, and continued expansion of its Off The Hook and Autograph Yacht Group broker networks.
Gross profit rose to $9.5 million, up 100.1%, with gross margin improving to 16.1% from 15.2% as higher-margin service, brokerage, and finance revenue grew. However, operating expenses more than doubled, led by higher salaries and wages, public-company compensation alignment, share-based compensation of $1.7 million, and added costs from acquired businesses.
Net results shifted to a net loss of $2.1 million versus net income of $0.6 million a year earlier, while Adjusted EBITDA was roughly flat at $0.8 million. For the first half of 2026, the company recorded a net loss of $5.5 million and slightly negative Adjusted EBITDA. Management reaffirmed full-year 2026 revenue guidance of $165–$170 million.
Positive
- Revenue surged 88.4% year-over-year in Q2 2026 to $59.1 million, reflecting strong organic growth plus contributions from recently acquired Apex Marine and Bellhart businesses.
- Q2 2026 gross profit doubled to $9.5 million and gross margin improved to 16.1%, supported by higher-margin service, brokerage, and finance revenue.
- Management reaffirmed full-year 2026 revenue guidance of $165–$170 million, signaling confidence in continued growth despite higher expenses.
- Transaction volume increased approximately 138% year-over-year in Q2 2026, indicating rapid scaling of NextBoat’s marine marketplace platform.
Negative
- Results swung to a Q2 2026 net loss of $2.1 million from net income of $0.6 million a year earlier, despite strong top-line growth.
- For the first half of 2026, the company reported a net loss of $5.5 million versus net income of $0.8 million in 2025, and Adjusted EBITDA turned negative at $(0.5) million.
- Total assets nearly doubled to $100.5 million, accompanied by a large increase in floor plan notes payable to $51.6 million and higher overall leverage.
- Interest expense more than doubled in Q2 2026 to $1.2 million, reflecting higher average floor plan borrowings and additional acquisition-related debt.
Filing Explained
At June 30, cash was $7.7 million against $51.6 million of floor plan notes, while shares outstanding reached 25.1 million.
This 8-K records the completed fiscal second-quarter position: as of
The company reported 25,084,128 shares issued and outstanding at June 30, versus 24,020,000 at
The floor plan notes are presented as current liabilities, and the filing attributes higher interest expense primarily to increased average floor plan borrowings and acquisition-related debt, showing that the expanded inventory position was accompanied by greater financing obligations.
As historical context,
The next quarterly report’s cash, operating cash flow, and floor plan notes payable are the specific line items that will show how this liquidity and financing position has changed.
Sources and calculations
- NextBoat Inc. Form 8-K and Exhibit 99.1 (2026-08-13)
- Dilution definition (current)
- NextBoat Inc. first-quarter 2026 fundamentals (2026-03-31)
- Form 10-Q purpose (current)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $5,330,457 / ($20,867,206 / 90) = [object Object]
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
floor plan notes payable financial
stock-based compensation financial
non-controlling interest financial
right-of-use assets financial
additional paid-in capital financial
Earnings Snapshot
For full year 2026, the Company maintains its revenue guidance in a range of $165 million to $170 million.
FAQ
How did NextBoat Inc. (NXB) perform financially in Q2 2026?
What drove NextBoat (NXB) revenue growth in the second quarter of 2026?
Why did NextBoat (NXB) report a net loss in Q2 2026 despite higher revenue?
What is NextBoat Inc. (NXB) saying about full-year 2026 guidance?
How did NextBoat’s (NXB) balance sheet change by June 30, 2026?
What is NextBoat’s (NXB) Adjusted EBITDA trend in 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 7.01. Regulation FD Disclosure.
On August 13, 2026, NextBoat Inc. (the “Company”) issued a press release: “NextBoat Inc. Announces Fiscal Second Quarter 2026 Results”. A copy of the press release is attached hereto as Exhibit 99.1.
The information under Item 7.01 of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, or incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Exhibits | |
| 99.1 | Press Release of NextBoat Inc. entitled “NextBoat Inc. Announces Fiscal Second Quarter 2026 Results” dated August 13, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: August 13, 2026 | NextBoat Inc. | |
| By: | /s/ Brian John | |
| Name: | Brian John | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
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 | ) | ||||