NextBoat Inc. (NXB) entered into a Loan Agreement with Greentree Financial Group under which the lender will provide a $510,000 principal 10% Convertible Promissory Note, issued with a 10% original issuance discount, yielding approximately $459,000 in proceeds before a $10,000 legal fee allowance. The Note matures on August 14, 2028, bears 10% annual interest payable quarterly, and increases to 18% upon default.
The Note is convertible at the lender’s option into common stock at a $1.785 conversion price, reset every six months to the then-current closing bid if lower and subject to anti-dilution adjustments, with a 4.99% beneficial ownership cap that may be raised to 9.99% on notice. NextBoat also issued a Warrant to purchase up to 100,000 shares at $1.785 per share for three years, with cashless exercise until the shares are registered and “down round” anti-dilution protection, plus 20,000 restricted shares as commitment shares.
The company may prepay the Note without penalty on 15 days’ notice, and has agreed, upon the lender’s request, to use proceeds from any $5,000,000 or larger Qualified Financing to repay the Note. NextBoat also agreed not to issue variable-rate securities for 12 months and granted piggyback registration rights for Warrant shares.
NextBoat Inc. reported strong top-line growth but a swing to losses for the quarter and six months ended June 30, 2026. Revenue for the six-month period rose 51.8% to $88.9 million, driven mainly by higher pre-owned boat sales, new boat brands, and added service operations from the Apex Marine and Bellhart acquisitions completed in May 2026. Gross profit increased to $13.9 million, with margin improvement supported by higher-margin service, brokerage and finance revenue. At the same time, operating expenses more than doubled, reflecting public-company costs, significant stock-based compensation, acquisition-related spending and a larger workforce, leading to a six-month net loss of $5.5 million versus prior-year income. Operating cash flow was negative, largely due to a substantial inventory build to $60.4 million, financed primarily through floor plan facilities, which increased to $51.6 million. The company ended the period with cash of $7.7 million, total assets of $100.5 million, and stockholders’ equity of $12.1 million. Subsequent to quarter end, NextBoat entered a five-year strategic partnership with MarineMax that includes a performance-based warrant for up to 1,250,000 common shares.
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.
NextBoat Inc. reports that it will announce its second quarter 2026 financial and operating results on Thursday, August 13, 2026, after the market close. A live earnings conference call is scheduled for 4:30 p.m. Eastern time, with domestic participants dialing (833) 461-5787 and international participants dialing (585) 542-9983, using conference passcode 366 467 666. The call will be webcast via the Investor Relations section of the company’s website with an online replay available for a limited time.
NextBoat describes itself as a vertically integrated, technology-driven marine marketplace operating across brokerage, wholesale acquisition, auctions, financing, and marine services within the $57 billion U.S. marine industry. The press release is furnished under Regulation FD and is stated not to be deemed filed under Section 18 of the Exchange Act or incorporated into Securities Act filings unless specifically referenced.
NextBoat Inc. changed its corporate name from “Off The Hook YS Inc.” to “NextBoat Inc.” after filing a Certificate of Amendment in Nevada that became effective on May 28, 2026.
The company’s common stock now trades on NYSE American under the new ticker symbol “NXB”, replacing “OTH”, with no change to shareholder ownership or account positions and no stockholder vote required for the name-only amendment. Off The Hook Yachts will continue operating as a core division within NextBoat.
NextBoat is described as a vertically integrated, AI-powered marine marketplace focused on modernizing the fragmented pre-owned boat market through software, automation, data, financing, logistics, auctions, and related services across the U.S. marine industry.
NextBoat Inc. director Hadley Zebulon Zachary reports initial beneficial ownership of 40,000 shares of Common Stock, held indirectly through Zeb National Coatings, Inc., a corporation wholly owned by him.
The shares were acquired on October 31, 2025 in connection with a distribution by OTH Florida Acquisition Corp.
NextBoat Inc. reported a change in its board of directors. Michael Kosloske resigned as a director effective 5:00 p.m. Eastern Time on July 17, 2026, and his resignation was stated not to result from any disagreement regarding operations, policies, or practices.
On July 23, 2026, the board, acting by unanimous written consent, appointed Zebulon Z. Hadley, IV, age 44, to fill the resulting vacancy, serving until the next annual meeting and until a successor is elected and qualified. Hadley is President and Chief Executive Officer of National Coatings, Inc. and has prior entrepreneurial experience and community board service. He has been named Chair of the Compensation Committee, has no disclosed related-party interests or family relationships with company insiders, and will receive the standard non-employee director compensation.
NextBoat Inc. provided a business update highlighting record second-quarter 2026 performance. The company reported record transaction closings and quarterly sales, driven in part by a new landmark partnership under which MarineMax became its preferred wholesale partner for pre-owned boats and yachts and Newcoast became a preferred finance and insurance partner.
Based on preliminary results, management stated it expects to be at or near profitability for the second quarter after a first-quarter loss tied to public-company transition costs. Preliminary internal data indicate transaction volume grew approximately 120% year-over-year, the transaction closing team was tripled, and the overall organization grew about 42% year-over-year. NextBoat also highlighted progress at acquired businesses, including APEX achieving profitability and Bellhart reducing legacy inventory, and emphasized continued investment in proprietary automation, a new Broker Hiring Portal and a centralized Business Development Center. Detailed second-quarter results are expected on August 14, 2026.
NextBoat Inc. entered a five-year Strategic Partnership and Revenue Sharing Agreement with MarineMax, Inc. to collaborate on pre-owned vessel transactions, financing, insurance and related services using the NextBoat AI platform. MarineMax will route a significant share of its trade-in and pre-owned inventory through the platform to NextBoat’s nationwide wholesale buyer network.
As additional consideration, NextBoat agreed to issue MarineMax warrants to purchase up to 1,250,000 shares of common stock at exercise prices ranging from $3.25 to $7.00 per share, subject to vesting terms. The agreement can be terminated by either party with 90 days’ written notice. MarineMax, which generates over $2.3 billion in annual revenue across 120 locations, is expected to drive higher transaction volume and potential recurring financing and insurance revenue on the platform.
NextBoat Inc. filed an amended report to add detailed financial statements and pro forma information for its acquisition of Apex Marine LLC and related entities. Apex generated $29.9 million in 2025 net revenue but recorded a net loss of $2.33 million and negative operating cash flow, leading the auditor to highlight substantial doubt about Apex’s ability to continue as a going concern.
At December 31, 2025, Apex reported total assets of $19.5 million and total liabilities of $14.7 million, including significant floor plan financing. For the three months ended March 31, 2026, Apex’s net revenues were $6.40 million with a net loss of $0.90 million, and total assets increased to $20.7 million.