Off The Hook Ys NYSEAMERICAN: NXB reported record second-quarter revenue and unit sales as the pre-owned boat platform expanded its broker network, added marine-service facilities and signed a five-year strategic partnership with MarineMax.
For the quarter ended June 30, 2026, revenue rose 88.4% to $59.1 million from $31.3 million a year earlier, Chief Financial Officer Chad Corbin said. The company sold 255 boats during the quarter, an increase of more than 138% year over year, according to Chief Executive Officer Brian John.
Management maintained full-year 2026 revenue guidance of $165 million to $170 million while emphasizing margin improvement and profitability during the second half of the year.
Sales Growth and Product Mix
Pre-owned boat sales increased 69.5% to $45 million in the second quarter, while new-boat sales rose 189.3% to $10.9 million. Corbin attributed the increase in new-boat sales primarily to boat lines obtained through the acquisitions of Apex Marine and BellHart.
The company sold about 230 pre-owned units during the quarter, compared with about 112 in the prior-year period. Average revenue per pre-owned inventory boat sale was approximately $381,566, down from approximately $400,302 a year earlier. Corbin said the company sells a broad mix of boat brands, sizes and transaction types, which can result in periodic and seasonal changes in average sales prices.
Gross profit doubled to $9.5 million from $4.8 million. Pre-owned boat gross profit increased 81.1% to $6.7 million, and the associated gross margin improved to 15.0% from 13.9%. Corbin cited greater transaction volume, growth in service and financial-product businesses, and purchasing decisions involving used inventory as contributors to the margin improvement.
Revenue from financing products, including financing, insurance and extended warranty contracts arranged through third parties, increased 66.7% to $1 million. Service, parts and other sales rose 465.6% to $2.2 million, reflecting the Apex Marine and BellHart acquisitions.
MarineMax Partnership and New Revenue Streams
John highlighted a five-year strategic agreement with MarineMax, signed June 25, that connects MarineMax’s retail trade-in pipeline with the company’s valuation, wholesale and transaction platform. Management said the relationship creates opportunities to earn revenue from boat transactions as well as financing and insurance arrangements.
Under the arrangement, Azure Finance will pursue financing opportunities for transactions involving company-owned inventory, while other qualifying transactions will be referred to Newcoast, MarineMax’s finance and insurance operation. Chief Operating Officer Blake Phillips said MarineMax is the company’s preferred wholesale partner for pre-owned boats and yachts, while Newcoast is its preferred finance and insurance partner.
The company also said it intends to launch a warranty business during the month. John described warranty as a high-margin area and said warranty products are expected to be offered across eligible transactions.
Management said it is using automation and artificial intelligence across closings, finance, warranty, sales, logistics, customer follow-up and deal-flow management. The company’s platform is already used for valuations, deal structuring, offer generation, customer relationship management workflows and broker support, John said.
Broker Network and Physical Expansion
The company added 26 brokers during the quarter. Its broker transaction-volume business had reached $134 million in the first eight months of the year, exceeding its prior full-year goal of $100 million, John said.
Management also expanded its physical operations through the Apex Marine Group acquisition in South Florida, a Maryland property capable of supporting nearly 200 boats, and an expansion in North Carolina. The company said the facilities add storage, reconditioning, service, repair and inventory-management capabilities to its technology platform.
During the question-and-answer session, John said Apex had been on track to lose more than $1 million before its acquisition. He said the business had generated roughly $60,000 of positive results since March 15, though the company still has work to do integrating accounting systems and other operations.
Management said the acquired facilities could help reduce reliance on rented space and outsourced services, while also creating cross-selling opportunities in maintenance, parts, repairs, service and warranties.
Costs, Inventory and Outlook
Operating costs rose as the company expanded. Selling, general and administrative expenses increased 250% to $1.4 million, largely reflecting the acquired businesses, marketing activity and higher insurance costs tied to increased inventory financed through floor-plan arrangements.
Salaries and wages rose 127.8% to $6.5 million. Corbin said the increase included compensation adjustments associated with operating as a public company and $1.7 million in stock-based compensation issued to employees after the initial public offering. Advertising and marketing expense rose to $400,000 from $50,000, while floor-plan interest expense increased 60% to $800,000.
John said the company returned to profitability on an adjusted EBITDA basis during the second quarter after first-quarter expenses related to boat shows, public-company operations and employee share issuances. Management said its focus is now on using its existing infrastructure to improve operating leverage and margins.
On inventory, John said the company expects inventory turns to remain in the range of four to five times annually for the foreseeable future. Corbin said faster reconditioning through the company’s two refurbishment centers should support inventory turnover, while the company plans to emphasize boats in its stated $200,000 to $600,000 “sweet spot” to manage working-capital needs.
About Off The Hook Ys (NYSEAMERICAN:NXB)
We are a premier yacht and boat dealership specializing in the buying, selling, and wholesaling of yachts and boats. Founded in 2012 by Jason Ruegg, OTHYS has grown into one of the largest marine wholesaler in the industry, recognized for its innovation, expertise, and expansive operations. Over the past decade, we believe OTHYS has become a nationally recognized leader in the marine industry, earning numerous accolades. The company has been named one of the 500 fastest-growing companies in the United States by Inc 500 and is consistently ranked as a Top 100 Dealer in the USA by Boating Industry, a magazine for boating professionals.
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