NextBoat Inc.

What they do

NextBoat buys, sells, and wholesales pre-owned yachts and boats through subsidiaries including Off the Hook Yacht Sales NC, LLC and the Boat Center, and is expanding into new boat sales through dealership partnerships. It operates eight physical locations and a nationwide broker network that the company says is approximately 111 brokers. Azure Funding, LLC provides recreational loan brokerage and lending for marine, aviation, and RV purchases, and the company also arranges financing, insurance, and extended service contracts.

Revenue drivers

• Pre-owned yacht and boat sales — The core business: retail and wholesale buying and selling of pre-owned sportfish, center console, motor yacht, and high-performance boats through eight locations and a nationwide broker network. The company reports over $119 million in annual boat and yacht sales and more than 400 vessels transacted per year.
• WeBuyBoats.com lead generation — A proprietary platform that sources pre-owned inventory from private sellers and dealers; the company states these leads directly feed its wholesale and brokerage operations under a high-volume, showroom-free model.
• Marine financing and related services — Azure Funding, LLC acts as a recreational loan broker and lender for marine, aviation, and RV purchases, and the company arranges financing, insurance, and extended service contracts through Azure or third-party providers.
• New boat sales and service — The company is expanding into new boat sales through dealership partnerships and, via the May 2026 Apex Marine and Bellhart Marine acquisitions, into in-house marine service, refit, and maintenance.

Recent performance

Annual revenue rose to $119.9 million in 2025 from $99.0 million in 2024, but the company swung to a net loss of $1.9 million in 2025 from net income of $991,684 in 2024, and diluted EPS fell to -$0.09 from $0.05. Operating cash flow was negative in both years: -$7.1 million in 2024 and -$697,394 in 2025. Quarterly revenue was $24.0 million in the quarter ended 2025-09-30, $37.3 million in 2025-12-31, $29.8 million in 2026-03-31, and $59.1 million in 2026-06-30. At 2026-06-30 the company reported total assets of $100.5 million, total liabilities of $88.4 million, shareholder equity of $12.1 million, cash and equivalents of $7.7 million, and long-term debt of $3.3 million.

Strategy

Management describes the company as a price maker in its pre-owned markets, using digital tools and virtual sales platforms to connect buyers and sellers and to respond quickly to changing used-boat pricing. It operates WeBuyBoats.com as a national pipeline for pre-owned inventory and positions its high-volume, showroom-free model around that lead flow. In May 2026 the company acquired Apex Marine, LLC and affiliates to add a seasoned new-boat brokerage team and expand South Florida sales and service infrastructure, and acquired Bellhart Marine Group and affiliates to expand in-house service, refit, and maintenance capacity. Management says these moves support a vertically integrated operating model and enhance inventory reconditioning and service capacity.

Risks

• Dependence on key relationships — The company states its business relies heavily on relationships with customers, financing partners, manufacturers, and employees, and that the loss of a key manufacturing partner could hurt results.
• Floorplan financing and interest rates — The company relies on floorplan financing for inventory, and the filing notes that the interest rates it pays on that financing can affect its margins.
• Seasonality and inventory availability — The company describes its industry as highly seasonal and sometimes volatile, and warns that inability to acquire inventory, or changes in the cost to acquire or sell it, could curtail sales.
• Macroeconomic sensitivity — The company identifies fuel prices and insurance costs as macroeconomic conditions that play an important role in its industry.

Outlook

Management points to the company's market position, proprietary software platform, and operating model as positioning it to capitalize on opportunities in the pre-owned boating market in 2026 and beyond. The company expects the Apex Marine and Bellhart Marine acquisitions to expand South Florida sales and service infrastructure, add an international buyer network, and enhance inventory reconditioning and service capacity. No specific revenue or earnings guidance is provided in the excerpts.