Off The Hook YS (OTH) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $29.8 million, up 9.6% year-over-year, with record unit volume of 127 boats sold, driven by expanded broker network, infrastructure investments, and technology platforms.

• Growth was fueled by pre-owned boat sales, expanded brokerage activity, and the acquisition of Apex Marine, which strengthened service and operational capabilities.

• Net loss was $3.47 million in Q1 2026, compared to net income of $0.29 million in Q1 2025, reflecting increased operating expenses and public company costs.

• Broker network nearly tripled since IPO, supported by a five-tier override incentive program and digital tools to accelerate recruitment and productivity.

• Entered agreement to acquire Bellhart Marine Group, further expanding service capabilities.

Financial highlights

• Q1 2026 revenue: $29.8 million (+9.6% YoY); pre-owned boat sales up 31.8% to $27.8 million; new boat sales down 76.4% to $1.3 million.

• Gross profit increased 18.5% to $3.2 million; gross margin improved to 10.7% from 9.9% YoY.

• Net loss of $3.47 million; adjusted EBITDA was $(1.37) million, down from $0.33 million in Q1 2025.

• SG&A expenses rose 205% to $1.3 million; salaries and wages increased 244% to $3.1 million, including $1.8 million in stock-based compensation.

• Floor plan notes payable increased to $40 million, supporting higher inventory levels.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $165–$170 million, citing strong Q2 trends, rapid broker onboarding, and recent acquisitions.

• Management expects to capitalize on pre-owned market opportunities and further integrate acquisitions to enhance service capacity.