Off The Hook YS (OTH) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $119.9 million in 2025, up 21.1% year-over-year, with 426 boats sold, a 32.7% increase from 2024.

• Growth driven by expanded broker network, improved inventory access, technology-driven platform enhancements, and new divisions.

• Completed a successful IPO in November 2025, raising $13.4 million and strengthening the balance sheet and liquidity.

• Strategic initiatives included expanding floor plan financing, acquiring Apex Marine Group, and entering new geographic markets.

• Launched Autograph Yacht Group and expanded national broker network, positioning for continued double-digit growth.

Financial highlights

• Pre-owned boat sales rose 20% to $101.7 million; new boat sales increased 32% to $14.5 million, with 21 new boats sold.

• Gross profit grew 30.6% to $11.5 million; gross margin improved to 9.6% from 8.9%.

• Operating expenses increased to $10.7 million, reflecting investments in marketing, infrastructure, and $1.8 million in stock-based compensation.

• Reported net loss of $1.47 million versus net income of $1 million in 2024, mainly due to higher operating expenses and public company costs.

• Adjusted EBITDA was $0.5 million, down from $1.2 million the prior year.

Outlook and guidance

• Raised 2026 revenue guidance to $150 million–$155 million, up from previous $140–$145 million.

• Expect continued growth from expanded broker network, increased inventory, and integration of Apex Marine Group.

• Management expects higher broker productivity and increased floorplan capacity to drive growth.

• First quarter of 2026 expected to show similar percentage growth as Q4 2025.