Off The Hook YS (OTH) Registration Filing summary

Company overview and business model

• Operates as a vertically integrated yacht and boat dealership, specializing in buying, selling, wholesaling, financing, servicing, and asset recovery of yachts and boats.

• Portfolio includes Off The Hook Yacht Sales NC, Azure Funding (marine/aviation lender), and OTH Simon Marine YF (Yellowfin dealership).

• Proprietary AI-driven CRM and digital platforms (WeBuyBoats.com, auction services) streamline inventory sourcing, sales, and customer management.

• Marine Asset Recovery division handles repossessions, feeding inventory back into sales channels.

• Plans to expand into marina acquisitions, premium brokerage, and warranty services for diversified revenue.

Financial performance and metrics

• FY 2024 revenue: $98.99M, up 7.8% from $91.84M in 2023; Q1 2025 revenue: $27.24M, up 30.8% YoY.

• FY 2024 net income: $991.7K; Q1 2025 net income: $289.8K.

• Gross profit for FY 2024: $8.78M (down 4% YoY); Q1 2025: $2.68M (up 27.9% YoY).

• Pre-owned boat sales are the largest segment, with 2024 sales of $84.8M and gross profit of $6.33M.

• Floorplan notes payable as of March 31, 2025: $24.66M; cash and equivalents: $934K.

Use of proceeds and capital allocation

• Net proceeds (~$22M at $5/share) to be used for floorplan servicing, marketing, waterfront property acquisition, debt repayment, and working capital.

• $10M allocated to floorplan, $8M for property, $1M for marketing, $2.9M for debt repayment.

• Management retains broad discretion over allocation; no current plans for major acquisitions.