NextBoat (NXB) 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 and infrastructure investments.

• Growth fueled by expanded broker network, improved inventory, technology investments, and the Apex Marine acquisition.

• 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.

• Focused on scaling as a profitable public company, leveraging a decentralized marketplace model and digital platforms for pre-owned boats.

• Completed the acquisition of Apex Marine and entered into an agreement to acquire Bellhart Marine Group, expanding service capabilities.

Financial highlights

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

• Gross profit: $3.2 million (+18.5% YoY); gross margin improved to 10.7% from 9.9% YoY; pre-owned boat gross profit: $2.6 million (+29.5% YoY); pre-owned boat gross margin: 9.4%.

• Net loss of $3.47 million in Q1 2026, compared to net income of $0.29 million in Q1 2025; adjusted EBITDA was $(1.37) million, down from $0.33 million.

• SG&A expenses: $1.3 million (+205% YoY); salaries and wages: $3.1 million (+244% YoY); stock compensation: $1.8 million.

• Floor plan interest expense: $500,000 (+139.4% YoY); floor plan facility expanded to $65 million, with $40 million outstanding at quarter-end.

Outlook and guidance

• Raised full-year 2026 revenue guidance to $165–$170 million, citing strong Q2 trends and rapid broker onboarding.

• Management expects to capitalize on pre-owned boating market opportunities, leveraging digital platforms and expanded service offerings.

• Continued focus on scaling broker network and leveraging capital to drive revenue growth.