Off The Hook Ys (NYSEAMERICAN:OTH) executives said fiscal 2025 was a “transformational year,” pointing to record revenue and unit volume, an expanded capital base following the company’s November initial public offering, and multiple initiatives aimed at increasing inventory access and transaction speed in the pre-owned boat market.
Platform expansion centers on inventory access and technology
Founder and President Jason Ruegg described Off The Hook as a scalable platform focused on the acquisition and resale of pre-owned boats, supported by an AI-enhanced pricing engine and a CRM tool for brokers and buyers. Ruegg said the company premiered the “new AI-driven second version” of its platform over the weekend and reported “hundreds of leads” that were being handled in real time and “should result in the purchase and sale of boats in the near term.”
- Expanding its broker network
- Increasing access to inventory
- Expanding the capital available to acquire boats
He also emphasized what he called a disciplined approach to real estate, saying the company does not believe growth requires building expensive retail locations everywhere and instead pursues physical infrastructure when it improves economics, such as lowering storage costs or improving service capabilities.
2025 results: record revenue and unit volume
Brian John, Chief Executive Officer, said the company delivered record revenue of $119.9 million in 2025, representing growth of “over 21%,” and sold 426 boats, an increase of “more than 32%.” John said the gains reflected progress across broker productivity, inventory availability, and brokerage operations, and argued the results demonstrated the scalability of the model.
Chad Corbin, Chief Financial Officer, provided additional detail, reporting full-year revenue of $119.9 million, up 21.1% from $99 million in 2024. Corbin said growth was “primarily driven by the high utilization” of the company’s floor plan financing facility, which supported inventory availability and increased transactions.
By segment, Corbin said:
- Pre-owned boat sales rose 20% to $101.7 million.
- New boat revenue increased 32% to $14.5 million from $11 million, driven by marketing and sales efforts focused on select brands.
- Azure Funding revenue (financing, insurance, and extended warranty products arranged through third-party institutions) was $2.6 million, down from $3.0 million, which Corbin attributed to a higher mix of cash purchases among higher-end buyers and elevated marine loan interest rates.
Margins improved, but higher expenses drove a net loss
Corbin said gross profit increased 30.6% to $11.5 million from $8.8 million, and gross margin improved about 70 basis points to 9.6%. He attributed the margin improvement to stronger purchasing discipline and improvements in inventory sourcing strategy, particularly within pre-owned boats. Pre-owned boat gross profit rose 32.1% to $8.4 million.
Operating expenses increased to $10.7 million from $5.8 million, reflecting marketing and operational infrastructure investments following the IPO, as well as $1.8 million in stock-based compensation. Interest expense tied to floor plan financing rose to $1.9 million from $1.1 million, which Corbin said was due to higher utilization as transaction volume expanded.
As a result, the company reported a net loss of $1.5 million for 2025 versus net income of $1.0 million in 2024. On a non-GAAP basis, Corbin said adjusted EBITDA was $0.5 million, down from $1.2 million the prior year.
IPO, liquidity, and expanded floor plan capacity
Management highlighted the November IPO as a key milestone. John said the offering strengthened the balance sheet and access to capital, ending the year with approximately $12.4 million in cash and improved working capital. Corbin said total current assets rose to $39.9 million from $28.9 million, while working capital improved to $9.4 million from negative $0.4 million at the end of 2024. He attributed the improvement primarily to $13.4 million of IPO cash proceeds.
John also said the company expanded its inventory floor plan financing facility to approximately $60 million, more than double the roughly $25 million level prior to the IPO. He called the expanded facility important for increasing purchasing power and acquiring more used boats.
During Q&A, Corbin said the company’s results discussed on the call were “prior to us getting the current approval for the $60 million plan,” and added that the company increased utilization of its floor plan by “over $2 million last year.” He also said the company’s average price per inventory unit was around $450,000 for the year, “a little less compared to the prior year,” and that Off The Hook generally focuses on the $300,000 to $600,000 range. Corbin said the company sold 240 inventory units and completed 186 brokered transactions during the year.
Apex agreement, partnerships, and 2026 outlook
John discussed a definitive agreement to acquire Apex Marine Group, a South Florida service, storage, and sales organization. He said the acquisition would add four facilities, haul-out capabilities for large vessels, refurbishment infrastructure, and an experienced service team—capabilities he said could reduce reliance on third-party providers, accelerate turnaround time from acquisition to resale, and improve control over prep and storage costs.
Ruegg, responding to a question about geographic expansion, said the company has expanded in the Southeast through the Apex deal (citing Stuart, Jupiter, and Fort Lauderdale) and referenced a “massive yard in Miami” of 8.5 acres. He said the company is looking next at the West Coast of Florida, including potential sites in Tampa and Naples, and said it is “already expanding to the Northeast.” He also mentioned discussions with a group in the Panhandle, and longer-term interest in California, Seattle, the Great Lakes, and international markets.
John also cited partnerships as part of an “asset-light” expansion approach, including a partnership with Jefferson Beach Yacht Sales to access the Great Lakes region via a right of first refusal structure on yacht trades, and an agreement with CFR Yacht Sales in Puerto Rico, which he said provides a gateway into the Caribbean and broader Latin American markets. He also mentioned a nationwide dealer incentive program developed through a partnership with flyExclusive aimed at encouraging inventory flow into the network.
On technology, John described the company’s “NextBoat AI” tool, which he said allows consumers to enter details about their current vessel and desired next purchase, and then uses proprietary data to generate real-time matches and continue refining results as new opportunities enter the pipeline.
For 2026, John said the company is raising revenue guidance to $150 million to $155 million. Corbin reiterated the guidance and said the broker network has grown from 35 brokers to almost 100 expected by the end of Q1 2026, with a hiring approach that incorporates mentorship to help new brokers reach full productivity.
In closing comments, John said he would “expect first quarter to look, you know, similar percentage-wise growth” to the company’s growth in the last quarter of the year, while emphasizing he was not giving quarterly guidance. He also said the company’s recent growth did not include the benefit of the expanded floor plan capacity or the Apex acquisition, adding it was “too early” to quantify cost savings from Apex until the company begins moving boats and operating within the acquired facilities.
About Off The Hook Ys (NYSEAMERICAN:OTH)
We are a premier yacht and boat dealership specializing in the buying, selling, and wholesaling of yachts and boats. Founded in 2012 by Jason Ruegg, OTHYS has grown into one of the largest marine wholesaler in the industry, recognized for its innovation, expertise, and expansive operations. Over the past decade, we believe OTHYS has become a nationally recognized leader in the marine industry, earning numerous accolades. The company has been named one of the 500 fastest-growing companies in the United States by Inc 500 and is consistently ranked as a Top 100 Dealer in the USA by Boating Industry, a magazine for boating professionals.
