Wilmington-based NextBoat reported record revenue from its second-quarter earnings last week.

NextBoat, a tech-focused boat marketplace company, formerly operated as Off the Hook Yachts before rebranding earlier this year to signal a new phase of growth. The company, founded by UNCW graduate Jason Ruegg in 2012, went public in November following a $15 million IPO. 

Since going public, the company has made two acquisitions – including a Florida-based boat service firm for $5.5 million – and unveiled its AI-based marketplace platform in March. 

For the second quarter of 2026, the company posted revenue of $59.1 million, an 88% increase from Q2 2025. According to the second-quarter earnings report, the company attributes the revenue growth to the acquisition of Apex Marine and Bellhart Marine Group in February and April, respectively.

"We are not just another dealership competing for the same customers,” said Black Phillips, chief operating officer of NextBoat during the earnings call Friday. “We are the market maker for pre-owned boats, the company on both sides of the trade, with the technology, the capital, and the infrastructure to let thousands of people buy and sell from anywhere."

According to the report, gross profit increased by 100.1% to $9.5 million in the second quarter, compared with the same period last year. NextBoat also reported higher selling, general and administrative expenses for the second quarter, up 259% or $1 million from the same period last year. It attributes that growth to the increased operating cost base of Apex Marine and Bellhart, as well as higher indirect marketing expenses and higher insurance costs. Additionally, salary and wage expenses increased by 127% to $3.6 million compared to the second quarter of 2025.

The report also noted that NextBoat recorded a net loss of $2.1 million in the second quarter, with an adjusted EBITDA income of $0.8 million. 

"After 13 years of profitability as a private company, we view our return to profitability in the second quarter on an adjusted EBITDA basis as an important milestone as we continue to build NextBoat,” CEO Brian John said during the earnings call Friday.

“We went public at the end of last year and made the conscious decision to invest upfront in the infrastructure, systems, people, compliance and technology required to operate as a scalable public company,” he added. “Those investments increased our overhead in the short term, but they were intentional and necessary.” 

John added that the company’s focus is on leveraging that infrastructure and increasing revenue. 

"A major part of that strategy is expanding into high-margin level businesses, including finance, insurance and warranty,” he said. 

The company sold 225 boats during the quarter, with pre-owned boat sales up 104% from the second quarter of 2025. 

“Transaction volume was up approximately 138% year-over-year, and our team grew right alongside it,” said Phillips in the release. “Our closing team tripled, and our organization grew about 42% year-over-year to build the machine that makes this possible.”

Officials expressed optimism about the company's future growth and profitability. NextBoat’s revenue guidance for the full year of 2026 has been set to a range between $165 million and $170 million. 

"We are not simply focused on selling more boats," said John during the call. "We are focused on increasing the number of transactions we can process, increasing the revenue we generate from each transaction, and increasing the portion of the revenue that comes from higher-margin businesses."

NextBoat, which trades on the New York Stock Exchange under the ticker NXB, was priced at $1.93 as of Monday afternoon. Over the past six months, the stock has declined 24%.