NextBoat Inc. Reports 88.4% Revenue Growth in Q2 2026 Despite Net Loss

NextBoat Inc. reported significant financial developments in its latest 10-Q filing for the second quarter of 2026, revealing a substantial increase in revenue and notable operational changes. The company generated revenues of $59.1 million for the three months ended June 30, 2026, an increase of 88.4% compared to $31.3 million in the same period last year. For the six months ended June 30, 2026, revenues reached $88.9 million, up 51.8% from $58.6 million in the prior year. Despite this growth, NextBoat recorded a net loss of $2.1 million for the quarter, a decline from a net income of $0.6 million in the same quarter of 2025, and a net loss of $5.5 million for the six-month period, compared to a profit of $0.8 million in the previous year.

The increase in revenue was primarily driven by the acquisitions of Apex Marine and Bellhart Marine Group, which contributed to higher sales volumes in both new and pre-owned boats. New boat sales surged by 189.3% to $10.9 million, while pre-owned boat sales increased by 69.5% to $45.0 million. The company also reported a significant rise in service, parts, and other sales, which grew by 465.6% to $2.2 million, largely due to the expanded service capabilities from the recent acquisitions. However, the company's gross profit margin slightly improved to 16.1% from 15.2% year-over-year, reflecting the higher-margin services added through these acquisitions.

Operationally, NextBoat expanded its workforce and incurred higher expenses related to salaries, wages, and professional services, which collectively increased by 127.8% and 1,400% respectively. The company’s employee headcount rose to approximately 111 brokers across the United States, enhancing its market reach. Additionally, the company’s total assets increased significantly to $100.5 million as of June 30, 2026, up from $48.4 million at the end of 2025, driven by a substantial rise in inventory and goodwill from acquisitions.

NextBoat's strategic initiatives included the formation of a new subsidiary, OTH MD, LLC, and the integration of Apex Marine's operations, which is expected to enhance its service offerings and operational efficiencies. The company also announced a strategic partnership with MarineMax, aimed at expanding its pre-owned vessel transactions and financing services. Looking ahead, NextBoat anticipates leveraging its acquisitions and expanding its broker network to capitalize on growth opportunities in the pre-owned boating market, despite the challenges posed by increased operational costs and market conditions.