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NextBoat (NXB) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Consumer Discretionary· Aug 13, 2026

Source: earnings call transcript

Executive summary

NextBoat Q2 FY26 — Record Revenue and Unit Volume Driven by Platform Scaling and Strategic Acquisitions

NextBoat delivered a strong second quarter, achieving record revenue and unit volumes, demonstrating the scalability of its platform and the success of recent strategic acquisitions. The company returned to adjusted EBITDA profitability, leveraging investments in infrastructure and technology to drive efficient growth. Strategic partnerships and expansion into higher-margin businesses like finance, insurance, and warranty are key to future margin improvement and revenue diversification.

Highlights

5

  • Record revenue of $59.1 million, up 88.4% year-over-year.

  • Record unit volume with 255 boats sold, an increase of over 138% year-over-year.

  • Brokerage transaction volumes surpassed full-year goal, reaching $134 million in 8 months.

  • Achieved profitability on an adjusted EBITDA basis in Q2 FY26.

  • Secured a 5-year strategic partnership with MarineMax, the largest recreational boat and yacht retailer in the U.S.

Concerns

4

  • SG&A expenses increased $1 million or 250% year-over-year to $1.4 million, primarily due to acquired businesses and higher indirect marketing.

  • Salary and wages expenses increased $3.6 million or 127.8% year-over-year to $6.5 million, driven by public company alignment and retention packages.

  • Advertising and marketing expenses increased $400,000 or 700% year-over-year to $400,000 to support market expansion and brand awareness.

  • Floor-plan interest expense increased $300,000 or 60% year-over-year to $800,000 due to increased credit limit utilization.

Guidance & targets

CategoryTargetConfidence
Full-year revenue
$165 million to $170 million
high materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
New boat sales
Increased by $7.1 million compared to $3.8 million in Q2 2025, primarily due to new boat lines acquired through Apex Marine and BellHart acquisitions.
$10.9 million189.3%——
Pre-owned boat sales
Increased by $18.5 million compared to $26.6 million in Q2 2025. Gross profit for pre-owned boat sales increased by $3.0 million or 81.1% compared to $3.7 million in Q2 2025. Modest growth in gross profit percentage attributed to skillful buying decisions.
Pre-owned units sold: 230 units (vs 112 units in Q2 2025)Gross profit increase: $3.0 million (up 81.1% YoY)Gross profit as % of revenue: 15% (vs 13.9% in Q2 2025)
$45 million69.5%—$6.7 million gross profit
Financing products
Increased by $400,000 compared to $600,000 in Q2 2025, driven by high volume of units delivered, greater proportion of finance-dependent buyers, and increased emphasis on financing solutions.
$1 million66.7%——
Service, parts and other sales
Increased by $1.8 million compared to $400,000 in Q2 2025, attributable to the acquisitions of Apex Marine and BellHart Marine, expanding internal service capabilities and retail service offerings.
$2.2 million465.6%——

Product announcements

ProductTypeDetails
Match, powered by NextBoatlaunch
New warranty businesslaunch

Deals & partnerships

MarineMax 5-year strategic partnership as preferred wholesale partner for pre-owned boats and yachts. 5 years

The agreement, signed June 25, 2026, connects MarineMax's retail trade-in pipeline with NextBoat's AI-powered valuation, wholesale, and transaction platform. Qualifying transactions will be referred to Newcoast, MarineMax's F&I operation.

Newcoast Preferred finance and insurance partner.

Newcoast is MarineMax's finance and insurance operation, and will handle qualifying transactions under the terms of the MarineMax partnership agreement.

Apex Marine Group Acquisition of a marine group, providing a flagship operating location in South Florida.

The acquisition provides an established facility, existing customers, skilled technicians, and a hub for inventory positioning and efficient boat movement. It is highly complementary to NextBoat's mission as a buyer and retailer of used boats.

BellHart Marine Acquisition of a marine business.

The acquisition, along with Apex Marine, contributed to the increase in new boat sales and service, parts and other sales revenue. It provides established facilities, inventory storage, and service capabilities.

Risks & headwinds

Seasonality and weather

not quantified

Global economic conditions

not quantified

Level of consumer spending

not quantified

Increased overhead from public company operations Q2 FY26

Increased salary and wages by $3.6 million (127.8% YoY), SG&A by $1 million (250% YoY), advertising by $400,000 (700% YoY), and floor-plan interest by $300,000 (60% YoY)

Mitigation:Focus on leveraging infrastructure for efficient growth, improving margins, and generating more revenue from each transaction; expanding into high-margin businesses like F&I and warranty.

What to watch in Q3 FY26

Inventory turns

next quarter
Current 4x to 5x a year
Target Maintain or improve 4x-5x range

Why it matters

Inventory turns are a major focus for management to optimize working capital and ensure efficient use of floor-plan financing.

We're still in the 4x to 5x a year range. Obviously, we're growing very quick. So I expect it to stay in that range. But as volume increases, obviously, those numbers may come down, and it's not a bad thing.

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Q&A highlights

How does the MarineMax partnership impact existing relationships and create new opportunities? What is the status of Apex and BellHart integration, and the M&A pipeline?

The MarineMax partnership is a significant validation of NextBoat's technology and platform, with potential for exciting future developments. The Apex acquisition has been successfully turned around from a projected loss to profitability, and its integration is progressing well, serving as a key hub for reconditioning and retailing pre-owned boats. The M&A pipeline remains active, focusing on complementary assets.

“MarineMax is obviously one of the biggest and most respected players in the industry. So having them choose NextBoat and our respective technology, and team is great validation of what we're building.”

asked by Mark Smith · answered by Blake Phillips

1 min read 4 chapters

Detailed narrative

Platform Scaling and AI Integration

NextBoat's AI platform, 'Match, powered by NextBoat,' is positioned as a multiplier, aiming to grow the company from over $100 million in revenue in 2025 to a potential $1 billion. The platform leverages massive datasets on buyer demand and boat supply to connect buyers and sellers off-market, enhancing speed, transparency, and liquidity in the pre-owned boat market. AI and automation are increasingly integrated into closings, finance, warranty, sales, logistics, deal-flow management, and customer follow-up to increase productivity and operating leverage.

Strategic Partnerships and Physical Footprint Expansion

The company secured key partnerships, including MarineMax as a preferred wholesale partner for pre-owned boats and Newcoast as a preferred finance and insurance partner, validating its platform at a category level. Physical footprint expansion included the acquisition of Apex Marine Group in South Florida, a property in Maryland, and expanded operations in North Carolina, creating operating hubs in important boating regions to support reconditioning, sales, and service capabilities.

Focus on Profitability and Margin Expansion

After significant investments in infrastructure and public company compliance, NextBoat returned to adjusted EBITDA profitability in Q2 FY26. The strategic focus is now on leveraging this infrastructure to grow efficiently, improve margins, and generate more revenue per transaction. This includes expanding into high-margin businesses such as finance, insurance, and warranty, which are expected to significantly increase overall company margins.

Broker Network Growth and Diversified Revenue Streams

The brokerage business continues to grow rapidly, with 26 new brokers added in the quarter, expanding the ability to generate transactions. Brokerage transaction volumes have already surpassed the full-year goal, reaching $134 million. The company aims to build a more diversified marine platform by increasing transaction processing, revenue per transaction, and the portion of revenue from higher-margin service, parts, and financial product businesses.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.