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    NXB
    Earnings call· Jun 2026(Q2 FY26)

    NextBoat Q2 FY26 earnings call NXB

    Aug 13, 2026 Source

    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

    1
    CategoryTargetConfidence
    Full-year revenue
    $165 million to $170 million
    high materiality
    High

    Segment performance

    4
    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%——

    Operational metrics

    15
    Total revenue growth
    88.4%YoY
    Q2 FY26

    Total revenue was $59.1 million, compared to $31.3 million in Q2 FY25.

    Transaction volume growth
    120%YoY
    Q2 FY26

    Refers to transaction volume across both brokerage and company-owned inventory.

    Units sold
    255138% YoY increase
    Q2 FY26

    Achieved record unit volume.

    New brokers added
    26
    Q2 FY26

    Further expanding ability to generate transactions.

    Brokerage transaction volume
    $134 millionsurpassed full-year goal
    YTD FY26 (8 months)

    Achieved in just 8 months, demonstrating significant opportunity for expansion.

    Adjusted EBITDA profitability
    returned to profitability
    Q2 FY26

    Viewed as an important milestone after 13 years of profitability as a private company and upfront investments for public company infrastructure.

    Pre-owned units sold
    230vs 112 units in Q2 FY25
    Q2 FY26

    Contributed to the increase in pre-owned boat sales.

    Average price per pre-owned boat sale transaction
    $381,566vs $400,302 in Q2 FY25
    Q2 FY26

    Periodic and seasonal fluctuations in average sales price are expected due to diverse mix of brands and sizes.

    Gross profit growth
    100.1%YoY
    Q2 FY26

    Gross profit increased by $4.8 million to $9.5 million, compared to $4.8 million in Q2 FY25. Attributable to high number of boats transacted and growth in higher-margin businesses.

    Pre-owned boat gross profit margin
    15%vs 13.9% in Q2 FY25
    Q2 FY26

    Modest growth attributed to skillful buying decisions by the purchasing team.

    SG&A expense growth
    250%YoY
    Q2 FY26

    SG&A increased by $1 million to $1.4 million, compared to $400,000 in Q2 FY25. Primarily due to operating costs of acquired businesses, indirect marketing, and higher insurance costs.

    Salary and wages expense growth
    127.8%YoY
    Q2 FY26

    Salary and wages increased by $3.6 million to $6.5 million, compared to $2.8 million in Q2 FY25. Due to public company compensation alignment and retention packages.

    Stock-based compensation
    $1.7 million
    Q2 FY26

    Issued to employees after the IPO, with vesting conditions between 1 and 5 years.

    Advertising and marketing expense growth
    700%YoY
    Q2 FY26

    Advertising and marketing increased by $400,000 to $400,000, compared to $50,000 in Q2 FY25. Due to expanding market share and brand awareness, consistent with IPO strategy.

    Floor-plan interest expense growth
    60%YoY
    Q2 FY26

    Floor-plan interest expense increased by $300,000 to $800,000, compared to $500,000 in Q2 FY25. Due to increased floor-plan credit limit and utilization.

    Industry KPIs

    2
    MetricValueDetails
    Gross margin drivers—
    Inventory position markdown risk4x to 5xturns per year

    Product announcements

    2
    ProductTypeDetails
    Match, powered by NextBoatlaunch
    New warranty businesslaunch

    Deals & partnerships

    4
    MarineMax5-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.

    NewcoastPreferred 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 GroupAcquisition 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 MarineAcquisition 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

    4
    Seasonality and weather

    not quantified

    Global economic conditions

    not quantified

    Level of consumer spending

    not quantified

    Increased overhead from public company operationsQ2 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

    4

    Inventory turns

    next quarter
    Current4x to 5x a year
    TargetMaintain 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.

    Q&A highlights

    2

    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 read4 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.