Off The Hook YS Inc.

Off The Hook YS Inc. delivered record financial performance for 2025, with full-year revenue reaching $119.9 million, a 21.1% increase from $99.0 million in 2024, primarily fueled by a 78% rise in average monthly floorplan utilization to $23.4 million, enabling higher inventory turnover, and a 32.7% surge in boats sold to 426 units. Pre-owned boat sales, the core segment, grew 20% to $101.7 million with 426 units at an average price of $449,420, while new boat sales rose 32% to $14.5 million. Gross profit expanded 30.6% to $11.5 million, with margin improving 70 basis points to 9.6%, reflecting better inventory sourcing in pre-owned boats. Q4 was particularly strong, with revenue up 25.2% to $37.3 million and boats sold up 62.5% to 117 units, driving gross profit growth of 63.2% to $3.1 million. Despite this, a net loss of $1.47 million emerged versus 2024 net income of $1.0 million, attributed to elevated operating expenses of $10.7 million (up from $5.8 million), including $1.8 million in stock-based compensation and public company costs. Adjusted EBITDA dipped to $0.5 million from $1.2 million. The November 2025 IPO provided $13.4 million in net proceeds, boosting cash to $12.4 million and working capital to $9.4 million from negative territory, with total assets at $48.4 million. CEO Brian John highlighted the vertically integrated model, including brokerage, Azure Funding, and Autograph Yacht Group, positioning the company for double-digit growth amid a cautious macro environment. Management raised 2026 revenue guidance to $150-155 million from $140-145 million, signaling confidence in expanded broker productivity, floorplan capacity, and higher Azure financing attachment rates to drive acceleration.