NextBoat Inc.

Small used-boat dealer/wholesaler posting a loss year with thin margins and heavy manufacturer/customer dependence, but low debt and ample cash runway.

Strengths

• Strong liquidity runway (39 quarters, 91st pct) and very low leverage (debt/equity 0.005)
• Established national wholesale/brokerage niche with proprietary lead-gen platforms

Risks

• Loss year — negative net margin (-1.6%), ROE -15.8% (31st pct) and bottom-decile gross margin (9.6%, 9th pct)
• Cyclical, seasonal model exposed to interest rates, floorplan financing and manufacturer control over dealer agreements

Notable findings

• RestatementPursuant to the Amended and Restated Agreement for the Purchase and Sale of Capital Stock dated July 3, 2025 (the “ Amended SPA ”), the OTH Owners will, in the aggregate, sale and transfer to Off T 8-K ↗
• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -1.6%)
• Cash burnNegative free cash flow (-1.3M)
• Customer concentration~12% of revenue from one customer/distributor — Sales of new boats from our two brands represents 12% and 11% of total revenue for the fiscal years ended December 2025 and 2024, respectively
• Revenue declineRevenue -19.9% YoY