NextBoat Inc. 2026 Q2 Earnings Call

Blake? Thank you, operator, and good afternoon, everyone.

We appreciate you joining us today. I want to start out with our team, our brokers on the docks and out on the water, our buyers behind their desks working on our next acquisitions, and our closings, service, and support teams making it all happen. Because what they delivered this quarter is the story of this call. Transaction volume up approximately 138% year-over-year. Our transaction closing team tripled to keep pace, while we continue to model our AI to work alongside them. The organization grew about 42% year-over-year to build the machine that makes all of this possible. That's not incremental progress. That's a company hitting its stride. I'm proud of what this team has built and grateful to everyone who helped to get us here. I'll walk you through four pillars, where we've been and where we're going.

One, in the past year, we've built the infrastructure to become the leading platform to buy, sell, service, and maintain pre-owned boats in the U.S., and we took that company public. Two, we are now scaling that company and that platform, and this quarter is proof that it scales. Three, our NextBoat AI platform is the multiplier, the engine that takes us from over $100 million in revenue in 2025 toward what we believe can be a billion-dollar revenue company. Four, we are focused on turning that scale into profitability, making every part of our business accretive on its own, and driving down corporate-level costs, including the cost of being a public company, so that profitability shows up at the bottom line. Here's the backdrop for all of it. NextBoat has been profitable every single year since our founding, more than 13 years running.

We didn't take this company public because we needed to prove we could make money. We took it public because we saw a fragmented, multi-billion dollar market ready to be rebuilt around a better platform, and we needed the capital infrastructure to go build it. That's exactly what the last year has been, and the opportunity is enormous. Roughly three out of every four boat transactions in the U.S. involve a pre-owned vessel. That's the majority of this entire market, and it still runs largely on fragmented listings, opaque pricing, and paperwork that hasn't changed in a decade. We are building the platform that fixes that, the speed, the transparency, and the liquidity this market has never had. But there's something underneath the platform that we think is even more powerful. We sit at the intersection of two massive data sets.

On one side, we know exactly what buyers and brokers are looking for, the demand. On the other, we have a constant inflow of boats coming to us for valuation, the supply. That puts us in a unique position to connect those dots off-market, matching real buyer and broker demand against real available inventory before either side has to search for another. We're bringing that capability to market as its own offering, Match, powered by NextBoat. It's the connective tissue of this entire platform, and we believe it's one of the most valuable and most exciting pieces of what we've built. We're not just another dealership competing for the same customers. We are the market maker for pre-owned boats, the company on both sides of the trade with the technology, the capital, and the infrastructure to let thousands of people buy and sell from anywhere.

This is a scalable, decentralized marketplace built for how boats will actually be bought and sold going forward, not a bigger version of the old model. In this quarter, the model proved itself. Record transaction closings, record quarterly sales, transaction volume up roughly 120% year-over-year, and it worked across both sides of our business, brokerage and company-owned inventory alike, extending the growth trajectory we set last quarter. We also landed two partnerships that validate the platform at a category level. MarineMax, one of the largest names in the marine industry, is now our preferred wholesale partner for pre-owned boats and yachts. Newcoast is now our preferred finance and insurance partner. These are the kind of relationships that come looking for you once the platform starts working at a scale.

We also kept building our physical footprint this quarter, the places where our brokers, service teams, and customers actually meet the water. In South Florida, we grew through the acquisition of Apex Marine Group, giving us a flagship operating location in the most active boating market in the world. In the Mid-Atlantic, we acquired a property in Maryland capable of supporting nearly 200 boats from reconditioning to sales. In North Carolina, we expanded our operations to complement multiple parts of the business, from company-owned inventory to brokerage to service and support. Taken together, this is a footprint that's growing deliberately, anchored by real operating hubs across three of the most important boating regions in the country. Today, for the first time, every piece is on the field at once: the platform, the brand, the partnerships, and the footprint. Which brings us to what's next.

We told you on our first call that this would be a building year. It was, and now the building is done. The pieces are in place, so our focus shifts from proving the model to sharpening it, from adding scale to converting that scale into margin. Every part of this business needs to stand on its own and be net accretive to our bottom line. We're going to hold ourselves to that while we keep investing in what makes this company stronger for the long run. With that, I'll turn it over to Brian.

Brian? Thank you, Blake, and good afternoon, everyone.

We appreciate you joining us today. As Blake mentioned, in the second quarter of 2026, we continue to execute on the plan we laid out, delivering record revenue of $59 million for the quarter, representing year-over-year growth of 88.41%. We also achieved record unit volume, selling 255 boats during this quarter, an increase of more than 138% year-over-year. Our brokers business also continued to grow rapidly. During the second quarter, we added 26 new brokers to the team, further expanding our ability to generate transactions across the platform. We continue to focus on broker recruitment and are also very much looking forward to the upcoming boat show season. Our order group has also had a very strong start to the year.

In just eight months, the business has already surpassed the full year goal of $100 million in brokers transaction volumes, reaching $134 million already this year. We believe this demonstrates the significant opportunity we have to continue expanding our brokerage network and transaction volume. We are also excited to open an additional Autograph sales location in Miami's famous Bayshore Landing Marina. As we discussed previously, our first quarter results were impacted by boat show expenses, costs associated with becoming a public company, and one-time expenses related to employee share issuances. After 13 years of profitability as a private company, we view our return to profitability in the second quarter on an adjusted EBITDA basis an important milestone as we continue to build NextBoat.