Off The Hook Yachts (OTH) Q3 2023 Financial Results Summary
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Off The Hook Yachts (OTH) Q3 2025 Financial Results Summary
Wilmington, NC (December 15, 2025) — Off The Hook YS Inc. (NYSE: “OTH”, or “Off the Hook Yachts”), one of America’s largest buyers and sellers of pre-owned boats, announced its financial results for the third quarter ended September 30, 2025.
Key Highlights
Third Quarter Highlights
- Revenue:
- Totaled $24.0 million
- Decreased by 7.2% compared to $25.8 million in Q3 2024
- Number of Boats Sold:
- Totaled 112 units
- Increased by 51.1% from 74 boats sold in Q3 2024
- Achieved second highest quarterly boat sales in company history
- Gross Profit:
- Reached $3.0 million, an increase from $2.9 million in Q3 2024
- Net Loss:
- Recorded at $0.07 million
- Adjusted EBITDA of $0.5 million, compared to $1.4 million in Q3 2024
- Operating Expenses:
- Increased to $2.7 million from $1.6 million in Q3 2024, mainly due to added market capacity and public-company capabilities
Nine Month Highlights
- Total Revenue:
- $82.6 million, representing an increase of 19.3% from $69.2 million in the corresponding period in 2024
- Number of Boats Sold:
- 310 units sold, which is an increase of 24.4% compared to 249 boats sold in the first nine months of 2024
- Gross Profit:
- $8.4 million, up 20.8% from $6.9 million in the same nine-month period last year
- Net Income:
- Totaled $0.8 million
- Adjusted EBITDA of $2.6 million, decreased from $3.1 million in 2024
- Operating Expenses:
- Increased to $6.1 million from $4.3 million in 2024
Financial Guidance
- For 2026, Off The Hook Yachts expects:
- Annual revenue between $140 million and $145 million.
Financial Discussion
- The Q3 2025 revenue decrease was attributed primarily to timing of larger pre-owned boat sales, which closed shortly after the quarter began.
- Despite the decline in overall revenue, demand for boats remains strong, enabling the company to anticipate improved results in Q4 2025.
- The revenue from boat sales fell by 7.18% to $23.4 million, while revenue from financing arrangements decreased slightly to $0.6 million.
- The company expects to improve its internal business growth through higher attachment rates with financing products.
Share Repurchase and Dividends
- The summary did not indicate any quarterly dividend declarations or share repurchase announcements during this period.
Conclusion
Off The Hook Yachts has showcased robust growth in boat sales, despite a slight decrease in quarterly revenue. The company remains optimistic about future growth potential as it continues to expand its broker network and capitalize on market dynamics in the boating industry.
Conference Call
The management team will host a conference call on December 15, 2025, at 4:30 PM EST for further discussion of these results and future outlook. Interested parties can access the call through the Investor Relations section of the company’s website.
For more information, visit Off the Hook Yachts Investor Relations.
| For the three months ended | 2025 | For the nine months ended | 2024 |
|---|---|---|---|
| September 30, | $24,005,345 | September 30, | $69,225,871 |
| Revenues | $24,005,345 | $82,592,188 | |
| Cost of revenues | $20,975,546 | $74,218,978 | |
| Gross profit | $3,029,799 | $8,373,210 | |
| Operating expenses: | |||
| Depreciation and amortization | $87,162 | $210,372 | |
| Selling, general and administrative | $617,396 | $1,441,248 | |
| Advertising and marketing | $220,851 | $597,506 | |
| Professional services | $68,892 | $170,372 | |
| Salaries and wages | $1,513,401 | $3,113,964 | |
| Rent expenses | $211,689 | $596,250 | |
| Total operating expenses | $2,719,391 | $6,129,712 | |
| Income from operations | $310,408 | $2,243,498 | |
| Other expenses: | |||
| Interest expense, net | $(500,360) | $(1,616,872) | |
| Other income | $123,286 | $150,323 | |
| Total expenses | $(377,074) | $(1,466,549) | |
| Net Income (loss) | $(66,666) | $776,949 | |
| Basic and diluted net income per | $(0.003) | $0.039 | |
| membership shares | |||
| Basic and diluted weighted average | 20,000,000 | 20,000,000 | |
| membership shares outstanding |
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| -Unaudited | -Audited | |
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $2,267,564 | $2,927,126 |
| Accounts receivable, net | $244,400 | $104,317 |
| Inventory | $24,015,983 | $22,593,422 |
| Prepaid expense | $2,281,347 | $2,388,782 |
| Private label receivable | – | $4,942 |
| Other current assets | $368,117 | $840,401 |
| TOTAL CURRENT ASSETS | $29,177,411 | $28,858,990 |
| NON-CURRENT ASSETS | ||
| Property, plant and equipment, net | $498,156 | $461,709 |
| Other receivable | $43,366 | $42,192 |
| Private label receivable | – | $185,550 |
| Due from related party | – | $11,313 |
| Right-of-use assets | $1,868,839 | $1,505,986 |
| Goodwill | $570,000 | $570,000 |
| Intangible assets, net | $456,111 | – |
| TOTAL NON-CURRENT ASSETS | $3,436,472 | $2,776,750 |
| TOTAL ASSETS | $32,613,883 | $31,635,740 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts payable | $627,237 | $962,725 |
| Accrued liabilities | $519,204 | $507,284 |
| Lease liabilities, current | $491,945 | $382,731 |
| Line of credit | $2,842,682 | $2,833,400 |
| Current portion of long-term debt | $219,321 | $137,468 |
| Due to related party | $1,322,015 | $1,422,540 |
| Customer deposit | $1,690,533 | $2,350,219 |
| Floor plan notes payable | $23,478,756 | $20,595,517 |
| Other current liabilities | $213,631 | $110,547 |
| Contingent liabilities | $350,000 | – |
| TOTAL CURRENT LIABILITIES | $31,755,324 | $29,302,431 |
| LONG-TERM LIABILITIES | ||
| Long-term debt, noncurrent | $67,924 | $229,295 |
| Lease liabilities, noncurrent | $1,401,170 | $1,136,624 |
| TOTAL LONG-TERM LIABILITIES | $1,469,094 | $1,365,919 |
| TOTAL LIABILITIES | $33,224,418 | $30,668,350 |
| MEMBERS’ DEFICIT | ||
| Common stock, with $0.001 par value | $20,000 | $20,000 |
| Additional paid-in capital | $2,774,944 | $2,774,944 |
| Retained earnings | $(3,405,479) | $(1,827,554) |
| TOTAL MEMBERS’ EQUITY | $(610,535) | $967,390 |
| TOTAL LIABILITIES AND MEMBERS’ EQUITY | $32,613,883 | $31,635,740 |