The raised revenue guidance ($165-170M) and record Q1 boat sales (127 units) are positive top-line signals, but the GAAP net loss and negative adjusted EBITDA suggest the cost base is growing faster than revenue. Watch for Q2 operating leverage — if SG&A and salaries continue to outpace revenue growth, the stock may re-rate lower despite the guidance raise. The Apex Marine acquisition adds physical infrastructure but near-term integration costs could pressure margins.
Price Chart
Executive Summary
Off The Hook YS Inc. reported Q1 2026 revenue of $29.8M (+9.6% YoY) but swung to a GAAP net loss of $3.5M from a $0.3M profit a year ago, driven by a 225% surge in operating expenses including $1.8M in stock-based compensation. The company raised full-year 2026 revenue guidance to $165-170M (from $155-160M) and completed the Apex Marine acquisition, but the operating loss and negative adjusted EBITDA of -$1.4M signal that rapid expense growth is outpacing revenue gains.
Key Financial Metrics
Key Facts
- Q1 2026 revenue increased 9.6% YoY to $29.8M from $27.2M
- GAAP net loss of $3.5M vs net income of $0.3M in Q1 2025
- Operating expenses surged 225% to $6.0M from $1.9M, including $1.8M stock-based compensation
- Adjusted EBITDA turned negative to -$1.4M from +$0.3M in prior year
- Pre-owned boat sales grew 31.8% to $27.8M; new boat sales fell 76.4% to $1.3M
- Raised FY2026 revenue guidance to $165-170M from prior $155-160M
- Completed Apex Marine acquisition on May 13, 2026 for cash, stock and seller financing
- Gross margin improved 81 bps to 10.7% from 9.9%
- Sold 127 boats in Q1, a first-quarter record for the company
- Weighted average shares outstanding increased 21.6% to 24.3M from 20.0M
Financial Impact
Revenue beat prior guidance trajectory but GAAP net loss of $3.5M vs $0.3M profit and negative adjusted EBITDA of -$1.4M vs +$0.3M represent a material earnings deterioration
Risk Factors
- Operating expenses grew 225% YoY, far outpacing 9.6% revenue growth
- New boat sales collapsed 76.4%, signaling weakness in that segment
- Finance income (Azure) declined 50% to $0.3M, reducing high-margin revenue mix
- Stock-based compensation of $1.8M is a new recurring expense post-IPO
- Inventory ballooned 78% to $46.4M, increasing floorplan interest and liquidity risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-023064 |
| Document: form8-k.htm | 0001493152-26-023064 |
| Document: 0001493152-26-023064-index-headers.html | 0001493152-26-023064 |
| Document: 0001493152-26-023064-index.html | 0001493152-26-023064 |
| Document: 0001493152-26-023064.txt | 0001493152-26-023064 |
| 8-K Data (Synthetic) | 0001493152-26-023064 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | 8-K | — | awaiting T+5 | — | — |
Oct 8, 2026 18d ago | 3 | — | awaiting T+5 | — | — |
May 19, 2026 22w ago | 8-K | $2.42 $2.45 | ▲ +1.03% | ▼ −1.21% | — |
May 14, 2026 23w ago | 8-K | $2.63 $2.56 | ▼ −2.48% | ▼ −3.44% | — |
May 14, 2026 23w ago | 8-K | $2.71 $2.56 | ▼ −5.54% | ▼ −4.82% | — |
Apr 9, 2026 28w ago | 8-K | $3.78 $3.03 | ▼ −19.84% | ▼ −23.03% | — |
Apr 6, 2026 29w ago | 8-K | $2.72 $3.05 | ▲ +12.13% | ▲ +8.00% | — |
Apr 2, 2026 29w ago | 8-K | $2.70 $3.24 | ▲ +20.00% | ▲ +16.38% | — |
Apr 1, 2026 29w ago | Press Release | $2.43 $3.78 | ▲ +55.56% | ▲ +51.79% | — |
Mar 23, 2026 31w ago | Press Release | $2.03 $2.00 | ▼ −1.48% | ▲ +2.09% | — |
US Market Status
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