NextBoat
NXBNYSE AmericanUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $1.38 Prior regular-session close from the quote source.
- $1.20–$1.37 Regular-session low and high so far today.
- 28.3K Regular-session shares traded · Nov 11, 3:59 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $1.20–$3.90 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own NXB if its boat/yacht sales, service, and funding platform turns a cyclical, low-gross-margin marine transaction business into cash-generative scale rather than just buying revenue.
NXB price history
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Investment thesis
What must happen next
NextBoat’s combination of yacht sales, boat-center operations, funding, and related marine brands should capture more of each customer transaction than a standalone broker, so healthy recreational-boat demand can keep converting into sales.StrengtheningMateriality: High
GAAP annual revenue increased from $99.0 million in FY2024 to $119.9 million in FY2025, about 21% growth. If the integrated platform is real, revenue growth can support scale; if customers view it as interchangeable with other dealers or brokers, growth will be cyclical and price-led.
Watch: A recreational-boat demand downturn caused by weaker affluent-consumer spending or higher financing costs reduces transaction volume before reported revenue falls.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $99.0 million in FY2024 to $119.9 million in FY2025, about 21% growth.
Open source ↗The model must improve transaction economics through mix, financing, brokerage/service attachment, or purchasing discipline, because a boat-sales business with thin gross spread cannot create much value from volume alone.StrengtheningMateriality: High
GAAP annual gross profit increased from $8.8 million in FY2024 to $11.5 million in FY2025, growing faster than revenue. Gross-profit expansion determines whether growth is high-quality or merely passes expensive inventory through the income statement.
Watch: Dealer inventory builds across the boat industry force discounting and trade-in losses before gross profit deteriorates.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit increased from $8.8 million in FY2024 to $11.5 million in FY2025, growing faster than revenue.
Open source ↗NextBoat needs operating discipline to absorb public-company, personnel, facility, and integration costs; otherwise the platform becomes a revenue aggregator without scalable earnings.WeakeningMateriality: Medium
GAAP annual operating income remained positive at $0.5 million in FY2025. Operating leverage is the bridge from a marine sales platform to shareholder value; without it, higher sales can still destroy earnings power.
Watch: Public-company compliance, audit, insurance, and listing costs rise faster than gross profit as an emerging growth company scales.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income remained positive at $0.5 million in FY2025.
Open source ↗Because marine retailing and brokerage can be working-capital intensive, NextBoat must show that growth can be funded by customer deposits, inventory turns, and financing discipline rather than repeated external capital.HoldingMateriality: Medium
GAAP annual operating cash flow improved from negative $7.1 million in FY2024 to negative $0.7 million in FY2025. Cash conversion decides whether shareholders own a compounding platform or a business that needs financing whenever demand grows or the cycle turns.
Watch: Inventory days rise as boats sit longer on lots or in brokerage channels, tying up cash before revenue slows.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow improved from negative $7.1 million in FY2024 to negative $0.7 million in FY2025.
Open source ↗The balance sheet must provide enough liquidity to withstand a discretionary boating downturn while the company proves its platform economics.HoldingMateriality: Medium
Cash and equivalents increased from $2.9 million at FY2024 year-end to $12.4 million at FY2025 year-end. Adequate liquidity gives NextBoat time to fix margins and cash conversion; weak liquidity would shift value from shareholders to creditors or new capital providers.
Watch: A marine-demand downturn forces inventory markdowns and consumes cash before lenders or investors provide capital.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and equivalents increased from $2.9 million at FY2024 year-end to $12.4 million at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
NextBoat’s combination of yacht sales, boat-center operations, funding, and related marine brands should capture more of each customer transaction than a standalone broker, so healthy recreational-boat demand can keep converting into sales. If the integrated platform is real, revenue growth can support scale; if customers view it as interchangeable with other dealers or brokers, growth will be cyclical and price-led.
The model must improve transaction economics through mix, financing, brokerage/service attachment, or purchasing discipline, because a boat-sales business with thin gross spread cannot create much value from volume alone. Gross-profit expansion determines whether growth is high-quality or merely passes expensive inventory through the income statement.
NextBoat needs operating discipline to absorb public-company, personnel, facility, and integration costs; otherwise the platform becomes a revenue aggregator without scalable earnings. Operating leverage is the bridge from a marine sales platform to shareholder value; without it, higher sales can still destroy earnings power.
Because marine retailing and brokerage can be working-capital intensive, NextBoat must show that growth can be funded by customer deposits, inventory turns, and financing discipline rather than repeated external capital. Cash conversion decides whether shareholders own a compounding platform or a business that needs financing whenever demand grows or the cycle turns.
The balance sheet must provide enough liquidity to withstand a discretionary boating downturn while the company proves its platform economics. Adequate liquidity gives NextBoat time to fix margins and cash conversion; weak liquidity would shift value from shareholders to creditors or new capital providers.
All standing thesis claims
Original report summary
its boat/yacht sales, service, and funding platform turns a cyclical, low-gross-margin marine transaction business into cash-generative scale rather than just buying revenue.
Bull case and bear case
Bull case and bear case for NextBoat
Where the evidence on NextBoat disagrees: Mixed on the latest evidence (Nov 8, 2026). Of its 5 thesis points, 2 strengthening, 2 holding and 1 weakening.
Bull case: what the evidence supports
NextBoat’s combination of yacht sales, boat-center operations, funding, and related marine brands should capture more of each customer transaction than a standalone broker, so healthy recreational-boat demand can keep converting into sales.
The model must improve transaction economics through mix, financing, brokerage/service attachment, or purchasing discipline, because a boat-sales business with thin gross spread cannot create much value from volume alone.
Because marine retailing and brokerage can be working-capital intensive, NextBoat must show that growth can be funded by customer deposits, inventory turns, and financing discipline rather than repeated external capital.
The balance sheet must provide enough liquidity to withstand a discretionary boating downturn while the company proves its platform economics.
Bear case: what the evidence questions
NextBoat needs operating discipline to absorb public-company, personnel, facility, and integration costs; otherwise the platform becomes a revenue aggregator without scalable earnings.
Thesis-Break Engine
Thesis-break watch · NextBoat
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedEntered a material definitive agreement.
NextBoat filed an SEC 8-K on 2026-10-29: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
NextBoat filed an SEC 8-K on 2026-10-19: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
NextBoat filed an SEC 8-K on 2026-10-09: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A recreational-boat demand downturn caused by weaker affluent-consumer spending or higher financing costs reduces transaction volume before reported revenue falls.
- Dealer inventory builds across the boat industry force discounting and trade-in losses before gross profit deteriorates.
- Public-company compliance, audit, insurance, and listing costs rise faster than gross profit as an emerging growth company scales.
- Inventory days rise as boats sit longer on lots or in brokerage channels, tying up cash before revenue slows.
- A marine-demand downturn forces inventory markdowns and consumes cash before lenders or investors provide capital.
NXB news
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Financial statements
NXB income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.