OTH earnings analysis
What we found in OTH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Off The Hook Yachts reported Q1 2026 revenue of $29.8 million, up 9.6% year-over-year, but fell short of analyst expectations. The company incurred a diluted EPS loss of $0.03, improving from a loss of $0.13 in the prior year. Despite growth in pre-owned boat sales, new boat sales plummeted 76.4%, impacting profitability significantly.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Despite Challenges
- Q1 2026 revenue increased by $2.6 million, or 9.6%, to $29.8 million from $27.2 million in Q1 2025.
- Strong Growth in Pre-owned Boats
- Pre-owned boat sales jumped by 31.8%, reaching $27.8 million, compared to $21.1 million for the same period last year.
- Improved Gross Profit
- Gross profit rose by $0.5 million, or 18.5%, to $3.2 million versus $2.7 million in Q1 2025.
- Operational Costs Rising
- Operating expenses rose to $4.4 million, a 166.7% increase from $1.6 million in Q1 2025.
- Cash Decline
- Ending cash balance decreased by $7.1 million to $5.3 million compared to $12.4 million at the end of 2025.
- Acquisitions and Market Position
- Management believes that the acquisition of Bellhart Marine will enhance service capabilities, supporting growth.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Dramatic Drop in New Boat Sales
- New boat sales decreased by 76.4%, from $5.5 million to $1.3 million year-over-year.
- Significant Net Losses
- The company reported a net loss of $3.5 million compared to a gain of $0.3 million in Q1 2025.
- Heightened Operating Expenses
- SG&A expenses surged 225% to $1.3 million, alongside salary expenses rising 244% to $3.1 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.031
- Gross margin
- 10.7%
- Operating margin
- -14.7%
- Segment
- Pre-owned Boats: $27.8M
- Segment
- New Boats: $1.3M
- Segment
- Finance Income: $0.3M
- Segment
- Service & Parts: $0.4M
What they said about what is next.
Full year 2026 revenue guidance has increased to $165M-$170M, up from $155M-$160M.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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