NextBoat Inc.

Listed Company

OTHCIK 0002067767NYSEEmerging GrowthShip & Boat Building & RepairingNevadaINFY ends Dec 31

Period

FY 2025

Revenue

$119.87M

Net Income

$-1.87M

Total Assets

$48.42M

Equity

$11.84M

Shares Out

24.32M

Op. Cash Flow

$-697.4K

Business

NextBoat Inc. is a foreign private issuer in Ship & Boat Building & Repairing, headquartered in India. Shares trade on NYSE under the ticker OTH.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Revenues	120	99
Cost of revenues	108	90
Gross profit	11	9
Depreciation and amortization	310,871	255,240
Selling, general and administrative	2	2
Advertising and marketing	1	489,008
Professional services	459,010	433,207
Salaries and wages	6	3
Rent expenses	868,246	477,364
Total operating expenses	11	6
Income from operations	462,912	3
Interest expense, net	−2	−2
Other income	−185,501	22,107
Other expense	−19,922	−91,885
Total other expenses	−2	−2
Net (loss) income before income taxes	−2	991,684
Income tax benefit	−131,955	—
Net (loss) income	−2	991,684
Basic net (loss) income per common shares	−0.09	0.05
Diluted net (loss) income per common shares	−0.09	0.05
Basic weighted average common shares outstanding	21	20
Diluted weighted average common shares outstanding	21	20

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Cash and cash equivalents	12	3	—
Accounts receivable, net	269,938	104,317	—
Inventory	26	23	—
Prepaid expense	706,256	2	—
Private label receivable	—	4,942	—
Other current assets	434,584	840,401	—
TOTAL CURRENT ASSETS	40	29	—
Property, plant and equipment, net	823,231	461,709	—
Other receivable	27,486	42,192	—
Private label receivable	—	185,550	—
Right-of-use assets	7	2	—
Goodwill	570,000	570,000	—
Intangible assets, net	560,406	—	—
TOTAL NON-CURRENT ASSETS	9	3	—
TOTAL ASSETS	48	32	—
Accounts payable	1	962,725	—
Accrued liabilities	790,804	507,284	—
Lease liabilities, current	963,731	382,731	—
Line of credit	—	3	—
Current portion of long-term debt	32,453	137,468	—
Customer deposits	1	2	3
Floor plan notes payable	25	21	—
TOTAL CURRENT LIABILITIES	31	29	—
Long-term debt, noncurrent	62,003	229,295	—
Lease liabilities, noncurrent	6	1	—
TOTAL LONG-TERM LIABILITIES	6	1	—
TOTAL LIABILITIES	37	31	—
Common stock, with $0.001 par value, 100,000,000 number of common stock authorized, 24,020,000 and 20,000,000 shares of common stock issued and outstanding as of December 31, 2025 and 2024, respectively	24,020	20,000	—
Additional paid-in capital	18	3	—
Common stock payable	350,000	—	—
Accumulated loss	−7	−2	—
TOTAL STOCKHOLDERS EQUITY	12	967,390	−249,720
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	48	32	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Imputed interest	—	40,746
Non-cash lease expense	84,112	8,302
Stock-based compensation	2	—
Non-cash income tax benefit	−132,911	—
Accounts receivable	−165,621	74,804
Private label receivable	190,492	1
Other receivable	14,706	90,034
Inventory	−3	−10
Prepaid expense	2	4,755
Other current assets	405,817	−568,275
Due from related party	−33,310	−11,313
Accounts payable	508,473	740,541
Accrued liabilities	427,269	204,722
Customer deposits	−1	−326,216
Other current liabilities	663,274	11,125
Net cash used in operating activities	−697,394	−7
Capital expenditure of fixed assets	−577,456	−25,012
Acquisition of intangible assets	−172,432	—
Net cash used in investing activities	−749,888	−25,012
Proceeds from line of credit	1	1
Payment to line of credit	−4	−898,998
Member distribution	−3	−736,289
Member contribution	2,644	920,969
Proceed from short-term loan payable	—	22,188
Payment to short-term loan payable	—	−1
Proceed from floorplan notes payables	77	52
Payment to floor plan notes payable	−73	−42
Proceed from long-term debt	59,429	2,820
Payment to long-term debt	−331,736	−232,568
Proceed from related-party debt	2,917	1
Payment to related party debt	−1	−2
Proceeds from issuance of common stock upon initial public offering	13	—
Net cash provided by financing activities	11	8
Net change in cash	10	1
Cash paid for interest	2	2
Establishment of ROU assets and liabilities	6	1
Purchase of fixed asset with financing	—	149,983
Common stock payable for the purchase of intangible assets	350,000	—
Tax gross-up of intangible asset	132,911	—

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