North Carolina-based yacht retailer positions itself as the largest U.S. marine wholesaler – seeks public funding to accelerate growth.
Off The Hook Yachts (Off The Hook YS), a leading U.S. yacht and boat wholesaler, has officially announced its intention to go public with a $25 million IPO. The Wilmington, North Carolina-based company plans to offer 5 million shares at a price range of $4 to $6 per share. At the midpoint, this would give the company a fully diluted market capitalization of $125 million. The IPO will list on the NYSE American, with ThinkEquity acting as the sole bookrunner under the temporary ticker symbol OFT.RC.
The deal underscores Off The Hook’s ambition to scale operations and expand its service portfolio beyond pre-owned boats. With eight physical locations across the U.S. and a growing online platform, the company is looking to capitalize on increasing demand for both used and new recreational vessels in North America.
A Marine Powerhouse Born from Arbitrage
Founded in 2012, Off The Hook YS has grown from a regional dealership into what it claims to be the largest marine wholesaler in the United States. Initially focused on the resale of pre-owned boats, the company has since diversified its operations to include new boat sales, vessel servicing, in-house financing, and even international brokerage operations. Its operational strategy is built on a business model referred to as “marine arbitrage” — acquiring boats from distressed sellers, restoring them, and reselling at a profit margin.
This vertically integrated approach enables Off The Hook to offer bundled services across the entire boat ownership cycle, from acquisition and financing to maintenance and resale. The model has proven resilient during both expansionary and contractionary market cycles, positioning the company as a stable player in a highly cyclical industry.
Revenue Growth Anchored in Scale and Service
Off The Hook reported $105 million in sales for the 12 months ended March 31, 2025. That marks a significant increase from the $99 million recorded in 2024, reflecting strong demand for secondhand vessels and the successful rollout of new services.
According to company statements and filings reviewed by analysts, Off The Hook executed over 3,500 vessel transactions in the past year and maintains a recurring customer base that increasingly relies on bundled financing and repair solutions. Analysts at BoatTest and Renaissance Capital estimate that, if current expansion trends continue, the company could generate $239 million in revenue by 2026, effectively more than doubling its topline.
Key financial metrics highlighted in the IPO filing include:
Gross margin stability in the 28%–32% range;
Net operating profit positive since 2022;
Lean capital expenditure footprint due to centralized procurement and regional repair hubs.
The IPO: Capitalizing on Underserved Marine Retail
The planned public offering represents Off The Hook’s first major capital raise. Management stated the proceeds will be used to expand physical locations, develop proprietary financing technology, increase inventory of both pre-owned and new vessels, and explore new marina partnerships in underserved U.S. regions such as the Midwest and Pacific Northwest.
The choice of NYSE American — a smaller-cap equity venue — suggests a targeted growth trajectory, focusing more on operational optimization than hyper-scaling. Unlike many high-growth tech IPOs, Off The Hook is entering the market with a profitable business model, conservative cash flow assumptions, and a solid core demographic of mid-to-high net worth recreational boaters.
According to the prospectus, no insider shares are being sold in the IPO, a move often interpreted as a positive signal of long-term commitment by founders and management.
Competitive Edge in a Fragmented Market
The U.S. marine retail and resale market remains fragmented, with many dealerships operating on a regional scale and lacking integrated offerings. Off The Hook distinguishes itself by combining dealership, financing, servicing, and trade-in arbitrage under one umbrella.
Its in-house financing wing – although still modest in scale – allows buyers to acquire boats directly through the company without third-party loan providers. This both improves margins and increases customer retention. Furthermore, the repair and maintenance services, often conducted at Off The Hook’s regional hubs, act as an additional revenue stream while reinforcing customer loyalty.
This level of vertical integration is rare in the marine sales industry, where most players rely heavily on third-party brokers, lenders, or repair contractors.
Outlook: Navigating Toward Scalable Expansion
Looking ahead, Off The Hook YS appears to be navigating calm waters, with macro trends working in its favor. The post-pandemic boom in recreational boating shows signs of stabilizing, and while demand may normalize, the company’s expansion into new boat sales and its financing services could provide resilient revenue floors.
Moreover, as climate-conscious policies and economic pressures shift recreational preferences toward domestic travel, boating continues to emerge as a sought-after lifestyle choice for affluent Americans. That creates fertile ground for a player like Off The Hook to consolidate market share — especially in inland or previously underserved markets.
The upcoming IPO could serve as a key catalyst in enabling such regional and operational growth.
Final Thoughts
Off The Hook Yachts enters the public markets not as a speculative tech unicorn, but as a profitable, operationally sound business with real cash flow and a loyal customer base. The IPO offers investors exposure to a niche yet steadily expanding segment of the U.S. consumer economy.
While risks remain — from seasonal demand shifts to inventory volatility — the company’s business model, historical performance, and post-IPO roadmap suggest a well-anchored investment proposition. Long-term success will depend on its ability to scale without compromising service quality or operational efficiency — a challenge that management appears prepared to meet.
