Quarterly ResultMay 14, 2026, 04:39 PM
OFF THE HOOK YS Q1 Net Loss $(3.47)M; Revenue +9.6%; Acquires Bellhart
AI Summary
OFF THE HOOK YS INC. reported a net loss of $(3.47) million for the first quarter of 2026, a significant decline from a net income of $0.29 million in Q1 2025, despite a 9.6% increase in revenues to $29.84 million. The company also announced an agreement to acquire Bellhart Marine Group for approximately $0.8 million in cash, expanding its marine service capabilities. Operating expenses rose sharply, contributing to the quarterly loss, while cash used in operating activities increased substantially.
Key Highlights
- Agreed to acquire Bellhart Marine Group for approximately $0.8 million in cash.
- Reported Q1 2026 net loss of $(3.47) million, compared to net income of $0.29 million in Q1 2025.
- Q1 2026 revenues increased 9.6% to $29.84 million from $27.24 million in Q1 2025.
- Basic and diluted net loss per common share was $(0.14) in Q1 2026, down from $0.01 in Q1 2025.
- Total operating expenses surged to $6.04 million in Q1 2026 from $1.86 million in Q1 2025.
- Cash and cash equivalents decreased to $5.33 million as of March 31, 2026, from $12.43 million at Dec 31, 2025.
- Net cash used in operating activities was $(20.87) million in Q1 2026, up from $(5.38) million in Q1 2025.
- Inventory increased to $46.40 million as of March 31, 2026, from $26.04 million at Dec 31, 2025.
Price Impact
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