NXB 10-K & 10-Q changes, risk factors and insider trading
NextBoat Inc. · NYSE · Ship & Boat Building & Repairing · CIK 2067767 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Comparison not available: Not available: fewer than two 10-K filings on EDGAR to compare (only one so far)..
What changed in the latest 10-Q
Risk Factors
New heading “Our convertible debt and related securities may result in significant dilution to existing stockholders and may impose restrictive covenants on our operations.”
Largest changes
“On August 5, 2026, the Company entered into a Loan Agreement with Greentree Financial Group, Inc. pursuant to which the Company issued a 10% Convertible Promissory Note in the principal amount of $510,000, together with a Common Stock Purchase Warrant to purchase up to 100,000 shares of common stock, and 20,000 commitment shares. The Greentree Note is convertible into shares of common stock at a conversion price of $1.785 per share, subject to a semi-annual downward reset to the closing bid price and adjustment for certain dilutive issuances. …”see in full comparison
“We have completed strategic acquisitions as part of our growth strategy, including the acquisition of Apex Marine Sales, LLC and its affiliates, which was completed on May 1, 2026 for approximately $6.1 million, and the acquisition of Bellhart Marine Group, LLC and its affiliated entities, which was completed on May 22, 2026 for approximately $0.9 million. These completed acquisitions present integration challenges, including difficulties in combining operations, technology systems, and personnel, retaining key employees, and may result in the assumption of unknown or contingent liabilities. …”see in full comparison
“Our convertible debt and related securities may result in significant dilution to existing stockholders and may impose restrictive covenants on our operations.”see in full comparison
“We have completed, and are actively pursuing, strategic acquisitions as part of our growth strategy, including the pending acquisition of Bellhart Marine Group, LLC and the recently completed acquisition of Apex Marine Sales, LLC and its affiliates (see Note 18 – Subsequent Events). These transactions involve significant risks, including the inability to complete pending acquisitions on favorable terms or at all, the need to obtain additional financing on acceptable terms, and the potential diversion of management’s attention from our existing operations. …”see in full comparison
Full comparison: every changed paragraph (5)
We
may not successfully completeintegrate acquisitions or integraterealize acquisitions,their anticipated benefits, which could adversely affect our business, financial
condition, and results
of operations.
We have completed strategic acquisitions as part of our growth strategy, including the acquisition of Apex Marine Sales, LLC and its affiliates, which was completed on May 1, 2026 for approximately $6.1 million, and the acquisition of Bellhart Marine Group, LLC and its affiliated entities, which was completed on May 22, 2026 for approximately $0.9 million. These completed acquisitions present integration challenges, including difficulties in combining operations, technology systems, and personnel, retaining key employees, and may result in the assumption of unknown or contingent liabilities. We may also be required to record goodwill and other intangible assets that are subject to impairment testing on a regular basis and potential periodic impairment charges. In addition, we may not realize the anticipated benefits of such acquisitions, including expected synergies, cost savings, or revenue growth, and the costs of integrating acquired businesses may exceed our current estimates. On June 25, 2026, the Company entered into a Strategic Partnership and Revenue Sharing Agreement with MarineMax, Inc. (“MarineMax”), pursuant to which the Company and MarineMax will collaborate on certain sales, service, and operational initiatives. In connection with the Partnership Agreement, the Company expects to issue to MarineMax, on a date to be determined, a Common Stock Purchase Warrant to purchase up to 1,250,000 shares of common stock at exercise prices ranging from $3.25 to $7.00 per share, subject to performance-based vesting conditions tied to MarineMax’s Wholesale Volume. The warrant has not yet been issued, and the timing of its issuance has not been finalized. The partnership involves significant operational coordination and resource-sharing, the successful execution of which is subject to risks including, but not limited to, potential conflicts in strategic priorities, management distraction, reliance on the partner’s performance and reputation, and the possibility that the anticipated benefits may not be realized on the timeline or at the scale expected. The future issuance of the warrant and the potential exercise thereof would result in dilution to existing stockholders. Any of these factors could adversely affect our business, financial condition, and results of operations.
We have completed, and are actively pursuing, strategic acquisitions as
part of our growth strategy, including the pending acquisition of Bellhart Marine Group, LLC and the recently completed acquisition of
Apex Marine Sales, LLC and its affiliates (see Note 18 – Subsequent Events). These transactions involve significant risks, including
the inability to complete pending acquisitions on favorable terms or at all, the need to obtain additional financing on acceptable terms,
and the potential diversion of management’s attention from our existing operations. If completed, acquisitions may present integration
challenges, including difficulties in combining operations, technology systems, and personnel, retaining key employees, and may result
in the assumption of unknown or contingent liabilities. We may also be required to record goodwill and other intangible assets that are
subject to impairment testing on a regular basis and potential periodic impairment charges. In addition, we may not realize the anticipated
benefits of such acquisitions, including expected synergies, cost savings, or revenue growth, and the costs of integrating acquired businesses
may exceed our current estimates. Any of these factors could adversely affect our business, financial condition, and results of operations.
Our convertible debt and related securities may result in significant dilution to existing stockholders and may impose restrictive covenants on our operations.
On August 5, 2026, the Company entered into a Loan Agreement with Greentree Financial Group, Inc. pursuant to which the Company issued a 10% Convertible Promissory Note in the principal amount of $510,000, together with a Common Stock Purchase Warrant to purchase up to 100,000 shares of common stock, and 20,000 commitment shares. The Greentree Note is convertible into shares of common stock at a conversion price of $1.785 per share, subject to a semi-annual downward reset to the closing bid price and adjustment for certain dilutive issuances. The Greentree Warrant exercise price is also subject to “down round” anti-dilution protection. These features could result in significant dilution to existing stockholders, particularly if the market price of our common stock declines. In addition, the Greentree Loan Agreement contains a covenant restricting the Company from issuing any securities with a variable conversion or exercise rate for a period of 12 months, which may limit the Company’s ability to raise capital through certain financing structures. In the event of a Qualified Financing (as defined in the Greentree Loan Agreement), the Company may be required to apply proceeds from such financing to repay the Greentree Note. These restrictions and obligations could adversely affect the Company’s financial flexibility, liquidity, and results of operations.
Management's Discussion & Analysis (MD&A)
New heading “Service, Parts & Other Sales”
New heading “Advertising and Marketing”
New heading “Professional Services”
New heading “Interest Expense, Net”
New heading “Net (Loss) Income”
New heading “Comparison of the Six Months Ended June 30, 2026 and 2025”
New heading “Pre-owned Boat Sales”
New heading “Finance Income – Azure”
New heading “Service, Parts & Other Sales”
New heading “Gross Profit by Category”
New heading “Selling, General and Administrative Expenses”
New heading “Salaries and Wages”
New heading “Advertising and Marketing”
New heading “Professional Services”
New heading “Interest Expense, Net”
New heading “Net (Loss) Income”
New heading “The Six Months Ended June 30, 2026, Compared to The Six Months Ended June 30, 2025”
Largest changes
“The Six Months Ended June 30, 2026, Compared to The Six Months Ended June 30, 2025”see in full comparison
Full comparison: every changed paragraph (83)
We
are a premier yacht and boat dealership specializing in the buying, selling, and wholesaling of yachts and boats. As one of the largest
boat buyers and sellers in the industry, OTHNextBoat Inc. has become a nationally recognized leader in the marine industry, offering a comprehensive
suite of services that spans the entire boat value chain from purchasing, financing, servicing, to selling, disposing, asset recovery,
and repossession of boats. The Company has eight physical locations strategically located across the United States and with brokers operating
nationwide, that the Company believes that it provides unparalleled reach and accessibility to clients around the country, and believes
that it is the largest used boat buyer and seller in the United States.
In
addition to our corporate website, we own webuyboats.comand
operate whichwww.webuyboats.com, provides lead generation services. Oura proprietary lead-generation platform,
www.webuyboats.com,platform servesthat assources pre-owned boat inventory from sellers on a national pipeline for high-quality pre-owned boat inventory.basis. The site attracts private sellers and dealers
looking to quickly liquidate trade-in boats and pre-owned vessels. These leads directly
fuel the Company’s wholesale and brokerage
operations, supporting our high volume, showroom-free model.
DuringOn
May the first quarter of1, 2026, the Company enteredcompleted the acquisition of 100% of the equity interests of Apex Marine, LLC, Apex Marine Sales, LLC, and
intoApex anMarine agreementStuart, LLC (collectively, “Apex Marine”). The acquisition was undertaken to acquireobtain the assembled workforce of
Apex Marine’s seasoned “new boat” brokerage team, as well as to realize expected synergies from combining operations,
including expanded South Florida sales and service infrastructure and access to a broader international buyer network. On May 22, 2026,
the Company completed the acquisition of 100% of the equity interests of Bellhart Marine Group and its affiliated entities in order to
expand the Company’s in-house marine
service, refit, and maintenance capabilities. Management believes the acquisition wouldwill further
support the Company’s vertically
integrated operating model and enhance inventory reconditioning and service capacity. The transaction remains subject to customary closing
conditions.
OffNextBoat
The Hook YS Inc. (“OTHNXB”) is a Nevada holding company formed on January 3, 2025 with no independent operations. The Company
conducts its
business through its subsidiaries, which are engaged in the retail sale, brokerage, and servicing of new and pre-owned boats, yachts,
yachts, and trailers, and in arranging related financing and insurance products.
There
have been no material changes to the Company’s corporate structure during the three months ended March 31, 2026.
Comparison
of the Three Months Ended MarchJune 31,30, 2026 and 2025
Overall,
revenue increased by $2.6$27.7 million, or 9.6%,88.4%, to $29.8$59.1 million
for the three months ended June 30, 2026, from $31.3 million for the three months ended MarchJune 31, 2026, from $27.2 million for the three
months ended March 31,30, 2025. The revenueincrease growthwas isprimarily mainlyattributable
to driventhe bycontribution aof higherthe Apex Marine and Bellhart businesses acquired during the quarter, an increase in our floor plan limit,limit whichthat enabledsupported
higher us to sustain greaterinventory utilization
throughout the period.period, Additionally,and the brokerscontinued weexpansion recentlyof hiredour forbroker network at OTHYS and our new premier brokerage
division, Autograph Yacht
Group, Group. These factors contributed to our revenue growth. These two moves allowed us toan increase in the number of pre-owned boats sold and brokerage deals
closed.
New
boat sales decreasedincreased by $4.2$7.1 million, or 76.4%,189.3%, to $1.3$10.9 million
for the three months ended June 30, 2026, from $3.8 million for the three months ended MarchJune 31, 2026, from $5.5 million for the three
months ended March 31,30, 2025. ForThe theincrease threewas months ended March 31, 2026, we sold 3 new units compared to approximately 7 units for the
three months ended March 31, 2025, a decrease partiallyprimarily attributable
to decreased marketing efforts and a slowdown in the new boat market.brands added through the Apex Marine and Bellhart acquisitions, including Pursuit, Solace, Fountain, NauticStar and Sportsman,
together with higher new boat volume at our legacy operations.
Pre-owned boat sales increased by $18.5 million, or 69.5%, to $45.0 million for the three months ended June 30, 2026, from $26.6 million for the three months ended June 30, 2025, with both periods presented inclusive of pre-owned inventory and brokerage transactions. The increase primarily reflects higher pre-owned boat transaction volume and the contribution of the Apex Marine operations acquired during the quarter. Brokerage commission income, which is not included in pre-owned boat sales, benefited from the contribution of our premier brokerage division, Autograph Yacht Group.
Pre-owned boat sales increased by $6.7 million, or 31.8%, to $27.8 million
for the three months ended March 31, 2026, from $21.1 million for the three months ended March 31, 2025. For the three months ended March
31, 2026, we sold approximately 124 pre-owned units compared to approximately 80 pre-owned units for the three months ended March 31,
2025. Average price per pre-owned boat sale transaction was approximately $224,000 (124 units) for the three months ended March 31, 2026
and $263,000 (80 units) for the three months ended March 31, 2025. We sell a wide range of brands and sizes of pre-owned boats under different
types of sales arrangements (e.g., trade-ins, brokerage and consignment), which causes periodic and seasonal fluctuations in the average
sales price.
Revenue
from arranging financing products, including financing, insurance
and extended warranty contracts, to customers through various
third-party financial institutions and insurance companies decreasedincreased by approximately
$0.3 million, or approximately 50.0%,48.8%, to $0.3$1.0 million for
the three months ended MarchJune 31,30, 2026, from $0.6 million for the three months ended MarchJune 31, 30,
2025. ThisThe decreaseincrease canreflects bea attributedhigher volume of units delivered during the quarter and a greater proportion of finance-dependent buyers
to fluctuations in ourthe customer mix, with more high-end buyers using cash to purchase, compared to entry-level and lower ticket
customers who typically are more finance dependent.mix.
Revenue from service, parts and other sales increased by $1.8 million, or 465.6%, to $2.2 million for the three months ended June 30, 2026, from $0.4 million for the three months ended June 30, 2025. The increase in service, parts and other sales was attributable primarily to the marine service, refit and mechanical services operations acquired with Bellhart, the service center acquired with Apex Marine, expanded marine asset recovery services and increased trailer sales.
Revenue
from service, parts & other sales increased by $0.4 million, or 679.9%, to $0.4 million for the three months ended March 31,
2026, from less than $0.1 million for the three months ended March 31, 2025. The increase is mainly attributed to expanded focus on
marine asset recovery services, increased Finance & Insurance (“F&I”) sales, and increased trailer sales, as
well as an increase in processing fees from deals associated directly with the increase in overall units sold.
Gross
profit increased by $0.5$4.8 million, or 18.5%, 100.1%,
to $3.2$9.5 million for the three months ended MarchJune 31,30, 2026, compared to $2.7$4.8 million for the
three months ended MarchJune 31,30, 2025. Our grossGross profit
as a percentage of salesrevenue increasedwas modestly.16.1% for the three months ended June 30, 2026 compared to 15.2% for the three months ended June 30, 2025.
The increase was driven primarily drivenby by
higherthe grosshigher-margin profitservice, from pre-owned boat salesbrokerage and anfinance increaserevenue inadded brokeragethrough transactions,the whichApex generally carry higher margin profiles
due to lower direct costs. These increases were partially offset by a decline in gross profit from new boat sales, reflecting margin
compressionMarine and pricingBellhart pressures in that segment.acquisitions.
New
boat grossGross profit decreasedfrom new boat sales increased by $0.2$0.9 millionmillion, or 94.3%, 291.4%,
to $0.01$1.2 million for the three months ended MarchJune 31,30, 2026, comparedfrom to $0.3$0.4 million
for the three months ended March 31, 2025. Overall gross margins on new boat sales declined due to increased price sensitivity among
consumers and broader industry-wide margin compression. New boat gross profit as a percentage of new boat revenue was 1.1% for the three
months ended March 31, 2026, compared to 4.5% for the three months ended MarchJune 31,30, 2025. TheGross declineprofit in marginas
a percentage reflectsof both
new boat sales was 10.7% for the shiftthree inmonths marketended conditionsJune 30, 2026 compared to 7.9% for the three months ended June 30,
2025, reflecting the higher-margin new boat brands added through the Apex Marine and ourBellhart strategic decision to accelerate inventory turnover in response to slowing demand.acquisitions.
Gross profit from pre-owned boat sales was approximately $6.7 million for the three months ended June 30, 2026, representing a margin of approximately 15.0%, compared to pre-owned gross profit of $3.7 million (a 13.9% margin) for the three months ended June 30, 2025.
Pre-owned
boat gross profit increased by $0.6 million, or 30.0%, to $2.6 million for the three months ended March 31, 2026, compared to $2.0 million
for the three months ended March 31, 2025. This modest increase occurred despite market seasonality, which resulted in downward pressure on
pricing and the need to move certain inventory at reduced margins to maintain turnover and liquidity.
Pre-owned
boat gross profit as a percentage of pre-owned boat revenue was 9.4% for the three months ended March 31, 2026 and 9.6% for the three
months ended March 31, 2025. We sell a diverse mix of pre-owned boats across various price points, brands, and sales channels, including
trade-ins, consignment, wholesale, and brokerage, which naturally contributes to fluctuations in gross profit margins due to varying
transaction structures and sales dynamics.
Finance
grossGross profit decreasedfrom finance income increased by $0.1$0.2 million, or 55.8%,
to $0.2$0.6 million for the three months ended MarchJune 31,30, 2026, from $0.3$0.4 million for the
three months ended MarchJune 31,30, 2025.2025, Financerepresenting incomea ismargin
of fee-based63.4% revenuecompared to 60.5% for whichthe weprior-year do not recognize incremental expenses.period.
Service, Parts & Other Sales
Gross profit from service, parts and other sales, was approximately $1.0 million for the three months ended June 30, 2026, representing a margin of approximately 46.5%, compared to $0.4 million for the three months ended June 30, 2025,
Selling, general, and administrative expenses consist primarily of lease
expense, insurance, utilities, and other customary operating expenses. SG&A increased $0.9$1.0 million, or 225.0%,259.7%, to $1.3$1.4 million for
the three
months ended MarchJune 31,30, 2026, compared to $0.4 million for the three months ended MarchJune 31,30, 2025. The increase was primarily attributable
attributable to the operating cost base of additionalthe leasesApex executedMarine inand 2025,Bellhart businesses acquired during the quarter, higher indirect marketing expenses associated with our attendance at twoexpenses,
boat shows during the quarter, and higher insurance costs related to increased inventory levels under floorplan financing arrangements,
each in line with the Company’s
planned business expansion for 2026.
Salaries and wages expense increased $2.2$3.6 millionmillion, or 244.4%,127.8%, to $3.1$6.5
million million
for the three months ended MarchJune 31,30, 2026, compared to $0.9$2.8 million for the three months ended MarchJune 31,30, 2025. Leading into and
following following
our initial public offering, salaries and wages increased as we aligned our compensation with public-company market benchmarks, benchmarks
and enhanced
retention packages to ensure we can attract, motivate, and retain the talent required to deliver long-term shareholder value.value,
and as we added the employee base of the businesses acquired during the quarter. Further,
the Company issuedrecognized stock-basedshare-based compensation
of to employees after the initial public offering which was $1.8$1.7 million for the three months
ended MarchJune 31,30, 2026. These equity awards have several vesting conditions including service based service-based
and performance-based requirements and
vest between one and five years.
Advertising and Marketing
Advertising and marketing expenses increased $0.3 million, or 633.9%, to $0.3 million for the three months ended June 30, 2026, compared to less than $0.1 million for the three months ended June 30, 2025, reflecting increased digital lead-generation spend and the marketing cost base of the acquired businesses.
Professional Services
Professional services expense increased $1.4 million, to $1.4 million for the three months ended June 30, 2026, compared to less than $0.1 million for the three months ended June 30, 2025. The increase relates principally to legal, accounting, valuation and advisory fees incurred in connection with the acquisitions completed during the quarter and to the additional audit, legal and compliance costs of operating as a public company.
Rent Expenses
Rent expense increased $0.5 million, or 214.7%, to $0.7 million for the three months ended June 30, 2026, compared to $0.2 million for the three months ended June 30, 2025, reflecting leases assumed in connection with the acquisitions and additional facilities added since the second quarter of 2025.
Interest Expense, Net
Interest expense, net increased $0.6 million, or 109.6%, to $1.2 million for the three months ended June 30, 2026, compared to $0.6 million for the three months ended June 30, 2025, driven primarily by higher average floor plan borrowings outstanding during the quarter and by acquisition-related debt assumed and issued in connection with the Apex Marine and Bellhart transactions.
Net (Loss) Income
As a result of the foregoing, the Company recorded a net loss of $2.1 million for the three months ended June 30, 2026, compared to net income of $0.6 million for the three months ended June 30, 2025.
Comparison of the Six Months Ended June 30, 2026 and 2025
Revenue
Overall, revenue increased by $30.3 million, or 51.8%, to $88.9 million for the six months ended June 30, 2026, from $58.6 million for the six months ended June 30, 2025. The increase was driven primarily by the contribution of the Apex Marine and Bellhart businesses acquired in May 2026, a higher floor plan limit that allowed us to sustain greater inventory utilization throughout the period, and the continued build-out of our broker network at OTHYS and our premier brokerage division, Autograph Yacht Group.
New Boat Sales
New boat sales increased by $2.9 million, or 31.1%, to $12.2 million for the six months ended June 30, 2026, from $9.3 million for the six months ended June 30, 2025. The increase was driven primarily by the new boat brands added through the Apex Marine and Bellhart acquisition, including Pursuit, Solace, Fountain, Sportsman and NauticStar.
Pre-owned Boat Sales
Pre-owned boat sales were $72.8 million for the six months ended June 30, 2026, compared to pre-owned boat sales of $47.6 million for the six months ended June 30, 2025, which were presented inclusive of pre-owend inventory and brokerage transactions, an increase of $25.2 million, or 52.9%. The increase reflects higher wholesale transaction volume.
Finance Income – Azure
Revenue from arranging financing products, including financing, insurance and extended warranty contracts, to customers through various third-party financial institutions and insurance companies increased less than $0.1 million, or 3.2%, to $1.3 million for the six months ended June 30, 2026, from $1.2 million for the six months ended June 30, 2025.
Service, Parts & Other Sales
Revenue from service, parts and other sales increased by $2.2 million, or 492.5%, to $2.6 million for the six months ended June 30, 2026, from $0.4 million for the six months ended June 30, 2025. This increase was attributable primarily to the marine service, refit and mechanical services operations acquired with Bellhart, the service center acquired with Apex Marine, expanded marine asset recovery services and increased trailer sales.
Gross Profit
Gross profit increased by $5.6 million, or 67.6%, to $13.9 million for the six months ended June 30, 2026, compared to $8.3 million for the six months ended June 30, 2025. Gross profit as a percentage of revenue was 15.6% for the six months ended June 30, 2026 compared to 14.2% for the six months ended June 30, 2025. The increase was driven primarily by the higher-margin service, brokerage and finance revenue added through the Apex Marine and Bellhart acquisitions and by a greater number of brokerage transactions, which generally carry higher margin profiles due to lower direct costs.
Gross Profit by Category
Gross profit from new boat sales increased by $0.6 million, or 114.4%, to $1.2 million for the six months ended June 30, 2026, from $0.5 million for the six months ended June 30, 2025, representing a margin of 9.7% compared to 5.9% for the prior-year period.
Gross profit from pre-owned boat sales was approximately $10.6 million for the six months ended June 30, 2026, representing a margin of approximately 14.5%, compared to pre-owned gross profit of $6.6 million (a 13.8% margin) for the six months ended June 30, 2025, which included brokerage transactions under the prior-year presentation.
Gross profit from finance income increased less than $0.1 million, or 9.2%, to $0.8 million for the six months ended June 30, 2026, from $0.7 million for the six months ended June 30, 2025, representing a margin of 62.2% compared to 58.8% for the prior-year period.
Gross profit from service, parts and other sales, was approximately $1.4 million for the six months ended June 30, 2026, representing a margin of approximately 51.5%, compared to $0.4 million for the six months ended June 30, 2025, for which no cost of revenues was allocated to the category and brokerage transactions were included within pre-owned boat sales.
Selling, General and Administrative Expenses
Selling, general, and administrative expenses consist primarily of lease expense, insurance, utilities, and other customary operating expenses. SG&A increased $1.9 million, or 231.7%, to $2.7 million for the six months ended June 30, 2026, compared to $0.8 million for the six months ended June 30, 2025. The increase was primarily attributable to the operating cost base of the Apex Marine and Bellhart businesses acquired in May 2026, higher indirect marketing expenses associated with our attendance at boat shows during the period, and higher insurance costs related to increased inventory levels under floorplan financing arrangements.
Salaries and Wages
Salaries and wages expense increased $6.2 million, or 137.3%, to $10.8 million for the six months ended June 30, 2026, compared to $4.5 million for the six months ended June 30, 2025. Leading into and following our initial public offering, salaries and wages increased as we aligned our compensation with public-company market benchmarks and enhanced retention packages to ensure we can attract, motivate, and retain the talent required to deliver long-term shareholder value, and as we added the employee base of the businesses acquired in May 2026. Further, the Company recognized share-based compensation of $3.5 million for the six months ended June 30, 2026. These equity awards have several vesting conditions including service-based and performance-based requirements and vest between one and five years.
Advertising and Marketing
Advertising and marketing expense increased $0.6 million, or 149.6%, to $0.9 million for the six months ended June 30, 2026, compared to $0.4 million for the six months ended June 30, 2025, reflecting increased attendance at boat shows during the first quarter, increased digital lead-generation spend and the marketing cost base of the acquired businesses.
Professional Services
Professional services expense increased $1.9 million, to $2.0 million for the six months ended June 30, 2026, compared to $0.1 million for the six months ended June 30, 2025. The increase relates principally to legal, accounting, valuation and advisory fees incurred in connection with the acquisitions completed during the period and to the additional audit, legal and compliance costs of operating as a public company.
Rent Expenses
NXB insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 3 filings (2 insiders, 1 trade date, 720,000 shares, about $1.5M). Net open-market shares: -720,000 (purchases minus sales); net value about -$1.5M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-16 | Ruegg Jason Daniel |
Other | 54,000 | $2.05 | $110.7K |
| 2026-06-16 | Ruegg Jason Daniel |
Gift | 12,500 | $2.05 | $25.6K |
| 2026-06-16 | Ruegg Jason Daniel |
Gift | 12,500 | $2.05 | $25.6K |
| 2026-06-16 | Ruegg Jason Daniel |
Gift | 100,000 | $2.05 | $205.0K |
| 2026-05-26 | Corbin Chad Gregory |
Shares withheld for tax | 16,233 | $2.44 | $39.6K |
| 2026-05-26 | Corbin Chad Gregory |
Option exercise | 50,000 | $2.44 | $122.0K |
| 2026-05-15 | John Brian |
Open-market sale | 120,000 | $2.41 | $289.2K |
| 2026-05-15 | Ruegg Jason Daniel |
Open-market sale | 175,000 | $2.00 | $350.0K |
| 2026-05-15 | Ruegg Jason Daniel |
Open-market sale | 300,000 | $2.00 | $600.0K |
| 2026-05-15 | Ruegg Jason Daniel |
Open-market sale | 5,000 | $2.64 | $13.2K |
| 2026-05-15 | John Brian |
Open-market sale | 120,000 | $2.41 | $289.2K |
Well-known investors holding NXB (13F)
None of the 59 investors we track reported a position in their latest 13F.