Twin Vee Powercats Co.

What they do

Twin Vee designs, manufactures and markets power boats at a 7.5-acre Fort Pierce, Florida facility with buildings totaling about 100,000 square feet, including a 30,000 square foot expansion completed after beginning in mid-2024. Boats are sold through independent dealers across North America, the Caribbean and Central America; the 10-K cites 17 dealers across North America, Hawaii and Australia, while the latest 10-Q cites 22 dealers. Products include 11 Twin Vee catamaran models from 22 to 40 feet, 6 Bahama monohull models from 31 to 41 feet, and three Bimini monohull models from 21 to 29 feet. The electric boat subsidiary Forza X1 ceased electric boat production in 2024 and was merged into a Twin Vee subsidiary on November 26, 2024.

Revenue drivers

• Twin Vee catamarans — Twin-hull catamaran boats marketed under the Twin Vee brand, with 11 models in production ranging from 22 to 40 feet; boat sales accounted for nearly 100% of net revenue in 2025 and 2024.
• Bahama Boat Works monohulls — V-hull boats sold under the Bahama brand, acquired in 2025, with 6 monohull models in or nearing production from 31 to 41 feet; the company cited integrating new Bahama models as a 2025 focus.
• Bimini monohulls — Three Bimini monohull models ranging from 21 to 29 feet, added to the product line per the latest 10-Q; no separate revenue figure is disclosed.
• Independent dealer network — Boats are resold to end users through independent dealers; in 2025 two dealers each exceeded 10% of total sales and together were 27%, while in the second quarter of 2026 four dealers each exceeded 10% and together were 88% of total sales.

Recent performance

Annual revenue fell from $33.4M in 2023 to $14.4M in 2024 and $14.8M in 2025, while net losses were $11.0M in 2024 and $8.6M in 2025. Operating cash flow has been negative every year shown, at -$7.0M in 2024 and -$6.9M in 2025. Quarterly revenue was $3.4M in 2025-09-30, $3.0M in 2025-12-31, $4.0M in 2026-03-31 and $3.1M in 2026-06-30. At 2026-06-30 total assets were $20.7M, total liabilities $6.2M and shareholder equity $14.4M, with long-term debt of $499,900; cash and equivalents were $1.4M at 2025-12-31. The 10-Q states the company has incurred significant losses from operations and that these factors raise substantial doubt about its ability to continue as a going concern for one year after issuance.

Strategy

Management has focused on increasing throughput through the Fort Pierce facility and integrating the Bahama Boats models acquired in 2025. The company continues to recruit independent dealers and pursue new domestic and international dealers and distributors as it grows production and introduces new models. It completed a 30,000 square foot facility expansion that began in mid-2024. All boats are currently outfitted with gas-powered outboard combustion engines, following the 2024 decision of Forza X1 to cease electric boat production and its November 26, 2024 merger into a wholly-owned Twin Vee subsidiary. The company has undertaken two reverse stock splits and received a Nasdaq bid price deficiency notice in April 2026.

Risks

• Recurring losses and going concern — Twin Vee reported net losses of $11.0M in 2024 and $8.6M in 2025 and an accumulated deficit of approximately $34.0M at December 31, 2025, and the 10-Q raises substantial doubt about continuing as a going concern.
• Dealer concentration — In the second quarter of 2026, four dealers each represented over 10% of total sales and together accounted for 88% of total sales, leaving results dependent on a small number of independent dealers.
• Nasdaq listing compliance — The company received an April 2, 2026 Nasdaq notice that it no longer satisfies the $1.00 minimum bid price requirement, and has since effected a 1-for-37 reverse stock split in May 2026.
• Fixed cost base and workforce — The 10-K states the company has a large, fixed cost base that will affect profitability if sales decrease, and that meeting manufacturing workforce needs is crucial given low Florida unemployment.

Outlook

The 10-K and 10-Q do not provide specific revenue or earnings guidance. Management states it expects expenses to increase in connection with ongoing activities, while the 10-Q notes substantial doubt about the ability to continue as a going concern for one year after issuance. Stated priorities are increasing facility throughput, integrating Bahama Boats models, and adding dealers and distributors domestically and internationally. The filings include forward-looking statements but no obligation to update them except as required by law.