Vivic Corp.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsVIVIC Corp. is a Taiwan-based yacht sales and service provider that has divested its China operations, ceased its Taiwan operations in August 2025, and is refocusing on the United States and Southeast Asia.
What they do
The company designs and sells yachts under the VIVIC brand, targeting yacht operators, marinas, and marine tourism providers rather than individual owners. Manufacturing is outsourced to third parties, with Weiguan Ship in mainland China historically serving as principal supplier and distributor, paying VIVIC a 15% brand usage fee. It is also the exclusive distributor of Monte Fino yachts in the PRC, Philippines, and Middle East under an agreement with Kha Shing Enterprise. In August 2025, the company ceased Vivic Taiwan operations and began wind-down and deregistration, expected to be completed by June 30, 2026.
Revenue drivers
- VIVIC-brand yacht sales — Yachts designed for group tours, business meetings, and fractional ownership are produced by third-party OEMs selected by VIVIC.
- Brand usage fees from Weiguan Ship — Weiguan Ship remits 15% of the order amount of each yacht sold in mainland China as a VIVIC brand usage fee.
- Monte Fino yacht distribution — Exclusive distribution rights in the PRC, Philippines, and Middle East for Monte Fino yachts from Kha Shing, focusing on 70–150 foot range.
- Service and management solutions — Maintenance, yacht management, and marketing support services for yacht operators and marinas.
Recent performance
Annual revenue fell from $6.0 million in 2024 to $44,515 in 2025, and net income swung from $2.9 million profit in 2024 to a $3.4 million loss in 2025. Diluted EPS was negative $0.13 in 2025 versus positive $0.08 in 2024. Operating cash flow was negative $458,645 in 2025, and the latest quarterly revenue reported (2024-09-30) was $44,243, down sharply from $2.6 million in the prior quarter. As of March 31, 2026, the company had total assets of $2.7 million, total liabilities of $1.3 million, shareholder equity of $1.4 million, and cash of only $13,985.
Strategy
In August 2025, management decided to concentrate operations in the United States and Southeast Asia after ceasing Taiwan operations due to Taiwan's policy prohibiting imports of ships from China. The company is winding down and deregistering Vivic Taiwan by June 30, 2026. It may seek to become an exclusive distributor for yacht manufacturers in the U.S., Southeast Asia, and other territories. It entered an Electric Catamaran Yacht Co-Development Agreement with Acel Power Inc. to collaborate on an electric yacht. Funding is expected to come from public or private financings, collaborative arrangements, or debt from related and third parties.
Risks
- Going concern — The registered public accounting firm expressed substantial doubt about the company's ability to continue as a going concern in its audit report.
- Capital shortage — The company lacks the capital necessary to conduct operations and will need to secure financing; no funding parties have agreed to provide it.
- Regulatory disruption — Taiwan's policy prohibiting imports of ships from China forced the company to cease Vivic Taiwan operations in August 2025.
- Dependence on third-party manufacturer — Yachts are manufactured by third parties, and the principal supplier in China, Weiguan Ship, was divested in 2023, potentially disrupting production and brand fee revenue.
Outlook
Management intends to focus on the United States and Southeast Asia markets, complete the wind-down of Vivic Taiwan by June 30, 2026, and pursue expansion through new yacht brand distributorships. The company has entered an electric catamaran co-development agreement with Acel Power Inc. However, continued operation depends on securing additional financing from related parties or third parties, and no funding commitments exist.