Twin Vee PowerCats Reports 18% Sales Increase but Faces Net Loss in Q3 2025

Twin Vee PowerCats Co. reported its financial results for the third quarter of 2025, revealing a net sales increase of 18% to $3.43 million, compared to $2.90 million in the same period last year. The company attributed this growth to successful dealer initiatives, which added 14 new dealer locations in the first nine months of 2025. Despite the increase in sales, the company experienced a gross loss of $45,229, an improvement from a loss of $145,657 in the prior year, reflecting a gross margin of -1.3% compared to -5.0% in Q3 2024. The overall net loss for the quarter was $2.76 million, a slight reduction from $3.01 million in the previous year.

For the nine months ending September 30, 2025, Twin Vee's net sales decreased by 6% to $11.80 million, down from $12.50 million in the same period of 2024. The decline was primarily due to a shift in the mix of boats sold and a decrease in average selling prices, which fell to approximately $151,000 per unit from $166,000. However, gross profit surged by 243% to $1.15 million, driven by improved operational efficiencies and cost management. The net loss for the nine-month period was $6.02 million, a significant improvement from $9.86 million in the prior year.

Operationally, Twin Vee has made strategic moves, including the acquisition of assets from Bahama Boat Works and the merger with Forza X1, which has now become a wholly-owned subsidiary. The company also formed Wizz Banger, Inc., aimed at developing an online marketplace for marine assets. As of September 30, 2025, Twin Vee employed approximately 70 people and had a total of 22 independent dealers across North America, the Caribbean, and Central America.

The company’s balance sheet showed total assets of $18.89 million, down from $25.89 million at the end of 2024, with cash and cash equivalents decreasing to $2.70 million. Current liabilities also fell to $2.44 million, a 35% reduction from the previous year. Twin Vee reported an accumulated deficit of $31.41 million as of September 30, 2025, compared to $25.39 million at the end of 2024. The company has classified $3.96 million of property as assets held for sale, indicating ongoing efforts to streamline operations and improve liquidity.

Looking ahead, Twin Vee expressed concerns regarding its ability to continue as a going concern, citing significant operational losses and the need for additional capital to fund ongoing activities. The company is focused on improving its financial position through cost controls, operational enhancements, and revenue initiatives. Despite recent improvements in sales and gross margins, management acknowledged the uncertainty surrounding future cash flows and the potential need for further capital raises, which could impact shareholder equity.