Twin Vee PowerCats Reports 3% Revenue Increase to $14.8 Million, Faces $8.6 Million Net Loss

Twin Vee PowerCats Co. reported a modest increase in revenue for the fiscal year ending December 31, 2025, with net sales reaching $14.8 million, a 3% rise from $14.4 million in 2024. The company sold 93 boats during the year, marking a 7% increase in unit sales compared to 87 boats sold in the previous year. However, the average selling price per unit decreased by approximately 5%, attributed to the introduction of a new model, the 22-foot BayCat, which sold at a lower price point. Despite the increase in sales, Twin Vee continued to face significant operational challenges, resulting in a net loss of $8.6 million, an improvement from the $14 million loss reported in 2024.

The company undertook several strategic initiatives during the year, including the acquisition of Bahama Boat Works, which expanded its product offerings in the powerboat market. This acquisition involved an upfront payment of $100,000 and contingent payments based on future sales, potentially totaling up to $2.9 million. Additionally, Twin Vee launched Wizz Banger, a technology-enabled platform aimed at modernizing the marine retail experience, which is expected to enhance customer engagement and streamline transactions. The company also completed a public offering in May 2025, raising approximately $2.6 million to support its operations and growth initiatives.

Operationally, Twin Vee's workforce was reduced to approximately 70 employees, reflecting ongoing efforts to align staffing levels with production needs. The company has been focusing on improving its manufacturing efficiency and cost structure, which contributed to a significant reduction in operating expenses by 27% to $10 million in 2025. The gross profit margin improved to 8.5%, compared to a negative margin in the previous year, indicating progress in managing production costs and enhancing profitability.

Despite these improvements, Twin Vee's financial health remains precarious, with an accumulated deficit of $34 million as of December 31, 2025. The company has expressed substantial doubt about its ability to continue as a going concern, primarily due to ongoing losses and insufficient cash flow to meet operational needs. Management is actively pursuing additional capital to support operations, including a recent public offering that generated further funds. The outlook for the company remains uncertain, as it navigates a challenging market environment characterized by fluctuating demand and increased competition in the powerboat industry.