Twin Vee PowerCats Co. Reports 2025 Financial Results
Rhea-AI Summary
Twin Vee PowerCats (Nasdaq:VEEE) reported 2025 results and a business update. Net sales were $14.8M, gross profit $1.26M (8.5% margin), and net loss narrowed 39% to $8.6M.
Management completed a manufacturing reset, expanded Fort Pierce to ~100,000 sq ft (capacity >700 units), cut operating expenses ~27% to $10.0M, reduced field inventory from ~140 to 52 units, and acquired Bahama Boat Works assets in 2025.
Positive
- Net sales of $14.8M in 2025, up 3% year-over-year
- Gross profit turned positive at $1.26M (8.5% margin)
- Field inventory reduced from ~140 units to 52 units
- Manufacturing campus expanded to ~100,000 sq ft with >700-unit annual capacity
- CNC capability: development timelines down ~40% and tooling costs down ~33%
Negative
- Net loss of $8.6M for 2025 despite improvement
- Loss from operations remained $8.8M in 2025
- Adjusted net loss of $4.94M for 2025
- Operating expenses still substantial at $10.0M
- Weighted average shares rose to 1.968M, indicating significant share count increase
Key Figures
Market Reality Check
Peers on Argus
Sector data show 2 peers in momentum scanners moving down (median about -6.1%), while VEEE gained 2.53%, suggesting the earnings-driven move diverged from broader sector pressure.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Positive | -14.2% | Q3 net sales up 18% with narrowed gross loss and lower expenses. |
| Aug 07 | Q2 2025 earnings | Positive | -3.1% | Q2 revenue up 9.9% and gross margin expanded 910 basis points. |
| May 08 | Q1 2025 earnings | Positive | +192.2% | Revenues of $3.6M, 91.7% sequential growth and margin expansion. |
| Jan 23 | 2025 outlook update | Positive | +14.7% | Expected >50% increase in Q1 boat deliveries vs. Q4 2024. |
| Nov 14 | Q3 2024 earnings | Negative | -0.6% | Revenue down 64% with $3M consolidated net loss and cash decline. |
Earnings updates have often been operationally positive but produced mixed to negative next-day reactions, with only some strong rallies on improving results.
Recent earnings releases for Twin Vee highlighted a turnaround narrative: Q1–Q3 2025 showed revenue growth, gross margin expansion, and narrowing losses, aided by Bahama Boat Works integration and dealer expansion. However, price reactions were frequently negative or muted, including a -14.17% move after Q3 2025 and declines after strong Q2 results. Only the Q1 2025 report, with a 91.7% sequential revenue jump, saw a major rally. Today’s full-year 2025 reset builds on that cost-cutting and modernization story.
Historical Comparison
In the past year, Twin Vee’s 5 earnings-related releases saw an average move of 37.79%. Today’s roughly 2.53% gain is modest versus those typically larger reactions.
Earnings releases since late 2024 traced a shift from steep revenue declines and heavy losses toward 2025’s revenue growth, margin recovery, and cost controls, culminating in today’s full-year 2025 reset.
Market Pulse Summary
This announcement details a transition year where Twin Vee returned to revenue growth, reached an 8.5% gross margin, cut operating expenses by 27%, and reduced its net loss to $8.6M. Operationally, it modernized its Fort Pierce plant, trimmed dealer inventory from about 140 to 52 units, and advanced Bahama Boat Works and Black Line Defense. Investors may watch future sales growth, margin trends, and execution on these new brands and defense initiatives.
Key Terms
five-axis cnc router technical
depreciation & amortization financial
stock based compensation financial
AI-generated analysis. Not financial advice.
FORT PIERCE, FL / ACCESS Newswire / March 2, 2026 / Twin Vee PowerCats Co. (Nasdaq:VEEE),("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport boats, today reported financial results for the year ended December 31, 2025, and provided a business update.
According to the Company, fiscal 2025 marked a transition year for Twin Vee, as management executed a comprehensive operational reset. Twin Vee focused on reducing fixed costs, modernizing its manufacturing platform, and clearing legacy dealer inventory. By year-end 2025, Twin Vee had deployed the majority of required capital expenditures, absorbed fixed manufacturing costs, reduced inventory risk, and positioned its operations for improved incremental margins as volume increases. The Company believes it enters 2026 with improved visibility, a modernized manufacturing base, and stronger operational control.
Year to date in 2026, the Company has onboarded a new dealer in the State of Louisiana after securing approval to conduct business in one of the richest offshore boating regions in the United States. Its sales and marketing teams are also identifying new dealer opportunities nationwide to strengthen its dealership network.
The Company plans to officially relaunch Bahama Boat Works at the Palm Beach International Boat Show in March 2026, targeting high-growth offshore center-console segments. This follows Twin Vee's acquisition of Bahama Boat Works' assets in June 2025, adding a premium offshore monohull brand to its portfolio. Integration activities for the new brand continued throughout 2025, including engineering updates, tooling, standardized power packages, and production planning.
Additionally, Twin Vee launched Black Line Defense, a wholly owned subsidiary dedicated to advancing crewed and autonomous mission‑ready maritime solutions for defense and government customers. Leveraging Twin Vee's decades of composite manufacturing experience and current production capabilities, Black Line Defense is actively working towards pursuing opportunities with federal agencies and prime contractors to assist in maritime projects involving homeland security, naval logistics, autonomous surface vessels, and hybrid crewed-uncrewed missions.
Operational and Strategic Highlights
Return to year-over-year revenue growth in the second half of 2025, with three consecutive quarters of YoY improvement reflecting improved dealer demand and production alignment.
60% year over year net sales growth in Q4 2025 driven by improved retail demand and renewed dealer restocking following a reduction in elevated field inventory levels.Field inventory reduced from approximately 140 units at peak in 2024 to 52 units at year-end 2025, materially lowering dealer risk and balance-sheet exposure.
Improving production backlog signaling a shift from legacy inventory liquidation to new factory-built orders.
Manufacturing Transformation and Cost Structure Reset
During the year, Twin Vee completed a multi-year modernization of its Fort Pierce, Florida manufacturing campus, expanding total production space to approximately 100,000 square feet and readying the facility for capacity in excess of 700 units annually.
The Company also commissioned a five-axis CNC router, enabling in-house plug-and-mold manufacturing. Management estimates this capability:
Reduces new model development timelines by approximately
40% Lowers tooling and development costs by approximately
33% Improves quality control, repeatability, and speed to market across both Twin Vee and Bahama platforms
These investments significantly increase vertical integration, reduce external dependency, and improve long-term margin structure.
"2025 was about survival, discipline, and rebuilding the foundation," said Joseph Visconti, President and CEO of Twin Vee PowerCats Co. "We reduced losses materially, cleaned up dealer inventory, modernized our factory, and brought tooling and development in-house. Most importantly, we exited the year with revenue momentum, operating leverage, and two strong brands positioned in the best segments of the offshore market. The hard work is largely behind us, and we believe the platform we've built positions Twin Vee for a far more scalable and profitable future."
Fiscal 2025 Financial Results
For the year ended December 31, 2025:
Net sales were
$14.8 million , a increase from$14.4 million in 2024Gross profit improved to
$1.26 million , representing an8.5% gross margin, compared to a gross loss in the prior yearOperating expenses declined approximately
27% year over year to$10.0 million Loss from operations reduced to
$8.8 million , compared to$14.6 million in 2024Net loss reduced by
39% year over year to$8.6 million Adjusted operating loss reduced by
47% to$4.9 million
Selected Financials (GAAP)
Year Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2025 | 2024 | $ Change | % Change | |||||||||||||
Net sales | $ | 14,819,130 | $ | 14,388,517 | $ | 430,613 | 3.0 | % | ||||||||
Cost of products sold (excluding depreciation & amortization) | $ | 13,562,025 | $ | 15,139,942 | $ | (1,577,917 | ) | (10 | %) | |||||||
Gross income (loss) | $ | 1,257,105 | $ | (751,425 | ) | $ | 2,008,530 | 267 | % | |||||||
Operating expenses | $ | 10,038,404 | $ | 13,800,344 | $ | (3,761,940 | ) | (27 | %) | |||||||
Loss from operations | $ | (8,781,299 | ) | $ | (14,551,769 | ) | $ | 5,770,470 | 40 | % | ||||||
Other income | $ | 174,026 | $ | 541,863 | $ | (367,837 | ) | (68 | %) | |||||||
Net loss | $ | (8,607,273 | ) | $ | (14,009,906 | ) | $ | 5,402,633 | 39 | % | ||||||
Basic and dilutive loss per share of common stock | $ | (4.37 | ) | $ | (11.01 | ) | $ | 6.64 | 60 | % | ||||||
Weighted average number of shares of common stock outstanding | 1,968,121 | 1,003,204 | ||||||||||||||
Reconciliation of GAAP Net Loss to Adjusted Net Loss-
Year Ended | ||||||||
December 31, | ||||||||
2025 | 2024 | |||||||
Net loss | $ | (8,607,273 | ) | $ | (14,009,906 | ) | ||
Depreciation & amortization | 1,734,230 | 1,745,217 | ||||||
Stock based compensation | 303,133 | 1,177,140 | ||||||
Loss on sale of property & equipment | 133,015 | 172,684 | ||||||
Loss on lease termination | 57,903 | - | ||||||
Impairment of property & equipment | 418,416 | 1,674,000 | ||||||
Gain on sale of R&D assets | - | (50,097 | ) | |||||
WIZZ BANGER development costs | 1,020,889 | - | ||||||
Adjusted net loss | (4,939,687 | ) | $ | (9,290,962 | ) | |||
About Twin Vee PowerCats Co.
Twin Vee PowerCats Co. manufactures a range of boats under the Twin Vee and Bahama Boat Works brands, designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the "Best Riding Boats on the Water™." Bahama Boat Works is an iconic luxury brand long celebrated for its unmatched craftsmanship, timeless aesthetic, and dedication to producing some of the finest offshore fishing vessels.
The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years.
Learn more at twinvee.com and bahamaboatworks.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding the continued growth of the Company's sales, customer base, dealer network, manufacturing capabilities, and the global power catamaran market, the Company's efforts in connection with the relaunch of Bahama Boat Works and the launch of Black Line Defense
These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, economic conditions impacting the global power catamaran market, the Company's ability to leverage its manufacturing platform position its business for continued growth, the Company's ability to develop high-quality dealer relationships and to continue to expand its customer base and dealer network, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
Contact:
Glenn Sonoda
investor@twinvee.com
SOURCE: Twin Vee PowerCats Co.
View the original press release on ACCESS Newswire
FAQ
What were Twin Vee PowerCats (VEEE) full-year 2025 sales and net loss figures?
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