Twin Vee PowerCats Reports Second Quarter 2025 Financial Results
Twin Vee PowerCats (NASDAQ:VEEE), a power sport boats manufacturer, reported strong Q2 2025 financial results with revenues reaching $4.8 million, representing a 9.9% year-over-year increase. The company achieved significant margin improvement with gross margin expanding 910 basis points to 13.8%.
Key highlights include the strategic acquisition of Bahama Boat Works, introduction of a new 22' BayCat model, and expansion of dealer network with 10 new locations. The company's cash position strengthened to $6.2 million. Twin Vee plans to expand the Bahama Boat lineup with new 22, 24, and 28-foot models, complementing their existing premium portfolio.
Twin Vee PowerCats (NASDAQ:VEEE), produttore di barche da sport motoristiche, ha riportato solidi risultati finanziari per il secondo trimestre del 2025 con ricavi pari a 4,8 milioni di dollari, segnando un aumento del 9,9% rispetto all'anno precedente. L'azienda ha registrato un significativo miglioramento del margine lordo, che è cresciuto di 910 punti base arrivando al 13,8%.
Tra i punti salienti si annoverano l'acquisizione strategica di Bahama Boat Works, il lancio di un nuovo modello BayCat da 22 piedi e l'espansione della rete di concessionari con 10 nuove sedi. La posizione di cassa dell'azienda si è rafforzata raggiungendo 6,2 milioni di dollari. Twin Vee prevede di ampliare la gamma Bahama Boat con nuovi modelli da 22, 24 e 28 piedi, integrando così il loro portafoglio premium esistente.
Twin Vee PowerCats (NASDAQ:VEEE), fabricante de embarcaciones deportivas de potencia, reportó sólidos resultados financieros en el segundo trimestre de 2025 con ingresos que alcanzaron los 4.8 millones de dólares, representando un incremento interanual del 9.9%. La compañía logró una mejora significativa en el margen bruto, que se expandió 910 puntos base hasta el 13.8%.
Los aspectos destacados incluyen la adquisición estratégica de Bahama Boat Works, la introducción de un nuevo modelo BayCat de 22 pies y la expansión de la red de concesionarios con 10 nuevas ubicaciones. La posición de efectivo de la empresa se fortaleció hasta 6.2 millones de dólares. Twin Vee planea ampliar la línea Bahama Boat con nuevos modelos de 22, 24 y 28 pies, complementando su portafolio premium existente.
Twin Vee PowerCats (NASDAQ:VEEE)는 파워 스포츠 보트 제조업체로, 2025년 2분기 재무 실적에서 매출액이 480만 달러에 달하며 전년 동기 대비 9.9% 증가한 강력한 성과를 보고했습니다. 회사는 총이익률이 910 베이시스 포인트 상승하여 13.8%로 크게 개선되었습니다.
주요 하이라이트로는 전략적 인수인 Bahama Boat Works, 새로운 22피트 BayCat 모델 출시, 그리고 10개의 신규 딜러 지점 확장이 포함됩니다. 회사의 현금 보유액은 620만 달러로 강화되었습니다. Twin Vee는 기존 프리미엄 포트폴리오를 보완할 22, 24, 28피트 신모델로 Bahama Boat 라인업을 확장할 계획입니다.
Twin Vee PowerCats (NASDAQ:VEEE), fabricant de bateaux de sport motorisés, a annoncé de solides résultats financiers pour le deuxième trimestre 2025 avec un chiffre d'affaires atteignant 4,8 millions de dollars, soit une augmentation de 9,9 % par rapport à l'année précédente. L'entreprise a réalisé une amélioration significative de sa marge brute, qui a augmenté de 910 points de base pour atteindre 13,8 %.
Les points clés incluent l'acquisition stratégique de Bahama Boat Works, le lancement d'un nouveau modèle BayCat de 22 pieds et l'expansion du réseau de concessionnaires avec 10 nouveaux emplacements. La trésorerie de l'entreprise s'est renforcée à 6,2 millions de dollars. Twin Vee prévoit d'élargir la gamme Bahama Boat avec de nouveaux modèles de 22, 24 et 28 pieds, complétant ainsi leur portefeuille premium existant.
Twin Vee PowerCats (NASDAQ:VEEE), ein Hersteller von Power-Sportbooten, meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Umsatz von 4,8 Millionen US-Dollar, was einem Anstieg von 9,9 % im Jahresvergleich entspricht. Das Unternehmen verzeichnete eine deutliche Verbesserung der Bruttomarge, die um 910 Basispunkte auf 13,8 % anstieg.
Zu den wichtigsten Highlights zählen die strategische Übernahme von Bahama Boat Works, die Einführung eines neuen 22-Fuß-BayCat-Modells und die Erweiterung des Händlernetzwerks um 10 neue Standorte. Die Cash-Position des Unternehmens wurde auf 6,2 Millionen US-Dollar gestärkt. Twin Vee plant die Erweiterung der Bahama Boat Produktlinie um neue Modelle mit 22, 24 und 28 Fuß, die das bestehende Premium-Portfolio ergänzen.
- Revenue growth of 9.9% year-over-year to $4.8 million
- Significant gross margin improvement of 910 basis points to 13.8%
- Strategic acquisition of premium brand Bahama Boat Works
- Expansion of dealer network with 10 new locations
- Strong cash position of $6.2 million
- Product line expansion with new boat models
- Integration costs and challenges from Bahama Boat Works acquisition may impact short-term performance
Insights
Twin Vee shows strong margin improvement and strategic expansion despite modest revenue growth in a challenging boat market.
Twin Vee's Q2 results reveal a company executing a multi-pronged growth strategy in a difficult recreational boat market. The 9.9% revenue increase to
The acquisition of Bahama Boat Works represents a strategic upmarket expansion that diversifies Twin Vee's portfolio into premium offshore fishing vessels. This move should improve overall margin profile as Bahama's high-end models (35' to 41' range) typically command premium pricing and margins. The planned expansion of Bahama's lineup to include smaller 22', 24', and 28' models creates a complete product ladder that can capture customers at various price points.
The addition of 10 new dealer locations is a distribution win that should support continued sales growth. The
Twin Vee's integration of AI tools into their boatsforsale.com platform represents a modern approach to customer acquisition in an industry that has been slow to embrace digital transformation. The 22' BayCat introduction refreshes one of their historically popular models, which should help drive near-term sales.
While the improved margins are encouraging, the absolute
FORT PIERCE, FLORIDA / ACCESS Newswire / August 7, 2025 / Twin Vee PowerCats Co. (Nasdaq:VEEE), ("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport boats, today announced its financial results for the second quarter ended June 30, 2025.
Second Quarter 2025 Highlights:
Revenues of
$4.8 million , a9.9% increase from the second quarter of 2024.Gross margin of
13.8% , an improvement of 910 basis points from the second quarter of 2024.Increase in cash, cash equivalents and restricted cash to
$6.2 million .Acquired the legendary Bahama Boat Works.
Introduced an all-new 22' BayCat, historically one of Twin Vee's most popular models.
Added 10 new dealer locations.
"We are pleased to report another quarter of revenue growth and over 900 basis points of margin expansion in the second quarter," said Joseph Visconti, CEO and President of Twin Vee PowerCats Co. "Our team continues to execute on a number of fronts, including new dealer expansion leading to revenue growth, cost improvement initiatives, integration of the newly acquired Bahama Boat Works and leveraging our boatsforsale.com website to enhance customer and dealer interaction with the new and used boat market infrastructure utilizing advanced AI tools."
Visconti continued, "Looking ahead, we are expanding the Bahama Boat lineup to include 22, 24 and 28-foot models to complement their existing 35, 37, 41 and 41GT portfolio. Bahama is a premier offshore fishing vessel called out by the most discriminating buyers. With the recent passing of renowned Bahama boat builder Scott Henley, Twin Vee is more determined than ever to embrace his legacy of superb fit and finish of the boats he created and will use that as a blueprint to enhance all the models in the Twin Vee lineup."
Conference Call
Joseph Visconti, CEO and President, and Michael P. Dickerson, Chief Financial & Administrative Officer, will hold a conference call today, Thursday, August 7, 2025, at 12:00 p.m. (Eastern). To listen to the conference call, interested parties should dial-in to 1-877-407-3982 and use Conference ID 13754741. All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to join the Twin Vee conference call.
The conference call will also be available through a live audio webcast that can be accessed at the LINK HERE.
The Company's complete financial statements are being filed today with the Securities and Exchange Commission and can be accessed via https://ir.twinvee.com/sec-filings.
About Twin Vee PowerCats Co.
Twin Vee PowerCats Co. manufactures a range of boats under the Twin Vee and Bahama Boats 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 Boats 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.
Visit Twin Vee PowerCats Co. on Facebook, Instagram, and YouTube.
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 growing market confidence in the Twin Vee brand, reflecting continued sequential growth in revenue in the second quarter as market conditions gradually improve and consumer demand begins to rebound, scaling responsibly and balancing production increases with expense control and working capital discipline, and anticipating a more favorable cash profile going forward.
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, the Company's ability to grow revenue in the second quarter, the Company's ability to continue to expand its dealer network, the Company's ability to expand gross margins and remain disciplined with operating costs, the Company's ability to maintain its Nasdaq listing, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, 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
(Tables Follow)
June 30, | December 31, | |||||||||||||||
2025 | 2024 | Change | % Change | |||||||||||||
Cash and cash equivalents | $ | 5,961,668 | $ | 7,491,123 | $ | (1,529,455 | ) | (20.4 | %) | |||||||
Restricted cash | $ | 215,117 | $ | 215,117 | $ | - | - | |||||||||
Current assets | $ | 13,392,948 | $ | 10,419,141 | $ | 2,973,807 | 28.5 | % | ||||||||
Current liabilities | $ | 3,203,858 | $ | 3,747,990 | $ | (544,132 | ) | (14.5 | %) | |||||||
Working capital | $ | 10,189,090 | $ | 6,671,151 | $ | 3,517,939 | 52.7 | % | ||||||||
Three Months Ended | ||||||||||||||||
June 30, | ||||||||||||||||
2025 | 2024 | $ Change | % Change | |||||||||||||
Net sales | $ | 4,755,618 | $ | 4,326,821 | $ | 428,797 | 9.91 | % | ||||||||
Cost of products sold | $ | 4,101,565 | $ | 4,124,481 | $ | (22,916 | ) | (1 | %) | |||||||
Gross profit | $ | 654,053 | $ | 202,340 | $ | 451,713 | 223 | % | ||||||||
Operating expenses | $ | 2,329,859 | $ | 4,861,416 | $ | (2,531,557 | ) | (52 | %) | |||||||
Loss from operations | $ | (1,675,806 | ) | $ | (4,659,076 | ) | $ | 2,983,270 | (64 | %) | ||||||
Other income | $ | 21,735 | $ | 139,880 | $ | (118,145 | ) | (84 | %) | |||||||
Net loss | $ | (1,654,071 | ) | $ | (4,519,196 | ) | $ | 2,865,125 | (63 | %) | ||||||
Basic and dilutive income per share of common stock | $ | (0.87 | ) | $ | (3.09 | ) | $ | 2.22 | (72 | %) | ||||||
Weighted average number of shares of common stock outstanding | 1,891,291 | 952,000 | ||||||||||||||
Six Months Ended | ||||||||||||||||
June 30, | ||||||||||||||||
2025 | 2024 | $ Change | % Change | |||||||||||||
Net sales | $ | 8,367,909 | $ | 9,603,164 | $ | (1,235,255 | ) | (13 | %) | |||||||
Cost of products sold | $ | 7,176,742 | $ | 9,123,511 | $ | (1,946,769 | ) | (21 | %) | |||||||
Gross profit | $ | 1,191,167 | $ | 479,653 | $ | 711,514 | 148 | % | ||||||||
Operating expenses | $ | 4,546,067 | $ | 7,681,934 | $ | (3,135,867 | ) | (41 | %) | |||||||
Loss from operations | $ | (3,354,900 | ) | $ | (7,202,281 | ) | $ | 3,847,381 | (53 | %) | ||||||
Other income | $ | 90,589 | $ | 347,891 | $ | (257,302 | ) | (74 | %) | |||||||
Net loss | $ | (3,264,311 | ) | $ | (6,854,390 | ) | $ | 3,590,079 | (52 | %) | ||||||
Basic and dilutive income per share of common stock | $ | (1.93 | ) | $ | (4.87 | ) | $ | 2.94 | (60 | %) | ||||||
Weighted average number of shares of common stock outstanding | 1,690,484 | 952,000 | ||||||||||||||
Non-GAAP Financial Measures
We have presented a supplemental non-GAAP financial measure in this earnings release. We believe that this supplemental information is useful to investors because it allows for an evaluation of the company with a focus on the performance of its core operations, including more meaningful comparisons of financial results to historical periods. Adjusted Net Loss is a non-GAAP financial measure which excludes certain non-cash expenses. Our executive management team uses these same non-GAAP measures internally to assess the ongoing performance of the Company. Adjusted Net Loss is not intended to be a substitute for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
Below is a reconciliation of GAAP net loss to Adjusted net loss for the three and six months ended June 30, 2025 and 2024:
Adjusted Net Loss | ||||||||
Quarter Ended | ||||||||
June 30, | ||||||||
2025 | 2024 | |||||||
Net loss | $ | (1,654,071 | ) | $ | (4,519,196 | ) | ||
Depreciation & amortization | 425,551 | 434,958 | ||||||
Stock based compensation | 59,628 | 317,744 | ||||||
Loss on lease termination | 53,425 | - | ||||||
Impairment of property & equipment | - | 1,674,000 | ||||||
WIZZ BANGER development costs | 174,314 | - | ||||||
Adjusted net (loss) | (941,153 | ) | $ | (2,092,494 | ) | |||
Adjusted Net Loss | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2025 | 2024 | |||||||
Net loss | $ | (3,264,311 | ) | $ | (6,854,390 | ) | ||
Depreciation & amortization | 867,223 | 860,239 | ||||||
Stock based compensation | 115,597 | 744,027 | ||||||
Loss on sale of property & equipment | 63,011 | - | ||||||
Loss on lease termination | 53,425 | - | ||||||
Impairment of property & equipment | - | 1,674,000 | ||||||
WIZZ BANGER development costs | 226,382 | - | ||||||
Adjusted net (loss) | $ | (1,938,673 | ) | $ | (3,576,124 | ) | ||
SOURCE: Twin Vee PowerCats Co.
View the original press release on ACCESS Newswire
FAQ
What were Twin Vee PowerCats (VEEE) Q2 2025 earnings results?
What major acquisition did Twin Vee PowerCats make in Q2 2025?
How many new dealer locations did Twin Vee add in Q2 2025?
What new boat models is Twin Vee planning to launch?
What is Twin Vee's current cash position?
