Twin Vee Powercats Co SEC Filings

Twin Vee PowerCats Co. is registering up to 10,606,061 shares of common stock, up to 10,606,061 pre-funded warrants, and up to 10,606,061 shares of common stock underlying those pre-funded warrants in a best-efforts offering through ThinkEquity.

The assumed offering price is $1.65 per share, matching the January 23, 2026 Nasdaq close, and the company estimates net proceeds of approximately $15.8 million, to be used primarily for working capital and general corporate purposes. There is no minimum offering amount, so the company may close on any number of securities sold, and investors would not receive refunds if only a small portion is placed.

Pre-funded warrants are priced at the share price minus $0.001, carry a $0.001 exercise price, are immediately exercisable, and are subject to a 4.99% beneficial ownership cap, optionally increaseable to 9.99%. Shares outstanding are expected to be 12,843,360 after the offering. For 2024, net sales were $14.4 million with a net loss of $14.0 million, and for the nine months ended September 30, 2025, net sales were $11.8 million with a net loss of $6.0 million.

Twin Vee PowerCats Co. is sharing new information with investors through a series of presentations, including a strategic corporate update event on January 21, 2026. In support of these meetings, the company prepared an investor presentation, furnished as Exhibit 99.1, which includes forward-looking statements under standard “safe harbor” protections.

The company also announced that its wholly owned premium monohull brand, Bahama Boat Works, has entered into a partnership with Mercury Marine, a division of Brunswick Corporation. This partnership was disclosed in a press release dated January 21, 2026, attached as Exhibit 99.2 and incorporated by reference.

Twin Vee PowerCats Co. reported a leadership change in its finance role. On January 9, 2026, the Board appointed Joseph Visconti as Interim Chief Financial Officer, effective immediately, following the termination of Interim CFO Scott Searles, who had served since September 2025. Visconti now holds multiple top positions, serving as Chief Executive Officer, Interim Chief Financial Officer, President, Chairman of the Board, and acting as the company’s principal executive, financial, and accounting officer.

The company also highlighted an existing related-party lease. Under a lease agreement with Visconti Holdings, LLC, an entity owned and controlled by Visconti, the lease term was converted on December 30, 2025 to a month-to-month tenancy while the parties negotiate a new agreement. During this period, the company pays Visconti Holdings, LLC $36,456 per month plus applicable sales and use tax of 6.5% in St. Lucie County.

Twin Vee PowerCats Co. is registering up to 8,883,249 shares of common stock, up to 8,883,249 pre-funded warrants, and 8,883,249 shares underlying those warrants in a primary underwritten offering. The deal is based on an assumed price of $1.97 per share, matching the January 8, 2026 Nasdaq close, with an estimated $16.1 million of net proceeds, or $18.8 million if the underwriters’ 15% over-allotment option is fully exercised. The company plans to use the cash mainly for working capital and general corporate purposes.

Twin Vee designs and manufactures power catamaran and “V”-hull recreational and commercial boats, selling through 22 independent dealers and operating from a 7.5‑acre Fort Pierce, Florida facility. Net sales were $14.4 million in 2024 and $33.4 million in 2023, with net losses of $14.0 million and $9.8 million, respectively. For the nine months ended September 30, 2025, net sales were $11.8 million and the net loss was $6.0 million. Management expects about $3.0 million in fourth-quarter 2025 net sales and notes momentum from 14 new dealer locations added in the first nine months of 2025.

Twin Vee PowerCats Co. filed a current report describing a new press release under Regulation FD. The company announced that it achieved three consecutive quarters of year-over-year sales growth during the second, third, and fourth quarters of fiscal 2025, which it says reflects sustained momentum in its core business.

The sales details are contained in a press release dated December 18, 2025, furnished as Exhibit 99.1. The company notes that this information is being furnished, not filed, and that the press release includes forward-looking statements subject to the Private Securities Litigation Reform Act safe harbor.

Twin Vee PowerCats Co. reported the results of its 2025 annual stockholder meeting, where a quorum of 1,189,517 shares of common stock was present out of 2,237,299 shares outstanding as of October 15, 2025.

Stockholders elected Carol Craig and Larry Swets, Jr. as Class I directors to serve until the 2028 annual meeting, ratified Grassi & Co. CPAs, P.C. as independent auditor for the year ending December 31, 2025, approved the reincorporation of Twin Vee from Delaware to Nevada by conversion, and approved a proposal to allow adjournments to solicit additional proxies in favor of the Nevada reincorporation if needed. The company later issued a press release announcing the director elections.

Twin Vee PowerCats Co. (VEEE), through its subsidiary Forza X1, closed the sale of its Marion, North Carolina property for $4.25 million. The consideration included $500,000 at closing and a $3,750,000 secured promissory note bearing 5% interest, payable in installments of $500,000 plus interest on October 31, 2026, $500,000 plus interest on April 30, 2027, and $2,750,000 plus interest on October 31, 2027. The note is secured by a deed of trust on the property.

After seller-paid closing costs of $44,500 and county taxes of $7,765.96, Forza received net cash of $447,684.04 at closing. Pro forma adjustments as of September 30, 2025 include removal of $3,956,623 of assets held for sale, recognition of the $3,750,000 note receivable and $447,684 cash, and an unaudited gain on sale of $241,061. No pro forma statement of operations was provided because the disposition is not expected to have a material continuing impact.

Twin Vee PowerCats (VEEE) filed its Q3 2025 10‑Q, reporting net sales of $3,428,977 and a net loss of $2,755,513 for the quarter. Gross margin was slightly negative, with a gross loss of $45,229 as cost of products sold exceeded sales. Operating loss narrowed year over year to $2,776,695 as operating expenses declined. For the first nine months of 2025, revenue was $11,796,886 and net loss was $6,019,824.

Cash and cash equivalents were $2,704,571 at September 30, 2025, down from $7,491,123 at year‑end, reflecting $5,129,964 of cash used in operating activities. Total assets fell to $18,894,710 from $25,887,905, and stockholders’ equity was $15,931,620. The company disclosed “substantial doubt” about its ability to continue as a going concern.

Management highlighted a 1‑for‑10 reverse stock split effective April 7, 2025 and a May underwritten offering of 750,000 shares at $4.00 per share, yielding $2,555,101 in net proceeds. Subsequent to quarter‑end, Twin Vee closed the sale of its Marion, NC property for $4,250,000, receiving $500,000 at closing and the balance via installments at 5% interest. Dealer concentration remained high, with four dealers accounting for 83% of Q3 sales. Shares outstanding were 2,237,299 as of November 4, 2025.