Twin Vee PowerCats Co (Nevada)

ir.twinvee.com

What Do They Do?

Builds and sells recreational and commercial powerboats, including catamarans and V-hull boats, for recreational boaters and commercial operators.

How Do They Make Money?

Twin Vee sells boats, motors and trailers to independent dealers; dealers or their lenders pay after shipment. It also sells short-term used-boat listing contracts, with fees earned over the contract period.

FY2025 revenue

Who Are Their Customers?

Twin Vee sells mainly through independent boat dealers, who resell the boats to recreational boaters and commercial users.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 40% from one customer

Do Revenues Turn Into Profits?

No. It lost $8.6M in FY2025.

Net income, FY2025

−58% of revenue

▼ −22% (Loss) vs FY2024 (−$11M, −77%)

Free cash flow, FY2025

−61% of revenue

▼ −32% (Loss) vs FY2024 (−$13.3M, −93%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −34%; vs $4.8M in Q2 FY2025
Net income: ▲ +75% (Loss); vs −$1.7M in Q2 FY2025

Jul 13, 2026 Agreed to merge with USFM, subject to closing conditions If completed, Twin Vee would become a wholly owned subsidiary of USFM; Twin Vee shares would convert into a pro rata portion of USFM shares.
Apr 3, 2026 Nasdaq warned of potential delisting over its bid-price rule Twin Vee said it would request a hearing; trading would continue while the appeal was pending.

Flat. Revenue was $14.8M in FY2025, about the same as the $15.8M of FY2021.

Electric boats The earlier report described Forza as developing electric boats; the latest says it stopped production and became a wholly owned subsidiary.

Boat brands and models The earlier report described Twin Vee gas-powered boats and an LFG Marine monohull launch; the latest describes Twin Vee catamarans alongside Bahama Boat Works V-hull models acquired by the company.

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