Twin Vee PowerCats (VEEE) Q4 2025 earnings summary

Executive summary

• Revenue increased 3% year-over-year to $14.8 million, with 93 boats sold, up 7% from 2024, but average price per unit declined 5% due to product mix.

• Gross profit improved to $1.26 million (8.5% margin) from a loss in 2024, reflecting cost reductions and operational efficiencies.

• Net loss narrowed to $8.6 million from $14.0 million in 2024, driven by lower operating expenses and discontinued electric boat R&D.

• The company completed the acquisition of Bahama Boat Works and launched the Wizz Banger marine retail/valuation platform.

• Significant capital raises included a $3.0 million public offering in May 2025 and a $3.0 million offering in February 2026.

Financial highlights

• Net sales: $14.8 million in 2025, up 3% from $14.4 million in 2024.

• Gross profit: $1.26 million (8.5% margin) vs. ($0.75) million (-5.2%) in 2024.

• Operating expenses: $10.0 million, down 27% from $13.8 million in 2024.

• Net loss: $8.6 million, improved from $14.0 million in 2024.

• Cash and equivalents at year-end: $1.6 million, down from $7.7 million prior year.

• Working capital: $2.7 million at year-end 2025.

Outlook and guidance

• Management is focused on growing revenue, managing working capital, and improving inventory turns.

• Ongoing cost controls and operational improvements are being implemented to strengthen financial position.

• There is substantial doubt about the company’s ability to continue as a going concern without additional capital or improved cash flow.