Twin Vee PowerCats, Co.

Listed Company

VEEECIK 0001855509NasdaqEmerging GrowthShip & Boat Building & RepairingFY ends Dec 31

Period

FY 2025

Revenue

$14.82M

Net Income

$-8.61M

Total Assets

$16.23M

Equity

$13.47M

Shares Out

8.62M

Op. Cash Flow

$-6.88M

Business

Twin Vee PowerCats, Co. designs, manufactures and markets recreational and commercial power boats, primarily catamaran hulls. Its main products include Twin Vee twin-hull catamarans and Aquasport monohull boats, with models ranging from smaller center-console vessels to larger offshore designs, all outfitted with outboard engines. The company operates business segments for its Twin Vee catamarans and AquaSport monohulls and has integrated its previously minority-owned electric boat subsidiary into its corporate structure. Twin Vee primarily distributes boats through a network of independent dealers across North America, the Caribbean and Central America.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	15	14	33	32	16
Cost of products sold (excluding depreciation & amortization)	14	15	30	21	9
Gross profit (loss)	1	−751,425	3	11	6
Selling, general and administrative	3	3	4	3	2
Salaries and wages	4	5	7	11	5
Professional fees	867,090	2	1	966,037	380,929
Impairment of property & equipment	418,416	2	—	—	—
Loss on lease termination	57,903	—	—	−60,088	−254,600
Loss on sale of property & equipment	133,015	172,684	—	—	—
Gain on sale of R&D assets	—	−50,097	—	—	—
Depreciation and amortization	2	2	1	553,750	—
Research and development	—	586,379	1	941,533	211,111
Total operating expenses	10	14	15	17	8
Loss from operations	−9	−15	−12	−6	−2
Dividend income	—	510,099	909,215	—	—
Other income	56,612	63,391	9,898	155,137	538
Interest expense	−81,229	−222,594	−221,157	−164,155	−136,709
Interest income	198,643	150,553	48,370	75,401	—
Realized gain on marketable securities	—	40,414	103,941	—	—
Total other income	174,026	541,863	2	228,294	619,712
Loss before income tax	−9	−14	−10	−6	−1
Income tax provision	—	—	—	—	—
Net loss	−9	−14	−10	−6	—
Less: Net loss attributable to noncontrolling interests	—	−3	−3	−656,162	—
Net loss attributed to stockholders of Twin Vee PowerCats Co, Inc.	−9	−11	−7	−5	−1
Basic loss per share of common stock	−4.37	−11.01	−0.76	−0.67	—
Dilutive loss per share of common stock	−4.37	−11.01	−0.76	−0.67	—
Weighted average number of shares of common stock outstanding basic	2	1	10	8	—
Weighted average number of shares of common stock outstanding dilutive	2	1	10	8	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1	7	16	24	7
Restricted cash	215,117	215,117	257,530	—	—
Inventories, net	2	3	5	4	2
Prepaid expenses and other current assets	227,781	196,141	463,222	882,417	903,756
Deferred offering expenses	30,000	—	—	—	105,500
Note receivable, current portion	500,000	—	—	—	—
Total current assets	5	10	27	30	13
Property and equipment, net	8	15	12	6	3
Operating lease right of use asset, net	—	390,686	854,990	1	2
Note receivable less current portion, net of discount	3	—	—	—	—
Security deposit	26,193	40,280	51,417	32,517	—
Total Assets	16	26	40	38	21
Accounts payable	1	2	2	2	1
Accrued liabilities	714,248	794,253	1	1	456,814
Contract liabilities	395,932	80,000	44,195	5,300	14,100
Finance lease liabilities	19,498	221,929	214,715	—	—
Operating lease liabilities	—	436,730	482,897	479,314	368,602
Total current liabilities	2	4	4	4	2
Economic Injury Disaster Loan	499,900	499,900	499,900	499,900	499,900
Finance lease liabilities - noncurrent	22,145	2	3	—	—
Total Liabilities	3	7	8	5	4
Preferred stock: 10,000,000 authorized; $0.001 par value; no shares issued and outstanding	—	—	—	—	—
Common stock: 50,000,000 authorized; $0.001 par value; 2,237,299 and 1,487,445 issued and outstanding at December 31, 2025 and 2024, respectively	2,237	1,487	9,520	9,520	7,000
Additional paid-in capital	47	45	38	36	19
Accumulated deficit	−34	−25	−14	−7	−2
Total stockholders equity	13	19	24	28	17
Total Liabilities and Stockholders Equity	16	26	40	38	21

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock based compensation	303,133	1	2	1	309,832
Depreciation and amortization	2	2	1	553,750	198,523
Loss on lease termination	57,903	—	—	—	—
Loss on sale of property & equipment	133,015	172,684	—	—	—
Gain on sale of R&D assets	—	−50,097	—	—	—
Amortization of right-of-use asset	390,686	464,304	—	—	—
Change in inventory reserve	90,688	−285,584	—	—	—
Accounts receivable	—	80,160	−65,993	−9,030	−5,137
Inventories	−66,669	3	−1	−2	−913,510
Prepaid expenses and other current assets	−31,640	267,081	419,195	21,339	−903,406
Accounts payable	−1	−183,947	333,346	864,819	401,581
Accrued liabilities	−80,005	−281,259	−165,257	783,955	238,878
Operating lease liabilities	−436,730	−482,897	−479,315	−390,050	−354,093
Contract liabilities	315,932	35,805	38,895	−8,800	7,316
Net cash used in operating activities	−7	−7	−7	−4	−2
Security deposit	14,087	11,137	−18,900	−7,517	—
Realized gain on sale of marketable securities, available for sale	—	−40,414	−103,941	—	—
Net sales of investment in marketable securities	—	5	−1	—	—
Proceeds from sale of property & equipment	552,478	6,000	—	175,000	—
Purchase of property and equipment	−2	−6	−5	−3	−2
Net cash used in investing activities	−2	−2	−7	−195,605	−8
Proceeds from issuance of common stock, net of fees of $444,899	3	—	7	6	16
Deferred offering costs	−30,000	—	−66,463	—	—
Finance lease payments	−115,455	−213,744	−90,153	—	—
Net cash provided by (used in) financing activities	2	−213,744	7	21	16
Net change in cash, cash equivalents and restricted cash	−6	−9	−7	17	6
Cash paid for interest	347,749	435,161	235,519	150,399	165,195
Sale of building in exchange for note receivable	4	—	—	—	—
Cash and cash equivalents	1	7	—	—	—
Restricted cash	215,117	215,117	—	—	—
Total cash, cash equivalents and restricted cash	2	8	—	—	—

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