Twin Vee PowerCats (VEEE) Registration Filing summary

Company overview and business model

• Designs, manufactures, and markets recreational and commercial power boats, focusing on catamarans and monohull vessels under Twin Vee and Bahama Boat Works brands.

• Operates from a 7.5-acre facility in Fort Pierce, Florida, with recent expansion to 100,000 sq. ft.

• Sells primarily through a network of 22 independent dealers across North America, the Caribbean, and Central America.

• Recently acquired Bahama Boat Works assets and launched Wizz Banger, an AI-driven marine retail and valuation platform.

• Ceased electric boat development in 2024; Forza X1 merged as a wholly owned subsidiary.

Financial performance and metrics

• Net sales for the nine months ended September 30, 2025: $11.8M, down 6% year-over-year; gross profit up 243% to $1.15M.

• Net loss for the nine months ended September 30, 2025: $6.0M, improved from $9.9M loss in prior year.

• Fiscal year 2024 net sales: $14.4M; net loss: $14.0M; accumulated deficit as of September 30, 2025: $31.4M.

• Cash and equivalents as of September 30, 2025: $2.7M; working capital: $7.6M.

• Gross margin improved due to cost controls and efficiency gains; operating expenses decreased 32% year-over-year.

Use of proceeds and capital allocation

• Estimated net proceeds of $16.1M (up to $18.8M with full over-allotment) to be used primarily for working capital and general corporate purposes.

• Management retains broad discretion over allocation; may pursue acquisitions or investments in complementary businesses.

• Pending use, proceeds will be invested in short-term, interest-bearing securities.