Twin Vee PowerCats (VEEE) Registration Filing summary

Company overview and business model

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

• Operates from a 7.5-acre facility in Fort Pierce, Florida, with about 70 employees and a recently completed 30,000 sq. ft. expansion.

• Sells primarily through a network of 17 independent dealers across North America, Hawaii, and Australia, with ongoing efforts to expand dealer and distributor relationships.

• Revenue is almost entirely from boat sales, with new initiatives in technology-enabled marine retail and valuation (Wizz Banger platform).

• Acquired Bahama Boat Works assets in June 2025 and launched Black Line Defense subsidiary for defense and security maritime platforms in January 2026.

Financial performance and metrics

• Net sales for the nine months ended September 30, 2025, were $11.8M, down 6% year-over-year; gross profit improved to $1.1M from $334K.

• Net loss for the nine months ended September 30, 2025, was $6.0M, an improvement from $9.9M in the prior year period.

• For the year ended December 31, 2024, net sales were $14.4M, with a net loss of $14.0M and an accumulated deficit of $25.4M.

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

• Gross margin improved due to cost controls, reduced R&D, and efficiency gains, despite lower average selling prices.

Use of proceeds and capital allocation

• Estimated net proceeds of $15.8M (assuming full exercise of pre-funded warrants) to be used primarily for working capital and general corporate purposes.

• Management retains broad discretion over allocation; proceeds may also support potential acquisitions or investments.

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