# EDGAR Filing Document

**Accession Number:** 0001855509
**File Stem:** 0001731122-25-001103
**Filing Date:** 2025-8
**Character Count:** 15239
**Document Hash:** b8b4adc9f563e8dc9d1b80434c8755db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001731122-25-001103.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001731122-25-001103

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Twin Vee PowerCats, Co.
- **CENTRAL INDEX KEY:** 0001855509
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHIP & BOAT BUILDING & REPAIRING [3730]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 271417610
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40623
- **FILM NUMBER:** 251206547

**BUSINESS ADDRESS:**
- **STREET 1:** 3101 S. FEDERAL HIGHWAY
- **CITY:** FT. PIERCE
- **STATE:** FL
- **ZIP:** 34982
- **BUSINESS PHONE:** 772-429-2525

**MAIL ADDRESS:**
- **STREET 1:** 3101 S. FEDERAL HIGHWAY
- **CITY:** FT. PIERCE
- **STATE:** FL
- **ZIP:** 34982

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 7, 2025**

**Twin Vee PowerCats Co.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-40623** | **27-1417610** |
| **(State or other jurisdiction<br> of incorporation)** | **(Commission<br> File Number)** | **(IRS Employer<br> Identification No.)** |

---

**3101 S. US-1**

**Ft. Pierce, Florida 34982**

**(Address of principal executive offices)**

**(772) 429-2525**

**(Registrant's telephone number, including area code)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br> Symbol(s)** | **Name of each exchange<br> on which registered** |
| **Common stock, par value $0.001 per share** | **VEEE** | **The Nasdaq Stock Market LLC<br> (Nasdaq Capital Market)** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On August 7, 2025, Twin Vee PowerCats Co., a Delaware corporation (the "Company"), issued a press release announcing its quarter ended June 30, 2025. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

The information contained in this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 99.1 | [Press Release issued by Twin Vee PowerCats Co., dated August 7, 2025](e6777_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: August 12, 2025 | **TWIN VEE POWERCATS CO.** | **TWIN VEE POWERCATS CO.** |
|  | By: | /s/ Joseph Visconti |
|  | Name: | Joseph Visconti |
|  | Title: | Chief Executive Officer and President |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Twin Vee PowerCats Reports Second Quarter 2025 Financial Results**

**FORT PIERCE, FL / ACCESSWIRE / August 7, 2025** — Twin Vee PowerCats Co. (Nasdaq:VEEE),("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport boats, today announced its financial results for the second quarter ended June 30, 2025.

**Second Quarter 2025 Highlights:**

● Revenues of $4.8 million, a 9.9% increase from the second quarter of 2024.

● Gross margin of 13.8%, an improvement of 910 basis points from the second quarter of 2024.

● Increase in cash, cash equivalents and restricted cash to $6.2 million.

● Acquired the legendary Bahama Boat Works.

● Introduced an all-new 22' BayCat, historically one of Twin Vee's most popular models.

● Added 10 new dealer locations.

"We are pleased to report another quarter of revenue growth and over 900 basis points of margin expansion in the second quarter," said Joseph Visconti, CEO and President of Twin Vee PowerCats Co. "Our team continues to execute on a number of fronts, including new dealer expansion leading to revenue growth, cost improvement initiatives, integration of the newly acquired Bahama Boat Works and leveraging our boatsforsale.com website to enhance customer and dealer interaction with the new and used boat market infrastructure utilizing advanced AI tools."

Visconti continued, "Looking ahead, we are expanding the Bahama Boat lineup to include 22, 24 and 28-foot models to complement their existing 35, 37, 41 and 41GT portfolio. Bahama is a premier offshore fishing vessel called out by the most discriminating buyers. With the recent passing of renowned Bahama boat builder Scott Henley, Twin Vee is more determined than ever to embrace his legacy of superb fit and finish of the boats he created and will use that as a blueprint to enhance all the models in the Twin Vee lineup."

**Conference Call**

Joseph Visconti, CEO and President, and Michael P. Dickerson, Chief Financial & Administrative Officer, will hold a conference call today, Thursday, August 7, 2025, at 12:00 p.m. (Eastern). To listen to the conference call, interested parties should dial-in to 1-877-407-3982 and use Conference ID 13754741. All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to join the Twin Vee conference call.

The conference call will also be available through a live audio webcast that can be accessed at the LINK HERE.

The Company's complete financial statements are being filed today with the Securities and Exchange Commission and can be accessed via https://ir.twinvee.com/sec-filings.

**About Twin Vee PowerCats Co.**

Twin Vee PowerCats Co. manufactures a range of boats under the Twin Vee and Bahama Boats brands, designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the "Best Riding Boats on the Water™." Bahama Boats is an iconic luxury brand long celebrated for its unmatched craftsmanship, timeless aesthetic, and dedication to producing some of the finest offshore fishing vessels.

The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years.

Learn more at twinvee.com and bahamaboatworks.com.

Visit Twin Vee PowerCats Co. on Facebook, Instagram, and YouTube.

**Forward-Looking Statements** 

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding the growing market confidence in the Twin Vee brand, reflecting continued sequential growth in revenue in the second quarter as market conditions gradually improve and consumer demand begins to rebound, scaling responsibly and balancing production increases with expense control and working capital discipline, and anticipating a more favorable cash profile going forward.

These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to grow revenue in the second quarter, the Company's ability to continue to expand its dealer network, the Company's ability to expand gross margins and remain disciplined with operating costs, the Company's ability to maintain its Nasdaq listing, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

**Contact:**

Glenn Sonoda<br> investor@twinvee.com

SOURCE: Twin Vee PowerCats Co.

(Tables Follow)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |<br>**Change** |<br>**% Change** |
| Cash and cash equivalents | $5961668 | $7491123 | $(1529455) | (20.4%) |
| Restricted cash | $215117 | $215117 | $— |  |
| Current assets | $13392948 | $10419141 | $2973807 | 28.5% |
| Current liabilities | $3203858 | $3747990 | $(544132) | (14.5%) |
| Working capital | $10189090 | $6671151 | $3517939 | 52.7% |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | | |
|  | **June 30,** | **June 30,** | | |
|  | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| Net sales | $4755618 | $4326821 | $428797 | 9.91% |
| Cost of products sold | $4101565 | $4124481 | $(22916) | (1%) |
| Gross profit | $654053 | $202340 | $451713 | 223% |
| Operating expenses | $2329859 | $4861416 | $(2531557) | (52%) |
| Loss from operations | $(1675806) | $(4659076) | $2983270 | (64%) |
| Other income | $21735 | $139880 | $(118145) | (84%) |
| Net loss | $(1654071) | $(4519196) | $2865125 | (63%) |
| Basic and dilutive income per share of common stock | $(0.87) | $(3.09) | $2.22 | (72%) |
| Weighted average number of shares of common stock outstanding | 1891291 | 952000 |  |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | | |
|  | **June 30,** | **June 30,** | | |
|  | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| Net sales | $8367909 | $9603164 | $(1235255) | (13%) |
| Cost of products sold | $7176742 | $9123511 | $(1946769) | (21%) |
| Gross profit | $1191167 | $479653 | $711514 | 148% |
| Operating expenses | $4546067 | $7681934 | $(3135867) | (41%) |
| Loss from operations | $(3354900) | $(7202281) | $3847381 | (53%) |
| Other income | $90589 | $347891 | $(257302) | (74%) |
| Net loss | $(3264311) | $(6854390) | $3590079 | (52%) |
| Basic and dilutive income per share of common stock | $(1.93) | $(4.87) | $2.94 | (60%) |
| Weighted average number of shares of common stock outstanding | 1690484 | 952000 |  |  |

---

**Non-GAAP Financial Measures**

We have presented a supplemental non-GAAP financial measure in this earnings release. We believe that this supplemental information is useful to investors because it allows for an evaluation of the company with a focus on the performance of its core operations, including more meaningful comparisons of financial results to historical periods. Adjusted Net Loss is a non-GAAP financial measure which excludes certain non-cash expenses. Our executive management team uses these same non-GAAP measures internally to assess the ongoing performance of the Company. Adjusted Net Loss is not intended to be a substitute for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

**Below is a reconciliation of GAAP net loss to Adjusted net loss for the three and six months ended June 30, 2025 and 2024:**

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| | | |
|:---|:---|:---|
|  | **Adjusted Net Loss** | **Adjusted Net Loss** |
|  | **Quarter Ended** | **Quarter Ended** |
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Net loss | $(1654071) | $(4519196) |
| Depreciation & amortization | 425551 | 434958 |
| Stock based compensation | 59628 | 317744 |
| Loss on lease termination | 53425 |  |
| Impairment of property & equipment |  | 1674000 |
| WIZZ BANGER development costs | 174314 |  |
| Adjusted net (loss) | (941153) | $(2092494) |

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| | | |
|:---|:---|:---|
|  | **Adjusted Net Loss** | **Adjusted Net Loss** |
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Net loss | $(3264311) | $(6854390) |
| Depreciation & amortization | 867223 | 860239 |
| Stock based compensation | 115597 | 744027 |
| Loss on sale of property & equipment | 63011 |  |
| Loss on lease termination | 53425 |  |
| Impairment of property & equipment |  | 1674000 |
| WIZZ BANGER development costs | 226382 |  |
| Adjusted net (loss) | $(1938673) | $(3576124) |

---