“Twin Vee continued to execute its turnaround and cost-reduction plan in the third quarter, improving both gross margin and operating efficiency,” says Joseph Visconti, CEO and president of the Floridian company which manufactures power cats. “Our expanding dealer partnerships and disciplined overhead management supported 18 per cent revenue growth while narrowing losses.”
Highlights of the company’s financial results for the third quarter ending 30 September 2025 include:
- Net sales up 18 per cent to $3.43 million
- Gross loss narrowed to $45 thousand (Q3 2024: $146 thousand)
- Operating expenses decreased 8 per cent to $2.73 million (Q3 2024: $2.97 million).
- Net loss improved 8 per cent to $2.76 million, or $(1.23) per share (Q3 2024: $(2.64) per share).
- Cash, cash equivalents, and restricted cash totalled $2.92 million at quarter-end.
“We remain focused on liquidity, operating leverage, and cash flow,” says Scott Searles, interim chief financial officer. “The Marion facility sale and the ongoing Bahama Boat Works integration strengthen our balance sheet and provide a platform for future model introductions.”
The sale of the Marion, North Carolina property on 31 October 2025, provided $500,000 in immediate proceeds and $3.75 million in future payments through 2027, including a $2.75 million balloon payment due 31 October 2027.
The company remains focused on disciplined cost management, dealer growth, and monetisation of non-core assets. Twin Vee expects to enter 2026 with a leaner cost structure, a refreshed product portfolio, and stronger cash flow generation potential.
With dealer coverage expanded, there’s an expected focus on higher-velocity markets and faster customer response.
Within the Bahama Boat Works integration, the development of new premium monohull models following the June 2025 acquisition is advancing. Engineering and marketing teams are also preparing 2026 model launches aimed at improving price realisation and expanding in the offshore segment.
In October 2025, Twin Vee signed with Terraglio Yacht Group to manage inbound lead flow and represent Twin Vee and Bahama Boats nationwide.
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