Twin Vee returns to revenue growth in 2025 as losses narrow
Twin Vee 240
Twin Vee PowerCats, a US-based manufacturer, distributor and marketer of power sport boats, has reported its financial results for 2025.
For the year ended 31 December 2025, net sales were $14.8m, up 3 per cent from $14.4m in 2024. Gross profit was $1.26m, representing a gross margin of 8.5 per cent, compared with a gross loss in the prior year.
Net loss decreased by 39 per cent to $8.6m. Adjusted net loss was $4.9m, a reduction of 47 per cent compared with the prior year.
During the second half of 2025, Twin Vee reports a return to year-over-year revenue growth, including three consecutive quarters of year-over-year improvement. In the fourth quarter of 2025, net sales increased 60 per cent compared with the same period in 2024. The company attributes this to improved retail demand and dealer restocking following a reduction in field inventory.
Field inventory declined from approximately 140 units at its 2024 peak to 52 units at 31 December 2025. The reduction lowered dealer inventory exposure and reduced balance sheet risk. Production backlog improved during the period, reflecting a shift from clearing legacy stock to fulfilling new factory-built orders.
In a statement, the company describes 2025 as a ‘transition year’ during which management implemented an ‘operational reset’. Actions taken during the period included reducing fixed costs, updating manufacturing processes and working through legacy dealer inventory. By the end of 2025, the majority of planned capital expenditure had been deployed, according to Twin Vee. Fixed manufacturing costs were absorbed, inventory exposure was reduced, and operations were structured to support incremental margin improvement as production volumes increase.
In early 2026, the company onboarded a dealer in Louisiana after securing approval to conduct business in that state. Sales and marketing teams are also assessing additional dealer opportunities across the US to expand the dealership network.
Twin Vee plans to relaunch Bahama Boat Works at the Palm Beach International Boat Show in March 2026, targeting the offshore centre-console segment. The relaunch follows the acquisition of Bahama Boat Works’ assets in June 2025, adding a monohull brand to the group’s portfolio. During 2025, integration work included engineering revisions, tooling updates, the introduction of standardised power packages and production planning.
The company also formed Black Line Defense, a wholly owned subsidiary focused on crewed and autonomous maritime platforms for defence and government customers.
In 2025, Twin Vee completed a multi-year modernisation of its Fort Pierce manufacturing campus. Total production space was expanded to approximately 100,000 square feet, with stated capacity of more than 700 units annually.
A five-axis CNC router was commissioned to enable in-house plug-and-mould production. Management estimates that the equipment reduces new model development timelines by approximately 40 per cent and lowers tooling and development costs by around 33 per cent.
Twin Vee PowerCats Co. manufactures boats under the Twin Vee and Bahama Boat Works brands for fishing, cruising and recreational use. The company operates from Fort Pierce, Florida and has been building boats for 30 years.
Twin Vee CEO statement
“2025 was about survival, discipline, and rebuilding the foundation,” said Joseph Visconti, president and CEO of Twin Vee PowerCats. “We reduced losses materially, cleaned up dealer inventory, modernised our factory, and brought tooling and development in-house. Most importantly, we exited the year with revenue momentum, operating leverage, and two strong brands positioned in the best segments of the offshore market.
“The hard work is largely behind us, and we believe the platform we’ve built positions Twin Vee for a far more scalable and profitable future.”
