Twin Vee PowerCats Reports Continued Revenue Growth in the First Quarter

About this update from Twin Vee Powercats Co.

FORT PIERCE, FL / ACCESS Newswire / May 7, 2026 / 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 first quarter ended March 31, 2026.First Quarter 2026 Highlights:Revenues increased approximately 10% in the first quarter 2026 compared to the first quarter 2025, the fourth consecutive year-over-year quarterly positive growth rate.Revenues increased 31% in the first quarter 2026 compared to the fourth quarter 2025.Net loss was $2.09 million as compared to $1.6 million in the first quarter 2025, representing a change of 30%. Adjusted EBITDA loss was $776,000, representing a monthly cash loss of approximately $259,000, an improvement of 11% from the first quarter 2025.Reported Q1 results included approximately $1.3 million of non-cash and one-time items related to inventory adjustments, new product development, and field inventory management.Cash and equivalents increased by more than $4 million compared to the fourth quarter 2025, primarily from first-quarter equity offerings to support growth initiatives, product launches, and working capital.The Company relaunched Bahama Boat Works at the Palm Beach International Boat Show, unveiling new 21-foot and 23-foot models, complementing the Company's 35, 37, and 41-foot models, while delivering the first Bahama 35-foot vessel built at the Twin Vee factory."We are pleased to report we are opening the 2026 year with increased product offerings, expanding Twin Vee's product line with our official launch of Bahama Boat Works and our newly developed 21-foot and 23-foot Bahama models," explained Joseph Visconti, CEO, President, and Interim CFO of Twin Vee PowerCats Co. "Currently, the Company is focused on bringing more Bahama Boat Works models to market and widening the breadth of the brand's product offering."According to the Company, it experienced reduced margins in the first quarter directly related to sale incentives to reduce dealer inventory levels, reserves for inventory on hand related to a previously held licensed brand, and product development costs to bring the expanded Bahama Boat line-up to the Palm Beach International Boat Show.Building on the year-over-year growth trajectory established over the last four quarters, the Company remains confident that it is making continued pro...

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