Twin Vee Powercats Co.

Third-quarter net sales were $3.43 million, up 18% from $2.9 million last year. The company reported a gross loss of about $45,000 versus a $146,000 loss a year ago, while SG&A declined roughly 16% year over year. Net loss was $2.76 million, compared with a $3 million loss in the prior-year quarter. For the first 9 months of 2025, sales were $11.8 million and gross margin was 9.6%, up from 2.7% a year ago. The company ended the quarter with $2.7 million in cash and equivalents and very low leverage, with only the SBA EIDL loan outstanding at 3.75%. After quarter end, Twin Vee sold its North Carolina property for $4.25 million, including $500,000 cash at closing and a $3.75 million secured note at 5% interest payable in installments between 2026 and 2027. Management did not provide formal next-quarter or full-year revenue/EPS guidance, but said Q4 priorities are protecting liquidity, supporting dealers, rebuilding backlog, and remaining ready for growth when demand improves.

Joseph Visconti framed the quarter as one focused on controlling what the company can in a difficult marine market: costs, inventory, dealer relationships, and customer engagement. He said high interest rates, inflation, cautious consumer spending, and elevated industry inventory continue to pressure new boat sales, so Twin Vee is emphasizing sales and marketing, dealer expansion, and rebuilding backlog. He highlighted 10 new dealer locations added in Q2 and Q3, completion of the Fort Pierce expansion, installation of the 46-foot 5-axis CNC router, and the integration of Bahama Boat Works, while stressing that production is being paced to demand to avoid overstocking.

Scott Searles said Q3 net sales were $3.43 million, up 18% year over year, with a gross loss of about $45,000 versus $146,000 last year and SG&A down roughly 16%. He also noted the Q3 net loss improved to $2.76 million from $3 million, and that 9M 2025 sales reached $11.8 million with gross margin of 9.6% versus 2.7% a year earlier. On the balance sheet, he said the company ended Q3 with $2.7 million in cash and equivalents, low leverage, and only the SBA EIDL loan at 3.75%; he also detailed the $4.25 million North Carolina property sale and said the proceeds reduce overhead and provide flexibility for marketing and dealer support without taking on debt.

There were no analyst questions on the call, so the Q&A segment was effectively empty. Management still signaled the main investor concerns: weak industry demand, high inventory, and the need to preserve liquidity. In response, they reiterated a produce-to-order strategy, dealer support, and disciplined working-capital management rather than aggressive inventory build.