olivLaw · US equity research
Twin Vee PowerCats Co. VEEE
Ship & Boat Building & Repairing · SIC 3730 · Vertical: Ship & Boat Building & Repairing (SIC 3730)
Twin Vee PowerCats Co. designs, builds and sells catamaran and monohull power boats for recreational and commercial use from Fort Pierce, Florida. The company has moved from large losses toward growing revenue, but it still runs at a loss and is now widening its focus to defense and second-hand boat listings, which makes its progress worth watching closely given its Nasdaq listing pressure.
At the close of 04 Nov 2026, Twin Vee PowerCats Co. (VEEE) stock was 9.09 USD (+1.22% on the day), with market capitalisation 5.2 m USD, beta 1.07, 52-week range 4.59–99.16 USD. Latest reported quarter (Q2 2026): revenue of 3.1 m USD (−34.2% YoY), net income of -2.9 m USD, diluted EPS -5.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.2
- weak (30–45)
- Bollinger (20, 2)
- 8.39 – 10.20
- in the lower half of the band · %B 0.39 · band width 19.6%
- SMA 50 / 200
- 10.28 / 14.69
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.46 / -0.49
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.8% | −1.1% | −14.7 pp | — |
| 3 months | −7.2% | −0.5% | −6.7 pp | — |
| 6 months | +51.2% | +4.4% | +46.9 pp | — |
| Year to date | −85.9% | +12.3% | −98.2 pp | — |
| 1 year | −90.8% | +13.5% | −104.3 pp | −7.9% |
| 3 years | −98.2% | +76.4% | −174.6 pp | +11.3% |
| 5 years | −99.4% | +63.7% | −163.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.9 m | 1.9 m | 3.6 m | 4.8 m | 3.4 m | 3.0 m | 4.0 m | 3.1 m |
| Cost of revenue | 3.0 m | 3.0 m | 3.1 m | 4.1 m | 3.5 m | 2.9 m | 3.8 m | 3.3 m |
| Gross profit | -145.7 k | -1.1 m | 537.1 k | 654.1 k | -45.2 k | 111.2 k | 196.3 k | -182.7 k |
| Research & development | 89.4 k | 2.5 k | — | — | — | — | — | — |
| SG&A | 764.8 k | 881.2 k | 598.6 k | 605.3 k | 650.7 k | 647.8 k | 860.6 k | 600.1 k |
| Operating income | -3.1 m | -4.2 m | -1.7 m | -1.7 m | -2.8 m | -2.6 m | -2.1 m | -3.0 m |
| Depreciation & amortisation | 440.5 k | 444.5 k | 441.7 k | 425.6 k | 419.8 k | 447.2 k | 467.2 k | 459.1 k |
| Interest expense | 57.0 k | — | 36.2 k | 19.6 k | 12.6 k | — | 10.9 k | 8.9 k |
| Income tax | 0 | — | — | — | — | — | — | — |
| Net income | -3.0 m | -3.9 m | -1.6 m | -1.7 m | -2.8 m | -2.6 m | -2.1 m | -2.9 m |
| Diluted EPS | -2.64 | -3.38 ≈ | -40.05 | -32.22 | -1.23 | -1.16 ≈ | -12.93 | -5.07 |
| Operating cash flow | -2.4 m ≈ | -2.3 m | -1.7 m | -745.6 k ≈ | -2.6 m ≈ | -1.7 m | -1.7 m | -1.6 m ≈ |
| Capex | 1.3 m ≈ | 1.3 m | 828.9 k | 707.7 k ≈ | 480.4 k ≈ | 140.3 k | 108.7 k | 126.8 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 11.1 m | 15.8 m | 32.0 m | 33.4 m | 14.4 m | 14.8 m |
| Revenue YoY | unavailable | +42.6% | +102.8% | +4.5% | −57.0% | +3.0% |
| Net income | 1.2 m | -1.0 m | -5.1 m | -7.2 m | -11.0 m | -8.6 m |
| Net income YoY | unavailable | −186.3% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 0.29 | -0.19 | -0.67 | -0.76 | -11.01 | -4.37 |
| Diluted EPS YoY | unavailable | −165.5% | unavailable | unavailable | unavailable | unavailable |
| net % | 10.6% | -6.4% | -16.1% | -21.5% | -76.8% | -58.1% |
| Free cash flow | -160.5 k | -3.9 m | -7.5 m | -12.1 m | -13.3 m | -9.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 m USD
- Financial debt
- 499.9 k USD
- Net debt
- -931.7 k USD
- Equity
- 13.5 m USD
- Total assets
- 16.2 m USD
- Debt / equity
- 0.04x
- Current ratio
- 2.18x
- ROE
- -52.7%
- ROA
- -40.9%
- FCF margin
- -61.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.1 m | 15.8 m | 32.0 m | 33.4 m | 14.4 m | 14.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 6.3 m | 9.5 m | 21.3 m | 30.2 m | 15.1 m | 13.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 4.8 m | 6.3 m | 10.7 m | 3.3 m | -751.4 k | 1.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 0 | 211.1 k | 941.5 k | 1.4 m | 586.4 k | — | SEC (XBRL)· 20 Mar 2025verified |
| SG&A | 872.7 k | 1.7 m | 2.8 m | 3.7 m | 3.1 m | 2.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 720.8 k | -1.6 m | -6.0 m | -12.0 m | -14.6 m | -8.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 155.7 k | 198.5 k | 553.8 k | 1.4 m | 1.7 m | 1.7 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 876.6 k ≈ | -1.4 m ≈ | -5.5 m ≈ | -10.6 m ≈ | -12.8 m ≈ | -7.0 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Income tax | 0 | 0 | — | — | — | — | SEC (XBRL)· 31 Mar 2022verified |
| Net income | 1.2 m | -1.0 m | -5.1 m | -7.2 m | -11.0 m | -8.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 0.29 | -0.19 | -0.67 | -0.76 | -11.01 | -4.37 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 4.0 m | 5.3 m | 7.6 m | 9.5 m | 1.0 m | 2.0 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 891.8 k | 7.0 m | 23.5 m | 16.5 m | 7.5 m | 1.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | — | 5.1 k | 14.2 k | 80.2 k | — | — | SEC (XBRL)· 20 Mar 2025verified |
| Inventories | 936.7 k | 1.8 m | 4.0 m | 4.9 m | 2.5 m | 2.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 1.8 m | 13.1 m | 29.9 m | 26.6 m | 10.4 m | 4.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 1.4 m | 2.9 m | 5.5 m | 12.3 m | 15.0 m | 8.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 4.5 m | 20.6 m | 38.2 m | 39.8 m | 25.9 m | 16.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 799.3 k | 1.2 m | 2.1 m | 2.4 m | 2.2 m | 1.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | — | 499.9 k | 499.9 k | 499.9 k | 499.9 k | 499.9 k | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 1.4 m | 2.2 m | 3.8 m | 4.2 m | 3.7 m | 2.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 3.0 m | 3.9 m | 5.2 m | 7.8 m | 6.7 m | 2.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 1.5 m | 16.7 m | 33.0 m | 32.0 m | 19.2 m | 13.5 m | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 364.6 k | -1.9 m | -4.1 m | -6.9 m | -7.0 m | -6.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 525.2 k | 1.9 m | 3.4 m | 5.2 m | 6.3 m | 2.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -160.5 k ≈ | -3.9 m ≈ | -7.5 m ≈ | -12.1 m ≈ | -13.3 m ≈ | -9.0 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -200.5 k | -8.0 m | -195.6 k | -6.6 m | -1.9 m | -1.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 512.0 k | 16.1 m | 20.9 m | 6.8 m | -213.7 k | 2.4 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.2 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -76.3% | 0 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -22.6% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -163.2% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TWIN VEE POWERCATS CO. (VEEE). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 14.8 m USD in 2025; YoY growth 3.0%; net margin -76.3%; ROE -62.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
What contradicts it
- Net margin: -76.3%
- Revenue CAGR 3Y: -22.6%
- FCF yield: -163.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Ship & Boat Building & Repairing (SIC 3730) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GDGeneral Dynamics Corporation | 98.6 bn | 21.2 | 18.0% | 8.2% | +10.1% | +7% / +48% |
| HIIHuntington Ingalls Industries, Inc. | 12.0 bn | 16.4 | 14.0% | 5.4% | +8.2% | −3% / +28% |
| MCFTMasterCraft Boat Holdings, Inc. | 541.6 m | — | -0.6% | -0.5% | +22.8% | +20% / +11% |
| NXBNextBoat Inc. | 37.2 m | — | -129.3% | -5.4% | +21.1% | −57% / unavailable |
| VEEETwin Vee Powercats Co. | 5.2 m | — | -62.6% | -76.3% | +3.0% | −91% / −98% |
| MBUUMalibu Boats, Inc. | 297 | 275.0 | 0.3% | 0.2% | +13.3% | −13% / −44% |
| VMARVision Marine Technologies Inc. | — | — | — | — | +45.4% | −100% / −100% |
1- and 3-year price returns: for VEEE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Twin Vee PowerCats Co. designs, builds and sells catamaran and monohull power boats for recreational and commercial use from Fort Pierce, Florida. The company has moved from large losses toward growing revenue, but it still runs at a loss and is now widening its focus to defense and second-hand boat listings, which makes its progress worth watching closely given its Nasdaq listing pressure.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Repeated losseshigh
The company has recorded operating and net losses over several years, and expenses could keep rising 1.
- Going concernhigh
The 2026 financial statements are prepared on a going concern basis, but management acknowledges substantial doubt about the ability to continue operating 2.
- Dealer concentrationhigh
The loss of one major dealer could seriously affect sales, and dealer contracts do not oblige purchases 12.
- Listing issuesmedium
The company received Nasdaq notices about its share price and carried out reverse stock splits, while correcting some corporate actions is in progress 2.
- Seasonality and weathermedium
Adverse weather in the peak period could reduce sales in certain regions 1.
- Single factorymedium
Production depends on one facility, exposed to natural disasters or disruptions 1.
Investment thesis
What would need to be true (bull case)
- If sales recover and new dealers add volume, the company could reduce losses as fixed costs are spread over more units.
- If the defense program through Black Line Defense materializes, it could bring revenue from a segment different from recreational boats.
- If Wizz Banger speeds up boat financing, the company could gain market share through complementary services.
What would break the thesis
- If losses continue and new equity issuance becomes necessary, shareholder dilution could increase.
- If a major dealer reduces orders, revenue could fall quickly given the current concentration.
- If compliance and listing problems worsen, the company could lose investor confidence.
What to watch
- Sales trend and dealer countQ3 2026
- Outcome of the Delaware ratification of corporate actions2026
- Appointment of a permanent chief financial officer2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Almost all revenue comes from boat sales, and nearly all boats use gas outboard engines 12. The company ended 2025 with a net loss of $8,607,273 and an accumulated deficit of about $34,000,228 1. Sales are concentrated in a few dealers: in the second quarter of 2026, four dealers accounted for 88% of sales 2.
Beyond boats, Twin Vee launched the Wizz Banger platform, combining an AI-based boat valuation tool with a physical retail location 1. In January 2026 it also formed the subsidiary Black Line Defense, aimed at manned and autonomous maritime platforms for defense and security 1.
Segments
Market context
Trends
- Seasonal demand and weathermixed
Sales are concentrated in spring and summer, and unfavorable weather could reduce demand in the peak period 1.
- Cost of financingheadwind
Many buyers and dealers finance purchases with credit, so higher interest rates could slow sales 1.
- International expansiontailwind
Markets such as Australia, Europe and Brazil could add growth if the dealer network expands 1.
- Defense and autonomous vesselsmixed
Interest in autonomous ships and government defense programs could open new markets if those projects materialize 1.
Competitive position
Twin Vee competes with other power boat makers for dealers and customers, and the company acknowledges that competitive pressure is rising 1. Consolidation among independent dealers could cost the company partners if a merged entity buys from a rival 1.
The company's stated advantages are its dealer network and design innovation, which could be hard for rivals to match without major investment 1. Larger competitors may, however, have more resources for marketing and dealer support 1.
- US power boat manufacturers
Direct competitors for dealers and customers, referred to generically in the company's risk disclosures 1.
- Other catamaran manufacturers
Compete in the catamaran segment where Twin Vee claims a leading position 1.
- V-hull boat manufacturers
Compete in the monohull segment where the Bahama and Bimini brands operate 1.
- Online boat listing platforms
Compete with Wizz Banger in used-boat listings and valuation 2.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report08 Oct 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report09 Sept 2026Item 3.03 · Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Current report24 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Proxy statement17 Aug 2026
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Item 3.03 · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report13 Jul 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report20 May 2026Departure or appointment of officers
- Quarterly report07 May 2026
- Current report30 Apr 2026Amendments to articles or bylaws · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Twin Vee PowerCats Co. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Twin Vee PowerCats Co. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Twin Vee PowerCats Co. · 12 Aug 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.