Here are 1-2 brief analogies to describe Twin Vee PowerCats (VEEE):

• A Rivian or Polestar for electric boats. This highlights Twin Vee's strategic focus on the electric boat market through its subsidiary Forza X1, positioning it as an innovator or challenger brand in a traditional industry, similar to how Rivian and Polestar operate in the electric vehicle sector.
• Like a Malibu Boats, but specializing in catamarans. This analogy draws a comparison to an established, specialized recreational boat manufacturer (Malibu Boats, known for high-performance towboats) and applies that specialization concept to Twin Vee's primary focus on power catamaran design.

• Twin Vee Power Catamarans: A line of fiberglass power catamarans designed for recreational and commercial use, known for their stability and spaciousness.
• Aquasport Monohull Boats: A series of traditional fiberglass monohull fishing and recreational boats, offered through their acquired brand.
• Electric Propulsion Packages: Integrated systems featuring electric outboard motors and lithium-ion battery packs, offered as an environmentally friendly power option for their boat lines.

Twin Vee PowerCats (VEEE) primarily sells its boats through a network of independent dealerships. Therefore, its major direct customers are other companies rather than individuals.

The company's public filings, such as its annual 10-K reports with the SEC, state that it distributes its boats through a network of independent domestic and international dealerships. While these dealerships are VEEE's direct customers, no single dealership accounts for a significant enough portion (typically 10% or more) of the company's total revenue to be identified or named as a major customer in its public disclosures. As a result, specific names of major customer companies, along with their symbols, cannot be provided.

These dealerships then sell the power catamarans to end-users, who are primarily individuals seeking boats for recreational purposes.

• Suzuki Motor Corporation (TYO:7269)
• Brunswick Corporation (NYSE:BC)

Joseph C. Visconti, Chairman, President, and Chief Executive Officer

Mr. Visconti has served as Chairman, President, and Chief Executive Officer since July 2015, bringing over 25 years of executive-level operational and financial experience. He acquired Twin Vee PowerCats in 2015. Mr. Visconti founded and led two companies, including a regional investment bank and ValueRich, a financial media company that went public on the American Stock Exchange in 2007. He has also worked as a consultant with investment banks and public and private companies, overseeing the financing of numerous public and private companies that raised substantial capital through various offerings.

Scott P. Searles, Interim Chief Financial Officer

Mr. Searles was appointed Interim Chief Financial Officer on September 17, 2025, for a 90-day term. He possesses over 15 years of finance leadership experience in public companies, following a decade of service as a U.S. Naval Aviator. His background includes finance leadership roles at prominent companies such as General Electric, Celanese Corporation, The Boeing Company, and Walmart Inc. Mr. Searles' expertise covers corporate finance, financial planning & analysis (FP&A), mergers and acquisitions, and business unit financial leadership, supporting global operations, complex capital structures, and strategic growth initiatives.

Preston Yarborough, Vice President and Director of Product Development

Mr. Yarborough contributes over 23 years of marine industry experience to the Twin Vee team. In his role as Vice President and Director of Product Development, he has been responsible for leading the design, development, and production of all of the Company's boat models for several years.

Tom Huffman, Chief Information Officer

Mr. Huffman is an accomplished technology executive and serial entrepreneur with decades of experience in leading innovation across IT, fintech, and enterprise solutions. He previously served as CIO of First American Financial. Mr. Huffman has founded and successfully exited multiple companies, including Quality Valuation Services and Organictek.

The clear emerging threat for Twin Vee PowerCats is the accelerating trend of electrification in the marine industry. A growing number of manufacturers are developing and launching electric power catamarans and other electric boat models, driven by increasing consumer demand for sustainable options, environmental regulations, and advancements in battery technology. If Twin Vee PowerCats, which primarily focuses on gasoline-powered vessels, does not effectively adapt to this shift or significantly invest in electric propulsion technology for its product lines, it risks losing market share to competitors that are embracing electric solutions. This mirrors the historical pattern where incumbents focused on older technologies (like internal combustion engines or physical media) were threatened by new, disruptive technologies (like electric vehicles or streaming services).

Twin Vee PowerCats (VEEE) operates in several segments of the recreational and commercial power boat market, including power catamarans, V-hull boats, and a growing presence in electric boats. The addressable markets for their main products and services are as follows:

Powered Catamaran Market

• Globally, the powered catamaran market was valued at USD 4.7 billion in 2024 and is projected to grow at a CAGR of 7.4% between 2025 and 2034. Another estimate places the global market at USD 4.6 billion in 2024, expected to reach USD 6.5 billion by 2031, with a CAGR of 5.0% from 2025-2031.
• In the U.S., the catamarans market accounted for 85% of the revenue share in 2024 and is expected to exceed USD 3 billion by 2034. The United States represented nearly 19% of the global powered catamaran market in 2024, with over 1,600 units sold.

Electric Boat Market

• The U.S. electric boat market was estimated at USD 2.49 billion in 2024 and is projected to grow to USD 5.32 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 14.0% from 2025 to 2030.
• The global electric boat market size was estimated at USD 6.78 billion in 2024 and is projected to reach USD 14.09 billion by 2030, growing at a CAGR of 13.5% from 2025 to 2030. North America leads the global electric boat market with a market share of 47.8%, valued at USD 1.6 billion.

Fiberglass Recreational Boats Market

• The global fiberglass boats market was valued at USD 1.6 billion in 2023 and is projected to reach USD 2.7 billion by 2031, growing at a CAGR of 7.5% from 2024-2031. Another source indicates the global recreational fiberglass boat market size is projected to reach an estimated value of US$ 9,538.5 million in 2024.
• North America is expected to remain the largest market for recreational fiberglass boats. In the U.S. boat building market, fiberglass dominates with a 40% value share in 2024. The overall U.S. boat building market was valued at USD 15.5 billion in 2024 and is expected to increase to USD 28.1 billion by 2032.

Aluminum Fishing Boat Market

• The global aluminum fishing boat market size was valued at USD 1.7 billion in 2024 and is projected to grow at a CAGR of 4.9% between 2025 and 2034. Other sources estimate the global market size at USD 2.17 billion in 2024, expected to reach USD 3.84 billion by 2032, with a CAGR of 7.36%. One report valued the market at $1441.87 million in 2025, with a projected CAGR of 8.3% from 2025 to 2033.
• The U.S. dominated the aluminum fishing boat market in 2024, with approximately 75.3% market share and generating around USD 755.7 million in revenue.

Pontoon Boat Market

• The global pontoon market size was valued at USD 8.5 billion in 2024 and is projected to grow at a CAGR of 7.9% between 2025 and 2034. Another estimate values the market at USD 9.55 billion in 2024, projected to reach USD 23.66 billion by 2035, with a CAGR of approximately 8.60% from 2025 to 2034.
• The North America pontoon boat market is expected to grow from US$ 1,163.66 million in 2021 to US$ 2,020.71 million by 2028, at a CAGR of 8.2% from 2021 to 2028. North America's pontoon market accounted for 61% of the revenue share in 2024 and is expected to exceed USD 11 billion by 2034.

Here are 3-5 expected drivers of future revenue growth for Twin Vee PowerCats (VEEE) over the next 2-3 years:

1. Expansion of the Bahama Boat Works Model Lineup: Twin Vee PowerCats, following its acquisition of Bahama Boat Works, is strategically expanding the Bahama monohull center console lineup. The company is introducing new 22', 24', 28', and 31' models to complement Bahama's existing larger range, aiming to penetrate the monohull segment which constitutes approximately 90% of outboard-powered saltwater boat sales. This expansion targets a broader audience, including younger buyers and families, while maintaining the premium quality of the Bahama brand.
2. Dealer Network Expansion: Twin Vee PowerCats is actively expanding its dealer network to increase its geographic reach and market presence. The company has reported adding new dealer locations across various regions, which is anticipated to significantly boost boat deliveries and, consequently, revenue.
3. Introduction of New Twin Vee Models: The launch of new Twin Vee models, such as the 22' BayCat, is expected to be an important contributor to future sales growth. Management has indicated that this new model is gaining traction in the market.
4. Leveraging AI-Powered BoatsForSale.com Platform (Wizz Banger): Twin Vee is utilizing its BoatsForSale.com website, along with its Wizz Banger AI platform, to enhance customer and dealer engagement. This platform is designed to provide AI-powered valuations and streamline the boat-buying experience, which is expected to drive sales by connecting with a digitally-savvy customer base.
5. Market Recovery and Improving Consumer Demand: Despite facing challenges in the marine industry, Twin Vee's management anticipates continued sequential revenue growth as market conditions gradually improve and consumer demand rebounds. The company has reported a noticeable uptick in orders and market activity following a sluggish period, indicating a potential recovery in the power sport boat segment.

Share Issuance

• In May 2025, Twin Vee PowerCats completed an underwritten public offering of 750,000 shares of common stock at $4.00 per share, generating gross proceeds of $3 million and net proceeds of $2,555,101, which are intended for working capital and general corporate purposes.
• Effective April 7, 2025, the company executed a 1-for-10 reverse stock split to meet Nasdaq's minimum bid price requirement.
• Twin Vee Common Stock was issued to the former shareholders of Forza X1 upon its merger into a wholly-owned subsidiary of Twin Vee, with the issuance registered and effective on October 10, 2024.

Outbound Investments

• In June 2025, Twin Vee PowerCats acquired the Bahama Boat Works brand.

Capital Expenditures

• In October 2025, Twin Vee PowerCats closed the sale of its Marion, North Carolina property for $4.25 million, receiving $500,000 at closing and the remaining $3,750,000 in installments by October 31, 2027. The company also ceased expenditures related to the development of electric boats at this facility.
• The company reported making investments in capital and its Whizbanger Boats for Sale AI platform in Q2 2025.
• Twin Vee has historically made investments in infrastructure and engineering, leading to improved production efficiencies, reduced material waste, and lower labor hours per boat.