• Think of them as a "Rivian for catamaran boats," though they also offer traditional gas-powered models.
• A specialized boat manufacturer, akin to a smaller Brunswick (BC) that focuses exclusively on catamaran designs.

• Gas-Powered Catamaran Boats: These recreational and commercial power boats are propelled by traditional internal combustion engines.
• Electric-Powered Catamaran Boats: These recreational and commercial power boats are propelled by electric motors.

Twin Vee PowerCats Co. (VEEE) sells its boats primarily to other companies, specifically a network of 19 independent boat dealers located in North America and the Caribbean. These independent boat dealers are the company's direct major customers.

The provided background information does not identify specific names of these independent boat dealers, nor does it indicate if any single dealer constitutes a major customer requiring individual disclosure.

• Brunswick Corporation (BC)
• Suzuki Motor Corporation (SZKMY)

Joseph C. Visconti, Chairman of the Board, President, and Chief Executive Officer

Mr. Visconti has served as the Company's Chief Executive Officer and Chairman of the Board since 2015. He was President from 2015 to 2024 and was reappointed President in January 2025. With over 25 years of executive-level operational and financial experience, Mr. Visconti was the founder, CEO, and President of two previous companies: a regional Investment Bank he built to over 400 employees and sold in 2000, and ValueRich, a financial media company that went public on the American Stock Exchange in 2007. ValueRich transitioned into Twin Vee PowerCats, Inc. in 2015. He also founded Forza X1 in 2021, an electric boat company that he took public on NASDAQ.

Michael P. Dickerson, Interim Chief Financial Officer

Mr. Dickerson has served as the Interim Chief Financial Officer since July 2026. Previously, he was the Chief Financial & Administrative Officer from April 2024 through September 2025, after which he became a consultant to the Company. He possesses more than 35 years of corporate experience in senior and executive-level finance and operational roles, including finance & accounting, treasury, investor relations & corporate communications, and risk management. His experience spans multi-billion dollar publicly traded and private companies such as Dorman Products, Inc., Aaron's Inc., and Gannett Co., Inc. In February 2024, he served as Executive Vice President, Chief Financial & Administrative Officer, and Treasurer in a consulting capacity at Savannah River Logistics.

Preston Yarborough, Vice President and Director

Mr. Yarborough contributes over 23 years of marine experience to the Twin Vee team. He holds a seat on the Board of Directors and has been instrumental in leading the design, development, and production of all of Twin Vee's boat models for several years.

Jay Foster, Chief Marketing Officer

Glenn Sonoda, Secretary and In-House Counsel

Key Risks to Twin Vee PowerCats Co. (VEEE)

1. High uncertainty and execution risks associated with the fundamental business pivot from boat manufacturing to a critical minerals focus. The public company (VEEE) is undergoing a major transformation, divesting its legacy boat manufacturing business into a private trust and pivoting to a new and unrelated critical minerals venture via a merger with USFM Corporation. This introduces substantial execution risk, including the successful integration of the new business, market acceptance of the new focus, and the inherent challenges of operating in an entirely different industry. Shareholder dilution, where existing Twin Vee shareholders will hold only 7% of the post-merger entity, and potential legal challenges related to the complex merger structure further compound this risk.
2. Persistent financial instability and operational challenges within the legacy marine business. Prior to the strategic pivot, Twin Vee PowerCats Co.'s marine operations experienced significant financial difficulties, including declining revenues, sustained operating losses, and consistent cash burn. Although this business is being spun off into a private trust, its historical performance underscores the reasons for the pivot and the potential for limited returns for current shareholders through the non-transferable contingent value rights (CVRs) tied to the marine operations. The marine industry itself has faced "economic challenges" and "declining demand."
3. Extreme stock price volatility and speculative trading driven by the ongoing corporate transformation rather than fundamental business performance. The company's stock has exhibited significant volatility, with price movements largely driven by speculation surrounding the merger and the pivot into critical minerals, rather than the underlying financial strength of either the legacy or new business. A recent reverse stock split and a "tiny float" have contributed to "violent explosive squeezes," making the stock a highly speculative investment with the "very real possibility of a total loss if this complex merger falls through."

Twin Vee PowerCats Co. (VEEE) operates in the recreational and commercial power catamaran boat market, with products including both gas-powered and electric-powered vessels. The company primarily serves North America and the Caribbean. Here's an overview of the addressable market sizes for their main products:

North American Market

• Powered Catamaran Market (Recreational and Commercial): The North American market for powered catamarans was valued at approximately USD 1.6 billion in 2025 and is projected to grow to USD 3.2 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 7%. This market segment includes both recreational and commercial applications and is predominantly comprised of gas-powered vessels, with increasing integration of electric propulsion systems.
• Electric Boat Market (including Electric-Powered Catamarans): The North American electric boat market was valued at USD 1.6 billion in 2024, representing a substantial portion of the global market. It is expected to reach USD 3.80 billion by 2027, growing at a CAGR of 12.7% during the forecast period of 2025-2032.

Caribbean Market

Specific market size figures in USD for recreational and commercial power catamaran boats, or electric boats, within the Caribbean region are not available from the search results.

Twin Vee PowerCats Co. (VEEE) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion of Dealer Network: The company aims to expand its network of independent boat dealers both domestically and internationally. This strategic effort is focused on recruiting high-quality dealers and distributors to broaden the reach and distribution of its recreational and commercial power catamaran boats.
2. Launch of New Products and Expanded Model Lineup: Twin Vee PowerCats Co. is committed to introducing new boat models and expanding its existing product lines. This includes plans to relaunch the Bahama Boats brand with a comprehensive model lineup, ranging from 21 feet to 41 feet and potentially larger, as part of its ongoing product development and digital initiatives.
3. Strategic Partnership with Mercury Marine: A significant driver of growth is the strategic partnership with Mercury Marine. This collaboration is intended to bolster the relaunch and expansion of the Bahama Boats brand by leveraging Mercury's strong engine brand and product innovation, thereby enhancing the appeal and performance of Twin Vee's offerings.
4. Increased Production Capacity: Twin Vee PowerCats Co. has invested in its manufacturing capabilities, operating a 100,000 square foot facility capable of producing up to 700 units annually, depending on the model mix. This increased production capacity positions the company to meet anticipated growth in demand and support its expansion strategies.
5. Improved Retail Demand and Dealer Restocking: The company has observed a return to year-over-year revenue growth, with improved retail demand and renewed dealer restocking in the latter half of 2025. This positive market trend, following a reduction in elevated field inventory levels, indicates a favorable environment for increased sales volume.

Share Issuance

• In early 2026, Twin Vee PowerCats Co. completed three equity offerings, resulting in net proceeds of $5,800,025 from the issuance of 468,863 shares.
• Following a 1-for-10 reverse stock split effective April 7, 2025, the company conducted a May underwritten offering of 750,000 shares at $4.00 per share, yielding $2,555,101 in net proceeds.
• For the three months ended March 31, 2026, the company recorded proceeds from the issuance of common stock, net of fees, totaling $1,392,615.

Inbound Investments

• As part of an amended merger agreement with USFM Corporation in October 2026, USFM is required to use reasonable best efforts to seek to close an up to $5 million private investment in public equity (PIPE) financing.

Capital Expenditures

• Twin Vee PowerCats Co. invested $127,000 in capital expenditures during Q2 2026, primarily for funding long-term assets and infrastructure.
• This Q2 2026 capital expenditure represents an 82.1% decrease from the same quarter in the prior year.
• The company's capital expenditures for the twelve months ended June 30, 2026, were approximately $856,154.