Twin Vee Powercats reincorporates to Nevada
Twin Vee PowerCats Co. has completed its reincorporation from Delaware to Nevada following approval by stockholders at the company’s annual meeting in November 2025. The company, listed on Nasdaq under the ticker VEEE, manufactures and markets power sport boats.
The news comes after Twin Vee withdrew a previously proposed public offering of shares of common stock in March 2026.
The firm says this shift will help it reduce operating costs while placing the business within a different legal framework for corporate governance. According to the company, Nevada law provides a ‘reliable, statute-focused legal environment that establishes clear guideposts for strategic decision-making’.
“We believe that Nevada Revised Statutes Chapter 78, which governs Nevada corporations, is generally recognised as a comprehensive and thoughtfully maintained state corporate statute,” says Joseph Visconti, CEO and president of Twin Vee PowerCats Co. “As we look to our planned growth, strategic decisions, and plan for the years to come, removing ambiguity resulting from the prioritisation of judicial interpretation can offer our board and management clearer guideposts for action that we believe will benefit our stockholders.”
One immediate effect is the removal of Delaware franchise tax obligations. The company states this will retain capital within the business, with funds expected to support manufacturing, product development and expansion.
Twin Vee also points to a potential reduction in legal exposure linked to shareholder litigation.
“By moving away from Delaware’s increasingly litigious environment, which can result in less meritorious and costly lawsuits, Twin Vee can minimise unnecessary distractions for its directors and management,” explains Visconti. “This keeps the team strictly focused on operational execution and stockholders’ value.”
The company adds that Nevada’s corporate framework may also offer greater flexibility when structuring transactions and responding to changing business conditions.
“Importantly, the reincorporation to Nevada will not cause any disruption to Twin Vee’s daily operations,” adds Visconti. “There will be no changes to the company’s business model or location. By ensuring seamless operational continuity while unlocking new flexibility and cost efficiencies, this transition positions Twin Vee to pursue its long-term growth initiatives.”
Twin Vee PowerCats operates from Fort Pierce, Florida, and has been building boats for around 30 years. Its range includes vessels for fishing, cruising and recreational use under the Twin Vee and Bahama Boat Works brands.
Twin Vee financial results 2025
Twin Vee PowerCats confirmed it had returned to revenue growth during the year 2025, in its latest financial results issued in March 2026. For the year ended 31 December 2025, net sales were $14.8m, up 3 per cent from $14.4m in 2024. Gross profit was $1.26m, representing a gross margin of 8.5 per cent, compared with a gross loss in the prior year.
Net loss decreased by 39 per cent to $8.6m. Adjusted net loss was $4.9m, a reduction of 47 per cent compared with the prior year.
In a statement, the company described 2025 as a ‘transition year’ during which management implemented an ‘operational reset’.
Twin Vee relaunched Bahama Boat Works at the Palm Beach International Boat Show in March 2026, targeting the offshore centre-console segment. The relaunch follows the acquisition of Bahama Boat Works’ assets in June 2025, adding a monohull brand to the group’s portfolio.
The company recently formed Black Line Defense, a wholly owned subsidiary focused on crewed and autonomous maritime platforms for defence and government customers.
In 2025, Twin Vee completed a multi-year modernisation of its Fort Pierce manufacturing campus. Total production space was expanded to approximately 100,000 square feet, with a stated capacity of more than 700 units annually.
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