Twin Vee reports continued revenue growth in Q1 2026

Twin Vee PowerCats is pushing ahead with expansion plans despite ongoing market pressures, using new Bahama Boat Works launches and broader product offerings to drive revenue growth. The Florida-based builder says its long-term strategy remains focused on disciplined scaling, even as profitability challenges and Nasdaq compliance issues continue to shape the backdrop.

“We are pleased to report we are opening the 2026 year with increased product offerings, expanding Twin Vee’s product line with our official launch of Bahama Boat Works and our newly developed 21-foot and 23-foot Bahama models,” says Joseph Visconti, CEO, president, and interim CFO of Twin Vee PowerCats Co.

“Currently, the company is focused on bringing more Bahama Boat Works models to market and widening the breadth of the brand’s product offering.”

This statement accompanies the release of the company’s first quarter 2026 results. Those show that the Twin Vee experienced reduced margins in the first quarter directly related to sale incentives to reduce dealer inventory levels, reserves for inventory on hand related to a previously held licensed brand, and product development costs to bring the expanded Bahama Boat line-up to the Palm Beach International Boat Show. (In early April the company completed its reincorporation from Delaware to Nevada to help reduce operating costs while placing the business within a different legal framework for corporate governance.)

That said, revenues increased approximately 10 per cent in the first quarter 2026 (compared to the first quarter 2025). This is the fourth consecutive year-over-year quarterly positive growth rate.

Revenues increased 31 per cent in the first quarter 2026, compared to the fourth quarter 2025.

Net loss was $2.09 million as compared to $1.6 million in the first quarter 2025, representing a change of 30 per cent. Adjusted EBITDA loss was $776,000, representing a monthly cash loss of approximately $259,000, an improvement of 11 per cent from the first quarter 2025.

Reported Q1 results included approximately $1.3 million of non-cash and one-time items related to inventory adjustments, new product development, and field inventory management.

Cash and equivalents increased by more than $4 million compared to the fourth quarter 2025, primarily from first-quarter equity offerings to support growth initiatives, product launches, and working capital.

Palm Beach debut showcases expanded Bahama range

The company relaunched Bahama Boat Works at the Palm Beach International Boat Show, unveiling new 21-foot and 23-foot models, complementing the company’s 35, 37, and 41-foot models, while delivering the first Bahama 35-foot vessel built at the Twin Vee factory.

Building on the year-over-year growth trajectory established over the last four quarters, Twin Vee says it remains confident that it is making continued progress towards profitability.

“Our growth strategy remains anchored in disciplined execution,” says Visconti. “We remain focused on ensuring that production increases are consistently matched with strict cost management and optimised working capital.”

Reverse stock split implemented after Nasdaq notice

In early April, Twin Vee says it received notice from Nasdaq that it no longer satisfies the minimum bid price requirement. The company effected a 1-for-37 reverse stock split effective 4 May 4 to address this deficiency. There can be no assurance that it’ll regain or maintain compliance with Nasdaq listing requirements.