Twin Vee this morning announced its first quarter financial results.
Net sales during the three months ended March 31 were $3.96 million, up 10% from $3.61 million in the prior-year quarter. Gross profit amounted to $196,337, down 63% from $537,114 year-over-year. Loss from operations was $2.14 million, a 27% change from last year.
“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,” CEO, president and interim CFO Joseph Visconti said in a statement. “The company is focused on bringing more Bahama Boat Works models to market and widening the breadth of the brand’s product offering.
The company reports having $5.46 million in cash and cash equivalents, up 281.2% from $1.43 million in the previous-year quarter.
Twin Vee said it experienced reduced margins in the first quarter directly related to sales 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 Works lineup to the Palm Beach International Boat Show in March.
The company did not provide a forward-looking statement for the rest of the year.
