Florida-based Twin Vee Powercats released financial results today for the second quarter ended June 30, 2025.
Revenues of $4.8 million were 9.9% higher from the second quarter of 2024. Gross profit was $654,000, a 223% improvement over the 2024 quarter. Gross margin was 13.8%, an improvement of 910 basis points from the same period the year before. Net loss was $1.6 million compared to a net loss of $4.5 million in the same quarter the year before.
“We are pleased to report another quarter of revenue growth and over 900 basis points of margin expansion in the second quarter,” said Joseph Visconti, CEO and president of Twin Vee PowerCats, in a statement. “Our team continues to execute on a number of fronts, including new dealer expansion leading to revenue growth, cost improvement initiatives, integration of the newly acquired Bahama Boat Works and leveraging our boatsforsale.com website to enhance customer and dealer interaction with the new and used boat market infrastructure utilizing advanced AI tools.”
The statement highlighted the company’s acquisition of Bahama Boat Works during the quarter as well as the addition of 10 new dealer locations and the introduction of an all-new 22-foot BayCat, one of Twin Vee’s most popular models.
Visconti added in the statement, “With the recent passing of renowned Bahama boat builder Scott Henley, Twin Vee is more determined than ever to embrace his legacy of superb fit and finish of the boats he created and will use that as a blueprint to enhance all the models in the Twin Vee lineup.”
