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FORT PIERCE, FL - Twin Vee PowerCats Co. (NASDAQ:VEEE), a prominent player in power sport boats manufacturing with a market capitalization of $5.15 million, announced today the acquisition of Bahama Boat Works, a move that combines two influential brands within the marine industry. According to InvestingPro data, Twin Vee maintains a strong balance sheet with more cash than debt, positioning it well for this strategic acquisition. The transaction is expected to blend Bahama’s reputation for high-quality offshore fishing vessels with Twin Vee’s technological prowess and innovative approach to boat design.
Under the new ownership, Bahama Boat Works will maintain its commitment to producing top-tier boats, known for their detailed craftsmanship and robust, ocean-ready performance. This comes at a crucial time for Twin Vee, which generated revenues of $12.72 million in the last twelve months. Twin Vee’s CEO, Joseph Visconti, emphasized the goal of continuing to create refined boats that meet the high expectations of their clientele, while infusing advanced technology and design improvements. InvestingPro analysis reveals 15+ additional key insights about Twin Vee’s financial health and market position, available to subscribers.
Scott Henley, a revered figure in boat building, will play a pivotal role in the transition, ensuring that the essence and quality of Bahama boats are not only retained but also enhanced within the Twin Vee portfolio.
Twin Vee PowerCats, with 30 years of experience, has earned a reputation for stable, fuel-efficient catamaran hulls and is considered a leading name in the catamaran sport boat category. The company is looking to leverage its expertise to elevate the Bahama brand, promising a harmonious blend of tradition and forward-thinking innovation.
The strategic acquisition aims to produce vessels that are aesthetically pleasing and superior in capability, efficiency, and modernity, marking a bold step into a new era of boating excellence. Twin Vee’s integration of cutting-edge innovation and engineering with Bahama’s established design ethos is intended to enhance the boating experience for their discerning customers.
This press release contains forward-looking statements about the anticipated benefits of the acquisition and the company’s ability to deliver on its promises of innovation and quality. These statements are based on current expectations and come with risks and uncertainties that could cause actual results to differ materially. InvestingPro’s Fair Value analysis suggests Twin Vee is currently undervalued, though investors should note the company’s negative gross profit margins and significant share price decline of 69% over the past year. For comprehensive analysis of Twin Vee and 1,400+ other US stocks, access the detailed Pro Research Reports available on InvestingPro.
The information provided is based on a press release statement and reflects the company’s vision as of today, without any obligation to update the information post-release. Twin Vee’s strategic move is set to potentially reshape the future of the marine industry’s high-end boating segment.
In other recent news, Twin Vee PowerCats Co. reported a significant 91.7% increase in revenue for the first quarter of 2025, reaching $3.6 million. The company also saw a notable improvement in gross margins, which increased by 961 basis points year-over-year. Despite a decrease in the average sale price per unit, the company successfully shipped 24 units, marking a 118% sequential increase. Additionally, Twin Vee PowerCats announced a $3 million public stock offering, pricing 750,000 shares at $4.00 each, with ThinkEquity as the sole book-running manager. The net proceeds are intended for working capital and general corporate purposes. In a strategic move, Twin Vee launched Wizz Banger, an AI-driven marine commerce platform, aiming to modernize the boat-buying process through BoatsForSale.com. This initiative is expected to provide a new digital revenue stream for the company. Twin Vee PowerCats continues to focus on operational efficiency and expanding its dealer network, as highlighted in recent earnings calls.
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