Twin Vee plans public stock offering to boost capital

FORT PIERCE, FL - Twin Vee PowerCats Co. (NASDAQ:VEEE), a prominent sport boat manufacturer with a current market capitalization of $11.07 million, announced today its intention to launch an underwritten public offering of its common stock. The completion and specifics of the offering, including its size and terms, are dependent on market conditions and remain uncertain. According to InvestingPro data, the company has experienced significant challenges, with revenue declining nearly 57% in the last twelve months to $14.39 million.

The company, known for its catamaran hull boats, aims to allocate the net proceeds from this offering to enhance working capital and for general corporate purposes. This move comes as InvestingPro analysis shows the company is quickly burning through cash, despite maintaining a healthy current ratio of 2.78. ThinkEquity is serving as the exclusive book-running manager for the proposed offering.

This offering is pursuant to a shelf registration statement on Form S-3, filed with the U.S. Securities and Exchange Commission (SEC) on August 15, 2022, and declared effective on August 24, 2022. Investors can access details of the offering through a preliminary prospectus supplement and accompanying prospectus available on the SEC’s website or directly from ThinkEquity.

Investors are advised to thoroughly review the preliminary prospectus supplement, the accompanying prospectus, and other documents filed with the SEC that provide more comprehensive information about Twin Vee and the offering.

Twin Vee, with a 30-year history in Fort Pierce, Florida, has established a reputation for its stable, efficient, and smooth-riding boats, catering to fishing, cruising, and recreational activities. Trading at just 0.2 times book value, the stock has faced significant headwinds, declining over 63% in the past year. Discover more insights about Twin Vee’s financial health and 15+ additional ProTips with a subscription to InvestingPro, including exclusive access to comprehensive Pro Research Reports covering 1,400+ US stocks.

The announcement contains forward-looking statements regarding the potential completion and expected use of proceeds from the offering. These statements are subject to risks and uncertainties that could cause actual results to differ materially, as detailed in the company’s filings with the SEC, including its most recent Annual Report and subsequent reports.

As of today, Twin Vee has not set a date for the completion of the offering and reiterates that the press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in any state or jurisdiction where such an offer, solicitation, or sale would be unlawful.

The information provided in this article is based on a press release statement from Twin Vee PowerCats Co.

In other recent news, Twin Vee Powercats Co reported a substantial increase in revenue for the first quarter of 2025, with figures reaching $3.6 million, marking a 91.7% rise from the previous quarter. The company also saw an improvement in gross margins by 961 basis points year-over-year, despite a reduction in the average sale price of its units. Twin Vee shipped 24 units during this period, representing a 118% sequential increase. The company continues to focus on operational efficiencies, reducing field inventory significantly and enhancing inventory turnover. Additionally, Twin Vee is developing a new digital platform, including a 3D boat configurator and virtual reality exploration, expected to launch soon. The firm anticipates continued sequential revenue growth in the second quarter of 2025. The company remains vigilant about potential tariff impacts on supply chain costs, yet it benefits from strong relationships with key U.S. suppliers. These developments reflect Twin Vee’s strategic initiatives and operational improvements in a challenging market.

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