
Second Quarter 2025 Performance Highlights Twin Vee PowerCats reported a strong second quarter for 2025, with a 9.9% increase in revenue and a significant 910 basis point improvement in gross margin Q2 2025 Key Performance Indicators | Metric | Value | Change vs Q2 2024 | | :--- | :--- | :--- | | Revenues | $4.8 million | +9.9% | | Gross Margin | 13.8% | +910 basis points | | Cash & Equivalents | $6.2 million | Increase | | New Dealer Locations | 10 | Added | - Strategic initiatives driving performance include new dealer expansion, cost improvement measures, the integration of the newly acquired Bahama Boat Works, and utilizing AI tools on the boatsforsale.com website4 - The company is expanding the Bahama Boat lineup with new 22, 24, and 28-foot models to complement its existing larger portfolio and plans to enhance all Twin Vee models based on Bahama's high-quality fit and finish4 - The company acquired the legendary Bahama Boat Works and introduced an all-new 22' BayCat model11 Financial Statements Analysis The company's financial statements show a notable improvement in profitability for Q2 2025, with gross profit increasing 223% and net loss narrowing by 63% year-over-year Consolidated Statements of Operations For the second quarter of 2025, net sales grew 9.9% to $4.8 million, while the net loss significantly decreased to $(1.7) million from $(4.5) million in the prior year, driven by a 223% increase in gross profit Three Months Ended June 30, 2025 vs 2024 | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $4,755,618 | $4,326,821 | 9.9% | | Gross Profit | $654,053 | $202,340 | 223% | | Loss from Operations | $(1,675,806) | $(4,659,076) | (64%) | | Net Loss | $(1,654,071) | $(4,519,196) | (63%) | | Basic and Diluted EPS | $(0.87) | $(3.09) | (72%) | Six Months Ended June 30, 2025 vs 2024 | Metric | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $8,367,909 | $9,603,164 | (13%) | | Gross Profit | $1,191,167 | $479,653 | 148% | | Loss from Operations | $(3,354,900) | $(7,202,281) | (53%) | | Net Loss | $(3,264,311) | $(6,854,390) | (52%) | | Basic and Diluted EPS | $(1.93) | $(4.87) | (60%) | Consolidated Balance Sheet Data As of June 30, 2025, the company's financial position strengthened, with working capital increasing by 52.7% to $10.2 million compared to December 31, 2024 Balance Sheet Highlights (as of June 30, 2025 vs Dec 31, 2024) | Metric | June 30, 2025 | Dec 31, 2024 | % Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $5,961,668 | $7,491,123 | (20.4%) | | Current assets | $13,392,948 | $10,419,141 | 28.5% | | Current liabilities | $3,203,858 | $3,747,990 | (14.5%) | | Working capital | $10,189,090 | $6,671,151 | 52.7% | Non-GAAP Financial Measures The company uses Adjusted Net Loss, a non-GAAP measure, to provide insight into its core operational performance by excluding certain non-cash expenses - Adjusted Net Loss is a supplemental non-GAAP financial measure used by management to evaluate core operations by excluding non-cash expenses such as depreciation, stock-based compensation, and impairment charges18 Reconciliation of GAAP Net Loss to Adjusted Net Loss | Period | GAAP Net Loss | Adjusted Net Loss | Change in Adjusted Net Loss | | :--- | :--- | :--- | :--- | | Q2 2025 | $(1,654,071) | $(941,153) | Improved from Q2 2024 | | Q2 2024 | $(4,519,196) | $(2,092,494) | N/A | | H1 2025 | $(3,264,311) | $(1,938,673) | Improved from H1 2024 | | H1 2024 | $(6,854,390) | $(3,576,124) | N/A | Corporate Information Twin Vee PowerCats Co., located in Fort Pierce, Florida, has been manufacturing and selling boats for 30 years, operating under the Twin Vee and Bahama Boats brands - The company manufactures and markets power sport boats under the Twin Vee and Bahama Boats brands, with a 30-year history in Fort Pierce, Florida378 - A conference call with CEO Joseph Visconti and CFO Michael P. Dickerson was scheduled for August 7, 2025, at 12:00 p.m. (Eastern) to discuss the financial results5