Twin Vee PowerCats Co. (NASDAQ: VEEE) reported first-quarter 2026 revenue growth of approximately 10% year over year and 31% sequentially, marking the company's fourth consecutive quarter of year-over-year revenue gains. The Fort Pierce, Florida-based boat manufacturer attributed the growth to continued expansion of its product lineup, particularly the relaunch of Bahama Boat Works, a luxury offshore fishing vessel brand.
The company reported a net loss of $2.09 million, compared with a $1.6 million loss in the prior-year quarter. However, adjusted EBITDA loss improved 11% to $776,000. Twin Vee said results included approximately $1.3 million in non-cash and one-time items tied to inventory adjustments, product development and field inventory management. Despite the net loss, cash and equivalents increased by more than $4 million from the fourth quarter, signaling improved liquidity. The ability to generate cash while investing in new product lines suggests management is balancing growth initiatives with financial discipline.
The revenue momentum underscores Twin Vee's strategy of leveraging its established catamaran brand while revitalizing Bahama Boat Works, an iconic luxury brand known for craftsmanship and offshore fishing vessels. Twin Vee PowerCats are recognized for stable, fuel-efficient, smooth-riding catamaran hull designs, and the company has been building and selling boats for 30 years. The expansion into the luxury segment through Bahama Boat Works positions the company to capture higher-margin sales, though the initial investment has contributed to the net loss. The sequential revenue increase indicates that the relaunch is gaining traction with consumers.
Twin Vee's performance reflects broader trends in the recreational boating industry, where demand for premium, durable vessels remains strong despite economic headwinds. The company's focus on innovation and brand heritage appears to resonate with buyers seeking quality and performance. For more details on the financial results, the full press release is available at nnw.fm/N2Syh. Additional information about the company can be found at twinvee.com and bahamaboatworks.com.
