Revenue remains highly volatile with quarterly figures fluctuating between $1.9 million and $8.4 million, while gross margins have struggled to maintain positive territory, hitting a low of -57.6% in 2024Q4.
| Sales/Revenue | 15.17M | 14.82M | 14.39M | 33.43M | 31.99M | 15.77M | 11.06M | 10.43M |
| Revenue Growth % | 19.23% | 2.99% | -56.95% | 4.5% | 102.79% | 42.58% | 6.05% | - |
| Cost of Goods Sold | 14.26M | 13.56M | 15.14M | 30.16M | 21.33M | 9.5M | 6.29M | 6.35M |
| COGS % of Revenue | - | 91.52% | 105.22% | 90.23% | 66.68% | 60.21% | 56.85% | 60.91% |
| Gross Profit | 916.33K | 1.26M | -751.42K | 3.27M | 10.66M | 6.28M | 4.77M | 4.08M |
| Gross Margin % | 6.04% | 8.48% | -5.22% | 9.77% | 33.32% | 39.79% | 43.15% | 39.09% |
| Gross Profit Growth % | - | 267.3% | -123% | -69.34% | 69.81% | 31.45% | 17.09% | - |
| Operating Expenses | 10.1M | 9.43M | 13.8M | 15.25M | 16.68M | 7.91M | 4.05M | 4.24M |
| OpEx % of Revenue | - | 63.63% | 95.91% | 45.64% | 52.14% | 50.12% | 36.64% | 40.63% |
| Selling, General & Admin | 6.84M | 7.69M | 9.67M | 12.46M | 15.18M | 7.5M | 3.9M | 4.12M |
| SG&A % of Revenue | - | 51.92% | 67.22% | 37.27% | 47.47% | 47.53% | 35.23% | 39.53% |
| Research & Development | 0 | 0 | 586.38K | 1.44M | 941.53K | 211.11K | 0 | 0 |
| R&D % of Revenue | - | - | 4.08% | 4.32% | 2.94% | 1.34% | - | - |
| Other Operating Expenses | 2.78M | 1.73M | 3.54M | 1.35M | 553.75K | 198.52K | 155.73K | 115.06K |
| Operating Income | -9.18M | -8.17M | -14.55M | -11.99M | -6.02M | -1.63M | 720.83K | -161.23K |
| Operating Margin % | -60.52% | -55.14% | -101.13% | -35.86% | -18.83% | -10.34% | 6.52% | -1.55% |
| Operating Income Growth % | - | 43.84% | -21.39% | -99.07% | -269.27% | -326.23% | 547.09% | - |
| EBITDA | -7M | -6.44M | -12.81M | -10.63M | -5.47M | -1.43M | 876.56K | -46.17K |
| EBITDA Margin % | -46.11% | -43.44% | -89.01% | -31.81% | -17.09% | -9.08% | 7.92% | -0.44% |
| EBITDA Growth % | 40.14% | 49.73% | -20.43% | -94.48% | -281.79% | -263.39% | 1998.51% | - |
| D&A (Non-Cash Add-back) | 2.19M | 1.73M | 1.75M | 1.35M | 553.75K | 198.52K | 155.73K | 115.06K |
| EBIT | -9.09M | -8.53M | -13.79M | -9.56M | -5.63M | -874.3K | 1.35M | -161.23K |
| Net Interest Income | 139.64K | 117.41K | -72.04K | -172.79K | -88.75K | -136.71K | -178.58K | -165.47K |
| Interest Income | 195.61K | 198.64K | 150.55K | 48.37K | 75.4K | 0 | 0 | 0 |
| Interest Expense | 55.97K | 81.23K | 222.59K | 221.16K | 164.16K | 136.71K | 178.58K | 165.47K |
| Other Income/Expense | 91.15K | -435.31K | 541.86K | 2.21M | 228.29K | 619.71K | 450.24K | -165.47K |
| Pretax Income | -9.09M | -8.61M | -14.01M | -9.78M | -5.79M | -1.01M | 1.17M | -326.69K |
| Pretax Margin % | -59.92% | -58.08% | -97.37% | -29.27% | -18.11% | -6.41% | 10.58% | -3.13% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -9.09M | -8.61M | -11.05M | -7.19M | -5.14M | -1.01M | 1.17M | -326.69K |
| Net Margin % | -59.92% | -58.08% | -76.77% | -21.52% | -16.06% | -6.41% | 10.58% | -3.13% |
| Net Income Growth % | 17.13% | 22.08% | -53.58% | -40% | -408.13% | -186.33% | 458.46% | - |
| Net Income (Continuing) | -9.09M | -8.61M | -14.01M | -9.78M | -5.79M | -1.01M | 1.17M | -326.69K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 8.54M | 4.59M | 0 | 0 | 0 |
| EPS (Diluted) | -56.15 | -161.69 | -407.37 | -28.12 | -28.86 | -5.92 | 5.92 | -2.45 |
| EPS Growth % | -135.91% | 60.31% | -1348.68% | 2.56% | -387.5% | -200% | 342.06% | - |
| EPS (Basic) | - | -161.69 | -407.37 | -28.12 | -28.86 | -5.92 | 5.92 | -2.45 |
| Diluted Shares Outstanding | 161.93K | 53.19K | 27.11K | 257.3K | 206.08K | 189.19K | 201.35K | 201.35K |
| Basic Shares Outstanding | 161.93K | 53.19K | 27.11K | 257.3K | 206.08K | 189.19K | 201.35K | 201.35K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and solvency constraints
According to recent financial disclosures, VEEE's revenue trajectory remains highly erratic, with quarterly figures fluctuating between $1.9 million and $8.4 million over the last ten periods, reflecting significant sensitivity to dealer inventory cycles and the broader cooling of the recreational marine market in the Southeast U.S.
The lack of consistent top-line growth suggests that the company's reliance on a small dealer network leaves it exposed to regional demand shocks. Investors should monitor whether the recent 9.8% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from the severe contraction observed in late 2024.
As reported in quarterly filings, VEEE's gross margin has struggled to maintain positive territory, frequently dipping into negative values such as the -57.6% recorded in 2024Q4, which underscores a fundamental inability to achieve the economies of scale necessary to offset high variable production costs.
The persistent margin volatility suggests that the company lacks meaningful pricing power, leaving it vulnerable to fluctuations in raw material costs like resins and fiberglass. This structural weakness implies that even minor supply chain disruptions or inflationary pressures can rapidly erode the company's already thin or negative gross profit base.
Based on the provided income statement data, VEEE exhibits a severe lack of operating leverage, with operating margins consistently deep in the negative, reaching as low as -107.7% in 2024Q2, indicating that fixed overhead costs are significantly outpacing the company's current revenue-generating capacity.
The decoupling of operating expenses from revenue suggests that the company's current cost structure is unsustainable without a massive increase in unit volume. This trend warrants further investigation into whether management can rationalize SG&A expenses or if the current operating model is fundamentally misaligned with the company's market scale.
Analysis of the company's financial statements reveals that net income is consistently negative, with losses often exceeding $2 million per quarter, a trend that is further complicated by the impact of stock-based compensation which continues to dilute shareholders despite the absence of meaningful operational profitability.
The recurring net losses suggest that the company is currently in a value-destructive phase, where the pursuit of electric propulsion initiatives appears to be exacerbating the cash burn. Investors should be wary of the quality of these earnings, as the reliance on external financing to cover operational deficits may lead to further equity dilution.
While the company maintains a narrative of innovation through its electric boat segment, the financial data suggests a precarious liquidity position, with TTM net losses significantly outweighing the reported $1.4 million cash balance, raising serious questions about the firm's ability to continue as a going concern.
Short-sellers would likely focus on the disconnect between the company's growth narrative and the reality of its cash-burning operations. The lack of a clear path to profitability suggests that the current business model may require a drastic restructuring or significant capital infusion to avoid insolvency in the near term.
Quick answers to the most common questions about buying VEEE stock.
For fiscal year 2025, Twin Vee Powercats Co. (VEEE) reported total revenue of $14.8M. This represents a 42.0% increase compared to $10.4M in 2019.
Twin Vee Powercats Co. (VEEE) reported a net loss of $8.6M for the fiscal year ending 2025.
Twin Vee Powercats Co. (VEEE) reported an operating income of $-8.2M, resulting in an operating profit margin of -55.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Twin Vee Powercats Co. (VEEE) generated $1.3M in gross profit for the year, representing a gross profit margin of 8.5%. This demonstrates the company's core pricing power and production efficiency.