Twin Vee PowerCats, a US-based manufacturer, distributor and marketer of power sport boats, has withdrawn a previously proposed public offering of shares of common stock.
The company, which manufactures, distributes and markets power sport boats, issued a statement on Monday (9 March 2026) indicating that it intended to sell shares of common stock in a best‑efforts public offering, subject to market conditions.
Early on Tuesday (10 March 2026), the company issued an update, announcing that the proposed public offering of common stock has been withdrawn.
At the time of proposing the offering, the firm stated there could be no assurance that the transaction would proceed or that the timing, size or final terms of the offering would remain unchanged.
Twin Vee had stated that net proceeds from the proposed offering were expected to be used primarily for working capital and general corporate purposes. ThinkEquity had been appointed as the sole placement agent for the planned transaction.
According to the initial announcement, the securities were to be offered under a shelf registration statement on Form S‑3 (File No. 333‑293911), including a base prospectus filed with the US Securities and Exchange Commission (SEC) on 27 February 2026 and declared effective on 5 March 2026.
Twin Vee has not yet confirmed why the offering was proposed then withdrawn within a matter of hours. MIN has reached out for further information and is awaiting a response.
Twin Vee financial results 2025
Earlier this month, Twin Vee PowerCats reported its financial results for 2025. For the year ended 31 December 2025, net sales were $14.8m, up 3 per cent from $14.4m in 2024. Gross profit was $1.26m, representing a gross margin of 8.5 per cent, compared with a gross loss in the prior year.
Net loss decreased by 39 per cent to $8.6m. Adjusted net loss was $4.9m, a reduction of 47 per cent compared with the prior year.
In a statement, the company describes 2025 as a ‘transition year’ during which management implemented an ‘operational reset’.
Twin Vee plans to relaunch Bahama Boat Works at the Palm Beach International Boat Show in March 2026, targeting the offshore centre-console segment. The relaunch follows the acquisition of Bahama Boat Works’ assets in June 2025, adding a monohull brand to the group’s portfolio.
The company also formed Black Line Defense, a wholly owned subsidiary focused on crewed and autonomous maritime platforms for defence and government customers.
In 2025, Twin Vee completed a multi-year modernisation of its Fort Pierce manufacturing campus. Total production space was expanded to approximately 100,000 square feet, with stated capacity of more than 700 units annually.
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