What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-27 compared with 2025-03-20 · 331 added, 225 removed, 335 unchanged (62% of the section changed)

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fuel efficiency and offering users a stable riding boat.

Twin Vee’s home base operations in Fort Pierce, Florida is a 7.5-acre facility

with several buildings totaling approximately 100,000 square feet, including a nearly complete 30,000 square foot expansion which began

Twin Vee’s home base of operations in Fort Pierce, Florida is a 7.5-acre

facility with several buildings totaling approximately 100,000 square feet, including a nearly complete 30,000 square foot expansion which

began in mid-2024.

We currently employ approximately 70 people.

Twin Vee products are marketed under two brands:

Vee for our catamarans, or dual hull vessels, and Aquasport for our “V”-hull boats.

Consumers can use our boats for a wide

range of recreational activities including fishing, diving and water skiing and commercial activities including transportation, eco tours,

fishing and diving expeditions.

We believe that the performance, quality and value of our boats position us to achieve our goal of increasing

our market share and expanding the power-boat market.

We currently primarily sell our boats through a network of 22 independent boat dealers

across North America, the Caribbean and Central America who resell our boats to the end user Twin Vee customers.

We continue efforts to

recruit high quality boat dealers to join our network and seek to establish new dealers and distributors domestically and internationally

Vee for our catamarans, or dual hull vessels, and Bahama Boat Works for our “V”-hull boats.

Consumers can use our boats for

a wide range of recreational activities including fishing, diving and water skiing and commercial activities including transportation,

eco tours, fishing and diving expeditions.

We believe that the performance, quality and value of our boats position us to achieve our

goal of increasing our market share and expanding the power-boat market.

We primarily sell our boats through a network of 17 independent

boat dealers across North America, Hawaii, and Australia who resell our boats to the end user Twin Vee customers.

We continue efforts

to recruit high quality boat dealers to join our network and seek to establish new dealers and distributors domestically and internationally

to distribute our boats as we grow our production and introduce new models.

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During 2024, Forza X1, Inc., our minority owned electric boat subsidiary determined to cease production of electric

boats and on November 26, 2024, Forza Xi, Inc.(“Forza”), was merged into Twin Vee Merger Sub, Inc., a wholly-owned subsidiary

boats and on November 26, 2024, Forza X1, Inc.

(“Forza”), was merged into Twin Vee Merger Sub, Inc., a wholly-owned subsidiary

of Twin Vee (“Merger Sub”) and became a wholly owned subsidiary.

Revenue from the sale of our boats accounted for 100%

of our net revenue in fiscal years 2024 and 2023.

In 2024, our boats were manufactured in Fort Pierce, Florida.

We believe our company

has been an innovator in the recreational and commercial power boat industry.

We currently have 15 models in production ranging in size

from our 22-foot, single engine, monohull (Aquasport) to our 40-foot offshore 400 GFX.

In 2023 we added eight mono hull models to our

Revenue from the sale of our boats accounted for nearly

100% of our net revenue in 2025 and 2024.

Our boats are manufactured in Fort Pierce, Florida.

We believe our company has been an innovator

in the recreational and commercial power boat industry.

We currently have 12 Twin Vee models in or nearing production ranging in size

from 24-foot to 40-foot, and 9 monohull (Bahama) models in or nearing production ranging in size from 22-foot to 41-foot.

During the 2025 and 2024 fiscal years, we focused

our efforts on increased throughput through our facility, and fully integrating the new models from our Aquasport brand that we acquired

In February 2023, we announced our launch of our new AquaSport brand, a new-monohull boat brand that included a 22-foot center

console monohull;

a 25-foot dual console, single-engine day boat;

a 22-foot dual console monohull;

and a 25-foot deck boat, single engine.

We delivered our first monohull boats in January of 2023.

In May of 2023, we entered into a finance lease, securing the rights to the

AquaSport brand and facility in White Bluff, Tennessee.

The AquaSport brand appeals to first-time boat buyers, the freshwater market,

and consumers that prefer a monohull boat[, all of which represent markets in which we are expanding our footprint and dealer representation.

During the year ended December 31, 2024, three individual dealer

our efforts on increased throughput through our facility, and integrating the new models from our Bahama Boats brand that we acquired

During the year ended December 31, 2025, two individual dealers

each represented over 10% of our total sales and in the aggregate represented 27% of total

During the year ended December 31, 2023, one individual dealer represented over 10% of our total sales, and one customer represented

10.3% of total sales.

On November 26, 2024 (the “Closing

Date”), pursuant to the terms of the Agreement and Plan of Merger, dated as of August 12, 2024 (the “Merger Agreement”),

by and between Twin Vee, Twin Vee Merger Sub, Inc.

and Forza, Merger Sub was merged with and into Forza (the “Merger”), with

Forza surviving the Merger as a wholly-owned subsidiary of Twin Vee.

At the effective time of the Merger, (a) each outstanding share of

common stock of Forza , par value $0.001 per share of Forza (the “Forza Common Stock”) (other than any shares held by Twin

Vee) was converted into the right to receive 0.611666275 shares of Twin Vee common stock, par value $0.001 per share (the “Twin

Vee Common Stock”), (b) each outstanding Forza stock option, whether vested or unvested, that had not previously been exercised

prior to such time was converted into an option to purchase 0.611666275 shares of Twin Vee Common Stock for each share of Forza Common

Stock covered by such option, (c) each outstanding warrant to purchase shares of Forza Common Stock was assumed by Twin Vee and converted

into a warrant to purchase 0.611666275 shares of Twin Vee Common Stock for each share of Forza Common Stock for which such warrant was

exercisable for prior to the Effective Time, and (d) the 7,000,000 shares of Forza Common Stock held by Twin Vee were cancelled.

The issuance of shares of Twin Vee

Common Stock to the former shareholders of Forza was registered under the Securities Act of 1933, as amended, pursuant to a registration

statement on Form S-4 (File No.

333-281788), as amended, filed by Twin Vee with the Securities and Exchange Commission (the “SEC”)

and declared effective on October 10, 2024 (the “Registration Statement”).

At the effective time of the Merger,

in accordance with the terms of the Merger Agreement, the size of Twin Vee’s board of directors (the “Board”) was set

at five, Joseph Visconti, Preston Yarborough, Neil Ross and Kevin Schuyler remained as directors of Twin Vee and Marcia Kull was appointed

as a director of Twin Vee.

Effective as of the effective time of the Merger, Bard Rockenbach and James Melvin resigned as directors of

Twin Vee and any committees thereof

Agreement with Revver Digital, LLC

On February 4, 2025, we entered into an agreement

(the “Sale Agreement”), effective February 4, 2025 (the “Effective Date”), with Revver Digital, LLC, a Delaware

limited liability company and wholly owned subsidiary of One Water Marine Inc.

(“OWM”), providing us with the right to acquire

certain intellectual property of OWM (the “OWN Intellectual Property”) related to (a) the online marketplace, advertisement,

marketing, and sale services of yachts, boats, and yacht and boat accessories and (b) arranging of loans, insurance, and warranty services

related to yachts and boats under the brands “Yachts for Sale” and “Boats for Sale” through the websites available

at the domains (the “Domains”) “yachtsforsale.com” and “boatsforsale.com” (the “Business”).

Pending the closing of the sale to us of the OWN Intellectual Property, the Sale Agreement grants us a license to use and sublicense the

OWN Intellectual Property to conduct the Business in consideration of:

(a) the payment to OWM of a monthly revenue-sharing royalty (the

“Revenue-Sharing Royalty”) of six percent (6%) of the Aggregate Subscription Revenue (as defined) of the Business;

a credit to OWM of $500 per OWM dealer who lists boats or yachts on the Domains during such period (the “Dealer Storefront Credit”).

On the date of the closing (the “Closing”) of the sale to us of the OWN Intellectual Property, the Sale Agreement provides

that in consideration of the transfer of, and as a purchase price (the “Purchase Price”) for, the OWM Intellectual Property,

we will assume certain liabilities of OWM related to the Business and pay to OWM $5,000,000 (the “Minimum Purchase Price”),

less the aggregate amount of all Revenue-Sharing Royalties paid to OWM through such date and the aggregate amount of all Dealer Storefront

Credits accrued for the benefit of OWM through such date (the “Remaining Purchase Price”).

Twin-Hull Shape

During the year ended December 31, 2024, three individual dealers represented over 10% of our total sales, and in the aggregate

represented 40% of total sales.

Twin Vee’s Twin-Hull

Twin Vee catamaran boats are designed for a dry and

As a Twin Vee moves through the water, the boat’s symmetrical catamaran hull has lifting strakes on the side of each

Lifting strakes are known to produce lift at the bow of a boat by displacing water, allowing the

boat to, in essence, glide above the water rather than lumber through it.

Twin Vee’s lifting strakes work to not only create lift,

but also to make the ride smoother.

The forward motion of a catamaran boat lifts water up towards the top of the tunnel while

pushing the water inward to form two counter-flowing vortexes.

As these vortexes are being formed, the Twin Vee hull design aerates these

vortexes with small air bubbles, which are then compressed at an increasing rate as the vortexes move down the tunnel.

It is the kinetic

energy stored in these compressed air bubbles, which creates a smooth and stable ride.

As speed increases, the kinetic energy increases

at a non-linear rate as more and more air is induced into the increasingly faster flowing vortexes.

The trailing surfaces of the Twin

Vee hulls are specifically designed to facilitate propulsion efficiency by discharging the kinetic energy and air bubbles from the counter-flowing

Lifting strakes are known to produce lift at the bow of a boat by displacing water, allowing the boat

to, in essence, glide above the water rather than lumber through it.

Twin Vee’s lifting strakes work to not only create lift, but

also to make the ride smoother.

The forward motion of a catamaran boat lifts water up towards the top of the tunnel while pushing

the water inward to form two counter-flowing vortexes.

As these vortexes are being formed, the Twin Vee hull design aerates these vortexes

with small air bubbles, which are then compressed at an increasing rate as the vortexes move down the tunnel.

It is the kinetic energy

stored in these compressed air bubbles, which creates a smooth and stable ride.

As speed increases, the kinetic energy increases at a

non-linear rate as more and more air is induced into the increasingly faster flowing vortexes.

The trailing surfaces of the Twin Vee hulls

are specifically designed to facilitate propulsion efficiency by discharging the kinetic energy and air bubbles from the counter-flowing

vortexes upon exiting astern, thus providing the propellers with a steady flow of super clean and highly ordered water.

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The following are some benefits of the catamaran, or Twin Vee’s, hull shape.

Power Catamaran

Hull Benefits

Power Catamaran Hull

Catamaran stability.

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The stability of Twin Vee’s catamaran design allows fishing from one side without the extreme listing of a monohull.

We expect our new monohull line to appeal to first-time

boat buyers, the freshwater market and consumers that prefer a monohull boat.

These categories represent larger segments of the market

for boat buyers than that of power catamarans.

By appealing to these segments, we believe our new monohull line has the potential to drive

significant growth for our company.

In 2024, we introduced our all new 28-foot dual engine “Superboat.” We expect to follow

that introduction with updated 22-foot and 24-foot designs in 2025.

Pro Direct Platform

At its core, Pro Direct will be designed to provide a comprehensive, customer-centric

approach to the boat buying process.

Much like Toyota’s Smart Path, which allows users to shop, customize, and price vehicles, Twin

Vee’s Pro Direct will enable consumers to navigate their boat purchase journey from the comfort of their own homes.

will empower users to explore a wide range of options, including the ability to customize their boats, compare prices, check nearby inventory,

apply for financing, evaluate trade-in values, and even arrange delivery—all through a user-friendly interface.

The primary goal

of Pro Direct is to create a cohesive experience that bridges the gap between original equipment manufacturers (OEMs), dealers, and consumers.

By leveraging technology and data analytics, Twin Vee aims to streamline the sales process, ensuring that each stakeholder can engage

more effectively and transparently.

What the Platform Will Offer :

● Design Your Boat :

Customers can choose models, colors, and accessories online.

● Real-Time Inventory :

See available boats at nearby dealers.

● Easy Financing :

Apply for loans and compare rates through the site.

● Trade-In Tools :

Customers can get fair trade-in estimates for their current boats.

● Delivery Coordination :

Buyers can schedule delivery through the platform.

Why It Matters :

● This platform will streamline the buying process for customers.

● Dealers can benefit from more sales and a better experience.

● Twin Vee aims to reduce costs and grow the marine marketplace with this technology.

As Twin Vee moves forward with the Pro Direct platform, the ultimate ambition is to support Twin Vee dealers with this innovative solution.

By doing so, Twin Vee plans to create a more-integrated marine marketplace, benefiting consumers and dealers alike.

By modernizing the

boat buying experience, Pro Direct aims to reduce costs, increase accessibility, and provide maximum value for customers’ investments

in these recreational vehicles.

In summary, we believe that Twin Vee PowerCats’ Pro Direct platform

represents a paradigm shift in the marine industry.

With its commitment to customer-centricity, technological innovation, and strategic

partnerships, we are positioning Pro Direct to redefine how boats are bought and sold.

Wizz Banger Platform

We are developing Wizz Banger, a technology-enabled

marine retail and valuation platform intended to modernize and streamline the process of buying, selling, trading, and financing recreational

This initiative represents the evolution of our prior Pro Direct platform concept and consists of two primary components:

Wizz Banger Value App, which utilizes artificial intelligence (“AI”) and multi-source data inputs to generate independent,

condition-specific valuation assessments of new and used boats, and (ii) Wizz Banger Boats, a related physical retail location intended

to be established at our Fort Pierce, Florida headquarters.

The objective of Wizz Banger is to reduce valuation

inconsistencies across the marine industry, improve transparency for all participants in the transaction cycle, and shorten the time required

for consumers to obtain financing approvals.

We believe that increased valuation alignment among lenders, insurers, dealers, and customers

may enhance efficiency in the marine retail ecosystem and potentially increase transaction completion rates.

Wizz Banger Value App:

Data Aggregation and Valuation

The Wizz Banger Value App is designed to serve as

an independent valuation tool that aggregates and analyzes multiple categories of data, including:

Historical sales data obtained through API integrations with third-party data providers.

Current listings across national and regional marketplaces.

AI-based visual assessments, including of hull surfaces, gelcoat oxidation, cushions and upholstery, hardtops and T-tops, trailer condition, and visible aftermarket components such as radar, sonar, GPS, cameras, power poles, and battery systems.

Comparative equipment and configuration adjustments based on historical market behavior.

The AI component utilizes image-recognition models

to evaluate visual condition factors with greater consistency than traditional manual inspections.

While the system does not measure engine

hours or identify internal mechanical issues, it is designed to significantly narrow valuation ranges by eliminating subjective variability

and inconsistent dealer or third-party assessments.

By standardizing the valuation input process, the

Wizz Banger Value App seeks to provide lenders, insurers, dealers, and customers with a more reliable, condition-specific, and data-supported

valuation reference point.

Potential Industry Impact and Expected Benefits

We believe that a more unified valuation framework

could positively impact several parts of the marine transaction process:

Financing Efficiency :

Providing lenders with consistent data may reduce the underwriting and decision-making timeline.

Insurance Alignment :

More standardized condition assessments may improve insurer confidence in collateral evaluation.

Dealer Operations :

Consistent valuations may support more efficient trade-in processes and reduce negotiation variability.

Customer Experience :

Shorter financing cycles and improved transparency may help reduce transaction fallout and increase customer participation in the market.

Many marine transactions are delayed or abandoned

due to the time-consuming and uncertain financing process.

Our intention is to assist in reducing these inefficiencies by providing valuation

data that may help lenders issue decisions more quickly and with greater confidence.

Wizz Banger Boats Retail Location

As part of the Wizz Banger initiative, we plan to

launch Wizz Banger Boats, a physical retail location situated directly on our U.S.

Highway 1 frontage at our Fort Pierce, Florida headquarters.

This site is expected to function as the initial operational deployment location for the Wizz Banger Value App, where we will integrate

the valuation system into live retail, trade-in, and resale activities.

The location will also allow us to assess real-world

dealer and customer behavior, validate the valuation engine under practical transaction conditions, refine the system’s accuracy,

and evaluate operational processes that may be expanded to additional locations in the future.

The initial site will focus on used-boat

retailing, trade-ins, and evaluation services and may also be used to support lender and insurance partners who require in-person verification

of valuation inputs.

Overall Strategy

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Develop New and Innovative Products in Our Core

As an innovator, designer, manufacturer, and marketer of catamaran powerboats, we strive to design new and inventive

products that appeal to a broad customer base.

We intend to launch a number of new products and features with best-in-class quality, with

the goal of increasing sales and significant margin expansion.

For example, w e currently have fifteen

(15) gas-powered models in production ranging in size from our 24-foot, dual engine, center console to our newly designed 40-foot offshore

We designed our first monohull boat, a 22-foot, available in both center and dual consoles.

This is the first boat in a line

of boats that will be sold under our new AquaSport brand.

Our product development process enables us to renew our product portfolio

with innovative offerings at a rate that we believe will be difficult for our competitors to match without significant additional capital

We intend to release new products and features multiple times during the year, which we believe enhances our reputation as

a cutting-edge boat manufacturer and will drive consumer interest in our products.

As an innovator, designer, manufacturer, and marketer of catamaran powerboats, we strive to design new and inventive products

that appeal to a broad customer base.

We intend to launch a number of new products and features with best-in-class quality, with the goal

of increasing sales and significant margin expansion.

For example, w e currently have over a dozen

gas-powered models in production ranging in size from our 22-foot single engine BayCat, center console to our flagship 40-foot offshore

Our product development process enables us to renew our product portfolio with innovative offerings at a rate that we

believe will be difficult for our competitors to match without significant additional capital investments.

We intend to release new products

and features multiple times during the year, which we believe enhances our reputation as a cutting-edge boat manufacturer and will drive

consumer interest in our products.

Increase the Power Boat Category Segment.

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Boating Categories.

Another strategy for growing our market share is to introduce new products with increased versatility,

functionality, and performance that can appeal to a more expansive customer base that values boats for both water sports and general recreational

boating purposes.

In 2024 we launched several marketing campaigns that focused on new product launches and help to educate the market

on our value proposition to customers.

Another strategy for growing our market share is to introduce new products with increased versatility, functionality,

and performance that can appeal to a more expansive customer base that values boats for both water sports and general recreational boating

In 2024 we launched several marketing campaigns that focused on new product launches and help to educate the market on our value

proposition to customers.

Effectively Manage Dealer Inventory and Further

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quality and trust in our dealer relationships are more beneficial to our long-term success than the quantity of dealers.

have a network of 20 independent boat dealers in 34 locations across North America, the Caribbean and Central America.

By expanding our

network of qualified dealers, we expect to reduce the risk inherent in having three dealers representing 40% of overall revenues.

Design and Introduce a First of a Kind in the Marine Market Pro-Direct

As consumer expectations change, Twin Vee PowerCats hopes to revolutionize the marine industry with its innovative web-based

platform, “Pro Direct.” Inspired by successful automotive models like Toyota’s “Smart Path,” this platform

is designed to offer customers a seamless, interactive buying experience.

have a network of 17 independent boat dealers across North America, Hawaii, and Australia.

Design and Introduce a First of a Kind in the

Marine Market Pro-Direct Platform.

As consumer expectations change, we hope to revolutionize the marine industry with Wizz Banger,

a technology-enabled marine retail and valuation platform intended to modernize and streamline the process of buying, selling, trading,

and financing recreational boats.

Increase Our Sales in International Markets .

we have a brand that will have natural growth in international markets.

Catamaran powerboats have already been accepted as the norm in

many international markets.

For example, t he global catamaran market was expected to expand at a compound

annual growth rate (CAGR) of 5.8% from 2022 to 2030.

catamaran market was worth $342.5 million in 2021 and was expected to expand

at a CAGR of 5.4% from 2022 to 2030.

Based on our brand and product offering, as well as out potential distribution strengths,

we believe we are well positioned to leverage our reputation and capture

additional international sales.

We believe that we will increase our international sales by promoting our products in developed markets

where we have a dealer base and in international markets where rising consumer incomes are expected to increase demand for recreational

products, such as Australia, Europe, Israel, Dubai and Brazil.

We are also developing new product offerings that will specifically target

certain product demand from our international consumers and that we believe will drive further sales growth in international markets.

We believe we have a brand that will have natural growth in international markets.

Catamaran powerboats have already been accepted as

the norm in many international markets.

For example, the global catamaran market is expected to expand at a compound annual growth rate

(CAGR) of 5.8% from 2022 to 2030.

catamaran market was worth $342.5 million in 2021 and is expected to expand at a CAGR of 5.4%

from 2022 to 2030.

Based on our brand and product offering, as well as our potential distribution strengths, we believe we are well positioned

to leverage our reputation and capture additional international sales.

We believe that we will increase our international sales by promoting

our products in developed markets where we have a dealer base and in international markets where rising consumer incomes are expected

to increase demand for recreational products, such as Australia, Europe, Israel, Dubai and Brazil.

We are also developing new product

offerings that will specifically target certain product demand from our international consumers and that we believe will drive further

sales growth in international markets.

Our Strengths and Competitive Advantages

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We believe the Twin

Vee and AquaSport brands are well-known among boating enthusiasts for performance, quality, and value, and that the market recognizes

both Twin Vee and AquaSport as brands that deliver a proposition.

Vee and Bahama Boat Works brands are well-known among boating enthusiasts for performance, quality, and value, and that the market recognizes

both Twin Vee and Bahama Boat Works as brands that deliver a proposition.

Diverse Product Offering .

are able to attract consumers across multiple categories within the recreational powerboat industry.

We currently have fifteen (15) different

models in production that range from 22-feet monohull to our newly designed 40-foot offshore 400GFX, offered at retail prices that start

at approximately $75,000 and go up to $900,000.

We will further diversify our offerings in 2025, with new models to our line including

a redesigned Aquasport 22-foot and 24-foot boats and a 22-foot Twin Vee BayCat.

We currently have over a dozen models

in production that range from our 22-foot single engine BayCat to our flagship 40-foot offshore 400GFX, offered at retail prices that

start at approximately $90,000 and go up to $900,000.

We further diversified our offerings in 2025, with our new redesigned 22-foot Twin

Focus on Innovative Product Offerings.

are currently designing numerous new boat models to meet market demand and grow our business, and our current focus is on bring a full

line of monohull boats to the market under the AquaSport brand.

line of monohull boats to the market under the Bahama Boat Works brand.

Twin Vee has also made

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controlling costs through disciplined engineering and manufacturing processes.

According to SSI data (Statistical Surveys Incorporated), 179,168 new watercraft

were sold in the U.S.

According to SSI data (Statistical Surveys Incorporated),

179,168 new watercraft were sold in the U.S.

in 2024, a decline of 9.59% across the entire industry compared to 2023.

Our core market corresponds most directly

with the saltwater outboard market defined by SSI and is further categorized by the power catamaran segment.

The saltwater outboard market

experienced a decline of 9.26% in 2024 compared to 2023, with a total of 18,684 new units sold in the United States during 2024.

Our core market

corresponds most directly with the saltwater outboard market defined by SSI and is further categorized by the power catamaran segment.

The saltwater outboard market experienced a decline of 9.26% in 2024 compared to 2023, with a total of 18,684 new units sold in the United

States during 2024.

Outboard Motor Market

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We primarily sell our gas-powered boats through a

network of 22 independent dealers across North America, the Caribbean (one in the Bahamas, Puerto Rico and Cayman Islands) and Central

America (Panama City, Panama).

We are always seeking to recruit and establish new dealers and distributors domestically and are striving

to develop international distribution.

network of 17 independent boat dealers across North America, Hawaii, and Australia.

We are always seeking to recruit and establish new

dealers and distributors domestically and are striving to develop international distribution.

We establish performance criteria that our dealers

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We expect this will strengthen our dealers’ ability to sell our products.

For the year ended December 31, 2024, our top three

dealers on a consolidated basis accounted for approximately 40% of our consolidated revenues.

Each of these three dealers accounted for

more than 10% of our consolidated revenues for the year ended December 31, 2024.

For the year ended December 31, 2023, our top five

dealers on a consolidated basis accounted for approximately 35% of our consolidated revenues.

During the year ended December 31, 2025, two individual

dealers each represented over 10% of our total sales and in the aggregate represented 27% of total sales.

During the year ended December

one individual dealer represented 10% of our total sales.

31, 2024, three individual dealers represented over 10% of our total sales, and in the aggregate represented 40% of total sales.

We consistently review our distribution network to

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margin loss on the resale of a repurchased unit.

To date, we have not been required to repurchase any boats under repurchase agreements.

The powerboat industry, including the performance

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For example, during the

year end December 31, 2024 three dealers represented 40% of our sales, while during the year end December 31, 2023, five dealers represented

year end December 31, 2025 two dealers represented 27% of our sales, while during the year end December 31, 2024, three dealers represented

40% of our sales.

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protection could adversely affect our competitive business position.

See “Risk Factors-Intellectual Property Risks.” Although

we do have patents to protect our intellectual property rights for electric powered motor products;

we are no longer developing electric

powered boats.

See “ Risk Factors—Intellectual Property Risks .”

Although we do have patents to protect our intellectual property rights for electric powered motor products;

we are no longer developing

electric powered boats.

Insurance and Product Warranties

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with third party components (e.g., stereos, pumps, electrical devices) directly on to the consumer.

Where there is no separate OEM warranty, we

provide a one-year basic limited systems warranty for repair or replacement of the defective part.

Where there is no separate OEM warranty,

we provide a one-year basic limited systems warranty for repair or replacement of the defective part.

Environmental, Safety and Regulatory Matters

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We currently employ approximately

65 employees, which includes about 45 hands-on boat builders, all of whom are full-time employees.

None of our employees are represented

by a labor union.

70 employees, all of whom are full-time employees.

None of our employees are represented by a labor union.

Competitive Pay and Benefits

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all employees are eligible for health insurance, paid and unpaid leaves, a retirement plan and life and disability/accident coverage.

Health and Safety

The health and safety of

our employees is our highest priority, and this is consistent with our operating philosophy.

Accordingly, with the global spread of the

ongoing novel coronavirus pandemic, we have implemented plans designed to address and mitigate the impact of pandemics on the safety of

our employees and our business, which include:

adding work from home flexibility;

adjusting attendance policies to encourage those who are sick to stay home;

increasing cleaning protocols across all locations;

initiating regular communication regarding impacts of the COVID-19 pandemic, including health and safety protocols and procedures.

Legal Proceedings

From time to time, we may become involved in legal

proceedings or be subject to claims arising in the ordinary course of our business.

Except as disclosed below, we are not presently a

party to any legal proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect

on our business, operating results, financial condition or cash flows.

Regardless of the outcome, litigation can have an adverse impact

on us because of defense and settlement costs, diversion of management resources and other factors.

On March 10, 2025, shareholders Nabeel Youseph and

Marisa Hardyal-Youseph (“Plaintiffs”), who are former holders of common stock of Forza X1, Inc.

(“Forza”), commenced

an action in the Court of Chancery in the State of Delaware, captioned Youseph, et al.

Visconti, et al., Case No.

2025-0262, by filing

a putative class action complaint (the “Complaint”) against Defendants Joseph Visconti, Kevin Schuyler, Neil Ross, Twin Vee

PowerCats Co.

and Twin Vee PowerCats, Inc.

(collectively, “Defendants”), related to Forza’s merger with Twin Vee seeking

an unspecified award of damages, plus interest, costs, and attorneys’ fees.

Plaintiffs’ Complaint asserts claims (1) against

Defendants for breach of fiduciary duty in their capacities as controlling shareholders of Forza, (2) against Messrs.

Visconti, Schuyler,

and Ross for breach of fiduciary duty in their capacities as directors of Forza, and (3) against Mr.

Visconti for breach of fiduciary

duty in his capacity as an officer of Forza.

Defendants deny the allegations and intend to vigorously defend against the claims.

time, as the matter is in the pleadings stage, the Company is unable to estimate or project the ultimate outcome of this matter.

Corporate Information

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reference to our website is an inactive textual reference only, the information that can be accessed through our website is not part of

this Annual Report, and investors should not rely on any such information in deciding whether to purchase our common stock.

this report, and investors should not rely on any such information in deciding whether to purchase our common stock.

We were incorporated in the State of Florida as Twin

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and became a wholly -owed subsidiary of Twin Vee PowerCats.

On March 26, 2025, the Company formed Wizz Banger,

Inc., a wholly owned subsidiary in the state of Florida in connection with the Company’s plan to develop an enhanced used boat marketplace.

We are subject to the reporting requirements of the

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References herein to “emerging growth company” have the meaning associated with that term in the

First Amendment to the License and Conditional Sale Agreement with Revver

Effective July 14, 2025,

we and our recently formed, wholly owned subsidiary, Wizz Banger, Inc.

(“Wizz Banger”), entered into a First Amendment (the

“First Amendment”) to that certain license and conditional sale agreement (the “License and Sale Agreement”),

entered into and effective as of February 4, 2025, by and between us and Revver Digital, LLC, providing us with the right to acquire certain

intellectual property of OWM (the “OWM Intellectual Property”) related to (a) the online marketplace, advertisement, marketing,

and sale services of yachts, boats, and yacht and boat accessories and (b) arranging of loans, insurance, and warranty services related

to yachts and boats under the brands “Yachts for Sale” and “Boats for Sale” through the websites available at

the domains (the “Domains”) “yachtsforsale.com” and “boatsforsale.com” (the “Business”).

Pending the closing of the sale to us of the OWM Intellectual Property, the License and Sale Agreement grants us a license to use and

sublicense the OWM Intellectual Property to conduct the Business in consideration of:

(a) the payment to OWM of a monthly revenue-sharing

royalty (the “Revenue-Sharing Royalty”) of six percent (6%) of the Aggregate Subscription Revenue (as defined in the License

and Sale Agreement) of the Business;

and (b) a credit to OWM of $500 per OWM dealer who lists boats or yachts on the Domains during such

period (the “Dealer Storefront Credit”).

On the date of the closing of the sale to us of the OWM Intellectual Property, the

License and Sale Agreement provides that in consideration of the transfer of, and as a purchase price for, the OWM Intellectual Property,

we will assume certain liabilities of OWM related to the Business and pay to OWM $5,000,000, less the aggregate amount of all Revenue-Sharing

Royalties paid to OWM through such date and the aggregate amount of all Dealer Storefront Credits accrued for the benefit of OWM through

The First Amendment was entered

into in order to (i) amend the definition of “Foreground Intellectual Property” (as defined therein), (ii) to clarify the

respective rights of the parties thereunder, (iii) to assign the License and Sale Agreement to Wizz Banger, and (iv) to provide for a

guaranty by us of Wizz Banger’s obligations and liabilities under the License and Sale Agreement, as amended, as provided therein

and effect other amendments to the License and Sale Agreement as set forth therein.

Bahama Boat Works Acquisition

On June 5, 2025, we entered

into an Asset Purchase Agreement (the “Asset Purchase Agreement”), with Bahama Boat Works, LLC (“Bahama Boat Works”),

pursuant to which we acquired various tangible and intangible assets (the “Assets”) from Bahama Boat Works’ relating

to the Bahama boat brand (the “Bahama Boat Brand”).

In accordance with the Asset Purchase Agreement, in consideration of the

transferred Assets we paid Bahama Boat Works $100,000 and agreed to pay up to $2,900,000 in additional contingent consideration based

upon a percentage of the revenues we receive from future sales to customers of new Bahama Boat Brand 31’, 35’, 37’,

and 41’ boat models (the “Bahama Boat Revenues”).

The Asset Purchase Agreement provides that Bahama Boat Works will

receive 20% of the first $7,500,000 of Bahama Boat Revenues we receive and 10% of the Bahama Boat Revenues we receive in excess of $7,500,000

(but not exceeding $21,500,000) until such time as Bahama Boat Works has been paid an aggregate of $3,000,000 by us from such sales.

The Asset Purchase Agreement

may be terminated by mutual written consent of the parties or by us, in our sole discretion, if we decide to discontinue further development,

production, or commercialization of the Bahama Boat Brand product line before the balance of the contingent consideration due to Bahama

Boat Works is paid.

Upon any such termination, the parties may either seek to sell the Bahama Boat Brand and associated assets pursuant

to a mechanism set forth in the Asset Purchase Agreement or we, in our sole discretion, may elect to return the Assets to Bahama Boat

Underwritten Public Offering

On May 8, 2025, we entered into an underwriting agreement

(the “Underwriting Agreement”) with ThinkEquity LLC, as representative of the several underwriters named therein (the “Representative”),

pursuant to which we agreed to sell to the Representative in a firm commitment underwritten public offering (the “May 2025 Offering”)

an aggregate of 750,000 shares (the “Shares”) of our common stock at the public offering price of $4.00 per share, resulting

in gross proceeds of $3.0 million, before deducting underwriting discounts, commissions and offering expenses.

The Shares were sold pursuant

to an effective shelf registration statement on Form S-3 (File No.

333-266858) filed with the SEC under the Securities Act and declared

effective by the Commission on August 24, 2022, a base prospectus, dated August 24, 2022, included in the Registration Statement at the

time it originally became effective, and a prospectus supplement, dated May 8, 2025, filed with the Commission pursuant to Rule 424(b)

under the Securities Act.

Pursuant to the Underwriting Agreement, we also issued to designees of the Representative unregistered warrants

to purchase up to 37,500 shares of our common stock, which equals 5% of the shares of common stock purchased in the May 2025 Offering.

The May 2025 Offering closed on May 12, 2025.

The net proceeds to us from the May 2025 Offering, after deducting the underwriting discount,

the Representative’s fees and expenses and our estimated offering expenses, were $2,555,101.

Repurchase Request

On April 21, 2025, Northpoint Commercial Finance LLC

(“Northpoint”) came into possession of certain Twin Vee and AquaSport inventory of United Marine and Storage LLC, a former

dealer of our products.

Northpoint requested that we take possession of and repurchase the inventory in accordance with the Repurchase

Agreement that we previously entered into with Northpoint (the “Repurchase Agreement”).

During the second quarter of 2025,

we sold five of the six repossessed boats, resulting in a net loss on the sale of approximately $14,875 after transportation, refurbishment,

and commissions for the second quarter.

During the third quarter of 2025, we paid our obligation to Northpoint for our one remaining repurchase

obligation of $58,984 and are currently marketing this boat for sale.

We expect to fully recover the amount of the repurchase obligation.

Nasdaq Compliance

On May 10, 2024, we received written notice from the

Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying us that for the preceding 30 consecutive

business days (March 28, 2024 through May 9, 2024), our common stock did not maintain a minimum closing bid price of $1.00 per share as

required by Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”).

We were provided 180 calendar days, or until

November 6, 2024, to regain compliance.

On November 7, 2024, we received written notification from Nasdaq granting our request for a 180-day

extension to regain compliance with the Minimum Bid Price Requirement.

Compliance would be achieved if the closing bid price of our common

stock is at or above $1.00 for a minimum of ten consecutive business days at any time prior to May 5, 2025.

On April 4, 2025, we filed an amendment (the “Amendment”)

to our Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Reverse Stock Split at a ratio

of 1-for-10, effective as of 11:59 p.m.

Eastern Time, on April 7, 2025 (the “Effective Time”), in order to regain compliance

with the Minimum Bid Price Requirement.

Our common stock began trading on a reverse split-adjusted basis on April 8, 2025 under the existing

ticker symbol “VEEE.” Any share amounts and exercise or conversion prices in this report have been adjusted retrospectively

for the Reverse Stock Split.

On April 28, 2025, we received a letter from Nasdaq stating that Nasdaq

had determined that we now comply with the Minimum Bid Price Requirement.

Establishment of Strategic Steering Committee

On January 6, 2026, we announced the formation of

a strategic steering committee to focus on advancing autonomous marine technologies to address key challenges in unmanned maritime systems

and help bridge gaps exposed in current defense and commercial autonomy efforts.

The executive-level steering committee includes members

of our board of directors and management team.

Its primary focus is to explore, evaluate, and identify potential technology partners in

the autonomous and AI space whose capabilities may complement Twin Vee’s marine design and manufacturing platform and to present

such opportunities to our board of directors and management, as appropriate.

Formation of Black Line Defense

On January 22, 2026, we formed Black Line Defense,

a wholly owned subsidiary focused on the design and manufacture of manned and autonomous maritime platforms for defense, security, and

surveillance missions.

Black Line Defense is seeking to pursue opportunities with the U.S.

Department of Defense, Homeland Security, and

allied agencies, targeting government programs allocating billions of dollars toward small-craft fleets over the coming years.

The subsidiary

aims to leverage Twin Vee’s existing vertically integrated manufacturing footprint, including in-house design, composite lamination,

CNC tooling, wire-harness fabrication, rigging, quality control, and scalable production capacity.

Black Line Defense is structured to

enter the government market with limited incremental capital investment while offering cost-competitive, rapidly deployable vessel solutions

for patrol, interdiction, logistics, and unmanned operations.

Appointment of Certain Officers

On September 17, 2025, our board of directors appointed

Scott Searles to serve as Interim Chief Financial Officer, effective immediately, while we undertake a search to identify a permanent

Searles terminated his employment as our Interim Chief Financial Officer in January 2026.

On January 9, 2026, Joseph Visconti

was appointed as Interim Chief Financial Officer, effective immediately, while we undertake a search to identify a permanent successor.

Sale of North Carolina

On September 26, 2025, we

entered into a purchase and sale agreement with Highland Myco Holdings, LLC for the sale of our property located at 100 College Drive,

Marion, North Carolina, which was completed on October 31, 2025.

We received $500,000 as a closing payment, with an additional $3,750,000

payable in installments of $500,000 plus accrued interest at a rate of 5% on October 31, 2026, $500,000 plus accrued interest on April

30, 2027, and a balloon payment of $2,750,000 plus accrued interest on October 31, 2027.

February 2026 Offering

On February 19, 2026, we entered into a placement

agency agreement (the “Placement Agency Agreement”) with ThinkEquity LLC, as sole placement agent (the “Placement Agent”),

pursuant to which we agreed to issue and sell directly to various investors in a best efforts public offering (the “February 2026

Offering”) an aggregate of 6,383,000 shares (the “Shares”) of our common stock at a public offering price of $0.47 per

The Shares were sold pursuant to a registration statement on Form S-1 (File No.

333-292661) relating to the securities filed with

the Securities and Exchange Commission (“SEC”) and became effective on February 13, 2026, and a prospectus, dated February

The February 2026 Offering closed on February 23, 2026.

The net proceeds to us from the February 2026 Offering, after deducting

the underwriting discount, the Representative’s fees and expenses and our estimated offering expenses, were approximately $2,540,109.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business