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Twin Vee PowerCats Co. (NASDAQ: VEEE) is a pioneering company based in Fort Pierce, Florida, renowned for designing, manufacturing, and marketing recreational and commercial power catamaran boats. Established in 1994, the company has built a solid reputation as one of the most recognizable brands in the catamaran sport boat segment, often celebrated for producing the 'Best Riding Boats on the Water.'
Formerly known as Valuerich, Inc., Twin Vee PowerCats Co. rebranded in April 2016 and has since expanded its operations to encompass three main segments: gas-powered boats, electric-powered boats (through its subsidiary Forza X1, Inc.), and a franchise segment for selling standardized boat models across the United States.
The company’s revenue primarily stems from the sale of boats, motors, and trailers via a network of independent dealers. Their product lineup caters to diverse activities, including fishing, diving, water skiing, eco-tours, and commercial transport. Recent achievements include the development of the second generation GFX-2 model line, featuring advanced design, styling, and technological innovations that set it apart from competitors.
Financially, Twin Vee PowerCats Co. reported a 4% increase in consolidated revenue for 2023, amounting to $33,425,912. Despite this, the company faced a consolidated net loss of $7,192,176, attributed to high development costs and market conditions. The electric boat segment, led by Forza X1, Inc., contributed significantly to these losses but remains a cornerstone of Twin Vee's future growth strategy.
Joseph Visconti, CEO and President of Twin Vee, underscores the challenging economic landscape marked by rising interest rates and reduced consumer demand. In response, the company is focusing on cost control, product development, and expanding its dealer network. Notable projects include the introduction of new models like the Twin Vee Gen 2 400 GFX and the 280 GFX, as well as enhancing production capabilities at their Fort Pierce facility.
Recent partnerships, like the collaboration with Raymarine to integrate high-performance marine navigation technology into their boats, further exemplify Twin Vee's commitment to innovation. The company also hosts annual dealer meetings, fostering strong relationships with dealers and showcasing upcoming models and technological advancements.
For more information, visit twinvee.com.
Twin Vee PowerCats (Nasdaq: VEEE) has officially launched BoatsForSale.com, a new online marketplace for recreational boat sales. The platform, now migrated to Twin Vee's ISP infrastructure, offers authorized boat dealers 90 days of free listings.
The launch addresses growing industry concerns about rising marketing costs on traditional platforms, as highlighted in Trade Only Today. The new marketplace aims to provide dealers with lower marketing costs, increased lead generation, and alignment with Twin Vee's brand.
Key features of BoatsForSale.com include reduced listing fees compared to competitors, advanced search functions for better lead quality, and a dealer-centric approach focused on long-term partnerships. CEO Joseph Visconti emphasizes the platform's commitment to providing a fair, dealer-first marketplace that promotes transparency, efficiency, and affordability in the recreational boating industry.
Twin Vee PowerCats (NASDAQ: VEEE) has announced a comprehensive digital transformation strategy aimed at revolutionizing boat sales. The initiative includes transitioning all boat sales marketplace operations to Twin Vee's proprietary servers, led by CIO Tom Huffman and a team of digital experts.
The company is developing an AI-powered platform with advanced filtering and recommendations, featuring a mobile-first approach. Key elements include accepting Bitcoin as payment for Twin Vee and AquaSport boats, and launching an advanced lead generation platform for dealers with competitive pricing.
The platform will offer superior digital marketing through AI-driven analytics, data-driven sales strategies, and pricing advantages designed to undercut competition and boost dealer profitability. This strategic shift aims to challenge established industry players and provide Twin Vee dealers with a competitive edge in the marine market.
Twin Vee PowerCats Co. (NASDAQ:VEEE) has appointed Tom Huffman as Chief Information Officer to lead its Digital Division, which includes recently acquired digital assets BoatsForSale.com and YachtsForSale.com from OneWater Marine. This appointment aligns with Twin Vee's strategy to evolve into a diversified marine and recreational company.
Huffman, an accomplished technology executive and serial entrepreneur, brings decades of experience in IT, fintech, and enterprise solutions. As former CIO of First American Financial, he developed vendor management platforms for top-tier financial institutions. He has founded and successfully exited multiple companies, including Quality Valuation Services and Organictek.
The company aims to revolutionize the boat buying process by combining superior technology with enhanced customer experience, making it more seamless and accessible. Huffman holds a BS in Electrical Engineering from the University of Colorado and has received the Sybase Innovator Award and Smithsonian Laureate for Innovation.
Twin Vee PowerCats (Nasdaq:VEEE) has announced an agreement to acquire BoatsForSale.com and YachtsForSale.com from OneWater Marine. These platforms represent the third-largest online boat marketplace in the US, featuring over 42,000 unique listings.
This acquisition follows Twin Vee's 2023 purchase of AquaSport Boats and aligns with the company's strategy to diversify and scale operations. The company aims to tap into the pre-owned boat market, valued at over $9 billion, by providing a competitive alternative to existing high-cost platforms.
While maintaining its core business of manufacturing Twin Vee and AquaSport boats, the company plans to enhance these digital platforms with advanced technology solutions to improve user experience and provide better lead generation for dealers. The move comes as industry listing and subscription fees on leading marketplaces are reportedly set to double, positioning Twin Vee to offer a more cost-effective solution for dealers and private sellers.
Twin Vee PowerCats (Nasdaq:VEEE) reports early signs of demand recovery in 2025 after experiencing its slowest quarter since going public during Q4 2024. The company expects boat deliveries to increase by over 50% in Q1 2025 compared to Q4 2024, marking their first sequential revenue increase in recent periods.
Under new Director of Sales Shawn Erb, Twin Vee is expanding its dealer network and has successfully reduced field inventory by approximately 40% from its peak of 110 units last year. The company attributes the Q4 2024 slowdown to multiple factors, including economic policy changes, election cycle uncertainty, and high interest rates.
Looking ahead, Twin Vee plans to launch a redesigned 22-foot BayCat in Q2 2025 and is developing new customer-centric technologies to improve the boat-buying experience.
Twin Vee PowerCats (Nasdaq: VEEE) announced the upcoming delivery of a state-of-the-art Multiax L Series 5-axis CNC router to enhance its manufacturing capabilities. This investment will enable the company to bring the tooling of high-quality plugs and molds for new boat models in-house.
CEO Joseph C. Visconti highlighted that the advanced robotics will streamline manufacturing processes, create complex curves and shapes impossible with traditional methods, and improve quality control at their Fort Pierce facility. The company expects this addition to accelerate product development while reducing costs by minimizing reliance on external vendors for tooling.
Twin Vee is also exploring additional robotic solutions to enhance various operational stages, from design and production to quality control and finishing, aiming to improve manufacturing efficiency, reduce waste, and enhance worker safety.
Twin Vee PowerCats Co. (Nasdaq:VEEE) has announced plans to accept Bitcoin (BTC) as payment for its Twin Vee and AquaSport power sport boats. The company aims to provide customers with more flexible payment options while potentially attracting tech-savvy and international buyers through cryptocurrency integration.
The company will work with its dealer network to facilitate Bitcoin transactions, offering credits or cash conversions to dealers who may not currently accept cryptocurrency. Twin Vee is currently finalizing the technological infrastructure needed for secure and efficient cryptocurrency transactions, with the first Bitcoin payment expected to be accepted soon.
Twin Vee PowerCats (Nasdaq: VEEE) is attending Dealer Week 2024 at the Orlando Convention Center from December 8th to 11th, focusing on expanding its dealer network across the United States and internationally. The company is showcasing two models at Booth 325: the Twin Vee 280 GFX2 and the AquaSport 280 Superboat.
Led by newly appointed Director of Sales and Dealer Relations Shawn Erb, the company is targeting expansion in key regions including the Eastern Seaboard, Michigan, the Great Lakes, the Ozarks, California, and international markets. Both displayed boats feature fully digital technology, representing the company's next generation of boating innovation.
Twin Vee PowerCats Co. (Nasdaq:VEEE) has appointed Shawn Erb as its new Director of Sales and Dealer Relations. Erb, who previously served as National Sales Manager for Four Winn's Boats, will lead the company's sales operations and manage dealer relationships both domestically and globally. His appointment comes as Twin Vee expands with a 30,000 sq. ft facility expansion to enhance manufacturing capabilities.
Erb brings extensive experience from various roles at companies including BRP, Inc., SHERP of North America, and Harley Davidson Motor Company. He holds an MBA in Human Resource Management and will focus on strengthening dealer networks and supporting Twin Vee's product lines.
Twin Vee PowerCats Co. (NASDAQ:VEEE) reported Q3 2024 results showing significant challenges. Revenue decreased 64% to $2.9 million from $8.1 million in Q3 2023. The company posted a consolidated net loss of $3 million, with Twin Vee's loss at $2.1 million and Forza X1's at $896,000. Cash and equivalents declined to $11.4 million from $15.1 million in Q2. The company implemented cost-cutting measures including workforce reduction and lowered production in response to declining industry demand. Shareholders approved the merger between Twin Vee and Forza X1. The company is investing in facility expansion and new manufacturing equipment while aiming to reduce monthly consolidated adjusted net loss to $400,000 by Q1 2025 exit.
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