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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 Co. (Nasdaq:VEEE) has launched 'CEO Hustle', a new webcast series hosted by CEO Joseph Visconti, providing behind-the-scenes looks at their manufacturing operations. The series showcases production processes, new boat models, and team member interviews. The company also announced a 30,000-square-foot factory expansion in Fort Pierce, Florida, which will increase total facility size to 100,000 square feet with capacity to build up to 1,000 boats annually. Additionally, Twin Vee introduced 'CEO Update', a newsletter delivering company news and updates to owners, investors, and enthusiasts.
Twin Vee PowerCats (Nasdaq:VEEE) has launched a new webcast series called 'CEO Hustle', hosted by CEO Joseph Visconti, offering an inside look at their Fort Pierce, Florida facility. The webcast will feature factory tours, discussions with key team members, and detailed exploration of Twin Vee and AquaSport boat models. Additionally, the company is introducing a weekly 'CEO Update' newsletter to deliver company updates, new model developments, and initiatives directly to stakeholders. Both initiatives aim to improve transparency and communication with investors, owners, and brand enthusiasts.
Twin Vee PowerCats Co. (NASDAQ:VEEE), a manufacturer, distributor, and marketer of power sport boats, has announced its participation in the upcoming ThinkEquity Conference on October 30, 2024, at the Mandarin Oriental Hotel in New York City. Joseph Visconti, the company's Chairman and CEO, and Michael P. Dickerson, the CFO and Administrative Officer, will represent Twin Vee at the event.
The presentation is scheduled for 12:00 p.m. Eastern Time on Wednesday, October 30. Company representatives will also be available for one-on-one meetings with institutional analysts and investors throughout the day. Past ThinkEquity conferences have featured over 70 company presentations, 700+ attendees, and 500+ one-on-one meetings, providing a valuable platform for companies and investors to connect.
Twin Vee PowerCats Co. (Nasdaq:VEEE) announced that Power & Motoryacht positively reviewed the new 28AS center console from its subsidiary, Aquasport. This model, the first new design in three decades, is a sleek, powerful boat designed for offshore adventures. It features twin 300 hp outboards, a 28'3" length, 9'6" beam, and 20" draft. Key highlights include a non-stepped hull, portside swim/tuna door, transom doors, digital and physical switch array, ergonomic helm seating, and a 24-inch multi-function display. Optional features include autonomous navigation, FLIR night vision, and Surround View. As a fishing platform, it offers a non-skid deck, tube rod holders, a 45-gallon livewell, and fresh- and raw-water washdowns. The review underscores Twin Vee's commitment to Aquasport's heritage while introducing a revitalized lineup of boats.
Twin Vee PowerCats Co. (NASDAQ:VEEE) announced the launch of a redesigned 22-foot BayCat boat, set to debut in early 2025. The 220 BayCat, available in two models - the GFX2 and STX - offers improved stability, smooth handling, and versatility for various water activities. Powered by a 140-200 horsepower outboard motor, the BayCat features a twin catamaran hull, a seven-foot, nine-inch beam, and a sixteen-inch draft. It includes a spacious deck, 25-gallon transom livewell, bow storage, raw water washdown, and 36-gallon fuel capacity. Optional amenities include bow cushion seating, underwater lights, a nine-inch multifunction display with advanced sonar, and a T-Top with rod holders. The compact, towable design makes it suitable for fishing, family outings, and adventure seekers.
Twin Vee PowerCats Co. (NASDAQ:VEEE) has appointed Carol Hindsman as its new Chief Technology Officer (CTO). Hindsman, an experienced engineer and technology executive, will oversee the development of Twin Vee's Pro-Direct Platform, an automotive-inspired online marketplace designed to revolutionize the boat-buying process.
The Pro-Direct Platform aims to provide a comprehensive suite of web-based tools, including 'Build and Price' features, online ordering, financing options, and real-time access to dealer inventory. This initiative is expected to streamline the purchase of high-end boats and enhance customer satisfaction.
Hindsman brings a diverse career background from startups to Fortune 500 companies, including G.E., WorldCom, and Ryder System, Inc. She holds degrees in Electrical Engineering, Computer Engineering, and an MBA.
Twin Vee PowerCats Co. (Nasdaq:VEEE) has launched its new 280 GFX2, a 28-foot offshore PowerCat fishing boat. CEO Joseph Visconti showcased the boat in a YouTube video, highlighting its all-digital features, including a 24-inch integrated touchscreen helm and digital switching system. The 280 GFX2 boasts spacious seating for 6-7 people, high-quality in-house upholstery, and numerous fishing amenities such as ample rod storage, oversized fish boxes, and a 50-gallon live well.
The boat features Gemlux stainless-steel components, painted storage compartments, and a redesigned leaning post. Its twin catamaran design provides a smooth, stable ride through kinetic fluid induction. The 280 GFX2 also includes an advanced lighting system for night fishing. Visconti emphasized Twin Vee's commitment to research, innovation, and quality throughout the video presentation.
Twin Vee PowerCats Co. (NASDAQ:VEEE) has announced plans to develop the 'Pro-Direct Platform', an innovative online marketplace aimed at revolutionizing the boat buying experience. Inspired by automotive industry practices, this platform will offer:
1. A user-friendly website for Twin Vee and AquaSport brands
2. A 'Build and Price' tool for custom boat configurations
3. Real-time inventory listing based on customer location
4. Streamlined online ordering system
5. Integrated financing and insurance applications
CEO Joseph Visconti believes this platform will enhance customer satisfaction, expand market reach, and set new industry standards for customer service in the recreational marine sector.
Twin Vee PowerCats Co. (NASDAQ:VEEE) reported its Q2 2024 results, revealing significant challenges in the recreational marine industry. The company experienced a 47% decrease in revenue to $4,327,000, down from $8,125,000 in the previous year. This decline was attributed to higher interest rates and slowing economic demand for recreational vehicles.
The company reported a consolidated net loss of $4,519,000 for Q2, which includes Twin Vee's net loss of $1,681,000 and Forza X1's net loss of $2,832,000. Despite these challenges, Twin Vee maintained a strong financial position with consolidated holdings of cash, cash equivalents, restricted cash, and marketable securities totaling $15,134,000 at the end of Q2.
To mitigate the impact of slowing demand, Twin Vee implemented proactive measures including lowering production numbers, tightening financial controls, and reducing workforce. The company is also investing in new models, expanding its manufacturing facility, and enhancing vertical integration to prepare for future market upswings.
Forza X1, Inc. (Nasdaq:FRZA) has suspended its Second Quarter 2024 Financial Results Call due to the announcement of a Merger Agreement with Twin Vee PowerCats Co. (NASDAQ:VEEE). The call was originally scheduled for August 14, 2024, at 2:00 p.m. EDT. Instead, investors are encouraged to attend Twin Vee's Earnings Call on August 14 at 4:00 pm EDT.
Twin Vee's call details include:
- Toll-Free: 1-877-407-3982
- Toll/International: 1-201-493-6780
- Conference ID: 13747918
An audio webcast will also be available, with a recording accessible for at least 90 days after the call through Twin Vee's 'Investor Relations' website section.
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