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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) 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.
Twin Vee PowerCats (Nasdaq:VEEE) and Forza X1 (OTC:FRZA) shareholders have approved their merger agreement at their respective annual meetings on November 11, 2024. Upon closing, Forza will become a wholly-owned subsidiary of Twin Vee, with the merged company operating under Twin Vee PowerCats Co. name and maintaining the 'VEEE' ticker on NASDAQ. Each Forza shareholder will receive 0.61166627 Twin Vee shares for each Forza share owned as of October 4, 2024, resulting in a maximum issuance of 5,355,000 Twin Vee shares. The company plans to leverage its assets for facility expansion, new boat designs, manufacturing improvements, and development of a web-based Pro-Direct Platform.
Twin Vee PowerCats Co. (Nasdaq: VEEE), a manufacturer of power sport boats, has scheduled its Third Quarter 2024 earnings conference call for Thursday, November 14, 2024, at 12:00 p.m. Eastern Time. The company will release its financial results via press release before the call. The earnings call will be accessible through both a toll-free telephone line and an audio webcast. Participants wishing to join the Q&A session must use the telephone option, as webcast listeners won't be able to submit questions. A recording of the call will be available for at least 90 days through the company's Investor Relations website.
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.
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