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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 has appointed Carrie Gunnerson as its new Chief Financial Officer, effective October 1, 2021. Gunnerson brings extensive experience from Art's Way Manufacturing, where she served as CFO and CEO. She will oversee accounting, treasury, and financial planning at Twin Vee, helping to drive growth and innovation in the power catamaran industry. The transition follows the departure of former CFO Donna Barnett, who will assist in a part-time capacity. The company emphasizes its commitment to developing new products and technologies.
Twin Vee PowerCats (NASDAQ:VEEE) announced strong demand for its recreational and commercial power catamaran boats. Currently, dealer inventory is at record lows, with less than 5 boats available, while dealers project a need for over 200 boats in the upcoming year. President Joseph Visconti emphasized the significance of maintaining inventory during the boat show season to maximize sales opportunities. Despite the positive outlook, the company faces challenges in meeting demand and potential risks associated with the COVID-19 pandemic and supply chain disruptions.
Twin Vee PowerCats Co. (NASDAQ:VEEE) reported a strong second quarter for fiscal 2021, with revenue rising 92% year-over-year to $3.3 million. The company attributes this growth to robust demand and improved supply chain management amid component shortages. Net income soared 316% to $50,851, and gross profit increased 89% to $1.3 million. Following its recent IPO, Twin Vee has about $15.5 million in cash and plans to launch new boat models starting Q4 2021. The gross margin remained stable at 40%.
Twin Vee PowerCats Co. (NASDAQ:VEEE) will host a conference call on August 24, 2021, at 10:00 a.m. ET to discuss its second quarter 2021 financial results. A press release with financial highlights will precede the call. Interested parties can join by calling +1-888-203-3485 or via a live webcast, available on the company's investor page. The company specializes in designing and manufacturing recreational and commercial power catamarans, with operations based in Fort Pierce, Florida.
Twin Vee PowerCats Co. (Nasdaq:VEEE) was featured on boating's Factory Fridays, showcasing their manufacturing process. The episode aired on August 6, 2021, and highlighted the company's production of gas-powered models, including the new 34-foot 340 GFX and the 40-foot offshore 400 GFX. Twin Vee is also venturing into sustainable marine technologies with plans for a new line of Twin Vee Electric boats and an electric outboard motor system. This initiative aims to cater to those wanting to retrofit gas-powered boats with electric propulsion.
Twin Vee PowerCats (NASDAQ:VEEE) announced the 280 Center Console GFX has been reviewed in the August 2021 issue of Rudow's FishTalk. Reviewer Lenny Rudow praised the boat's stability and deck space, noting that it feels larger than its size and can handle up to 600 horsepower, achieving speeds of 50 mph. The article encourages potential buyers to experience the boat through a sea trial. President Joseph Visconti highlighted the company's commitment to innovative boat design.
Twin Vee PowerCats, Co. (NASDAQ:VEEE) has launched production of its new 340 GFX model boat. This 34-foot catamaran features twin gas-powered outboard motors, an 800-horsepower capacity, and a 400-gallon fuel tank. The company plans to showcase the 340 GFX at the Fort Lauderdale International Boat Show from October 27-31, 2021, which attracts over 100,000 attendees and major buyers. Twin Vee has a range of eleven gas-powered models and focuses on enhancing performance and fuel efficiency through its unique twin-hull design.
Twin Vee PowerCats Co. (NASDAQ:VEEE) has completed its initial public offering, closing with 3,000,000 shares priced at $6.00 each, totaling $18,000,000 before expenses. The offering includes a 45-day option for underwriters to purchase an additional 450,000 shares. The proceeds will be used for the production of larger boats, developing electric propulsion systems, and acquiring waterfront property for an innovation center. ThinkEquity acted as the sole book-running manager for this offering.
Twin Vee PowerCats announced the pricing of its initial public offering (IPO) of 3,000,000 shares at $6.00 each, yielding gross proceeds of $18 million. An additional 450,000 shares may be purchased by underwriters. Proceeds will fund production and marketing of new electric boats and the development of the Electra Power Sports EV Innovation & Testing Center. Trading under the symbol VEEE begins on July 21, 2021, with closure expected on July 23, 2021.
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