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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) announces successful sea trials for its 28-foot electric catamaran and introduces a new EV brand, Forza X1. President Joseph C. Visconti highlights the proprietary controller's potential to enhance battery performance in marine EVs. With the electric boat market projected to exceed $20 billion by 2027, Forza X1 aims to provide affordable, user-friendly electric boats, leveraging expertise from previous models. The first Forza X1 boat is expected to launch in 2022, targeting environmentally conscious consumers, and expanding the brand's reach into new demographics.
Twin Vee PowerCats (NASDAQ: VEEE) is designing a new 26-foot GFX sport boat as part of its plan to expand its model line, anticipating production by Q2 2022. Driven by increasing sales in the marine industry, Twin Vee aims to capture growing market opportunities. The company reported a 9% increase in sales for boats sized 26 to 35 feet in 2020, valued at $1.32 billion. CEO Joseph Visconti stated the company is committed to enhancing market share and expanding dealer networks both domestically and internationally.
Twin Vee PowerCats (NASDAQ: VEEE) will unveil its latest Go Fish X (GFX) model, the 340 GFX, at the Fort Lauderdale International Boat Show from October 27-31. This model, described as the largest and most advanced to date, showcases Twin Vee's evolution in offshore boating design and technology. VP Preston Yarborough highlighted the company's commitment to quality and innovation, with plans for future models including a 400 GFX and 260 GFX. The event will provide attendees the opportunity to experience the company's latest offerings firsthand.
Twin Vee PowerCats (NASDAQ:VEEE) announced the launch of Fix My Boat, a wholly-owned subsidiary aimed at creating a mobile marine service company using a franchising model. The company plans to develop a web-based and mobile app platform for scheduling boat repairs, providing convenience to boat owners. With over 12 million registered recreational boats in the U.S., the demand for marine services is expected to rise, especially following a 30% increase in new boat sales as of March 2021. The initiative seeks to capitalize on this growing market.
Twin Vee PowerCats (NASDAQ:VEEE) announced a land purchase agreement for a 14.5-acre parcel in Fort Pierce, Florida, aimed at expanding its production capacity. The agreement provides a 60-day due diligence period, followed by 150 days for necessary site and zoning approvals. The company plans to develop a 100,000 square foot manufacturing facility to meet increasing demand, which includes plans for new boat models. The initiative also promises potential local job creation of 200-300 skilled positions.
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.
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