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Twin Vee PowerCats Co. - VEEE STOCK NEWS

Welcome to our dedicated page for Twin Vee PowerCats Co. news (Ticker: VEEE), a resource for investors and traders seeking the latest updates and insights on Twin Vee PowerCats Co. stock.

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.

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Twin Vee PowerCats Co. (NASDAQ:VEEE) appoints Michael P. Dickerson as Chief Financial & Administrative Officer, bringing 35 years of corporate experience to the team. CEO Joseph Visconti expresses confidence in Dickerson's ability to drive financial growth and enhance operational efficiency.
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Twin Vee PowerCats Co. (NASDAQ:VEEE) unveils the second generation of its GFX model line, featuring design and technological advancements to elevate the brand. The GFX-2 boats offer enhanced features like all-digital switching, updated electronics, improved upholstery, and new options for navigation and water sports.
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Twin Vee PowerCats Co. (NASDAQ:VEEE) reported a 4% increase in revenue for fiscal year 2023, reaching $33.4 million, with a net loss of $2.3 million. The company announced a partnership for autonomous recreational sport boats and the construction of a new manufacturing facility. However, the electric boat subsidiary, Forza X1, had a net loss of $5.9 million, contributing to an overall consolidated net loss for Twin Vee.
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Twin Vee PowerCats Co. (NASDAQ:VEEE) to host conference call and webcast on March 26, 2024, to discuss business updates.
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Twin Vee PowerCats (Nasdaq:VEEE) to host conference call to discuss business updates and financial results on March 26, 2024.
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Forza X1, Inc. appoints Joseph Visconti as Interim CEO and Daniel Norton as President. Visconti brings extensive experience in product development and financial operations. The Company aims to leverage his expertise to drive its vision forward.
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Twin Vee PowerCats Co. (VEEE) announces a significant expansion of its authorized dealer network with Maz Boats as its exclusive dealer for the Middle East. This strategic partnership marks Twin Vee's entry into the UAE market, catering to the growing demand for high-quality marine vessels in the region. The move aligns with the company's international growth strategy and showcases its commitment to innovation and customer satisfaction.
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Twin Vee PowerCats Co. (Nasdaq:VEEE) announces its upcoming dealer meeting to unveil Model Year 2025 offerings at The Ben Hotel in West Palm Beach, Florida. The event aims to bring together representatives from the nationwide dealer network.
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Twin Vee PowerCats Co. (Nasdaq:VEEE) has announced a partnership with Avikus Co., Ltd. to create the world's first autonomously equipped recreational sport boat company. The collaboration aims to advance the recreational sport boating market by incorporating A.I., sensor fusion, and machine learning to enhance safety, convenience, and confidence for boaters. The company plans to debut a new line of autonomous recreational sport boats this summer, featuring advanced navigation assistance and autonomous functionality.
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Twin Vee PowerCats Co. announces organizational realignment initiatives to reduce costs, streamline operations, and introduce new boat models to drive growth. The company plans to reduce overhead costs, rightsize operations, and increase market share through innovative new boat models and expanding its dealer base. The CEO, Joseph C. Visconti, emphasizes the importance of these initiatives in serving customers better and remaining agile in addressing potential economic challenges. Twin Vee also aims to increase product awareness outside Florida by partnering with new dealers and focusing on 22-foot and 24-foot models to cater to multiple customer needs.
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FAQ

What is the current stock price of Twin Vee PowerCats Co. (VEEE)?

The current stock price of Twin Vee PowerCats Co. (VEEE) is $0.49 as of November 4, 2024.

What is the market cap of Twin Vee PowerCats Co. (VEEE)?

The market cap of Twin Vee PowerCats Co. (VEEE) is approximately 4.9M.

What does Twin Vee PowerCats Co. specialize in?

Twin Vee PowerCats Co. specializes in designing, manufacturing, and marketing recreational and commercial power catamaran boats.

Where is Twin Vee PowerCats Co. located?

Twin Vee PowerCats Co. is based in Fort Pierce, Florida.

What are the main segments of Twin Vee's business?

Twin Vee's business is organized into three segments: gas-powered boats, electric-powered boats (through its subsidiary Forza X1, Inc.), and a franchise segment.

How did Twin Vee perform financially in 2023?

In 2023, Twin Vee reported a 4% increase in consolidated revenue to $33,425,912 but faced a consolidated net loss of $7,192,176.

Who is the CEO of Twin Vee PowerCats Co.?

Joseph Visconti is the CEO and President of Twin Vee PowerCats Co.

What recent models has Twin Vee introduced?

Recent models include the Twin Vee Gen 2 400 GFX and the 280 GFX.

What is the significance of the GFX-2 model line?

The GFX-2 model line features advanced design, styling, and technological innovations, elevating Twin Vee's brand above its competitors.

What partnerships has Twin Vee recently announced?

Twin Vee has partnered with Raymarine to integrate high-performance marine navigation technology into its boats.

How does Twin Vee plan to manage costs?

Twin Vee is focusing on tightly controlling operating costs, developing new models, and expanding its dealer network to manage expenses.

Where can I learn more about Twin Vee PowerCats Co.?

For more information, visit their official website at twinvee.com.

Twin Vee PowerCats Co.

Nasdaq:VEEE

VEEE Rankings

VEEE Stock Data

4.92M
9.52M
25.33%
13.92%
1.14%
Recreational Vehicles
Ship & Boat Building & Repairing
Link
United States of America
FT. PIERCE