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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.

Rhea-AI Summary
Twin Vee PowerCats Co. (Nasdaq:VEEE) and Avikus Co., Ltd. have announced a groundbreaking partnership to create the world's first autonomously equipped recreational sport boat company. The partnership between Avikus, a startup specializing in autonomous navigation solutions, and Twin Vee's subsidiary, AquaSport Boats, is set to revolutionize the recreational boating experience. The companies plan to deliver a line of center and dual console recreational sport boats, incorporating advanced navigation assistance and autonomous functionality. The partnership aims to advance the recreational sport boating market by bringing A.I.-assisted navigation, sensor fusion, and machine learning to provide a new level of safety, convenience, and confidence to both new and experienced boaters.
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Twin Vee PowerCats Co. (NASDAQ:VEEE) announces the launch of three new boat models as it closes out the fourth quarter of 2023. The second-generation Twin Vee 400 GFX, the Aquasport 24 Center Console, and the Twin Vee 280 GFX Dual Console are the latest additions to the Company's diverse lineup of boats. Joseph Visconti, President and CEO, emphasizes the relentless pursuit of innovation and dedication to meeting the evolving needs of customers. The 2024 400 GFX boasts second-generation enhancements, reaching 75 miles per hour in recent testing, with over 450 square feet of deck space, 2,500 quarts of insulated storage, 150-gallon livewell capacity, and powered by up to 1800 HP. The Aquasport 2400 Center Console promises a seamless blend of style and functionality, designed to deliver an exhilarating on-the-water experience. The Twin Vee 280 GFX Dual Console offers versatility for family adventures with a wide U-shaped lounge seating area in the front of the boat. Twin Vee remains committed to innovation and customer satisfaction despite the challenges posed by the current market landscape.
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Twin Vee PowerCats Co. (Nasdaq:VEEE) reports an 8% increase in consolidated net revenue for the nine months ended September 30, 2023, reaching $24,980,902. However, Twin Vee experienced operational losses, with the gas-powered segment alone facing a net loss of $1,626,362. Forza X1, Inc. (NASDAQ: FRZA), in which Twin Vee has a controlling interest, reported a net loss of $4,535,100. The company's CEO stated that the challenging economic landscape and rising interest rates are affecting customer demand. Twin Vee aims to tighten operational costs, develop new models, and expand the dealer network to prepare for future market changes.
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Twin Vee PowerCats Co. (NASDAQ:VEEE) announces strategic consolidation of operations by moving Aquasport production to Fort Pierce, Florida facility to increase efficiency and reduce costs. Expansion of manufacturing space and addition of new production line planned to support simultaneous production of Twin Vee and Aquasport boats.
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Twin Vee PowerCats, Co. (Nasdaq:VEEE) will host a conference call and audio webcast on November 13, 2023, at 10:00 a.m. (Eastern Time).
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Forza X1, Inc. (Nasdaq:FRZA) announced successful completion of beta test sea trial for F22 electric sport boat. Key highlights include range and engine performance validation, software control enhancements, and real-world testing. The boat reached speeds over 40 mph and demonstrated significant single-engine performance. Forza plans to manufacture and deliver its all-electric boat to OneWater Marine, Inc. as part of a 100-unit order.
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Twin Vee PowerCats, Co. (Nasdaq:VEEE) to Host Conference Call and Audio Webcast on August 14, 2023
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Twin Vee PowerCats Co., a manufacturer of power sport catamaran boats, announces the growing sales of saltwater catamarans in the Northeast and Southeast United States. Sales have increased by approximately 7% from May 2022 to May 2023 compared to the previous 12-month period. The CEO believes the popularity of power cats is due to their room, ride comfort, and stability. The company is focused on designing new models to increase revenue and offers eleven models for the 2024 Model Year.
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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