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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) 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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Twin Vee PowerCats, a leading manufacturer of power sport catamaran boats, is set to host its inaugural Owners Appreciation and Sales Event on May 6, 2023, at its headquarters in Fort Pierce, Florida. The event will run from 10:00 am to 4:00 pm and aims to celebrate and thank shareholders and boat owners for their support. Attendees can tour the factory, see current boat models, and enjoy activities including raffles, games, and live music. Special pricing on boats will be available, along with opportunities for sea trials. As space is limited, interested participants must reserve a spot via the company's Event Page.

This family-friendly event promises a fun-filled day with free food from Big Worm's BBQ and is a unique chance to experience why Twin Vee is known for producing the best riding boats on the water.

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Twin Vee PowerCats Co. (NASDAQ:VEEE) is moving forward with its planned factory expansion following approval from the Fort Pierce City Commission. The expansion will include a new 23,456-square-foot building and a 4,389-square-foot covered awning, resulting in a total manufacturing facility size of 95,000 square feet.

The CEO, Joseph Visconti, stated that the new facility will allow for an additional manufacturing line, improving production output for both Twin Vee and LFG Marine boats without disrupting current workflows. Construction is expected to begin soon and be completed by the end of the year, with no anticipated reduction in the manufacturing schedule during this period.

This expansion aims to unlock growth potential and increase the company's capacity to serve both new and existing markets across the U.S.

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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 $0.42 as of November 22, 2024.

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

The market cap of Twin Vee PowerCats Co. (VEEE) is approximately 3.9M.

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

3.91M
6.46M
31.21%
13.83%
3.95%
Recreational Vehicles
Ship & Boat Building & Repairing
Link
United States of America
FT. PIERCE