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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, 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.
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.
Twin Vee PowerCats, Co. (NASDAQ:VEEE) has launched the 280 Dual Console Go Fish X (GFX), targeting both families and fishing enthusiasts. CEO Joseph Visconti highlighted the boat's spacious design, accommodating large groups, and its focus on comfort and functionality. The new model features a wide U-shaped lounge, modern upholstery, and a clear helm with a curved glass windshield. It can be outfitted with twin 250 HP or 300 HP outboard motors, making it versatile for fishing or leisurely outings. Twin Vee's past successes include recognition for their 28-foot Center Console, with the Company continuously aiming to enhance its product line to broaden appeal and uphold its reputation for performance and efficiency.
Twin Vee PowerCats Co. (NASDAQ:VEEE) announced a remarkable 103% increase in net revenue for the year ended December 31, 2022, reaching approximately $31.99 million. The company launched new models, expanded its dealer network by adding 19 locations, and signed a key agreement with One Water. Successfully completing a $6.75 million secondary offering, they maintain strong liquidity with over $23.5 million in cash and no long-term debt. However, the company reported a net loss from operations totaling approximately $5.79 million across its business segments. Plans for a significant factory expansion and improved manufacturing processes are underway, aiming to bolster efficiency and production.
Twin Vee PowerCats, Co. (Nasdaq:VEEE) will host a conference call on March 29, 2023, at 10:00 a.m. ET to discuss its Year End 2022 financial results. A press release detailing the financial highlights will be issued prior to the call. Interested participants can join via toll-free number or audio webcast. Twin Vee, based in Fort Pierce, Florida, is a well-established manufacturer of power sport catamaran boats with nearly 30 years of experience. The company is recognized for its high-quality products in the boating industry.
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