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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 Co. (Nasdaq:VEEE) announced that initial orders for its new 22-foot center console boat have exceeded expectations, receiving acclaim from national boat clubs and dealers. The company aims to produce over ten boats monthly with increased resources for the LFG Marine brand to meet demand. CEO Joseph Visconti highlighted the opportunity to capture underserved markets with affordably priced, high-quality boats amid rising manufacturing costs in the recreational marine market. LFG Marine plans to develop a modern lineup of boats to cater to various customer needs while maintaining high service levels.
Twin Vee PowerCats (Nasdaq:VEEE), a manufacturer of power sport catamaran boats, will attend the Freedom Boat Club's Freedom Forum 2023 from February 19-24 in Cape Coral, Florida. The company plans to showcase its new 220 Center Console from its brand LFG Marine and offer sea trials to over 600 franchisees and guests. Freedom Boat Club is the oldest and largest boat club in the nation, boasting over 50,000 members. This event focuses on sales, marketing, and operational training for franchisees.
Twin Vee PowerCats (NASDAQ: VEEE) has launched LFG Marine, a new brand focused on producing versatile monohull boats for freshwater and saltwater markets. The initial offerings include a 22' Center Console and various dual console models, appealing to first-time boat buyers. The 220 LFG Center Console features a fuel tank of 90 gallons and customizable options for personalization. Twin Vee aims to expand its dealership network in key freshwater regions and anticipates generating revenue from sales by the end of Q1 2023. The launch aligns with current trends in the recreational marine industry, suggesting a healthy demand for entry-level boating options.
Twin Vee PowerCats (NASDAQ:VEEE) will showcase its power sport catamarans at the Discover Boating Miami International Boat Show from February 15-19, 2023. Attendees can test ride three models: the 340 GFX, 400 GFX, and the new 240 Dual Console GFX ECO. The event will take place at the Suzuki Oasis, Venetian Marina & Yacht Club. Twin Vee aims to demonstrate why it is recognized for offering the best riding boats on the water. This initiative may help boost brand visibility and customer engagement, further solidifying its position in the catamaran market.
Twin Vee PowerCats Co. (NASDAQ:VEEE) announced the launch of its 240 DC ECO boat, aligning with Suzuki's CLEAN OCEAN PROJECT. This 24-foot dual console model features a lightweight carbon fiber construction, making it 35% lighter than traditional fiberglass. The company emphasized sustainability, using balsa wood as its core material, known for its low environmental impact. Moreover, the boat is equipped with Suzuki's new 140 horsepower Eco outboard motors that include a microplastics filter. The 240 DC ECO will be showcased at the Discover Boating Miami International Boat Show from February 15-19, 2023.
Twin Vee PowerCats Co. (NASDAQ:VEEE) has expanded its network by adding nine new authorized dealers across 19 locations in the U.S., bringing the total to 20 independent dealers in 34 locations. CEO Joseph C. Visconti emphasized the importance of dealers in enhancing distribution and market penetration. Under the leadership of Zachary Crane, the company aims to boost product awareness through local marketing and boat shows. The management is optimistic about attracting fishers and water recreation enthusiasts with the attractive pricing of their new boat models and the versatile multi-hull design.
Twin Vee PowerCats Co. (NASDAQ:VEEE) announced the upcoming launch of its branded apparel line responding to customer demand. The collection will feature stylish clothing and accessories, designed for various preferences and includes short and long-sleeved t-shirts, hoodies, and water-resistant outerwear. CEO Joseph Visconti expressed excitement about enabling customers to showcase their love for boating. The apparel will be available on the company’s website later this month. With nearly 30 years in the market, Twin Vee is a recognized name in catamaran manufacturing, committed to creating products that promote brand loyalty.
Twin Vee PowerCats (NASDAQ: VEEE) announced a stock repurchase program allowing the company to buy back up to $1,000,000 worth of its shares. This move is intended to strengthen the balance sheet amid market challenges, particularly for microcap stocks. CEO Joseph Visconti noted the potential for buying back shares at advantageous prices due to current market conditions. The repurchases may occur in various ways, including in open market transactions. As of November 9, 2022, the company had approximately 9,520,000 shares outstanding. The company aims to provide transparency in its repurchase activities through future SEC filings.
Twin Vee PowerCats, Co. (NASDAQ:VEEE) announced its attendance at the Discover Boating Miami International Boat Show from February 15-19, 2023. The company will showcase three models: the 340 GFX, 400 GFX, and the debut of the eco-friendly 240 DC GFX ECO. This model features Suzuki's innovative 140 horsepower Eco outboard motors with a Micro-Plastics Filter to aid in environmental sustainability. Twin Vee is committed to using sustainable materials in manufacturing and participates in Suzuki's CLEAN OCEAN PROJECT. CEO Joseph Visconti expressed excitement for the event, highlighting the boats' features and sustainability efforts.
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