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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 (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.
Twin Vee PowerCats Co. (NASDAQ:VEEE) announced its recognition as the fastest-growing power catamaran manufacturer in the U.S. for the year leading up to June 2022, reporting a 12.5% sales growth year-over-year. Competitors experienced single-digit growth or declines. The company's CEO attributes this growth to a diverse product range and the introduction of new models, including the STX line. Plans for future models targeting freshwater markets are also underway, aiming to enhance market reach and customer versatility.
Twin Vee PowerCats Co. (NASDAQ:VEEE) reported a significant 114% increase in net revenue for Q3 2022, totaling approximately $8.81 million compared to $4.12 million in 2021. The gross profit rose to $3.33 million, up from $1.61 million year-over-year. The company experienced a net loss of approximately $1.04 million in its electric boat division, Forza X1, following its IPO in August 2022. Despite the losses, Twin Vee maintains cash reserves of about $22.89 million and continues investing in growth and production capabilities.
Twin Vee PowerCats (NASDAQ: VEEE) will hold a conference call on November 8, 2022, at 3:00 p.m. ET to discuss its third quarter 2022 financial results. A press release with these results will be issued prior to the call. Interested parties can join via a toll-free number or participate in an audio webcast, though Q&A can only be conducted via phone. The company has a strong history of over 27 years in manufacturing recreational powersport catamarans, recognized for their fuel efficiency and stability.
Twin Vee PowerCats (NASDAQ:VEEE) has appointed Zachary Crane as its new Director of National Sales to drive growth and expand market presence. With over 13 years of marine industry experience, Crane's role involves recruiting and supporting dealers in new territories. CEO Joseph Visconti emphasizes Crane's valuable insights and relationships in enhancing the company's momentum. Twin Vee, a long-standing manufacturer of catamaran boats, is known for its innovative designs and stable ride. The company operates from its facility in Fort Pierce, Florida, employing around 180 people.
Twin Vee PowerCats Co. (NASDAQ:VEEE) announced its participation in The ThinkEquity Conference on October 26, 2022, held at The Mandarin Oriental Hotel in New York. The conference will host industry insiders, investors, and executives for presentations, discussions, and one-on-one meetings. CEO Joseph Visconti is slated to present and will conduct investor meetings. Twin Vee, with over 27 years in designing and selling power sport catamaran boats, emphasizes fuel efficiency and stability in marine innovation.
Twin Vee PowerCats Co. (Nasdaq:VEEE) has successfully closed a public offering of 2,500,000 shares at $2.75 each, generating gross proceeds of $6,875,000. An additional 375,000 shares may be purchased by underwriters to cover over-allotments. The proceeds will primarily fund product development and general corporate purposes, including working capital and potential acquisitions. This offering is made under an effective registration statement with the SEC, ensuring compliance with securities laws.
Twin Vee PowerCats Co. (NASDAQ:VEEE) announced a public offering of 2,500,000 shares at $2.75 per share, aiming for gross proceeds of $6,875,000. The offering is expected to close on October 3, 2022. Additionally, underwriters have a 45-day option to purchase 375,000 extra shares for overallotments. Proceeds will be allocated for product development and general corporate purposes, including working capital and potential acquisitions. ThinkEquity is the sole book-running manager.
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