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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 a proposed underwritten public offering of its common stock. The offering will be managed by ThinkEquity, which may purchase an additional 15% of shares for overallotments. The net proceeds are expected to fund product development, working capital, and potential acquisitions. The offering is subject to market conditions, and details will be available in the preliminary prospectus filed with the SEC. Twin Vee has over 27 years in the catamaran boat industry, recognized for their performance and quality.
Twin Vee PowerCats Co. (NASDAQ:VEEE) has commenced sales of its new 400 GFX offshore catamaran, with initial sales generating over $2 million in revenue. This marks a significant ramp-up in production since its launch in July 2022. Dealers in Florida and Texas have purchased the initial units, with one dealer anticipating substantial market growth. The 400 GFX features a length of 40 feet, equipped with 1,600 HP from four outboard motors, catering to serious anglers and sports enthusiasts. Twin Vee aims to expand its market share in larger boat categories.
Twin Vee PowerCats Co. (NASDAQ:VEEE) reported a 158% increase in net revenue for Q2 FY2022, reaching approximately $8.52 million compared to $3.30 million in Q2 FY2021. The company's gas-powered division achieved its first profitable quarter since its IPO, supported by manufacturing efficiencies that raised production to an average of 4.75 boats per week. Despite a $600,000 net loss in the electric boat division, the company invested $3 million in tooling and facility upgrades. As of June 30, 2022, cash and marketable securities totaled approximately $9.86 million.
Forza X1, Inc. (Nasdaq:FRZA) has priced its initial public offering at $5.00 per share, issuing 3,000,000 shares for a total of $15 million in gross proceeds. The offering will commence trading on the Nasdaq Capital Market on August 12, 2022, and is set to close on August 16, 2022. The raised funds will primarily be allocated towards acquiring property and developing a manufacturing plant, ramping up production, and covering working capital needs. An additional 450,000 shares may be purchased by underwriters to cover overallotments.
Twin Vee PowerCats Co. (NASDAQ:VEEE) has announced a rescheduling of its conference call to discuss the second quarter 2022 financial results. The call is now set for August 12, 2022, at 11:00 a.m. Eastern Time. Financial results will be issued in a press release prior to the call. The company is known for its design and manufacturing of power sport catamaran boats and has been operational for over 27 years.
Twin Vee PowerCats (NASDAQ: VEEE) has announced plans to establish an electric boat manufacturing facility in McDowell County, North Carolina, through its wholly-owned subsidiary, Forza X1. With an investment exceeding $10.5 million and the creation of up to 170 new jobs, this initiative is supported by state incentives and a Community Economic Development Agreement. The average salary for these jobs will be $51,047, higher than the local average. The project aims to boost local economic development and support job training programs through North Carolina's community college system.
Twin Vee PowerCats Co. (NASDAQ:VEEE) announced the full production of its new 26-foot and 40-foot Go Fish X (GFX) center console boats, expanding its product lineup. The first 260 GFX was produced on June 17, 2022, and three additional units followed. The 400 GFX marks the largest design by the company and is already seeing production. This launch coincides with a trend of rising powerboat sales, as reported by the NMMA, which noted a 20% increase from pre-pandemic levels. Twin Vee aims to cater to a diverse customer base, including first-time buyers.
Twin Vee PowerCats Co. (Nasdaq:VEEE) appointed Kevin Schuyler to its Board of Directors on July 6, 2022, succeeding Steven Shallcross. Schuyler, a senior managing director at CornerStone Partners, brings extensive financial experience and serves on the board of Adial Pharmaceuticals (NASDAQ:ADIL). CEO Joseph Visconti expressed confidence in Schuyler's potential contributions to enhance shareholder value. Schuyler praised Twin Vee's portfolio and its innovative subsidiary, Forza X1, which focuses on electric boats.
Twin Vee PowerCats Co. (NASDAQ: VEEE) reported a remarkable 83% increase in net revenue for Q1 2022, reaching approximately $5.9 million, up from $3.2 million in Q1 2021. The increase in revenue is attributed to rising demand, an expanded dealer network, and improved production capacity, averaging 4 boats per week. Despite this growth, the company reported a net loss of approximately $626,000 in its gas-powered segment and $514,000 in its electric segment. Investments of about $2.5 million in production upgrades and a goal to reach 200 boats produced in 2022 were also highlighted.
Twin Vee PowerCats (NASDAQ:VEEE) will host a conference call on May 12, 2022, at 4:00 p.m. Eastern Time to discuss its Q1 2022 financial results. A press release with detailed financial highlights will precede the call. Interested parties can access the call via toll-free or international numbers. The event aims to provide insights into the company's operational performance, as it continues to be a recognized name in the catamaran boat industry, with over 26 years of experience.
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