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Company Overview
Twin Vee PowerCats Co (NASDAQ: VEEE) is a renowned designer, manufacturer, and marketer of innovative power sport boats. With a heritage that dates back to 1994 and headquartered in Fort Pierce, Florida, the company specializes in the production of high-quality catamaran boats. These boats are engineered for diverse uses including recreational fishing, diving, water skiing, and a variety of commercial applications such as eco-tours and transportation services. Twin Vee PowerCats has established itself in the marine industry through its proven expertise in designing stable, fuel-efficient, and smooth-riding power catamarans.
Utilizing advanced manufacturing techniques and a forward-thinking approach, Twin Vee operates across three core segments: the gas-powered boat segment that focuses on robust, performance-driven models; the electric-powered boat segment, which is at the forefront of developing fully electric vessels through its controlling interest subsidiary; and the franchise segment that standardizes product offerings to expand its dealer network nationwide. This diversified operating strategy enhances its market presence and provides a flexible revenue model, primarily driven by the sale of boats, motors, and trailers through independent dealer channels.
Engineering and Design Excellence
At the heart of Twin Vee’s product development is its signature twin catamaran hull design, which is recognized for providing a smooth ride and superior stability across different water conditions. Emphasizing innovation, the company continues to integrate advanced technologies into its manufacturing process, including state-of-the-art CNC machines and robotics that help optimize production efficiency and quality control. Such strategic investments in technology not only improve product performance but also reinforce Twin Vee’s reputation for engineering excellence in the power sport boat industry.
Market Position and Competitive Edge
Twin Vee PowerCats Co is positioned as a prominent player in the competitive recreational marine market. The company’s focus on versatile boat designs caters to a broad customer base—from leisure boaters and fishing enthusiasts to commercial operators seeking reliable and economical vessels. Its robust dealer network across the United States supports extensive market penetration and contributes to an efficient distribution model. Additionally, Twin Vee’s brand reputation is bolstered by its long-standing legacy and commitment to quality craftsmanship, which is evident in every vessel that comes off its assembly line.
Digital Transformation and Dealer Support
Recognizing the importance of technological advances in today’s market, Twin Vee is actively embracing digital transformation. The company has launched industry-focused digital initiatives such as its proprietary online sales platforms and innovative communication channels, including CEO-led webcasts. These efforts are designed to enhance transparency, improve dealer engagement, and provide actionable market insights. By integrating advanced digital tools and exploring modern payment options like cryptocurrency, Twin Vee is creating a seamless, customer-centric purchasing experience that sets it apart from traditional marine manufacturers.
Commitment to Innovation and Quality
Innovation remains a core focus at Twin Vee. The company leverages its extensive experience and technical expertise to continuously refine its boat designs and operational processes. With an emphasis on cost-effective production and vertical integration of manufacturing components, Twin Vee consistently improves product quality while maintaining operational efficiency. This commitment to excellence is underscored by ongoing investments in advanced production technologies, digital marketing tools, and dealer support platforms, ensuring that its products remain in demand among a diverse clientele.
The company’s dynamic approach to business, balancing traditional manufacturing strengths with modern digital advancements, ensures that Twin Vee PowerCats Co continues to be recognized as a key innovator in the power sport boat market. Investors and industry observers alike are provided with a comprehensive view of its robust operational model, technological advancements, and market strategies, affirming its commitment to quality, efficiency, and industry leadership.
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.
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.
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