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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) reported a 43% increase in revenue for the year ended December 31, 2021, totaling approximately $15.77 million. The gross profit also rose to $6.28 million from $4.77 million in 2020. Despite a net loss of approximately $488,000 from gas-powered boats and overall losses in other segments, the company saw a 27% increase in production, delivering 123 boats. Cash and marketable securities reached $13.04 million as of December 31, 2021, reflecting the positive impact of their recent IPO.
Twin Vee PowerCats (NASDAQ:VEEE) has announced a conference call scheduled for March 30, 2022, at 4:00 p.m. ET to discuss its fourth quarter 2021 financial results. The call will provide insights into the Company's operational and financial performance. Interested parties can join via a toll-free number or listen to the audio webcast, which will also be available for playback for 90 days after the event. Twin Vee, located in Fort Pierce, Florida, specializes in manufacturing recreational and commercial power catamaran boats.
Twin Vee PowerCats (NASDAQ:VEEE) will participate in the Discover Boating Miami International Boat Show from February 16-20, 2022, showcasing its 340 GFX and 280 GFX models. With over 26 years in boat manufacturing, the company aims to highlight its advancements and quality at this major event. CEO Joseph Visconti and VP Preston Yarborough emphasize the innovation within the new GFX line, designed for stability and comfort. The show anticipates attracting numerous boating enthusiasts and will feature various marine brands.
Twin Vee PowerCats (NASDAQ:VEEE) announced a five-year supply agreement with American Battery Solutions for 52 kWh lithium-ion batteries to power its electric boats. This agreement positions Forza X1, Twin Vee's EV subsidiary, ahead of competitors in the marine electric vehicle market. The Proliance T350-50 battery pack features advanced thermal management and high energy density, targeting the growing demand for sustainable recreational boating. Initial deliveries are expected by late Q2 2022, enhancing Twin Vee's commitment to electrification in the marine industry.
Forza X1, an electric vehicle subsidiary of Twin Vee PowerCats (NASDAQ: VEEE), unveiled its first all-electric recreational boat, named the FX1. The 24-foot center console catamaran features an electric outboard motor and advanced battery technology, aiming to elevate user experience on the water. CEO Joseph Visconti highlighted the sleek design and affordable mass-market potential. Following successful sea trials of an earlier model, Forza X1 aims to become a leader in the electric marine industry, with plans for the FX1's market launch expected in 2022.
Twin Vee PowerCats Co. (NASDAQ:VEEE) reported significant operational and financial highlights for Q3 2021. Revenue surged by 65% year-over-year, reaching approximately $4.12 million due to rising demand and effective supply chain management. However, net loss increased to about $383,000 from $201,000 in Q3 2020. Operating expenses rose to $1.93 million, representing 47% of sales compared to 38% a year prior. The company finished the quarter with approximately $8.98 million in cash, bolstered by its recent IPO.
Twin Vee PowerCats Co. (NASDAQ: VEEE) will host a conference call on November 15, 2021, at 4:30 p.m. ET to discuss its third-quarter financial results. The call will provide insights into the company's operational highlights and financial performance. Interested participants can join via toll-free number or listen to the audio webcast. The company, known for its recreational and commercial power catamaran boats, plans to issue a press release outlining financial results before the call.
Twin Vee PowerCats (NASDAQ:VEEE) appointed Bard D. Rockenbach to its board of directors, enhancing its leadership team. Rockenbach, a seasoned attorney with over 33 years of experience, has led Burlington & Rockenbach, P.A. since 2005. His expertise includes appellate practice, and he has over 250 published decisions. CEO Joseph Visconti expressed confidence in Rockenbach's ability to support the company’s growth, including the development of new electric boat models and the marine mobile repair franchising initiative, Fix My Boat.
Twin Vee PowerCats (NASDAQ:VEEE) announces successful sea trials for its 28-foot electric catamaran and introduces a new EV brand, Forza X1. President Joseph C. Visconti highlights the proprietary controller's potential to enhance battery performance in marine EVs. With the electric boat market projected to exceed $20 billion by 2027, Forza X1 aims to provide affordable, user-friendly electric boats, leveraging expertise from previous models. The first Forza X1 boat is expected to launch in 2022, targeting environmentally conscious consumers, and expanding the brand's reach into new demographics.
Twin Vee PowerCats (NASDAQ: VEEE) is designing a new 26-foot GFX sport boat as part of its plan to expand its model line, anticipating production by Q2 2022. Driven by increasing sales in the marine industry, Twin Vee aims to capture growing market opportunities. The company reported a 9% increase in sales for boats sized 26 to 35 feet in 2020, valued at $1.32 billion. CEO Joseph Visconti stated the company is committed to enhancing market share and expanding dealer networks both domestically and internationally.
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