Twin Vee Powercats Co Stock Price, News & Analysis

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.