Twin Vee Powercats Co Stock Price, News & Analysis

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.

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.