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Twin Vee PowerCats Co. reports developments tied to its power sport boat manufacturing, distribution, and marketing business. The company builds recreational and commercial boats, including Twin Vee power catamarans, 400 GFX2 models used in commercial tourism applications, and boats under the Bahama Boat Works brand for the offshore center console market.
Recurring news themes include quarterly operating results, product-line expansion, dealer network additions, custom boat orders, working-capital financing, and corporate governance actions. Company updates also cover the completed reincorporation to Nevada, equity offerings, field inventory management, product development costs, and efforts to broaden model availability through authorized marine dealers.
Twin Vee PowerCats Co. (NASDAQ:VEEE) is moving forward with its planned factory expansion following approval from the Fort Pierce City Commission. The expansion will include a new 23,456-square-foot building and a 4,389-square-foot covered awning, resulting in a total manufacturing facility size of 95,000 square feet.
The CEO, Joseph Visconti, stated that the new facility will allow for an additional manufacturing line, improving production output for both Twin Vee and LFG Marine boats without disrupting current workflows. Construction is expected to begin soon and be completed by the end of the year, with no anticipated reduction in the manufacturing schedule during this period.
This expansion aims to unlock growth potential and increase the company's capacity to serve both new and existing markets across the U.S.
Twin Vee PowerCats, Co. (NASDAQ:VEEE) has launched the 280 Dual Console Go Fish X (GFX), targeting both families and fishing enthusiasts. CEO Joseph Visconti highlighted the boat's spacious design, accommodating large groups, and its focus on comfort and functionality. The new model features a wide U-shaped lounge, modern upholstery, and a clear helm with a curved glass windshield. It can be outfitted with twin 250 HP or 300 HP outboard motors, making it versatile for fishing or leisurely outings. Twin Vee's past successes include recognition for their 28-foot Center Console, with the Company continuously aiming to enhance its product line to broaden appeal and uphold its reputation for performance and efficiency.
Twin Vee PowerCats Co. (NASDAQ:VEEE) announced a remarkable 103% increase in net revenue for the year ended December 31, 2022, reaching approximately $31.99 million. The company launched new models, expanded its dealer network by adding 19 locations, and signed a key agreement with One Water. Successfully completing a $6.75 million secondary offering, they maintain strong liquidity with over $23.5 million in cash and no long-term debt. However, the company reported a net loss from operations totaling approximately $5.79 million across its business segments. Plans for a significant factory expansion and improved manufacturing processes are underway, aiming to bolster efficiency and production.
Twin Vee PowerCats, Co. (Nasdaq:VEEE) will host a conference call on March 29, 2023, at 10:00 a.m. ET to discuss its Year End 2022 financial results. A press release detailing the financial highlights will be issued prior to the call. Interested participants can join via toll-free number or audio webcast. Twin Vee, based in Fort Pierce, Florida, is a well-established manufacturer of power sport catamaran boats with nearly 30 years of experience. The company is recognized for its high-quality products in the boating industry.
Twin Vee PowerCats Co. (Nasdaq:VEEE) announced that initial orders for its new 22-foot center console boat have exceeded expectations, receiving acclaim from national boat clubs and dealers. The company aims to produce over ten boats monthly with increased resources for the LFG Marine brand to meet demand. CEO Joseph Visconti highlighted the opportunity to capture underserved markets with affordably priced, high-quality boats amid rising manufacturing costs in the recreational marine market. LFG Marine plans to develop a modern lineup of boats to cater to various customer needs while maintaining high service levels.
Twin Vee PowerCats (Nasdaq:VEEE), a manufacturer of power sport catamaran boats, will attend the Freedom Boat Club's Freedom Forum 2023 from February 19-24 in Cape Coral, Florida. The company plans to showcase its new 220 Center Console from its brand LFG Marine and offer sea trials to over 600 franchisees and guests. Freedom Boat Club is the oldest and largest boat club in the nation, boasting over 50,000 members. This event focuses on sales, marketing, and operational training for franchisees.
Twin Vee PowerCats (NASDAQ: VEEE) has launched LFG Marine, a new brand focused on producing versatile monohull boats for freshwater and saltwater markets. The initial offerings include a 22' Center Console and various dual console models, appealing to first-time boat buyers. The 220 LFG Center Console features a fuel tank of 90 gallons and customizable options for personalization. Twin Vee aims to expand its dealership network in key freshwater regions and anticipates generating revenue from sales by the end of Q1 2023. The launch aligns with current trends in the recreational marine industry, suggesting a healthy demand for entry-level boating options.
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.