Welcome to our dedicated page for Twin Vee Powercats Co news (Ticker: VEEE), a resource for investors and traders seeking the latest updates and insights on Twin Vee Powercats Co stock.
Twin Vee PowerCats Co. (Nasdaq: VEEE) generates news across boat manufacturing, marine technology, and capital markets activity. The company describes itself as a manufacturer, distributor, and marketer of power sport boats, building Twin Vee catamaran sport boats and Bahama Boats offshore fishing vessels from its base in Fort Pierce, Florida. News about VEEE often highlights developments in its product lineup, dealer network, and strategic initiatives.
Recent company press releases furnished to the SEC have covered topics such as sales trends, cost management, and operational updates. Twin Vee has reported multiple quarters of year-over-year net sales growth and discussed a turnaround and cost-reduction plan, dealer coverage expansion, and integration of the Bahama Boat Works acquisition. Investors following VEEE news can also see announcements about asset sales, such as the sale of a North Carolina property with a combination of cash proceeds and a seller-financed note.
Twin Vee PowerCats Co. also issues news related to its digital and technology strategy. The company has announced the development of the Wizz Banger Valuator, an AI-based boat valuation platform, and described outreach to banks, insurance carriers, marine lenders, and other industry participants. Additional updates have focused on the marine technology division Wizz Banger, Inc. and its work on AI-driven changes to the BoatsForSale.com platform.
Governance and corporate events appear in Twin Vee’s news flow as well. The company has reported on the election of new board members, changes in its chief financial officer role, and stockholder meeting results, including approval of a reincorporation from Delaware to Nevada. For those tracking VEEE, the news stream offers details on product promotions, dealer additions in key boating regions, strategic committees for autonomous marine technologies, and regulatory filings referenced in company announcements.
Stock Titan’s VEEE news page aggregates these updates so readers can review press releases, SEC-related disclosures, and other coverage in one place. Returning visitors can use this feed to monitor how Twin Vee PowerCats Co. communicates its progress in boat manufacturing, brand development, digital tools, and governance matters over time.
Twin Vee PowerCats (NASDAQ:VEEE) announced the launch of Fix My Boat, a wholly-owned subsidiary aimed at creating a mobile marine service company using a franchising model. The company plans to develop a web-based and mobile app platform for scheduling boat repairs, providing convenience to boat owners. With over 12 million registered recreational boats in the U.S., the demand for marine services is expected to rise, especially following a 30% increase in new boat sales as of March 2021. The initiative seeks to capitalize on this growing market.
Twin Vee PowerCats (NASDAQ:VEEE) announced a land purchase agreement for a 14.5-acre parcel in Fort Pierce, Florida, aimed at expanding its production capacity. The agreement provides a 60-day due diligence period, followed by 150 days for necessary site and zoning approvals. The company plans to develop a 100,000 square foot manufacturing facility to meet increasing demand, which includes plans for new boat models. The initiative also promises potential local job creation of 200-300 skilled positions.
Twin Vee PowerCats has appointed Carrie Gunnerson as its new Chief Financial Officer, effective October 1, 2021. Gunnerson brings extensive experience from Art's Way Manufacturing, where she served as CFO and CEO. She will oversee accounting, treasury, and financial planning at Twin Vee, helping to drive growth and innovation in the power catamaran industry. The transition follows the departure of former CFO Donna Barnett, who will assist in a part-time capacity. The company emphasizes its commitment to developing new products and technologies.
Twin Vee PowerCats (NASDAQ:VEEE) announced strong demand for its recreational and commercial power catamaran boats. Currently, dealer inventory is at record lows, with less than 5 boats available, while dealers project a need for over 200 boats in the upcoming year. President Joseph Visconti emphasized the significance of maintaining inventory during the boat show season to maximize sales opportunities. Despite the positive outlook, the company faces challenges in meeting demand and potential risks associated with the COVID-19 pandemic and supply chain disruptions.
Twin Vee PowerCats Co. (NASDAQ:VEEE) reported a strong second quarter for fiscal 2021, with revenue rising 92% year-over-year to $3.3 million. The company attributes this growth to robust demand and improved supply chain management amid component shortages. Net income soared 316% to $50,851, and gross profit increased 89% to $1.3 million. Following its recent IPO, Twin Vee has about $15.5 million in cash and plans to launch new boat models starting Q4 2021. The gross margin remained stable at 40%.
Twin Vee PowerCats Co. (NASDAQ:VEEE) will host a conference call on August 24, 2021, at 10:00 a.m. ET to discuss its second quarter 2021 financial results. A press release with financial highlights will precede the call. Interested parties can join by calling +1-888-203-3485 or via a live webcast, available on the company's investor page. The company specializes in designing and manufacturing recreational and commercial power catamarans, with operations based in Fort Pierce, Florida.
Twin Vee PowerCats Co. (Nasdaq:VEEE) was featured on boating's Factory Fridays, showcasing their manufacturing process. The episode aired on August 6, 2021, and highlighted the company's production of gas-powered models, including the new 34-foot 340 GFX and the 40-foot offshore 400 GFX. Twin Vee is also venturing into sustainable marine technologies with plans for a new line of Twin Vee Electric boats and an electric outboard motor system. This initiative aims to cater to those wanting to retrofit gas-powered boats with electric propulsion.
Twin Vee PowerCats (NASDAQ:VEEE) announced the 280 Center Console GFX has been reviewed in the August 2021 issue of Rudow's FishTalk. Reviewer Lenny Rudow praised the boat's stability and deck space, noting that it feels larger than its size and can handle up to 600 horsepower, achieving speeds of 50 mph. The article encourages potential buyers to experience the boat through a sea trial. President Joseph Visconti highlighted the company's commitment to innovative boat design.
Twin Vee PowerCats, Co. (NASDAQ:VEEE) has launched production of its new 340 GFX model boat. This 34-foot catamaran features twin gas-powered outboard motors, an 800-horsepower capacity, and a 400-gallon fuel tank. The company plans to showcase the 340 GFX at the Fort Lauderdale International Boat Show from October 27-31, 2021, which attracts over 100,000 attendees and major buyers. Twin Vee has a range of eleven gas-powered models and focuses on enhancing performance and fuel efficiency through its unique twin-hull design.
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