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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 (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.
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.