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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) has appointed Shawn Erb as its new Director of Sales and Dealer Relations. Erb, who previously served as National Sales Manager for Four Winn's Boats, will lead the company's sales operations and manage dealer relationships both domestically and globally. His appointment comes as Twin Vee expands with a 30,000 sq. ft facility expansion to enhance manufacturing capabilities.
Erb brings extensive experience from various roles at companies including BRP, Inc., SHERP of North America, and Harley Davidson Motor Company. He holds an MBA in Human Resource Management and will focus on strengthening dealer networks and supporting Twin Vee's product lines.
Twin Vee PowerCats Co. (NASDAQ:VEEE) reported Q3 2024 results showing significant challenges. Revenue decreased 64% to $2.9 million from $8.1 million in Q3 2023. The company posted a consolidated net loss of $3 million, with Twin Vee's loss at $2.1 million and Forza X1's at $896,000. Cash and equivalents declined to $11.4 million from $15.1 million in Q2. The company implemented cost-cutting measures including workforce reduction and lowered production in response to declining industry demand. Shareholders approved the merger between Twin Vee and Forza X1. The company is investing in facility expansion and new manufacturing equipment while aiming to reduce monthly consolidated adjusted net loss to $400,000 by Q1 2025 exit.
Twin Vee PowerCats (Nasdaq:VEEE) and Forza X1 (OTC:FRZA) shareholders have approved their merger agreement at their respective annual meetings on November 11, 2024. Upon closing, Forza will become a wholly-owned subsidiary of Twin Vee, with the merged company operating under Twin Vee PowerCats Co. name and maintaining the 'VEEE' ticker on NASDAQ. Each Forza shareholder will receive 0.61166627 Twin Vee shares for each Forza share owned as of October 4, 2024, resulting in a maximum issuance of 5,355,000 Twin Vee shares. The company plans to leverage its assets for facility expansion, new boat designs, manufacturing improvements, and development of a web-based Pro-Direct Platform.
Twin Vee PowerCats Co. (Nasdaq: VEEE), a manufacturer of power sport boats, has scheduled its Third Quarter 2024 earnings conference call for Thursday, November 14, 2024, at 12:00 p.m. Eastern Time. The company will release its financial results via press release before the call. The earnings call will be accessible through both a toll-free telephone line and an audio webcast. Participants wishing to join the Q&A session must use the telephone option, as webcast listeners won't be able to submit questions. A recording of the call will be available for at least 90 days through the company's Investor Relations website.
Twin Vee PowerCats Co. (Nasdaq:VEEE) has launched 'CEO Hustle', a new webcast series hosted by CEO Joseph Visconti, providing behind-the-scenes looks at their manufacturing operations. The series showcases production processes, new boat models, and team member interviews. The company also announced a 30,000-square-foot factory expansion in Fort Pierce, Florida, which will increase total facility size to 100,000 square feet with capacity to build up to 1,000 boats annually. Additionally, Twin Vee introduced 'CEO Update', a newsletter delivering company news and updates to owners, investors, and enthusiasts.
Twin Vee PowerCats (Nasdaq:VEEE) has launched a new webcast series called 'CEO Hustle', hosted by CEO Joseph Visconti, offering an inside look at their Fort Pierce, Florida facility. The webcast will feature factory tours, discussions with key team members, and detailed exploration of Twin Vee and AquaSport boat models. Additionally, the company is introducing a weekly 'CEO Update' newsletter to deliver company updates, new model developments, and initiatives directly to stakeholders. Both initiatives aim to improve transparency and communication with investors, owners, and brand enthusiasts.
Twin Vee PowerCats Co. (NASDAQ:VEEE), a manufacturer, distributor, and marketer of power sport boats, has announced its participation in the upcoming ThinkEquity Conference on October 30, 2024, at the Mandarin Oriental Hotel in New York City. Joseph Visconti, the company's Chairman and CEO, and Michael P. Dickerson, the CFO and Administrative Officer, will represent Twin Vee at the event.
The presentation is scheduled for 12:00 p.m. Eastern Time on Wednesday, October 30. Company representatives will also be available for one-on-one meetings with institutional analysts and investors throughout the day. Past ThinkEquity conferences have featured over 70 company presentations, 700+ attendees, and 500+ one-on-one meetings, providing a valuable platform for companies and investors to connect.
Twin Vee PowerCats Co. (Nasdaq:VEEE) announced that Power & Motoryacht positively reviewed the new 28AS center console from its subsidiary, Aquasport. This model, the first new design in three decades, is a sleek, powerful boat designed for offshore adventures. It features twin 300 hp outboards, a 28'3" length, 9'6" beam, and 20" draft. Key highlights include a non-stepped hull, portside swim/tuna door, transom doors, digital and physical switch array, ergonomic helm seating, and a 24-inch multi-function display. Optional features include autonomous navigation, FLIR night vision, and Surround View. As a fishing platform, it offers a non-skid deck, tube rod holders, a 45-gallon livewell, and fresh- and raw-water washdowns. The review underscores Twin Vee's commitment to Aquasport's heritage while introducing a revitalized lineup of boats.
Twin Vee PowerCats Co. (NASDAQ:VEEE) announced the launch of a redesigned 22-foot BayCat boat, set to debut in early 2025. The 220 BayCat, available in two models - the GFX2 and STX - offers improved stability, smooth handling, and versatility for various water activities. Powered by a 140-200 horsepower outboard motor, the BayCat features a twin catamaran hull, a seven-foot, nine-inch beam, and a sixteen-inch draft. It includes a spacious deck, 25-gallon transom livewell, bow storage, raw water washdown, and 36-gallon fuel capacity. Optional amenities include bow cushion seating, underwater lights, a nine-inch multifunction display with advanced sonar, and a T-Top with rod holders. The compact, towable design makes it suitable for fishing, family outings, and adventure seekers.
Twin Vee PowerCats Co. (NASDAQ:VEEE) has appointed Carol Hindsman as its new Chief Technology Officer (CTO). Hindsman, an experienced engineer and technology executive, will oversee the development of Twin Vee's Pro-Direct Platform, an automotive-inspired online marketplace designed to revolutionize the boat-buying process.
The Pro-Direct Platform aims to provide a comprehensive suite of web-based tools, including 'Build and Price' features, online ordering, financing options, and real-time access to dealer inventory. This initiative is expected to streamline the purchase of high-end boats and enhance customer satisfaction.
Hindsman brings a diverse career background from startups to Fortune 500 companies, including G.E., WorldCom, and Ryder System, Inc. She holds degrees in Electrical Engineering, Computer Engineering, and an MBA.