Twin Vee PowerCats Announces 6 New Dealers, Expanding National Network
Rhea-AI Summary
Twin Vee PowerCats (Nasdaq: VEEE) has announced the addition of six new dealers in its first phase of dealer network expansion, strengthening its market presence. The new locations include dealerships in New Jersey, Massachusetts, Florida, and New York.
The company reports its dealer field inventory is at an 18-month low with approximately 60 boats in the field, down from over 160 units annually in the previous year. Twin Vee expects boat deliveries to increase by more than 50% in Q1 2025 compared to Q4 2024, marking their first sequential revenue increase in recent periods.
The company is already working on a second wave of dealer partnerships to further expand its reach in the recreational boating market.
Positive
- Field inventory reduced to 60 boats from 160+ units annually, indicating strong sales
- Expected 50%+ increase in boat deliveries for Q1 2025 vs Q4 2024
- First sequential revenue increase expected in Q1 2025
- Geographic expansion through 6 new strategic dealer locations
Negative
- Previous periods showed declining sequential revenue
News Market Reaction – VEEE
In the trading session that priced this news, VEEE gained 3.23%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FORT PIERCE, FL / ACCESS Newswire / March 12, 2025 / Twin Vee PowerCats Co. (Nasdaq:VEEE), ("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport boats, today announced that six new Twin Vee dealers have been added during the first phase of its dealer network expansion, further developing the Company's reach in new markets.
"We are thrilled to welcome our newest dealers to our growing Twin Vee family," said Joseph C. Visconti, CEO and President of Twin Vee PowerCats Co. "Our new dealers will represent our stellar products and convey our Company's customer-centric mission to their communities. Their dedication to customer service and deep understanding of the boating industry will be invaluable as we continue to expand our reach and deliver the "Best Riding Boats in the Water" to enthusiasts, fishers, and families across the country."
The first phase of the Company's dealer network expansion includes the following esteemed dealerships:
Twin Vee's expansion effort comes at a time when the Company is experiencing a healthy demand for its boats through new sales and a significant reduction in field inventory. "Our current Twin Vee dealer field inventory is at an all-time low for the past 18 months," Visconti noted. "There are about 60 boats in the field, a significant decrease from over 160 units annually in the previous year, with customers purchasing boats from our dealers. As a result of our dealer expansion efforts, deliveries of boats are expected to increase more than
According to Visconti, the Company is already working on signing a second wave of new dealers, building upon the momentum and success of the first wave of new dealers. "This strategic dealer expansion is central to our goal of making Twin Vee accessible to a wider audience," explained Visconti. "By partnering with experienced and passionate dealers, we're making it possible for customers to receive top-notch service and expertise from the moment they consider one of our products. Our team is carefully selecting dealerships that share our customer-centric values and understand the unique benefits of boats, allowing us to build strong, lasting relationships within these new communities and the recreational boating market as a whole."
About Twin Vee PowerCats Co.
Twin Vee PowerCats Co. manufactures Twin Vee and AquaSport boats. The Company produces a range of boats designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the "Best Riding Boats on the Water™." The Company is located in For Pierce, Florida, and has been building and selling boats for 30 years. Learn more at twinvee.com.
Visit Twin Vee PowerCats Co. on Facebook, Instagram, and YouTube.
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Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding the new Twin Vee dealers conveying the Company's customer-centric mission to their communities, the dealers dedication to customer service and deep understanding of the boating industry being invaluable, the Company continuing to expand its reach and deliver the "Best Riding Boats in the Water" to enthusiasts, fishers, and families across the country, deliveries of boats being expected to increase more than
Contact:
Glenn Sonoda
investor@twinvee.com
SOURCE: Twin Vee PowerCats Co.
View the original press release on ACCESS Newswire