Twin Vee Powercats Co. ( (VEEE) ) has released its Q4 earnings. Here is a breakdown of the information Twin Vee Powercats Co. presented to its investors.
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Twin Vee PowerCats Co., based in Fort Pierce, Florida, is a renowned designer, manufacturer, and distributor of recreational and commercial power boats, specializing in catamaran sport boats.
The company recently released its financial results for the year ending December 31, 2024, highlighting a challenging year with a significant decrease in revenue and a net loss. Despite these setbacks, Twin Vee PowerCats Co. is optimistic about its growth prospects for 2025, with plans to expand its dealer network and introduce new boat models.
In 2024, Twin Vee PowerCats Co. experienced a 57% decline in revenue, totaling $14.39 million compared to $33.43 million in 2023. The adjusted net loss for the year was $7.7 million, slightly higher than the previous year’s $7.3 million loss. The company completed a merger with Forza X1 and expanded its production facility, which now boasts a 100,000 sq. ft capacity.
Looking ahead, Twin Vee PowerCats Co. expects a more than 50% sequential growth in revenue for the first quarter of 2025. The company plans to introduce several new boat models and has already added six new dealer locations in the first quarter of 2025. Management remains cautiously optimistic about the future, focusing on cost reduction, production ramp-up, and enhanced dealer programs.
With a growing backlog and renewed interest in its product lines, Twin Vee PowerCats Co. is poised to navigate the challenges of the past year and capitalize on new opportunities in the boating industry.