Twin Vee PowerCats Co. Reports Results for the Year Ended December 31, 2024: A Turnaround in the Making?

Ladies and gentlemen, buckle up! We're diving into the latest financial results from Twin Vee PowerCats Co. (NASDAQ: VEEE), and let me tell you, there's a lot to unpack. This company, known for its innovative power catamaran boats, has had its share of ups and downs, but the year ended December 31, 2024, might just be the turning point we've all been waiting for.

First things first, let's talk about the numbers. In 2023, Twin Vee reported revenue of $33.43 million, a 4.50% increase from the previous year. But here's the kicker: the company reported losses of -$7.19 million, a 40.0% increase in losses from 2022. Ouch! That's a tough pill to swallow, but don't count Twin Vee out just yet.



Now, let's fast-forward to the year ended December 31, 2024. The company reported a strong start to the year after a difficult Q4 2024. Early indicators from the first few weeks of 2025 suggest that the demand for Twin Vee’s products is rebounding from 2024 levels. Specifically, the Company has seen a noticeable uptick in orders and market activity after a sluggish Q4 last year. Joseph Visconti, Chairman and CEO of Twin Vee PowerCats Co., remarked, "Q4 2024 marked the slowest demand for our products since Twin Vee became publicly traded on the Nasdaq." The slowdown in demand was attributed to a combination of factors, including economic policy shifts associated with ‘Bidenomics,’ the national election cycle, the ongoing elevated interest rates, and an overall sense of apprehension in the market.

But here's where it gets interesting. Visconti reported already seeing signs of optimism. "Since bringing on marine-industry veteran Shawn Erb as Twin Vee’s Director of Sales, we are signing new dealers who are placing orders with us. As a result of our dealer expansion efforts, deliveries of boats are expected to increase more than 50% in the first quarter of 2025 versus the number of boats we delivered in the fourth quarter of 2024, representing what we anticipate to be the first sequential increase in revenue in quite a while. We also anticipate further gains throughout the year." This indicates that the company's efforts to expand its dealer network and reduce field inventory are key drivers behind the expected increase in revenue and profitability.

But wait, there's more! Twin Vee has been busy implementing several strategic initiatives to drive growth and diversification. One of the most notable is the acquisition of BoatsForSale.com and YachtsForSale.com. This move is expected to accelerate Twin Vee's evolution into a diversified recreational company by leveraging the existing user base and infrastructure of these platforms. The company also launched BoatsForSale.com, offering 90 days free for all authorized recreational boat dealers. This bold digital strategy is aimed at revolutionizing how boats are sold, purchased, traded, and valued.

And let's not forget about the expansion of the dealer network. Twin Vee announced the addition of six new dealers on March 12, 2025, which is part of its broader strategy to grow its national network. This expansion is crucial for increasing the reach and availability of Twin Vee's products, thereby enhancing market share.

But the company isn't just focusing on growth; it's also making significant investments in technology and operational efficiency. Twin Vee announced a strategic consolidation of its operations by moving the manufacturing of Aquasport products from Tennessee to its Fort Pierce, Florida facility. This move is expected to increase efficiency and reduce costs, allowing Twin Vee to enhance the quality and speed of its boat production. The expansion of the Fort Pierce factory by approximately 30,000 square feet, increasing the total area to nearly 100,000 square feet, will further support increased production output.

And if that wasn't enough, Twin Vee has also been proactive in adapting to market trends and consumer preferences. The company announced on January 23, 2025, that it would accept Bitcoin as payment for boat sales, positioning itself as a forward-thinking company in the digital currency space. This move not only attracts tech-savvy customers but also differentiates Twin Vee from competitors who may not offer such payment options.

So, what's the bottom line? Twin Vee PowerCats Co. has faced a challenging market environment with a significant decrease in market cap. However, the company is taking proactive steps to maintain and enhance its market share through dealer network expansion, digital strategy investments, operational efficiency improvements, and adaptation to market trends. These initiatives are aimed at positioning Twin Vee as a competitive and innovative player in the recreational and commercial power catamaran boat industry.

But don't just take my word for it. Do your own research, and if you're convinced, get in on the action. This could be the turnaround story of the year!