Twin Vee PowerCats 2.5M share Spot Secondary priced at $2.75 » 06:1609/2909/29/22
The deal priced below…
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Twin Vee PowerCats announces sales launch of 400 GFX » 08:3909/2809/28/22
Twin Vee PowerCats…
Twin Vee PowerCats announced that is has sold four of its all-new 400 GFX boats to dealers in Florida and Texas. Production of the 400 GFX has been ramping up since July 2022, when the 40' catamaran was first launched. The initial sales of these boats will generate over $2M in revenue for Twin Vee.
|Over a month ago|
Twin Vee PowerCats Company trading resumes 09:3508/2608/26/22
Twin Vee PowerCats Company trading halted, volatility trading pause 09:3008/2608/26/22
Forza X1 initiates construction of FX1 fully electric boat » 08:4008/2608/26/22
Forza X1 (FRZA) announced…
Forza X1 (FRZA) announced the FX1 fiberglass molds have arrived at Twin Vee PowerCats (VEEE) in Fort Pierce, Florida and the first FX1 boat will begin the construction process next week.
Twin Vee PowerCats files $100M mixed securities shelf 09:5908/1508/15/22
Twin Vee PowerCats reports Q2 EPS (8c) vs. 1c last year » 08:4108/1208/12/22
Reports Q2 revenue $8.5M…
Reports Q2 revenue $8.5M vs. $3.3M last year. "We are pleased to report a 158% increase in net revenue for the three months ended June 30, 2022, compared to 2021, while also adding additional models to our lineup and expanding our dealer network. Our continued efforts to streamline our manufacturing process and to become a lean organization have started to take hold, resulting in our first profitable quarter for our gas-powered division since our IPO in July 2021. The demand of our products and manufacturing efficiencies have increased our unit throughput to an average of 4.75 boats a week, up from approximately 3.25 boats per week in the fourth quarter of 2021. We continue to watch market conditions, dealer inventory levels and economic indicators that might affect our business or the buying decisions of our customers. Our goal is to maintain our current production momentum, maintain and streamline inventory levels and remain focused on hiring qualified production and administrative staff to further strengthen our productivity, drive efficiencies, and maintain a high level of quality. We are supporting our growth with new boat models, increased production capabilities, strengthening our human capital and investing approximately $3 million in tooling, new molds for our 260 GFX, 280, 340 and 400 GFX , facility upgrades and capital equipment in the past 12 months. As we move forward into the second half of 2022, we anticipate our operating income to improve for our core gas-powered boat division. Forza X1 has successfully completed its initial public offering and Twin Vee should no longer be required to fund Forza's operations. The net loss for the three months ended June 30, 2022, is a reflection of the investment the Company made in Forza X1. Today we completed our IPO of Forza X1. Forza X1 is expected to have its newly designed electric boat in the water in September of 2022. Forza X1 has selected the site for its new factory in McDowell County, North Carolina and we are currently negotiating a land purchase agreement. We have accomplished so much in the last year, and our work will continue at a fast pace as we build our Company and our brand."
Twin Vee PowerCats' Forza X1 to build electric boat factory in North Carolina » 08:4107/2907/29/22
Twin Vee PowerCats…
Twin Vee PowerCats announced that Forza X1 would obtain incentives from the North Carolina Department of Commerce and the McDowell County local government to establish its electric boat manufacturing operations in McDowell County, North Carolina. Jim Leffew, President and CEO of Forza X1, lead the efforts with state and local entities, which resulted in selecting the site in McDowell County. Within the next thirty days, the North Carolina Department of Commerce will finalize the incentive package in a Community Economic Development Agreement. The CEDA, among other things, will formally create the Job Development Investment Grant Program along with the investment and performance criteria Forza X1 must follow in the coming years to receive the grant funding. Forza X1 expects to invest over $10.5 million in land, buildings and fixtures, infrastructure, and machinery and equipment by the end of 2025 through the construction and establishment of its new manufacturing plant in McDowell County. Once constructed, and after Forza X1 ramps up its electric boat manufacturing process, Forza X1 anticipates creating as many as 170 new jobs. The CEDA will require that each job created pay a minimum average annual salary of $51,047, above the current average wage in McDowell County of $39,071. Using a formula based upon fifty percent of state personal income tax withholdings paid by Forza X1 for net new jobs created at the manufacturing plant, North Carolina's Job Development Investment Grant Program will authorize the potential reimbursement to Forza X1 of up to $1,367,100, spread over 12 years. Additional incentives include the opportunity to obtain job talent through the state's community college system with training tailored to Forza X1's staffing needs. Forza X1 intends to partner with the North Carolina Community College System and its Customized Training Program to design a customized plan to meet Forza X1's specific workforce development requirements. McDowell County is also offering support to Forza X1 by conducting several essential surveys required before construction begins, such as the environmental site assessment, boundary survey, and a wetlands report. It is expected McDowell County will also provide a variety of infrastructure support for the manufacturing facility, including a paved entrance road, rough grading and clearing of land, preliminary civil engineering services for site layout, utilities, waived water and sewer connection fees, and expedited permitting.
Twin Vee PowerCats launches production of two new models » 08:4707/1207/12/22
Twin Vee PowerCats Co.…
Twin Vee PowerCats Co. announced that its all-new, all-composite, 26-foot Go Fish X center console and 40-foot center console GFX sport boats are now in full production and have officially been added to the Company's expanding model line.
|Over a quarter ago|
Twin Vee PowerCats reports Q1 EPS (17c) vs. 3c last year » 09:2605/1205/12/22
Reports Q1 revenue $5.89M…
Reports Q1 revenue $5.89M vs. $3.2M last year"We are pleased to report an 83% increase in net revenue for the three months ended March 31, 2022, compared to 2021," said Joseph Visconti, CEO of Twin Vee PowerCats Co. "We continue to experience a strong demand for our products. Expanding our dealer network, adding new GFX models to our lineup and increased production are the main drivers for higher revenue. For the first three months ended March 31, 2022, our efforts continued to streamline our manufacturing process and work towards achieving a leaner organization, these measures brought our manufacturing throughput to an average of 4 boats a week, up from approximately 3.25 boats a week in the fourth quarter of 2021. Our increase in production resulted in us experiencing higher labor costs, these increased labor costs can be seen as a direct correlation to a larger number of Twin Vee's being shipped to our dealer network. We feel confident as our efforts to streamline our manufacturing processes, we should see labor come back in line. Our manufacturing process is labor-intensive, most aspects of our boats are made by hand and the addition of new models to our production lineup requires an overstaffing to train and teach new employees the art of upholstery, gel coating, composite training, finish work, and rigging the boats. Our goal continues to be escalating production to 5 boats per week, which has resulted in an increase in operating expenses. More specifically, our headcount has increased and is expected to continue to further increase. We have hired additional production employees and midlevel managers resulting in higher salaries and wages. We remain focused on hiring highly qualified production and administrative staff in order to strengthen our productivity, drive efficiencies, and maintain a high level of quality. To help meet our production objectives, we have also invested approximately $2.5 million in facility upgrades, capital equipment and molds. As we move forward into the second quarter of 2022, we anticipate our operating income to be moderate towards breakeven for our core gas-powered boat segment. However, our electric boat division is expected to continue to incur losses as we continue our research and development efforts. The net loss for the three months ended March 31, 2022, is a reflection of the investment the Company continues to make to increase the number of models and the production line capacity. We continue to increase our revenue numbers, and the additional staff that we have put in place grows stronger and more efficient each day. The Company expects an increase production capacity to over 200 boats in 2022, which would add to our financial strength."