2024 ‘the most challenging year’ says Twin Vee PowerCats as it releases financial results
Twin Vee PowerCats has reported its operational highlights and financial results for fiscal year ended 31 December 2024.
“There is no doubt that 2024 was the most challenging year we have experienced as a public company, and the fourth quarter provided no relief with revenues falling to a multi-year quarter low of $1.9 million,” says Joseph Visconti, CEO and president.
“With the presidential election behind us, however, we have experienced a renewed interest in both our Twin Vee line and Aquasport monohull line, with a growing backlog and new dealers seeking to be a part of this expanding Twin Vee and Aquasport family.” Last week Visconti told MIN he welcomed the Trump tariffs, saying “For too long, unfair trade practices, foreign government subsidies, and artificially low labor costs have put American manufacturers at a disadvantage.” He believes the tariffs level the playing field, ensuring that US companies can compete fairly without being undercut by artificially cheap imports.
“We remain disciplined with our discretionary spending as we did throughout 2024, slowly ramping up production, managing field inventory, and developing enhanced dealer programs, while at the same time continuing to invest in dealer and retail facing technologies to drive lead generation for our dealer community and a better-informed marketplace. We are cautiously optimistic that the worst is behind us,” he says.
Twin Vee’s revenue for the year ending 31 December 2024 decreased 57 per cent to $14,389,000, as compared to $33,426,000 in 2023. It had an adjusted net loss for 2024 of $7.7 million compared to $7.3 million in 2023 despite the 57 per cent reduction in revenues – demonstrating management commitment to cost reduction.
It’s consolidated cash, cash equivalents, restricted cash and marketable securities were $7,706,000 on 31 December 2024. Thus, Twin Vee’s consolidated total asset value was $25,888,000 on the same date.
“The post-covid slowdown in the marine and recreational vehicle markets, coupled with persistently high interest rates and inflation, weighed heavily on consumer demand,” says Michael Dickerson, chief financial & administrative officer.
“Additionally, the industry faced an overhang of excess OneWater boats, which were being sold at deep discounts, further intensifying market pressures. As a result, our revenues declined sequentially throughout the year.
“Throughout 2024, we implemented aggressive cost-cutting measures to align with lower revenue volumes, ensuring we remain financially disciplined with an eye towards cash conservation. At the same time, we made a strategic decision to curtail our research and development of electric boats while focusing on strengthening our business foundation. A key milestone in this effort was our acquisition of the remaining 55 per cent of Forza X1 that we did not already own. This transaction completed at the end of November and is enabling better operational efficiencies within our organisation.”
The company completed the merger of Forza X1 into Twin Vee PowerCats on 26 November 2024.
Now Twin Vee expects the first quarter 2025 revenues to grow sequentially, more than 50 per cent. Six new dealer locations have already been added in the first quarter of 2025 and it expects to further expand its dealer network throughout the year. The company’s also planning to introduce several new models in 2025 including the all-new 22-foot BayCat which is on display at the 43rd Palm Beach International Boat Show.
“With the facility in North Carolina now up for sale, the facility expansion in Fort Pierce nearly complete and the CNC machine soon to be delivered, I expect capital expenditures in 2025 to be significantly lower than they were in 2024,” Dickerson continues. “We are entering 2025 with optimism. Market conditions have improved, and we are seeing increased demand for our boats and new dealers expanding our geographic presence.
“We are being cautious in our production ramp and bringing on additional labour slowly to ensure proper training and maintaining quality in all of our processes. We are encouraged by the progress we are making as we position Twin Vee for longer-term growth. Our team remains focused on driving operational efficiencies, strengthening our product offering and capitalising on the improving industry environment.”
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