Twin Vee reports 18% revenue increase for H1 2023

Florida boatbuilder Twin Vee PowerCats, which designs, manufactures and distributes recreational and commercial power boats, has reported financial results for the three- and six-month period ended 30 June, 2023.

The firm has reported an 18 per cent increase in net revenue for H1 2023 — the six months ended 30 June 2023. Revenue is up to $17m, compared to $14.4m in the same period in 2022.

Twin Vee had a net loss of $234,000 for its gas-powered boats segment for the six months ended 30 June 2023 compared to a net loss of $554,000 for the same period in 2022. The total net loss attributed to stockholders of Twin Vee of $2.5m for the six months ended 30 June 2023, is a direct reflection of Twin Vee’s majority ownership in Forza X1, the electric boat company in which Twin Vee owns a majority stake. Twin Vee is therefore required to file consolidated financial statements in accordance with GAAP accounting. Twin Vee, net of Forza X1, had cash, cash equivalents, restricted cash and marketable securities of approximately $11.4m as of 30 June 2023.

Twin Vee says the general economic landscape, including rising interest rates, continues to have a direct effect on consumers purchasing boats and recreational vehicles. While the firm reports seeing entry-level buyers affected by higher interest rates, it is also seeing cash buyers and boat clubs maintaining a healthy demand for its boats. Due to the changing environment and consumer demands, Twin Vee says it will continue expanding its product offerings, including the new Twin Vee 400 GFX and our 280 GFX dual console.

Twin Vee says its recent acquisition of the monohull brand AquaSport boats is off to a good start. While requiring cash outlay and startup expenses, the acquisition of AquaSport has allowed the firm to partner with over ten new dealers with over 36 locations.

In a statement, Twin Vee says: “We feel confident that our Aquasport mono-hull boat brand will continue our ability to scale our overall business and grow our brands while appealing to a broader market. The monohull market is extremely competitive, which we expect to put downward pressure on our gross margins as we enter this market, which we saw in the second quarter.

“But it is also the largest market, and we believe that entering the market will propel Twin Vee to the next level, as we continue to watch market conditions, dealer inventory levels and economic indicators that might affect our business, we also streamline inventory levels and tighten production costs.”

Fix My Boat, Twin Vee’s franchise business, had a loss of approximately $10,000 during H1 2023. The company’s complete financial statements are available online.