Twin Vee PowerCats reports 64% revenue drop
Twin Vee PowerCats, a Florida-based manufacturer, distributor, and marketer of power sportsboats, has reported a significant decline in third-quarter revenues. The firm saw revenues fall 64 per cent to $2.9 million in Q3 2024, down from $8.1 million in the same period last year.
The company reported a consolidated net loss of $3 million for the quarter, with its core Twin Vee operations accounting for $2.1 million of the losses.
In response to declining customer demand, the company has implemented several strategic measures, including workforce reductions and tightened financial controls.
Cash reserves decreased to $11.4 million at quarter’s end, down from $15.1 million in Q2, primarily due to facility expansion costs, new product development, and merger-related expenses.
Joseph Visconti, CEO of Twin Vee PowerCats, comments: “The recreational marine industry has continued to be challenged by declining customer demand.” However, he notes positive signs from the recent Fort Lauderdale International Boat Show and welcomed the Federal Reserve’s quarter-point interest rate reduction as “an important signal to the market.”
Despite current challenges, the firm is investing in future growth, including expanding its Florida manufacturing facility and adding state-of-the-art CNC machinery to enhance production efficiency.
Michael P. Dickerson, chief financial & administrative officer, adds: “The entire team is focused on reducing our operational cash burn by driving sales and reducing operating costs while continuing to make smart investments in infrastructure, product development, and other revenue-generating opportunities. While there can be no assurances, our goal is to achieve a run rate of a consolidated adjusted net loss of $400,000 on a monthly basis as we exit the first quarter of 2025.”
This financial data comes after the recent approval of a merger between Twin Vee and Forza.
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