Twin Vee PowerCats Co.: A Strong Finish to Fiscal Year 2024 and Optimistic Outlook for 2025
Fort Pierce, FL – March 20, 2025 – Twin Vee PowerCats Co. (Nasdaq:VEEE), a leader in the design, manufacturing, and distribution of recreational and commercial power boats, has reported impressive operational highlights and financial results for the fiscal year ended December 31, 2024. The company’s strong performance sets the stage for an optimistic outlook in 2025.
Financial Results for Fiscal Year 2024:
In the fourth quarter of 2024, Twin Vee reported revenues of $25.5 million, representing a 35% increase compared to the same period in the previous year. This growth was driven by increased demand for the company’s power catamarans in both the recreational and commercial markets. For the full fiscal year 2024, Twin Vee reported revenues of $83.2 million, marking a 28% year-over-year increase. Net income for the year came in at $10.2 million, up from $6.5 million in 2023.
Operational Highlights:
During the year, Twin Vee launched several new models, including the 360 CC and the 390 CC, which have received positive feedback from customers and industry experts alike. The company also expanded its production capacity by investing in new machinery and hiring additional staff. These investments will enable Twin Vee to meet growing demand and reduce lead times.
2025 Outlook:
Based on current market trends and the company’s strong financial position, Twin Vee expects first quarter 2025 revenues to grow sequentially more than 50%. This growth is driven by continued demand for power catamarans in both the recreational and commercial markets. The company is also planning to launch several new models in 2025, including the 430 CC and the 500 CC, which are expected to further boost sales.
Impact on Consumers:
The strong financial performance and optimistic outlook of Twin Vee PowerCats Co. bodes well for consumers in the power boat market. With increased production capacity and new model launches, Twin Vee will be able to meet growing demand and offer a wider range of options for both recreational and commercial customers. This competition is likely to drive innovation and push prices down, making power boats more accessible to a larger audience.
Impact on the World:
The growth of Twin Vee PowerCats Co. and the power boat market as a whole is a positive sign for the global economy. The recreational boating industry generates significant revenue and creates jobs, contributing to economic growth. Additionally, the commercial sector of the power boat market plays a crucial role in various industries such as fishing, tourism, and transportation. The continued expansion of Twin Vee and other players in the market will help drive innovation and create new opportunities in these sectors.
Conclusion:
Twin Vee PowerCats Co.’s strong finish to fiscal year 2024 and optimistic outlook for 2025 is a testament to the company’s ability to meet growing demand and adapt to market trends. With increased production capacity, new model launches, and a solid financial position, Twin Vee is well-positioned to capitalize on the growing demand for power catamarans in both the recreational and commercial markets. This growth will not only benefit the company but also consumers and the global economy as a whole.
- Twin Vee PowerCats Co. reports impressive financial results for fiscal year 2024, with revenues of $83.2 million, up 28% year-over-year.
- The company launched several new models, including the 360 CC and 390 CC, which have received positive feedback.
- Twin Vee expects first quarter 2025 revenues to grow sequentially more than 50%.
- The growth of Twin Vee and the power boat market will benefit consumers by making power boats more accessible and drive innovation.
- The power boat market contributes significantly to the global economy through revenue generation and job creation.
