FORT PIERCE, FL / ACCESS Newswire / January 23, 2025 / Twin Vee PowerCats Co. (Nasdaq:VEEE), ("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport boats, today announced that early indicators from the first few weeks of the year suggest that the demand for Twin Vee's products is rebounding from 2024 levels. Specifically, the Company has seen a noticeable uptick in orders and market activity after a sluggish Q4 last year.
"Q4 2024 marked the slowest demand for our products since Twin Vee became publicly traded on the Nasdaq," remarked Joseph Visconti, Chairman and CEO of Twin Vee PowerCats Co. "The Company believes the slowdown resulted from a combination of factors, including economic policy shifts associated with 'Bidenomics,' the national election cycle, the ongoing elevated interest rates, and an overall sense of apprehension in the market."
Despite the challenges coming into the new year, Visconti reports already seeing signs of optimism. "Since bringing on marine-industry veteran Shawn Erb as Twin Vee's Director of Sales, we are signing new dealers who are placing orders with us. As a result of our dealer expansion efforts, deliveries of boats are expected to increase more than 50% in the first quarter of 2025 versus the number of boats we delivered in the fourth quarter of 2024, representing what we anticipate to be the first sequential increase in revenue in quite a while. We also anticipate further gains throughout the year."
According to Visconti, the improved 2025 outlook can also be attributed to Twin Vee's field inventory reduction initiative. The Company's field inventory peaked at approximately 110 units last year. To address this, Twin Vee worked diligently with dealers and customers to help sell boats and lower supply levels by approximately 40 percent, paving the way for dealers to replenish stock due to improved consumer demand.
In addition to recruiting new Twin Vee dealers and actively reducing field inventory, Visconti believes that the marketplace is experiencing a tangible boost in confidence due to the incoming business-friendly Trump administration. Twin Vee's "Made in America" products should be positioned to benefit from anticipated tariff increases on imported goods, which prioritizes domestic manufacturing. Moreover, the optimism surrounding President Trump's economic policies and agenda and the expectation for further interest rate cuts has likely invigorated consumer spending.
"The investments we made in efficiency, capacity and intellectual capital, coupled with a new administration in the Oval Office, will set the stage for a strong recovery this year," said Visconti. "Twin Vee is now focused on building on this solid start to the year. For example, we expect to launch our completely redesigned 22-foot BayCat in Q2. Additionally, we're continuing our development of customer-centric technologies that will help streamline the boat-buying experience. Our team is excited to see what we can accomplish this year now that we've turned the page on 2024."
About Twin Vee PowerCats Co.
Twin Vee PowerCats Co. manufactures Twin Vee and AquaSport boats. The Company produces a range of boats designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the "Best Riding Boats on the Water." The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years. Learn more at twinvee.com.
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Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project", "will" and similar expressions that are intended to identify forward-looking statements and include statements regarding early indicators from the first few weeks of the year suggesting that the demand for Twin Vee's products is rebounding from 2024 levels, the slowdown in demand for the Company's products resulting from a combination of factors, including economic policy shifts associated with 'Bidenomics,' the national election cycle, the ongoing elevated interest rates, and an overall sense of apprehension in the market, deliveries of boats increasing more than 50% in the first quarter of 2025 versus the number of boats delivered in the fourth quarter of 2024 as a result of the Company's dealer expansion efforts, achieving further gains throughout the year, recruiting new Twin Vee dealers and actively reducing field inventory, the marketplace is experiencing a tangible boost in confidence due to the incoming business-friendly Trump administration, Twin Vee's "Made in America" products being positioned to benefit from anticipated tariff increases on imported goods, which prioritizes domestic manufacturing, the optimism surrounding President Trump's economic policies and agenda and the expectation for further interest rate cuts invigorating consumer spending, the investments the Company made in efficiency, capacity and intellectual capital, coupled with a new administration in the Oval Office, setting the stage for a strong recovery this year, building on this solid start to the year, launch the completely redesigned 22-foot BayCat in Q2 and continuing the development of customer-centric technologies that will help streamline the boat-buying experience. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to rebound from 2024 levels as expected, the Company's ability to increase deliveries of boats increasing more than 50% in the first quarter of 2025 versus the number of boats delivered in the fourth quarter of 2024, the Company's ability to achieve further gains throughout the year, the Company's ability to recruit new Twin Vee dealers and actively reduce field inventory, the Company's ability to position its "Made in America" products to benefit from anticipated tariff increases on imported goods the Company's ability to build on a solid start to the year, the Company's ability to launch the redesigned 22-foot BayCat in Q2, the Company's ability to continue the development of customer-centric technologies that will help streamline the boat-buying experience, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
Contact:
Glenn Sonoda
investor@twinvee.com
SOURCE: Twin Vee PowerCats Co.
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