Power sport catamaran manufacturer Twin Vee PowerCats Co. (VEEE:NASDAQ), which designs, manufactures, distributes, and sells catamaran boats for recreational and commercial use, today announced financial and operating results for the second quarter of 2022, ended June 30, 2022.
The company reported that net revenue in Q2/22 increased by 158% to $8.52M (million), compared to $3.30M in Q2/21, and stated that gross profit during Q2/22 rose to $3.45M, up from 1.32M in Q2/21.
Twin Vee PowerCats listed that in Q2/22, it had adjusted net income of approximately $607K (thousand) in its Gas-Powered Boats Division, compared with $311K during Q2/21. The company added that during the same period, it recorded a net loss of $599.9K in its Electric Boat Division and a net loss of $11.6K in its Franchise business.
The company indicated at as of the end of the most recent quarter, it held about $9.86M in cash and marketable securities on its balance sheet.
The company stated during Q2/22, it added several new models to its product line and was successful in expanding its network of dealers. The firm advised that it has streamlined its manufacturing process, which allowed it to achieve its first profitable quarter for its gas-powered division since the company went public in July 2021.
Twin Vee commented that it is enjoying increased demand currently and has ramped up production to an average of 4.75 boats per week versus 3.25 per week in Q4/21.
The company advised that over the last 12 months, it has invested a total of approximately $3 million in tooling, facility upgrades, and staff in order to create new molds for its 260 GFX, 280, 340, and 400 GFX boats.
The firm mentioned that during Q3/22 and Q4/22, it expects that operating income will improve for its core gas-powered boat division. The company attributes this to the fact that "Forza X1 has now successfully completed its initial public offering, and Twin Vee should no longer be required to fund Forza's operations."
The company noted that "today it completed its IPO of Forza X1 (FRZA:NASDAQ)," and advised that Forza X1's newly designed electric boat is expected to be ready for launch next month. Plans call for the new electric watercraft from Forza X1 to be made in a new factory located in McDowell Co., N.C.
Twin Vee is based in Fort Pierce, Fl., and is a designer, manufacturer, marketer, and distributor of catamaran boats. The power sport boats are used for both recreation (fishing, diving, water skiing) and commercial (transportation, sightseeing, fishing, diving tours) purposes. The firm wrote that it has been engaged in building and selling boats for more than 26 years. Twin Vee sells its boats via a network of independent boat dealers in North America and the Caribbean. The company stated that its catamaran sport boats are known as "the Best Riding Boats on the Water™."
Twin Vee PowerCats Co. started off the day with a market cap of around $28.0 million with approximately 7.0 million shares outstanding. VEEE shares opened almost 50 % higher today at $5.96 (+$1.96, +49.00%) over yesterday's $4.00 closing price and reached a new 52-week high price this morning of $8.40. The stock traded today between $5.61 and $8.40 per share and closed for trading at $7.10 (+$3.10, +77.5%).
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