Twin Vee PowerCats Co is seeing demand rebound and a return in consumer confidence following a difficult 2024.
The company, which manufactures and distributes power sport boats says it has seen a noticeable upturn in orders and market activity in the first few weeks of 2025 after a sluggish Q4 in 2024.
“Q4 2024 marked the slowest demand for our products since Twin Vee became publicly traded on the Nasdaq,” said Joseph Visconti, Twin Vee chairman and CEO.
“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.”
And he puts the signs of optimism down to the appointment of Shawn Erb as director of sales, the signing of new dealers and an inventory reduction programme.
During 2024, supply levels were lowered by around 40% which has now paved the way for dealers to replenish stock.
Twin Vee is now focused on building on this solid start to the year.
Joseph Visconti
“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,” said Joseph.
And he said this would lead to the first increase in revenue in ‘quite a while’ with further gains anticipated throughout the year.”
And Joseph explained that Twin Vee’s ‘Made in America’ products should be positioned to benefit from anticipated tariff increases on imported goods.
“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,” he said.
“Twin Vee is now focused on building on this solid start to the year.”
The boatbuilder is continuing with developments and expects to launch its redesigned 22ft BayCat in Q2.
In January 2025, the company announced it is to extend the use of robotics to speed up product development.
The company merged with Forza X1 in 2024 and said its goal was to achieve a run rate of a consolidated adjusted net loss of $400,000 on a monthly basis as it exits the first quarter of 2025.
