Twin Vee revenue for the year ended December 31 2024 decreased 57% to $14,389,000 compared to $33,426,000 in 2023 in a challenging year for the designer, manufacturer and distributor of recreational and commercial power boats.
The adjusted net loss for 2024 was $7.7 million compared to $7.3 million in 2023 despite a 57% reduction in revenues which the company says demonstrates its management’s commitment to cost reduction.
And the company says it is optimistic the worst has passed with first quarter 2025 revenues expected to grow sequentially more than 50%.
“There is no doubt that 2024 was the most challenging year we have experienced as a public company, and the fourth quarter provided no relief with revenues falling to a multi-year quarter low of $1.9 million,” explained Joseph Visconti, CEO and president of Twin Vee PowerCats Co.
“With the presidential election behind us, however, we have experienced a renewed interest in both our Twin Vee line and Aquasport monohull line, with a growing backlog and new dealers seeking to be a part of this expanding Twin Vee and Aquasport family.”
We are cautiously optimistic that the worst is behind us.
Joseph Visconti
He added: “We remain disciplined with our discretionary spending as we did throughout 2024, slowly ramping up production, managing field inventory, and developing enhanced dealer programs, while at the same time continuing to invest in dealer and retail facing technologies to drive lead generation for our dealer community and a better-informed marketplace.
“We are cautiously optimistic that the worst is behind us,”
Twin Vee’s highlights so far for 2025 include the addition of six new dealer locations in the first quarter with further expansion of the dealer network anticipated throughout the year.
The boatbuilder also expects to introduce several new models in the next few months, including the 22ft BayCat.
During the last few months, Twin Vee has completed its 30,000sqft facility expansion and now has 100,000sqft of production capacity.
The company also completed the merger of Forza X1 into Twin Vee PowerCats in November 2024.
Twin Vee’s consolidated total asset value was $25,888,000 on December 31 2024.
