Twin Vee PowerCats reports Q3 revenue $2.9M vs. $8.1M last year

“The recreational marine industry has continued to be challenged by declining customer demand. The recent Fort Lauderdale International Boat Show was well-attended and Twin Vee had several models on display, with dealers reporting several sales and leads resulting from the show. Further, the results of the recent election are now behind us removing one uncertainty in the market, and in recent days, the Federal Reserve reduced interest rates by one quarter point. While this interest rate reduction by itself is not significant, we believe the directional move is an important signal to the market,” explained Joseph Visconti, Chief Executive Officer of Twin Vee PowerCats (VEEE) Co. “During the third quarter we again took steps to right-size the labor force while also tightly controlling operating costs. At the same time, we are using this slower period to lay the groundwork for the next market upswing. Twin Vee is investing in new models and expanding our Fort Pierce, FL manufacturing facility to increase production capacity and create a more efficient factory layout. We are also investing in vertical integration and efficiency by adding a state-of-the-art CNC machine into our manufacturing process. This will save on costs associated with outsourcing and enhance the quality of the boat molds we use to build our products.”