Business
Twin Vee PowerCats Co. Reports a 103% Increase in Revenue for the Year Ended December 31, 2022
FORT PIERCE, FL / ACCESSWIRE / March 29, 2023 / Twin Vee PowerCats Co. (NASDAQ:VEEE) ("Twin Vee" or the "Company"), a designer, manufacturer and distributor
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / March 29, 2023 / Twin Vee PowerCats Co. (NASDAQ:VEEE) (\"Twin Vee\" or the \"Company\"), a designer, manufacturer and distributor of recreational and commercial, off-shore power catamaran boats, today reported operational highlights and financial results for the year ended December 31, 2022.\"We are pleased to report a 103% increase in net revenue for the year ended December 31, 2022, compared to 2021, while also adding additional models to our lineup and expanding our dealer network.Highlights for 2022Launched new models including the 260 GFX and our largest catamaran to date the 400 GFX.Opened 19 new dealer locations across the county.Signed agreement with One Water, one of the largest retail distributors of recreational boats in the USA.Completed a secondary offering, raising $6.75 million to shore up balance sheet.Cash and cash equivalents remain over $23.5 million with no long-term debt.Hired Two LEAN managers and began the implementation of LEAN manufacturing, which is the process of reducing waste and increasing efficiencies.Signed an agreement with Mercury Marine and have begun to hang Mercury motors on our Twin Vee Boats. Different motor companies have different and unique followings with consumers. The addition, of Mercury motors has enabled us to add dealers and develop new territories in the NE and other regions.Transitioned our Lamination Department from open mold boat building to a highly technical and quality process named Infusion, or closed mold boat building. Instead of spraying the chop fiberglass into the open mold, dry fiberglass is hand laid into the mold, then a bag is wrapped around the boat mold with the resin being evenly displaced with a vacuum system. Infusion is high quality and considered the gold standard of boat building.As we move forward into 2023Launched a monohull brand named LFG Marine with a 22 Center Console and soon will have the 22 Dual Console in production, we will continue to expand this production offering as we move forward.Based on the successful launch of our LFG monohull line, we are in the process of building one boat a day for our monohull brand. This LFG production line will be designed, implemented and managed with our LEAN department managers with the goal of reducing waste and increasing margins.Finalized plans and are close to site plan approv...