PHOTO COURTESY TWIN VEE

Twin Vee PowerCats reported 2023 revenues of $33.42 million, a 4% increase over $32 million a year prior. Net operating loss for Twin Vee alone were $2.35 million, compared with $2.14 million the previous year.

Aquasport posted a net loss of $1.48 million for the year ended Dec. 31, 2023, and Forza X1 — Twin Vee’s electric brand — had a net loss of $6 million for the same period, compared with a net loss of $3.6 million a year prior.

Twin Vee’s consolidated cash, cash equivalents, restricted cash and marketable securities were $21.22 million at the end of 2023, down from $26.25 million in the previous year.

“The general economic landscape and the rising-interest-rate environment are creating challenges and downward pressure on customer demand across both brands,” president and CEO Joseph Visconti said in a statement. “Not only are entry-level buyers affected by higher interest rates, but cash buyers and boat clubs and boat clubs are also exhibiting reduced appetites. Due to the challenging environment and changing consumer behavior, Twin Vee’s executive team is tightly controlling operating costs while continuing to develop exciting new models, expand the dealer network and lay the groundwork for the next market upswing.”

Forza X1 reported cash, cash equivalents and marketable securities of approximately $12.8 million at the end of the year, down 31% from the previous year. Operating expenses were $6.472 million, an 89% increase from $3.65 million in 2022, resulting in a net loss of $5.93 million, which was 63% higher than $3.63 million a year ago.

The company has designed and built three offshore-style catamarans, two bay boat-style cats, a deckboat, and center- and dual-consoles on a 22-foot vee-bottom.

“The marine industry has been slow to adopt electric boating due to several factors that have made sustained progress difficult,” Visconti said in a separate statement. “Elevated interest rates, widespread negative perception about the economy, and the lack of substantial infrastructure for electric boating are just some challenges the industry faces in 2024.”

Twin Vee’s consolidated total asset value was $40 million Dec 31, and Forza’s total asset value was $17 million. Twin Vee’s core business, gas-powered boats, had cash, cash equivalents, restricted cash and marketable securities of $8.4 million, and a total asset value of $23 million.