Twin Vee 2023 Revenues Up 4%
March 27, 2024
The company, which is also the parent of Aquasport and Forza X1, reported revenues of $33.42 million.
The company, which is also the parent of Aquasport and Forza X1, reported revenues of $33.42 million.
Net sales for fiscal year were up $181 million, an increase of 8% from the prior fiscal year.
Declines in marine and RV wholesale unit shipments resulted in an 18% decline in revenues compared year-over-year
The company reported an operating loss of $994,984 for quarter as it prepares to commence boatbuilding next March.
The electric-vehicle manufacturer had revenue of $3.07 million for the quarter and delivered 112 Orca personal watercraft.
The company had an 8% increase in consolidated net revenue for the nine months ended Sept. 30 but a decline in gross profit.
The Chaparral and Robalo parent said a downturn in net sales was driven by a “normalization of retail boat demand.”
Net sales for the electrical solutions segment, which includes marine, were down 1%, and the company expects full-year total sales growth of approximately 8%.
The German sailboat builder said net sales increased 37% compared with the same quarter in the previous year.
The electric PWC manufacturer posted $4.1 million in revenue, compared with $399,525 in the prior-year quarter.
The company, which is also the parent of Aquasport and Forza X1, reported revenues of $33.42 million.
Net sales for fiscal year were up $181 million, an increase of 8% from the prior fiscal year.
Declines in marine and RV wholesale unit shipments resulted in an 18% decline in revenues compared year-over-year
The company reported an operating loss of $994,984 for quarter as it prepares to commence boatbuilding next March.
The electric-vehicle manufacturer had revenue of $3.07 million for the quarter and delivered 112 Orca personal watercraft.
The company had an 8% increase in consolidated net revenue for the nine months ended Sept. 30 but a decline in gross profit.
The Chaparral and Robalo parent said a downturn in net sales was driven by a “normalization of retail boat demand.”
Net sales for the electrical solutions segment, which includes marine, were down 1%, and the company expects full-year total sales growth of approximately 8%.
The German sailboat builder said net sales increased 37% compared with the same quarter in the previous year.
The electric PWC manufacturer posted $4.1 million in revenue, compared with $399,525 in the prior-year quarter.
