Twin Vee Powercats recently published the results of its fiscal first quarter, ended March 31. The builder reported a 51% increase in net revenue and gross profits of $3.2 million in the quarter.
The company said in a statement: “We have made great progress in expanding the Twin Vee model lineup and our product offerings. We feel confident that our newly announced Aquasport monohull boat brand will continue our ability to scale our overall business and grow our brands. As we continue to watch market conditions, dealer inventory levels and economic indicators that might affect our business, our goal is to streamline inventory levels and tighten production costs.”
Net income from the company’s gas-powered boats segment was $182,000, compared with a loss of $626,000 in the year-ago quarter. The company attributed a total net loss of $1.8 million in the first quarter of 2022 to its majority ownership in Forza X1, which will build the F-22 electric center console, amongst other models, at a factory being built in Marion, N.C.
Twin Vee did not release further guidance about the remainder of fiscal year 2023 in its statement.
