Twin Vee PowerCats said second-quarter revenue more than doubled and that its gas-powered division posted its first profitable quarter since the company’s initial public offering in July 2021. The Fort Pierce, Fla.-based builder also said it completed its IPO of Forza X1 last Friday.
Unit throughput increased to 4.75 boats per week, the company said in an earnings statement. The throughput was 3.25 boats per week in the fourth quarter of 2021.
Second-quarter revenue rose to $8.52 million, from $3.3 million in the second quarter of 2021. Twin Vee posted a net loss in the second quarter as a result of investment in electric-boat builder Forza X1, the company said.
“Forza X1 has successfully completed its initial public offering, and Twin Vee should no longer be required to fund Forza’s operations,” the statement said.
Twin Vee said it is monitoring dealer inventories and market conditions.
“Our goal is to maintain our current production momentum, maintain and streamline inventory levels, and remain focused on hiring qualified production and administrative staff to further strengthen our productivity, drive efficiencies and maintain a high level of quality,” the company said in the statement.
