Twin Vee PowerCats announced its fiscal year 2024 earnings yesterday. Revenues decreased 57% to $14.4 million, down from $33.4 million the previous year. Adjusted net loss for 2024 was $7.7 million, compared with $7.3 million in 2023, demonstrating cost reduction management on the lower revenues, the company said in a statement.
“There is no doubt that 2024 was the most challenging year we have experienced as a public company, and the fourth quarter provided no relief, with revenues falling to a multiyear quarter low of $1.9 million,” president and CEO Joseph Visconti said in the statement.
“With the presidential election behind us, however,” he added, “we have experienced a renewed interest in both our Twin Vee line and Aquasport monohull line, with a growing backlog and new dealers seeking to be a part of this expanding Twin Vee and Aquasport family.”
In its outlook for 2025, the company said it expects first-quarter revenue to grow by more than 50%. The builder said it has added six dealer locations and expects to further expand the network throughout the year. Twin Vee has also completed a 30,000-square-foot expansion of its manufacturing facility, which now has 100,000 square feet of production capacity.
