COURTESY TWIN VEE Twin Vee yesterday announced the results for its fiscal second quarter. The company posted a revenue increase of 18% to $17 million, compared with $14.4 million a year ago. However, the builder also reported a net loss of $234,000 for its gas-powered boat segment, compared with a $554,000 loss for the same period in 2022.
The company said a net loss to shareholders of $2.5 million reflects Twin Vee’s majority ownership in electric-boat builder Forza X1, which incurred a net loss of approximately $3.5 million for the six months ended June 30.
Twin Vee revealed gross profits of $5.5 million.
The company, in a statement, reported: “The general economic landscape, including rising interest rates, continues to have a direct effect on consumers purchasing boats and recreational vehicles. While we have seen entry-level buyers affected by higher interest rates, we are also seeing cash buyers and boat clubs maintaining a healthy demand for our boats.
“Our acquisition of the Iconic monohull brand Aquasport boats is off to a good start. While requiring cash outlay and startup expenses, the acquisition of Aquasport has allowed us to partner with over 10 new dealers with over 36 locations. We feel confident that our Aquasport monohull boat brand will continue our ability to scale our overall business and grow our brands while appealing to a broader market.”
The company did not provide forward-looking guidance for the remainder of 2023.
