Twin Vee PowerCats reported an 8% increase in consolidated net revenue for the nine months ended Sept. 30, bringing in $24.98 million compared with $23.2 million in the same period in 2022.
The Twin Vee brand had a net operating loss of $512,466 compared with a net loss of $341,344 in the same time frame in 2022.
The loss was stated before consolidating Twin Vee’s electric boat company. The Aquasport division contributed a cumulative net loss of $1.1 million for the first nine months of the year. The gas-powered segment had a combined net loss of $1.63 million compared with $341,344 last year.
Gross profit for the nine months ended Sept. 30 was $7.9 million compared with $9.2 million a year ago.
Forza X1 posted a net loss of $ 4.5 million for the first nine months of the year compared with a net loss of $2,209,238 a yar ago.
“The general economic landscape and the rising interest rate environment are creating challenges and downward pressure on customer demand for most models across both brands,” Joseph Visconti, CEO and president of Twin Vee PowerCats, said in a statement. “Not only are entry-level buyers affected by higher interest rates, but cash buyers and boat clubs are also exhibiting reduced appetites. … Twin Vee’s executive team is working to effectuate tighter operating controls while looking into the future, smartly developing new models, expanding the dealer network, and laying the groundwork for the next market upswing.”
Twin Vee this month closed its White Bluff, Tenn., facility and consolidated production in Fort Pierce, Fla. The company said it plans to produce new 240 CC and 280 CC models that will be available over the next two quarters.
“Given the abrupt slowdown in demand, however, the company’s primary objectives arenow to tighten spending, as well as to streamline inventory levels across the board,” Visconti added.
