After facing challenges in 2024, Twin Vee PowerCats Co is now experiencing a resurgence in demand and a revival of consumer confidence.
The company, known for producing and selling power sport boats, has observed a significant increase in orders and market activity in the early weeks of 2025 following a slow fourth quarter in 2024.
Joseph Visconti, the Chairman and CEO of Twin Vee, noted, "Q4 2024 marked the lowest demand for our products since Twin Vee went public on the Nasdaq." The company attributes this slowdown to various factors such as shifts in economic policies related to 'Bidenomics,' the national election cycle, high interest rates, and a general market apprehension.
The appointment of Shawn Erb as the director of sales, the addition of new dealers, and an inventory reduction initiative are credited for the current signs of optimism within the company.
During 2024, Twin Vee reduced supply levels by approximately 40%, allowing dealers the opportunity to restock their inventory.
Joseph mentioned, "Due to our efforts in expanding our dealer network, boat deliveries are projected to increase by over 50% in the first quarter of 2025 compared to the previous quarter." This growth is anticipated to lead to the first revenue increase in a considerable period, with further advancements expected throughout the year.
Joseph also highlighted that Twin Vee's 'Made in America' products are well-positioned to benefit from potential tariff hikes on imported goods.
"The investments we've made in efficiency, capacity, and intellectual assets, along with the new administration, will pave the way for a robust recovery this year," he explained. "Twin Vee is now focused on capitalizing on this strong start."
The boat manufacturer is pressing ahead with its projects and plans to introduce its redesigned 22ft BayCat in the second quarter.
In January 2025, Twin Vee revealed its intention to expand the use of robotics to accelerate product development processes.
The company, which merged with Forza X1 in 2024, aims to achieve a consolidated adjusted net loss of $400,000 per month as it concludes the first quarter of 2025.