Twin Vee acquires top boating digital assets

FORT PIERCE, FL - Twin Vee PowerCats Co. (NASDAQ:VEEE), a notable player in the power sport boats industry with a market capitalization of $6 million, has announced the acquisition of two major digital platforms from OneWater Marine (NASDAQ:ONEW): BoatsForSale.com and YachtsForSale.com. These websites are recognized as the third-largest online boat marketplace in the United States, boasting over 42,000 unique listings. According to InvestingPro analysis, the company appears undervalued at its current price of $0.40 per share.

The move is part of Twin Vee’s strategy to diversify its business and strengthen its position as a marine and recreational company. This acquisition follows the company’s purchase of AquaSport Boats in 2023, furthering its expansion and growth. InvestingPro data shows analysts expect both sales and net income growth this year, suggesting potential positive momentum from these strategic moves.

Joseph Visconti, CEO of Twin Vee, highlighted the significance of the acquisition, stating it aligns with the company’s focus on innovation and digital transformation. The aim is to enhance the value of the company and provide a seamless experience for consumers, similar to successful automotive platforms.

The acquisition is expected to offer a competitive alternative to other online marketplaces, which have been criticized for rising listing and subscription fees. Twin Vee plans to leverage advanced technology to improve the user experience on these platforms, thereby supporting its dealer network with better sales tools and lead generation capabilities.

Twin Vee’s core business will continue to be the design and manufacturing of Twin Vee and AquaSport boats, which are sold through a nationwide network of dealers. However, this strategic move is set to enhance the company’s digital footprint and provide long-term value to its shareholders.

The press release emphasized that Twin Vee is committed to embracing new technologies and expanding its reach within the marine industry. This acquisition is a testament to the company’s forward-thinking approach and dedication to driving innovation in the recreational boating sector. The information is based on a press release statement from Twin Vee PowerCats Co. For deeper insights into Twin Vee’s financial health, valuation metrics, and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.

In other recent news, Twin Vee PowerCats Co. reported a challenging third quarter in 2024, with net sales dropping to $2.9 million, a 64% decrease from the previous year. The company sold 20 boats in the quarter, compared to 66 in the same period the previous year. Despite these operational losses, management remains optimistic about the company’s resilience and the future of the recreational vehicle and boating industry.

In other developments, Twin Vee PowerCats announced its plan to accept Bitcoin as a payment method for its Twin Vee and AquaSport boats. This initiative is part of the company’s strategy to modernize the purchasing process and expand its customer base.

Furthermore, Twin Vee PowerCats Co. has appointed Joseph Visconti as the new President, following the resignation of the former President, Karl Zimmer. Visconti, who has been serving as the Chief Executive Officer and Chair of the Board since 2015, will receive an annual base salary of $500,000 and is eligible for a performance-based cash bonus.

These are among the recent developments for Twin Vee PowerCats Co. as it navigates the post-pandemic market and prepares for future growth.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.