Twin Vee advances boat sales platform, set for May launch

FORT PIERCE, FL - Twin Vee PowerCats Co. (NASDAQ:VEEE), a well-known manufacturer and distributor of power sport boats trading at $2.78 per share, today announced significant progress in the development of BoatsForSale.com, its new digital marketplace. According to InvestingPro analysis, the company appears undervalued despite facing recent challenges, with a notably low Price/Book ratio of 0.22. The platform is on track for a full-scale launch by May 1, 2025, and aims to revolutionize the marketing and sales of new and used boats in the United States.

The company stated that BoatsForSale.com is in the final stages of migrating to a robust, scalable server infrastructure powered by Microsoft Azure and AI Foundry tools. Chief Information Officer Tom Huffman, who heads Twin Vee’s Digital Division, is leading the migration. While the company maintains a strong liquidity position with a current ratio of 2.78 and more cash than debt on its balance sheet, revenue declined by 57% in the last twelve months to $14.39 million. Huffman highlighted the platform’s focus on enhancing the connection between buyers and sellers through improved listing and search processes, coupled with strategic SEO and marketing to generate quality leads.

Joseph Visconti, CEO and President of Twin Vee, expressed confidence in the platform’s potential to provide a cost-effective and dealer-friendly alternative to existing classified platforms, which have been subject to criticism for rising fees. BoatsForSale.com is designed to prioritize dealers, offering advanced inventory management tools, dynamic dealer dashboards with real-time analytics, streamlined lead capture, and routing technology, among other features.

Visconti emphasized that the platform will be more than a mere listing site, describing it as an ecosystem that will serve as the national go-to platform for OEMs, dealers, and individual sellers to connect with buyers. Twin Vee anticipates that the platform will not only create operational synergy across its marine brands but also open a new channel for long-term revenue and brand equity.

The company plans to provide further updates in the coming weeks as it prepares to roll out dealer marketing programs, launch new technology modules, and establish BoatsForSale.com as a leading online marine marketplace. Investors can expect more details during the company’s next earnings report, scheduled for May 20, 2025. For comprehensive analysis and additional insights, including 17 key ProTips and detailed financial metrics, visit InvestingPro, where you’ll find an in-depth Pro Research Report on Twin Vee PowerCats Co. The information regarding these developments is based on a press release statement from Twin Vee PowerCats Co.

In other recent news, Twin Vee PowerCats Co. reported a significant decline in its financial performance for 2024, with net sales plummeting by 57% to $14.4 million compared to the previous year. The company’s revenue for the fourth quarter was particularly low at $1.9 million. Despite these challenges, Twin Vee ended the year with $7.7 million in cash and cash equivalents and anticipates a 50% increase in sales for the first quarter of 2025. In a strategic move, Twin Vee announced a 1-for-10 reverse stock split to comply with Nasdaq’s minimum bid price requirement, reducing the number of outstanding shares from 14.9 million to approximately 1.5 million. The reverse stock split was approved by shareholders and aims to elevate the per-share trading price. Additionally, Twin Vee completed the acquisition of the remaining 55% of Forza X1, which is expected to enhance operational efficiencies. The company is optimistic about market recovery and plans to focus on expanding its dealer network and improving operational efficiencies. Twin Vee’s management has expressed cautious optimism for the future, highlighting a shift towards higher-priced, larger boats.

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