Twin Vee Powercats Co. (NASDAQ: VEEE) shares jumped about 80% after the Company reported a 158% increase in revenue and adjusted net profits of $607,000 for its gas-powered division for the second quarter of 2022.
Twin Vee is a designer, manufacturer, distributor, and marketer of power sport catamaran boats. The Company is located in Fort Pierce, Florida and has been building and selling boats for over 26 years.
The company indicated that, “Our continued efforts to streamline our manufacturing process and to become a lean organization have started to take hold, resulting in our first profitable quarter for our gas-powered division since our IPO in July 2021. The demand of our products and manufacturing efficiencies have increased our unit throughput to an average of 4.75 boats a week, up from approximately 3.25 boats per week in the fourth quarter of 2021.
We continue to watch market conditions, dealer inventory levels and economic indicators that might affect our business or the buying decisions of our customers. Our goal is to maintain our current production momentum, maintain and streamline inventory levels and remain focused on hiring qualified production and administrative staff to further strengthen our productivity, drive efficiencies, and maintain a high level of quality.
We are supporting our growth with new boat models, increased production capabilities, strengthening our human capital and investing approximately $3 million in tooling, new molds for our 260 GFX, 280, 340 and 400 GFX , facility upgrades and capital equipment in the past 12 months.”