Twin Vee PowerCats, Co.
Twin Vee PowerCats, Co. Q4 FY2024 earnings call
March 20, 2025 · fiscal period ended 2024-12
EPS · actual vs est
Revenue · actual vs est
Summary
Generated 2025-03-20
Management highlights
- 2025 is starting off strong with a growing backlog and an expected 50% increase in first quarter sales sequentially compared to the fourth quarter of 2024.
- 2024 was challenging with revenues falling to a multiyear quarter low of $1.9 million in the fourth quarter, impacted by post-COVID slowdown, high interest rates, inflation, and excess OneWater boats.
- Implemented aggressive cost-cutting measures in 2024, including reducing headcount, R&D, and discretionary spending.
- Acquired the remaining 55% of Forza X1 in November 2024, enabling better operational efficiencies.
- Shifted focus towards bigger, higher-priced boats in late 2023, resulting in a smaller decline in sales volume compared to revenue decline.
Segment performance
The company's net sales for the full-year 2024 were $14.4 million, a reduction of $19 million or 57% from 2023. The Twin Vee line and AquaSport monohull line saw renewed interest in 2025 with a growing backlog. In 2024, sales were down throughout the year, with revenues bottoming out at $1.9 million in the fourth quarter. The average sale price in 2024 was approximately $167,000, up 19% from $140,000 in 2023, largely due to the increase in the average length of boats sold.
Guidance
- 2025 is starting strong with a growing backlog and an expected 50% increase in first quarter sales sequentially compared to the fourth quarter of 2024.
- Cautiously ramping up production and bringing on additional labor slowly to ensure proper training and quality.
- Expect capital expenditures in 2025 to be significantly lower than in 2024 due to the facility in North Carolina being up for sale, facility expansion in Fort Pierce nearly complete, and CNC machine soon to be delivered.
Risks
- Post-COVID slowdown in the marine and recreational vehicle markets.
- Persistently high interest rates and inflation weighing on consumer demand.
- Industry overhang of excess OneWater boats sold at deep discounts intensifying market pressures.
- Forward-looking statements subject to risks and uncertainties described in the company's SEC filings.
Q&A highlights
Q: A: Q: A:
Key numbers
Reported versus consensus
Earnings calendar feed
| Metric | Reported | Consensus | Delta | Prior year |
|---|---|---|---|---|
| EPS | $-3.50 | — | — | — |
| Revenue | $1.9M | — | — | — |
Transcript
March 20, 2025Full transcript unavailable for redistribution
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