ORLANDO, Fla. (BRAIN) — Recumbent trike manufacturer Catrike stated Wednesday that revenue grew 23 percent in its 2018 fiscal year.
"Catrike's continued growth is a result of our focus on production efficiency and a long-term commitment from a network of premium dealers," Catrike general manager Mark Egeland said. "We are dedicated to supporting our dealer network with excellent products and customer service. Catrike works hard to innovate, balance workflows and optimize the production line to deliver quality, U.S.-made trikes at competitive margins."
Catrike attributed the growth in part to its updated 700 race model that debuted at last year's Interbike expo. Upgrades include a Zipp through-axle rear wheel, FSA carbon fiber crank, and an updated ergonomic mesh seat.
The company was recently featured on Inc. Magazine's annual list of the nation's fastest-growing private companies for a second consecutive year. During the past year, Catrike has also expanded its Orlando production facility by 17,000 square feet and added new sales offices and staff.
Catrike sells exclusively through IBDs, with a network of more than 200 dealers worldwide.
