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The 2023 Miami Boat Show has officially come to a close after flooding Miami Beach with all things marine and marine adjacent the past five days. As my second consecutive year attending the show, I noticed a significantly larger footprint for electrification in the segment; I not only got an up-close look at many of the electric boats we cover but also got introduced to several up-and-coming companies, which you can learn more about below.

The Discover Miami International Boat show is the culmination of two previous events – the Miami International Boat Show and the Miami Yacht Show – combining in recent years to form the world’s largest boat and yacht show.

For nearly a week each year, the Miami Boat Show takes over Herald Plaza, Venetian and Museum Park Marinas, and the entire Miami Beach Convention Center to showcase everything from mega yachts to the accessories you can use while aboard.

Last year, the event dedicated an entire footprint to marine electrification called the Charged! Electric Pavilion. Naturally, I was excited to check it out but found its roster of marine EVs to be a bit lackluster. At the time, however, I was told the presence of electric boats and other forms of micro mobility would be much larger in 2023, and that was true.

The 2023 Miami Boat Show had a lot more to offer in terms of exciting new marine EVs and their adjacent technologies. Still, the marine EV segment has just barely launched from the dock compared to the rest of the show, but its growth looks extremely promising. Here are some of the standouts from my visit to Miami Beach this year.

  • Miami Boat Show

The Miami Boat Show saw many more electric boats in 2023

The 2023 Miami Boat Show not only saw a more crowded Charged! Electric Pavilion (which was indoors with air-conditioning this year, by the way), but there were also some familiar faces in attendance. The pavilion was sponsored by Ford Motor Company, so it had an F-150 Lightning and Mustang Mach-E on display, spreading the good word about EV adoption.

Vision Marine was also in attendance this year after being one of the only electrified marine companies on display in 2022. As a legacy boatbuilder just starting to dip its toe into electrification, Chris-Craft was on the main floor of the convention center rather than with the other EVs, but it gave me the chance to see its new concept up close and climb aboard. (See above.)

  • Chris-Craft:
    • The Launch 25 GTe electric boat concept debuted on day one of the Miami Boat Show and was only on display throughout the week. This 133 kWh concept was quite sleek in person, but I feel that Chris-Craft will need to bolster its battery propulsion to add more time on the water for the consumer market.
    • In speaking with the team, it intends to use the Launch 25 GTe for testing and developing it further. I’d say they’re off to a good start here and am looking forward to following the company in the future.
  • Ingenity Electric:
    • One year after debuting its all-electric 23E day boat at the same Miami Boat Show and winning the 2022 Innovation Award for deck boats, Ingenity Electric was back with two boats on display. In addition to the aforementioned 23E, Ingenity also integrated its propulsion technology into a luxury mahogany speedboat from the famed boatbuilder Hacker-Craft.
    • This 27-foot special sport speedboat is top-notch quality and can now operate on the water with zero emissions, thanks to its “Powered by Ingenity” tag. It can be yours for a cool $700,000.
  • Voltari:
    • Electric marine performance and carbon fiber specialist Voltari is a newer company on my radar, so I was super stoked to visit its booth at Herald Plaza and see two of the Voltari 260s up close.
    • The black one was the boat that recently journeyed from South Florida to the Bahamas on a single charge. These boats are truly sharp up close and are built with some super lightweight materials – perfect for extended time on the water. Founder and CEO Cam Heaps walked me through everything and let me climb aboard. This is for sure an electric boat company to watch.
  • X Shore:
    • X Shore is a company we’ve covered many times in recent years at Electrek, so it’s always nice to see it promoting its unique electric boats wherever it is. The boats were front and center in the electric pavilion at this year’s Miami Boat Show.
    • X Shore had two versions of Eelex 8000 on display, which debuted last summer, but I was bummed to see that the upcoming X Shore 1 was not on display. Maybe next year!

Micro mobility on the water is going electric more quickly

Inside the Charged! Electric Pavilion and scattered all throughout this year’s Miami Boat Show was a multitude of exciting companies developing fully electric marine micro mobility. Some names you may recognize, others may be new, but this segment appears to be going electric quite quickly. That makes sense since these toys would make an excellent addition to anyone’s giant boat.

  • Flite:
  • FOIL:
    • Unlike Flite, which is an established name in eFoils, FOIL was newer to me and took me forever to find since its booth was buried away upstairs in the boat accessories section. Still, the company’s tech looks promising and will be one I intend to keep tabs on. More news to come.
  • JetSurf USA:
    • I approached JetSurf at the 2022 Miami Boat Show about collaborating, but they were busy launching their lineup of motorized surfboards. This year was different. While the company does sell several gas-powered boards, it offers an electric surfboard I was able to take out to sea and test for myself.
    • I will need more practice before I share any of that footage, but these jet-propelled electric boards can move, hence why JetSurf has established a marine racing league open to all brands, not just its own products. They told me someone can even backflip on one. Wow.
    • The company also makes electric skateboards, including its RIDE model, which I also tested out and loved. Oh, they also have a special “yacht version” that has a teakwood-style grip. How perfect for a yacht owner? I’m working on full reviews of both electrified products, so be sure to check back for updates on that.
  • SEABOB:
    • At this point, SEABOB feels like a staple at any boat show. It was in Miami last year, I spoke with the team at the show in Chicago in January, and here it was again at the 2023 Miami Boat Show.
    • These personal electric marine crafts are perfect for solo riding through water without emissions and come in a plethora of styles and colors. I’m looking forward to staying in touch and taking one out myself in Southern California this year.
  • Taiga Motors:
    • Lastly, I ran into a familiar face at Taiga Motors. The Canadian electric mobility company had its Orca electric watercraft on display this year, and boy, do they look fun. Electrek’s Fred Lambert has already been lucky enough to test out the Orca, and I’m jealous.
    • Perhaps I can try and test out Taiga’s all-electric snowmobiles, which began deliveries last year. Fingers crossed!
Miami Boat Show
Taiga’s booth with two Orcas on display

Overall, the 2023 Miami Boat Show was once again worth the trip because there was way more to see and report back to you readers compared to last year. I’m confident next year will bring even more exciting marine electrification to the show’s visitors, as more and more consumers that wealthy enough to afford a boat consider an all-electric one.

That or an electric surfboard, eFoil, or watercraft – the list goes on. Other marine technologies like electric outboard motors and fast chargers from Aqua superPower were more prominent this year too, offering more hope for existing boat companies adding all-electric options to their lineups.

I’m working on several of the test rides and reviews mentioned above, so expect a much more in-depth look at the expanding world of marine electrification in 2023.

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Venmo revenue grows 20%, with debit card payment volume soaring

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Venmo revenue grows 20%, with debit card payment volume soaring

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Venmo, long a centerpiece of PayPal‘s growth story but often criticized for its lack of monetization, is becoming a bigger contributor to the business.

PayPal said Tuesday in its first-quarter earnings release that revenue at Venmo increased 20% year-over-year in the first quarter, though the company didn’t provide a dollar figure. PayPal acquired Venmo in 2013 through the acquisition of parent company Braintree.

While it’s long been a popular consumer service for sending money to friends, Venmo’s ability to drive meaningful revenue has been a major question mark for investors, especially as competition from rivals like Zelle and Square Cash has intensified.

Venmo’s total payment volume rose 10% from a year earlier, but revenue grew twice as fast, reflecting the business opportunity. Venmo only gets revenue from specific products like Pay with Venmo at online checkout, Venmo debit cards, and instant transfers, but not from peer-to-peer payments.

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Ahead of the earnings report, Jefferies analysts noted that Venmo revenue growth appeared to be “accelerating sharply” and flagged its rising contribution to branded checkout as a key area to watch. Compass Point analysts similarly said that while competition from Zelle and Square Cash remains fierce, Venmo’s traction with debit cards and online checkout could “open up new monetization avenues” if adoption trends continue.

The company added nearly 2 million first-time PayPal and Venmo debit card users during the quarter, and total debit card payment volume across PayPal and Venmo climbed more than 60%. Meanwhile, Pay with Venmo transaction volume surged 50% year over year, and Venmo debit card monthly active users grew about 40%.

PayPal reported better-than-expected earnings for the quarter but missed on revenue. The company reaffirmed its full-year guidance, citing macroeconomic uncertainty.

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PayPal CEO Alex Chriss: Huge opportunity to deliver to consumers and help small business

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PayPal reports first-quarter earnings beat, maintains forecast

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PayPal reports first-quarter earnings beat, maintains forecast

CEO of PayPal Alex Chriss speaks during the Semafor 2025 World Economy Summit at Conrad Washington on April 24, 2025 in Washington, DC.

Alex Wong | Getty Images

PayPal reported better-than-expected earnings for the first quarter, but the company missed on revenue and reaffirmed its guidance for 2025 due to macro uncertainty. The stock fell about 2% in pre-market trading.

Here’s how the company did compared with Wall Street estimates, based on a survey of analysts by LSEG:

  • Earnings per share: $1.33, adjusted vs. $1.16 expected
  • Revenue: $7.79 billion vs. $7.85 billion expected

While sales increased just 1% from $7.7 billion a year earlier, PayPal said the results reflect a strategy to prioritize profitability over volume, rolling off lower-margin revenue streams.

Transaction margin dollars, the company’s key measure of profitability, grew 7% to $3.7 billion, marking the company’s fifth consecutive quarter of profitable growth under CEO Alex Chriss.

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PayPal shares are down 24% this year, while the Nasdaq has dropped 10%

Total payment volume, an indication of how digital payments are faring in the broader economy, missed estimates, coming in at $417.2 billion, versus the nearly $418 billion analysts projected. The number of active accounts rose 2% from a year earlier to 436 million.

Venmo revenue rose 20% year over year, though the company didn’t provide a dollar figure. Total payment volume for Venmo increased 10% to $75.9 billion. Pay with Venmo transaction volume climbed 50% in the quarter and Venmo debit card monthly active users increased by about 40%.

Chriss has focused on better monetizing key acquisitions like Braintree and Venmo. DoorDash, Starbucks and Ticketmaster are among businesses now accepting Venmo as one way that consumers can pay.

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Ahead of PayPal’s earnings report, some analysts had struck a cautious tone despite the company’s focus on margin expansion. Morgan Stanley analysts warned in a note on Monday that investor sentiment remained bearish due to the potential impact of tariffs, competitive pressure from Apple and Shopify, and the risk of a long-term slowdown in branded checkout growth.

Jefferies analysts highlighted PayPal’s China cross-border exposure as an emerging risk tied to potential new tariffs and changes to the de minimis exemption.

For the second quarter, PayPal issued better-than-expected guidance, forecasting adjusted earnings per share of $1.29 to $1.31, above the average analyst estimate of $1.21. Transaction margin dollars will increase 4% to 5% to between $3.75 billion and $3.8 billion, the company said.

However, for the full year, PayPal chose to reaffirm its guidance, citing “global macroeconomic uncertainty.” The company expects earnings per share of $4.95 to $5.10 for the year and free cash flow in the range of $6 billion to $7 billion.

PayPal shares are down 24% this year, while the Nasdaq has dropped 10%.

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BP profit falls sharply but CEO says oil major ‘off to a great start’ in strategy reset

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BP profit falls sharply but CEO says oil major 'off to a great start' in strategy reset

British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.

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British oil giant BP on Tuesday posted slightly weaker-than-expected first-quarter net profit, following a recent strategic reset and a slump in crude prices.

The beleaguered oil and gas major posted underlying replacement cost profit, used as a proxy for net profit, of $1.38 billion for the first three months of the year. That missed analyst expectations of $1.6 billion, according to an LSEG-compiled consensus.

BP’s net profit had hit $2.7 billion a year earlier and $1.2 billion in the final three months of 2024.

The results come as the energy major faces fresh pressure from activist investors less than two months after announcing a strategic reset.

Seeking to rebuild investor confidence, BP in February pledged to slash renewable spending and boost annual expenditure on its core business of oil and gas.

BP CEO Murray Auchincloss told CNBC’s “Squawk Box Europe” on Tuesday that the firm was “off to a great start” in delivering on its strategic reset.

BP CEO Murray Auchincloss discusses first-quarter results

“We had a great operational quarter. We had our highest upstream operating efficiency in history. Our refineries in the first quarter ran at the best they’ve run in 24 years. We had six exploration discoveries in a row, which is really unusual and we started out three major projects,” Auchincloss said.

For the first quarter, BP announced a dividend per ordinary share of 8 cents and a share buyback of $750 million.

Net debt rose to $26.97 billion in the January-March period, up from $22.99 billion at the end of the fourth quarter. BP had previously warned of lower reported upstream production and higher net debt in the first quarter, when compared to the final three months of last year.

Shares of BP fell 3.3% on Tuesday morning. The firm is down roughly 8% year-to-date.

Activist pressure

BP’s green strategy U-turn does not appear to have gone far enough for the likes of activist investor Elliott Management, which went public last week with a stake of more than 5% in the London-listed firm.

The disclosure makes the U.S. hedge fund BP’s second-largest shareholder after BlackRock, the world’s largest asset manager, according to LSEG data.

Elliott was first reported to have assumed a position in the oil and gas company back in February, driving a share price rally amid expectations that its involvement could pressure BP to shift gears back toward its oil and gas businesses.

BP’s Auchincloss declined to comment on interactions with investors when asked whether the firm was under pressure from the likes of Elliott to go beyond the plans announced in its February pivot.

Notably, BP suffered a shareholder rebellion at its annual general meeting earlier this month. Almost a quarter (24.3%) of investors voted against the re-election of outgoing Chair Helge Lund, a symbolic result that reflected a sense of deep frustration among the firm’s shareholders.

Mark van Baal, founder of Dutch activist investor Follow This, told CNBC last week that he hoped the shareholder revolt means Amanda Blanc, who is leading the process to find Lund’s successor, will look for a new chair who is “climate competent” and “will not respond to short-term activists so quickly.”

Lund is expected to step down from his role next year.

Takeover candidate

BP’s underperformance relative to industry peers such as Exxon Mobil, Chevron and Shell has thrust the energy major into the spotlight as a prime takeover candidate. Energy analysts have questioned, however, whether any of the likeliest suitors will rise to the occasion.

BP’s Auchincloss on Tuesday said that he wouldn’t speculate on whether the company is a takeover target, but confirmed the oil major had not asked for any sort of protection from the British government.

“What I will say is we’re a strong, independent company and we’ve got sector-leading growth. And if we can deliver the sector-leading growth, and the first quarter is a fantastic example of that, then I have no concerns. I think we’re going to do great,” Auchincloss said.

Murray Auchincloss, chief executive officer of BP, during the “CERAWeek by S&P Global” conference in Houston, Texas, on March 11, 2025.

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Oil prices have fallen in recent months on demand fears. International benchmark Brent crude futures with June delivery traded at $65.19 per barrel on Tuesday morning, down more than 1% for the session. That’s lower from around $84 per barrel a year ago.

Asked whether weaker crude prices could put the some of the firm’s reset plans in jeopardy, Auchincloss said, “Not really. We have a balance of products that we think about that generate revenue for us. So, oil, natural gas and refined products as well.”

— CNBC’s Ruxandra Iordache contributed to this report.

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