In 1956, John "Woody" Woodson began experimenting with fiberglass technology to create 14- and 16-foot runabout boats called the Thunderbird with Richard C. Cole as his principal designer.

Cole pioneered the use of the cathedral hull, making the first successful sterndrive crossing from Miami to Nassau in a Thunderbird in 1959.

[3] In 1964, Alliance Machine purchased Thunderbird and changed the name to Thunderbird/Formula, hoping this addition to their offshore racing team would also be successful.

In 1958, Vic Porter founded Duo Incorporated and started his career as a boat builder with his first 14-foot twin outboard-powered catamaran.

In 1970, Porter stepped away from his role as President of Duo Incorporated to begin Signa Corporation in Decatur, Indiana.

The Formula name continued to grow in popularity among the boating community due to many innovative designs.

Formula's main headquarters are in Decatur, Indiana, and manufactures 16 models of fast boats.