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I can’t find any threads on the subject now but the 1,812 cc motors put out a little less than 180 hp per the conversion calculation, I think it came out to 177 hp, less if you have a CARB version. Yamaha stopped including hp ratings when it introduced these engine in their 240 series boats for the 2010 model year.
In searching for the conversion formula I did see this post indicating the hp of a stock 1,812 cc on a dyno.
For what it’s worh I have a wave runner with a 998 cc mr1, another with a 1052 cc mr 1 and a boat with twin 1812 cc motors. I also used to own a boat with twin 1052 cc motors. The 1052 has a noticeably better top speed and accererates a lot fast than the 998. The 1052 powered boat has about the same top speed as the 1812 powered boat but max rpm is 10,200 v 7,700ish, respectively. Because of this the 1052 make a lot higher pitched noise and I perceive it to accelerate faster than the 1812.
If the TR1 is only putting out 114 hp I hope Yamaha is not advertising it as High Output. If so they should qualify this with a comparison (e.g. to a 1994 wave blaster with 65 hp, a 1997 Seadoo pwc with a 110 hp two stoke or a new spark with 90 hp ho engine, recall that the base model comes with a 60 hp engine).
High output is relative, C cups on a 90 pound chick look big.
On a 400lb chick they look small. High output is just a term used for marketing, no statistics to match up to it.