Business
Twin Vee PowerCats Co. Reports Results for the Year Ended December 31, 2024
Initiates 2025 Outlook FORT PIERCE, FL / ACCESS Newswire / March 20, 2025 / Twin Vee PowerCats Co. (Nasdaq:VEEE) ("Twin Vee" or the "Company"), a designer, manufacturer and distributor of recreational and commercial power boats, today reported ...
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"Initiates 2025 Outlook ","length":32,"tagName":"p"},{"type":"text","content":"FORT PIERCE, FL / ACCESS Newswire / March 20, 2025 / Twin Vee PowerCats Co. (Nasdaq:VEEE) ("Twin Vee" or the "Company"), a designer, manufacturer and distributor of recreational and commercial power boats, today reported operational highlights and financial results for fiscal year ended December 31, 2024.","length":326,"tagName":"p"},{"type":"text","content":"Outlook for 2025:","length":17,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Expects first quarter 2025 revenues to grow sequentially more than 50%.","length":71,"tagName":"p"}]},{"val":[{"type":"text","content":"Added six new dealer locations in the first quarter of 2025 and expects to further expand dealer network throughout the year.","length":125,"tagName":"p"}]},{"val":[{"type":"text","content":"Expects to introduce several new models in 2025 including the all-new 22-foot BayCat which will be on display this week at the 43rd Palm Beach International Boat Show in booth/slip 1025 hosted by Palm City Yachts.","length":213,"tagName":"p"}]},{"val":[{"type":"text","content":"Completion of 30,000 sq. ft facility expansion, now 100,000 sq. ft of production capacity","length":89,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":498,"olType":false},{"type":"text","content":"Highlights for fiscal year 2024:","length":32,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Revenue for the year ended December 31, 2024 decreased 57% to $14,389,000 as compared to $33,426,000 in 2023.","length":109,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted net loss for 2024 of $7.7 million compared to $7.3 million in 2023 despite a 57% reduction in revenues demonstrating management commitment to cost reduction.","length":166,"tagName":"p"}]},{"val":[{"type":"text","content":"Consolidated cash, cash equivalents, restricted cash and marketable securities were $7,706,000 on December 31, 2024.","length":116,"tagName":"p"}]},{"val":[{"type":"text","content":"Completed the merger of Forza X1 into Twin Vee PowerCats on November 26, 2024.","length":78,"tagName":"p"}]},{"val":[{"type":"text","content":"Twin Vee's consolidated total asset value was $25,888,000 on December 31, 2024.","length":83,"tagName":"p"}]}],"tagName":"ul"...