Business
Twin Vee PowerCats Co. Reports 4% Increase in Revenue for the Year Ended December 31, 2023
FORT PIERCE, FL / ACCESSWIRE / March 26, 2024 / Twin Vee PowerCats Co. (NASDAQ:VEEE) ("Twin Vee" or the "Company"), a designer, manufacturer and distributor
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / March 26, 2024 / 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, 2023.Highlights for fiscal year 2023:Revenue for the year ended December 31, 2023 increased 4% to $33,426,000 as compared to $31,988,000 in 2022.Twin Vee had a net loss of $2,348,000 for the year ended December 31, 2023, as compared to a net loss of $2,144,000 in 2022.Aquasport had a net loss of $1,482,897 for the year ended December 31, 2023.Forza X1 had a net loss of $ 5,933,000 for the year ended December 31, 2023, as compared to a net loss of $3,630,000 in 2022.Twin Vee's consolidated cash, cash equivalents, restricted cash and marketable securities were $21,218,000 on December 31, 2023, as compared to $26,249,000 on December 31, 2022.Announced Autonomous A.I. Technology Partnership to create the world's first autonomously equipped recreational sport boats.Forza announced construction of a new 60,000 square foot state-of-the-art manufacturing facility in Marion, North Carolina, is progressing on schedule.Twin Vee's core business, gas powered boats, had cash, cash equivalents, restricted cash and marketable securities of $8,396,000 on December 31, 2023, as compared to $13,529,000 on December 31,2022.Twin Vee's consolidated total asset value was $39,847,000 on December 31, 2023. Forza's total asset value was $16,922,000 on December 31, 2023. Twin Vee's core business, gas powered boats had a total asset value of $22,906,000 on December 31, 2023.The Company is pleased to report a 4% increase in consolidated revenue for the year ended December 31, 2023, to $33,425,912 as compared to $31,987,724 in the same period in 2022. For the year ended December 31, 2023, Twin Vee alone had a net operating loss of $2,347,975, as compared to a net operating loss of $2,144,167 in the prior year. The Twin Vee operating loss is stated before consolidating Twin Vee's electric boat company Forza X1 and the expenses related to the Aquasport Facility in Tennessee. Twin Vee's new Aquasport monohull division, in Tennessee, contributed a cumulative net loss of $1,482,349, such that the gas-powered segment had a combined net loss of $3,830,872 for the year end...