Business
Twin Vee Powercats Co. Reports a 114% Increase in Revenue, Adjusted Net Profits of $577,000 for Its Gas-Powered Division for the Third Quarter of 2022
FORT PIERCE, FL / ACCESSWIRE / November 8, 2022 / Twin Vee PowerCats Co. (NASDAQ:VEEE) ("Twin Vee" or the "Company"), a designer, manufacturer, distributor,
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / November 8, 2022 / Twin Vee PowerCats Co. (NASDAQ:VEEE) (\"Twin Vee\" or the \"Company\"), a designer, manufacturer, distributor, and marketer of power sport catamaran boats, today reported operational highlights and financial results for the third quarter of fiscal 2022.\"We are pleased to report a 114% increase in net revenue for the three months ended September 30, 2022, compared to 2021, while also adding additional models to our lineup and expanding our dealer network. Our continued efforts to streamline our manufacturing process and to become a lean organization have started to take hold, resulting in our second consecutive profitable quarter for our gas-powered division since our IPO in July 2021.We continue to watch market conditions, dealer inventory levels and economic indicators that might affect our business or the buying decisions of our customers. Our goal is to maintain our current production momentum, maintain and streamline inventory levels and remain focused on hiring qualified production and administrative staff to further strengthen our productivity, drive efficiencies, and maintain a high level of quality.We are supporting our growth with new boat models, increased production capabilities, strengthening our human capital and investing approximately $3 million in tooling, new molds for our 260 GFX, 280, 340 and 400 GFX , facility upgrades and capital equipment in the past 12 months.\"\"The net loss for the three months ended September 30, 2022, is a reflection of the investment the Company was making into its Electric division Forza X1. The Forza X1 subsidiary was taken public in August 2022, and now has its own funds for ongoing development costs of our electric boats, electric product development and the development of our North Carolina factory, which is being designed and constructed to build electric boats. Yet, due to the Twin Vee's 67% controlling stake in Forza X1, which now trades on the NASDAQ under the symbol FRZA, Twin Vee will continue to be required to report its financials on a consolidated basis.Financial Highlights for the Quarter Ended September 30, 2022 :Net sales for the three months ended September 30, 2022 was approximately $8,812,000, representing a 114% increase compared to approximately $4,118,000 for the three months ended September 30, 2021.Gross profi...