Business
Twin Vee Powercats Co. Reports a 18% Increase in Revenue for the Six Months Ended June 30, 2023
FORT PIERCE, FL / ACCESSWIRE / August 14, 2023 / 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 / August 14, 2023 / 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 the three and six months ended June 30, 2023.We are pleased to report an 18% increase in net revenue for the six months ended June 30, 2023, to $17,000,000 compared to $14,400,000 in the same period in 2022. We had a net loss of $234,000 for our gas powered boats segment for the six months ended June 30, 2023 compared to net loss of $554,000 for the same period in 2022. The total net loss attributed to stockholders of Twin Vee of $2.5 million for the six months ended June 30, 2023, is a direct reflection of Twin Vee's majority ownership in Forza X1, Inc. (Nasdaq: FRZA), the electric boat company in which we own a majority stake, and Twin Vee's requirement to file consolidated financial statements in accordance with GAAP accounting. Twin Vee, net of Forza X1, had cash, cash equivalents, restricted cash and marketable securities of approximately $11,437,000 as of June 30, 2023.The general economic landscape, including rising interest rates, continues to have a direct effect on consumers purchasing boats and recreational vehicles. While we have seen entry level buyers affected by higher interest rates, we are also seeing cash buyers and boat clubs maintaining a healthy demand for our boats. Due to the changing environment and consumer demands, we continue expanding our product offerings including the new Twin Vee 400 GFX and our 280 GFX dual console.Our acquisition of the Iconic monohull brand AquaSport boats is off to a good start. While requiring cash outlay and startup expenses, the acquisition of AquaSport has allowed us to partner with over 10 new dealers with over 36 locations. We feel confident that our Aquasport mono-hull boat brand will continue our ability to scale our overall business and grow our brands while appealing to a broader market. The monohull market is extremely competitive, which we expect put downward pressure on our gross margins as we enter this market, which we saw in the second quarter. But it is also the largest market, and we believe that entering the market will propel Twin Vee to the next level, as we continue to watch market condition...