Business
Twin Vee Powercats Co. Reports a 43% Increase in Revenue for the Year Ended December 31, 2021
FORT PIERCE, FL / ACCESSWIRE / March 30, 2022 / Twin Vee PowerCats Co. (Nasdaq:VEEE) ("Twin Vee" or the "Company"), a designer, manufacturer, distributor, and
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / March 30, 2022 / Twin Vee PowerCats Co. (Nasdaq:VEEE) (\"Twin Vee\" or the \"Company\"), a designer, manufacturer, distributor, and marketer of recreational and commercial power catamaran boats, today reported operational highlights and financial results for the year ended December 31, 2021.\"We are pleased to report a 43% increase in top line revenue for the year ended December 31, 2021, compared to 2020, and continue to be encouraged by our strong backlog of orders\" said Joseph Visconti, CEO of Twin Vee PowerCats Co. \"We continued to strengthen our performance throughout 2021 thanks to robust demand for our products. With the completion of our IPO in July 2021, we have strengthened our balance sheet. Execution of our business model remains focused on the development and launching of new Twin Vee models while increasing our output. We have invested heavily in human capital, to ensure that we have the right people in place as we add new models to our lineup and increase production of the number of boats we manufacture and deliver, while also adding dealers to our distribution network.\"\"The net loss for 2021 is a reflection of the positive changes the Company made to increase the number of models and the production line capacity. In 2021, we produced and delivered 123 boats, which was an increase of 27% over 2020. With much of the additional staff reflected in the increased costs for 2021, the Company expects in increase production capacity to over 200 boats in 2022, which will add to our financial strength.\"Year End 2021 Financial Highlights:Revenue for the year ended December 31, 2021 was approximately $15,774,000, representing a 43% increase compared to approximately $11,064,000 for the year ended December 31, 2020.Gross profit for the year ended December 31, 2021 was approximately $6,276,000 compared to a gross profit of approximately $4,774,000 for the year ended December 31, 2020.Net loss from our core business, gas-powered boats, was approximately $488,000 for the year ended December 31,2021. Net loss from our electric boat segment was approximately $458,000 and the net loss from our franchise business was approximately $65,000, both for the year ended December 31, 2021.Adjusted Net loss for the fiscal year ended December 31, 2021, which excludes non-cash charges, was approximately $419,...