Business
Twin Vee Powercats Co. Reports a 51% Increase in Revenue for the Three Months Ended March 31, 2023
FORT PIERCE, FL / ACCESSWIRE / May 15, 2023 / Twin Vee PowerCats Co. (Nasdaq:VEEE) ("Twin Vee" or the "Company"), a designer, manufacturer and distributor of
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / May 15, 2023 / Twin Vee PowerCats Co. (Nasdaq:VEEE) (\"Twin Vee\" or the \"Company\"), a designer, manufacturer and distributor of recreational and commercial, off-shore power catamaran boats, today reported operational highlights and financial results for the three months ended March 31, 2023.We are pleased to report a 51% increase in net revenue for the three months ended March 31, 2023 to $8.9 million compared to $5.9 million in the same period in 2022, and net income of $181,000 for our gas powered boats reportable segment for the three months ended March 31, 2023, compared to a net loss of $626,000 for the same period in 2022. The total net loss of $1.8 million for the three months ended March 31, 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 to GAAP accounting policy. Twin Vee, net of Forza X1, had cash, cash equivalents, restricted cash and marketable securities of approximately $12.6 million as of March 31, 2023.We have made great progress in expanding the Twin Vee model lineup and our product offerings, we feel confident that our newly announced Aquasport mono-hull boat brand will continue our ability to scale our overall business and grow our brands. As we continue to watch market conditions, dealer inventory levels and economic indicators that might affect our business, our goal is to streamline inventory levels and tighten production costs.First Quarter 2023 Financial Highlights:Revenue for the three months ended March 31, 2023 was approximately $8,877,000, representing a 51% increase compared to approximately $5,886,000 for the three months ended March 31, 2022. Gross profit for the three months ended March 31, 2023 was approximately $3,222,000 compared to a gross profit of approximately $2,434,000 for the three months ended March 31, 2022. Net income from operations of the Company's core business, gas-powered boats, was approximately $182,000 for the three months ended March 31,2023. Forza X1, the electric boat entity, in which the Company is a majority shareholder, incurred a net loss of approximately $2,005,000, for the three months ended March 31, 2023. Fix My Boat, the Company's franchise busin...