Business
Twin Vee PowerCats Co. Reports Second Quarter 2024 Results of Operations
FORT PIERCE, FL / ACCESSWIRE / August 14, 2024 / Twin Vee PowerCats Co. (NASDAQ:VEEE) ("Twin Vee" or the "Company"), manufactures Twin Vee PowerCats and
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / August 14, 2024 / Twin Vee PowerCats Co. (NASDAQ:VEEE) (\"Twin Vee\" or the \"Company\"), manufactures Twin Vee PowerCats and AquaSport boats knows as offshore, family-friendly fishing boats from its factory in Fort Pierce, Florida today reported operational highlights and financial results for three months ended June 30, 2024.Highlights for three months ended June 30, 2024: (Unless otherwise noted, all comparisons are to the three months ended June 30, 2023, \"Q1\" refers to the three months ended March 31, 2024, \"Q2\" refers to the three months ended June 30, 2024, \"Twin Vee\" refers to the gas-powered segment, \"Forza\" refers to the electric boat and development segment, and \"consolidated\" refers to the consolidated results of Twin Vee PowerCats Co.)Twin Vee experienced a decline in demand for its products due to higher interest rates and slowing economic demand for recreational vehiclesProactive measures were taken to mitigate slowing demand challenges, including lowering production numbers, tightened financial controls, and a reduction in workforce.Revenue for Q2 decreased by 47% to $4,327,000 from $8,125,000 in the previous year.Twin Vee reported a minimal reduction in cash of $132,000 before capital purchases of $351,000 in Q2.Consolidated holdings of cash, cash equivalents, restricted cash, and marketable securities totaled $15,134,000 at the end of Q2 as compared to $17,381,000 at the end of Q1.Twin Vee reported $6,945,000 in cash, cash equivalents, restricted cash, at the end of Q2, down $483,000 from $7,428,000 at the end of Q1.Forza's cash and cash equivalents were $8,189,000 at the end of Q2 compared to $9,950,000 at the end of Q1.Consolidated net loss for Q2 was $4,519,000, which includes Twin Vee's Q2 net loss of $1,681,000 and Forza X1's Q2 net loss of $2,832,000.The decrease in cash reserves was primarily due to the Forza building additions, funds allocated by Twin Vee for new product development and building expansion as well as operational cash losses from reduced revenue in the second quarter of 2024, partially offset by favorable working capital management.At June 30, 2024;Consolidated total assets were $33,753,000.Forza's total assets were $13,157,000.Twin Vee's total assets were $20,596,000.Forza reduced cash burn during Q2 through lower SG&A, including salaries, wages, ...