Business
Twin Vee PowerCats Co. Reports Third Quarter 2024 Results of Operations
FORT PIERCE, FL / ACCESSWIRE / November 14, 2024 / Twin Vee PowerCats Co. (Nasdaq:VEEE) ("Twin Vee" or the "Company"), a manufacturer of Twin Vee PowerCats
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / November 14, 2024 / Twin Vee PowerCats Co. (Nasdaq:VEEE) (\"Twin Vee\" or the \"Company\"), a manufacturer of Twin Vee PowerCats and AquaSport boats known as offshore, family-friendly fishing boats from its factory in Fort Pierce, Florida, today reported operational highlights and financial results for the three months ended September 30, 2024.Highlights: (Unless otherwise noted, all comparisons are to the three months ended September 30, 2023, \"Q1\" refers to the three months ended March 31, 2024, \"Q2\" refers to the three months ended June 30, 2024, \"Q3\" refers to the three months ended September 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.)Shareholders of both Twin Vee and Forza X1, Inc. (OTC: FRZA) voted in favor of the merger of these two entities.Twin Vee continues to experience industry wide declining demand for recreational marine vehicles.Proactive measures were taken to mitigate slowing demand challenges, including lowering production numbers, tightened financial controls, and a reduction in workforce.Consolidated revenue for Q3 decreased by 64% to $2,901,000 from $8,077,000 in Q3 2023.Consolidated holdings of cash, cash equivalents, restricted cash, and marketable securities totaled $11,358,000 at the end of Q3 as compared to $15,134,000 at the end of Q2.Consolidated net loss for Q3, was $3,010,000, which includes Twin Vee's Q3 net loss of $2,114,000 and Forza X1 Q3 net loss of $896,000.Twin Vee adjusted net loss was $1,402,000 or $467,000 per month in Q3.Forza adjusted net loss was $427,000 or $155,000 per month in Q3.The decrease in cash reserves was primarily due to the Twin Vee building expansion, new product development, merger related costs and operational cash losses from reduced revenue in the third quarter of 2024 and payments against vendor balances that had grown during the second quarter.At September 30, 2024:Consolidated total assets were $30,140,000.Consolidated total equity was $23,208,000\"The recreational marine industry has continued to be challenged by declining customer demand. The recent Fort Lauderdale International Boat Show was well-attended and Twin Vee had several models on display, with dealers reporti...