Business
Twin Vee PowerCats Reports a 92% Increase in First Quarter 2025 Revenues from Previous Quarter
FORT PIERCE, FL / ACCESS Newswire / May 8, 2025 /Twin Vee PowerCats Co. (NASDAQ:VEEE),("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport boats, today announced its financial results for the first quarter ended ...
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESS Newswire / May 8, 2025 / Twin Vee PowerCats Co. (NASDAQ:VEEE),("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport boats, today announced its financial results for the first quarter ended March 31, 2025.","length":283,"tagName":"p"},{"type":"text","content":"First Quarter 2025 Highlights:","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Revenues of $3.6 million, a 91.7% sequential increase from the fourth quarter of 2024, compared to guidance of 50%.","length":115,"tagName":"p"}]},{"val":[{"type":"text","content":"Gross margin of 14.9%, an improvement of 961 basis points from the first quarter of 2024.","length":89,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted net loss averaged $333,000 per month during the quarter, an improvement of 17% over the previously guided Adjusted net loss of $400,000 per month.","length":155,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company's new dealer network is expanding Twin Vee's brand presence and geographic footprint.","length":105,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":464,"olType":false},{"type":"text","content":""We are pleased to report a strong start to 2025, with top-line growth and margin expansion that outpaced expectations," said Joseph Visconti, CEO and President of Twin Vee PowerCats Co. "Our team executed well across the board-growing revenues by more than 90% over the fourth quarter of 2024, expanding gross margins, and staying disciplined with operating costs. The addition of several new dealers in the first quarter underscores growing market confidence in the Twin Vee brand and further extends our reach into key regional markets."","length":560,"tagName":"p"},{"type":"text","content":"Visconti continued, "Looking ahead, we expect the second quarter to reflect continued sequential growth in revenue as market conditions gradually improve and consumer demand begins to rebound. We are committed to scaling responsibly, that is, balancing production increases with expense control and working capital discipline. With most of our heavy capital investments now behind us, we anticipate a more favorable cash profile going forward."","length":454,"tagName":"p"},{"type":"text","content":"Conf...