Twin Vee Q3 revenue up 114% to $8.8M; gas division posts adjusted net profit $577K

Twin Vee PowerCats, Co.

Q3 net sales $8.812M, up 114% YoY from $4.118M; gross profit $3.334M vs $1.610M.
Gas-powered division adjusted net income (non-GAAP) $577K, second consecutive profitable quarter since IPO.
Electric division (Forza X1) net loss $1,043K; consolidated due to 67% controlling stake.
Cash and marketable securities $22.886M as of Sept 30, 2022; Forza IPO net proceeds ~$15.231M.
Investing ~$3M in tooling, new molds, facility upgrades over past 12 months.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.8

Twin Vee PowerCats, Co. reported the three months ended September 30, 2022 results: revenue approximately $8,812,000.

Period: the three months ended September 30, 2022
Revenue: approximately $8,812,000
Result: reported results

Exact text from the filing

financials on a consolidated basis. Financial Highlights for the Quarter Ended September 30, 2022 : ● Net sales for the three months ended September 30, 2022 was approximately $8,812,000, representing a 114% increase compared to approximately $4,118,000 for the three months ended September 30, 2021. ● Gross profit for the three months ended September 30, 2022

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Source: SEC EDGAR

accession 0001731122-22-001899

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