Twin Vee Q1 revenue up 51% to $8.9M; core gas-boat segment nets $182K income

Twin Vee PowerCats, Co.

2024-Q1 EPS reported -$0.12 revenue$8,877,215

Revenue of $8.9M, up 51% YoY from $5.9M; gross profit of $3.2M vs $2.4M.
Core gas-powered boats segment net income of $182K vs loss of $626K in Q1 2022.
Consolidated net loss of $1.8M due to majority-owned Forza X1 electric boat unit loss of $2.0M.
Core business cash and securities $12.6M; total consolidated cash $23.5M.
Conference call at 12:00 PM ET May 15; dial-in 1-877-407-3982 ID 13738651.

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 0.95

Twin Vee PowerCats, Co. reported the three months ended March 31, 2023 results: revenue $8.9 million, net income total net loss of $1.8 million.

Period: the three months ended March 31, 2023
Revenue: $8.9 million
Net income: total net loss of $1.8 million
Result: reported results

Exact text from the filing

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 thousand for our gas powered boats reportable segment for the three months ended March 31, 2023, compared to a net loss of $626 thousand 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.

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Source: SEC EDGAR

accession 0001731122-23-000956

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