---
schema_version: "secwatch.filing_event.v1"
accession: "0001731122-23-000956"
form_type: "8-K"
ticker: "VEEE"
cik: "0001855509"
company_name: "Twin Vee PowerCats, Co."
filed_at: "2023-05-16T23:59:59+00:00"
generated_at: "2026-06-15T00:04:58.755342+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001731122-23-000956
- form_type: 8-K
- ticker: VEEE
- cik: 0001855509
- company_name: Twin Vee PowerCats, Co.
- filed_at: 2023-05-16T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1855509/000173112223000956/0001731122-23-000956-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1855509/000173112223000956/e4720_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001731122-23-000956
- JSON: https://secwatch.observer/filing/0001731122-23-000956.json
- Plain text: https://secwatch.observer/filing/0001731122-23-000956.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1855509/000173112223000956/0001731122-23-000956-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.