Forza X1 (FRZA) subsidiary of Twin Vee (VEEE) reports Q2 cash $16.5M, $12M purchase order

Twin Vee PowerCats, Co.

2023-Q2 EPS reported -$0.26 revenue$17,001,847

Cash and cash equivalents of $16.5M as of June 30, 2023; working capital $16.8M.
Received initial purchase order from OneWater Marine for 100 units of 22-foot electric monohull, representing ~$12M revenue.
Completed public offering of 5.34M shares at $1.50/share for gross proceeds of $8M, to fund NC manufacturing facility.
Expect revenues from electric boat sales to commence in late 2023/early 2024; continues prototype development.
North Carolina factory land clearing and rough grading complete; final grading and site construction expected before end of Q3 2023.

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 0.9

Twin Vee PowerCats, Co. reported financial results for the quarter ended June 30, 2023.

Period: the quarter ended June 30, 2023
Result: reported results

Exact text from the filing

On August 7, 2023, Twin Vee PowerCats Co.’s subsidiary, Forza X1, Inc., issued a press release announcing its financial results for the quarter ended June 30, 2023.

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Source: SEC EDGAR

accession 0001731122-23-001422

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