Twin Vee reports 18% revenue growth in H1 2023 but net loss of $2.5M due to Forza X1 losses

Twin Vee PowerCats, Co.

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

Revenue for six months ended June 30, 2023 rose 18% YoY to $17.0M from $14.4M.
Gross profit slipped to $5.5M from $5.9M; core gas-powered boat net loss improved to $234K from $554K.
Consolidated net loss attributable to stockholders was $2.5M, driven by Forza X1's $3.5M loss.
Cash and marketable securities (consolidated) increased to $28.3M vs $9.9M a year ago.
AquaSport acquisition added 10+ new dealers but pressured gross margins.

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 0.85

Twin Vee PowerCats, Co. reported the six months ended June 30, 2023 results: revenue $17,002,000.

Period: the six months ended June 30, 2023
Revenue: $17,002,000
Result: reported results

Exact text from the filing

and financial results for the three and six months ended June 30, 2023. We are pleased to report an 18% increase in net revenue for the six months ended June 30, 2023, to $17,000,000 compared to $14,400,000 in the same period in 2022. We had a net loss of $234,000 for our gas powered boats segment for the six months ended June 30, 2023 compared to net loss of

View on SEC.gov

51 earnings releases filed in the last 30 days. Browse all earnings releases →

Twin Vee PowerCats, Co. filing history →

Source: SEC EDGAR

accession 0001731122-23-001467

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.