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

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Source: SEC EDGAR

accession 0001731122-23-001467

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