---
schema_version: "secwatch.filing_event.v1"
accession: "0001731122-23-001467"
form_type: "8-K"
ticker: "VEEE"
cik: "0001855509"
company_name: "Twin Vee PowerCats, Co."
filed_at: "2023-08-14T23:59:59+00:00"
generated_at: "2026-06-11T12:44:51.845482+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001731122-23-001467
- form_type: 8-K
- ticker: VEEE
- cik: 0001855509
- company_name: Twin Vee PowerCats, Co.
- filed_at: 2023-08-14T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1855509/000173112223001467/0001731122-23-001467-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1855509/000173112223001467/e4940_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001731122-23-001467
- JSON: https://secwatch.observer/filing/0001731122-23-001467.json
- Plain text: https://secwatch.observer/filing/0001731122-23-001467.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1855509/000173112223001467/0001731122-23-001467-index.htm

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