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8-K filed November 13, 2023, 6:59 PM ET ticker VEEE CIK 0001855509

earnings confidence high sentiment negative materiality 0.70

Twin Vee Q3 nine-month revenue up 8% to $24.98M but net loss more than doubles to $4.36M

Twin Vee PowerCats, Co.

2024-Q3 EPS reported -$0.46 revenue$24,980,902

Consolidated net loss attributed to stockholders widened to $4.36M vs $2.43M in prior-year period.
Gas-powered boat segment (Twin Vee + Aquasport) had combined net loss of $1.63M.
Forza X1 subsidiary net loss rose to $4.54M from $2.21M.
Company closed White Bluff, TN facility in November 2023, consolidating brands in Fort Pierce.
Cash and securities for core gas boat business were $8.54M as of Sept 30, 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 0.95

Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.

Period: nine months ended September 30, 2023
Net income: Forza X1 had a net loss of $ 4,535,100
Result: reported results

Exact text from the filing

The Company is pleased to report an 8% increase in consolidated net revenue for the nine months ended September 30, 2023, to $24,980,902 as compared to $23,217,634 in the same period in 2022.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.

Period: nine months ended September 30, 2023
Net income: Forza X1 had a net loss of $ 4,535,100
Result: reported results

Exact text from the filing

For the nine months ended September 30, 2023, Twin Vee alone had a net operating loss of $512,466, as compared to a net loss of $341,344 in the prior year.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.

Period: nine months ended September 30, 2023
Net income: Forza X1 had a net loss of $ 4,535,100
Result: reported results

Exact text from the filing

The consolidated net loss attributed to stockholders of Twin Vee was $4,363,150 for the nine months ended September 30, 2023 as compared to a consolidated net loss attributed to stockholders of Twin Vee of $2,430,128 in the prior year.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.

Period: nine months ended September 30, 2023
Net income: Forza X1 had a net loss of $ 4,535,100
Result: reported results

Exact text from the filing

Twin Vee’s new Aquasport monohull division contributed a cumulative net loss of $1,113,896, such that the gas-powered segment had a combined net loss of $1,626,362 for the nine months ended September 30, 2023, as compared to a net loss of $341,344 in the prior year.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.

Period: nine months ended September 30, 2023
Net income: Forza X1 had a net loss of $ 4,535,100
Result: reported results

Exact text from the filing

Forza X1, Inc. (NASDAQ: FRZA), the electric boat and development subsidiary in which Twin Vee has a 44.35% controlling interest, had a net loss of $4,535,100 for the nine months ended September 30, 2023 as compared to a net loss of $2,209,238 in the prior year.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.

Period: nine months ended September 30, 2023
Net income: Forza X1 had a net loss of $ 4,535,100
Result: reported results

Exact text from the filing

Twin Vee had a net loss of $512,466 for the nine months ended September 30, 2023 as compared to a net loss of $341,344 for the nine months ended September 30, 2022

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.

Period: nine months ended September 30, 2023
Net income: Forza X1 had a net loss of $ 4,535,100
Result: reported results

Exact text from the filing

Aquasport had a net loss of $1,113,897 for the nine months ended September 30, 2023

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.

Period: nine months ended September 30, 2023
Net income: Forza X1 had a net loss of $ 4,535,100
Result: reported results

Exact text from the filing

Forza X1 had a net loss of $ 4,535,100 for the nine months ended September 30, 2023 as compared to a net loss of $2,209,238 for the nine months ended September 30, 2022

View on SEC.gov

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Twin Vee PowerCats, Co. filing history →

Source: SEC EDGAR

accession 0001731122-23-002083

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