Twin Vee PowerCats FY2023 revenue up 4% to $33.4M, net loss widens to $7.2M consolidated

Twin Vee PowerCats, Co.

Revenue $33.4M (+4% YoY); Twin Vee standalone net loss $2.35M vs $2.14M prior year.
Consolidated net loss $7.19M, driven by Forza X1 loss of $5.93M vs $3.63M prior year.
Cash and marketable securities $21.2M consolidated; core gas-powered cash $8.4M.
Aquasport monohull division posted net loss of $1.48M.
CEO cites rising rates, lower demand; focusing on cost control and new model launches.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

Twin Vee PowerCats, Co. reported the fiscal year ended December 31, 2023 results: revenue $33,426,000, net income net loss of $2,348,000.

Period: the fiscal year ended December 31, 2023
Revenue: $33,426,000
Net income: net loss of $2,348,000
Result: reported results

Exact text from the filing

highlights and financial results for fiscal year ended December 31, 2023. Highlights for fiscal year 2023 : · Revenue for the year ended December 31, 2023 increased 4% to $33,426,000 as compared to $31,988,000 in 2022. · Twin Vee had a net loss of $2,348,000 for the year ended December 31, 2023, as compared to a net loss of $2,144,000 in 2022. · Aquasport had

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Source: SEC EDGAR

accession 0001731122-24-000510

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