Twin Vee PowerCats Q1 revenue down 41% to $5.28M; net loss widens to $2.34M

Twin Vee PowerCats, Co.

2024-Q1 EPS reported -$0.18 revenue$5,276,343

Revenue $5.276M, down 41% YoY from $8.877M.
Consolidated net loss $2.335M, vs. $1.828M loss in prior year; includes Forza X1 loss of $1.168M.
Gas-powered boat segment net loss $1.164M vs. net income $0.182M in prior year.
Cash and marketable securities $17.381M, down from $21.218M at Dec 31, 2023.
Company cites high interest rates reducing demand; reduced workforce and production.

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 three months ended March 31, 2024 results: revenue $5,276,343, net income net loss of $2,335,194.

Period: three months ended March 31, 2024
Revenue: $5,276,343
Net income: net loss of $2,335,194
Result: reported results

Exact text from the filing

Twin Vee reported a 41% decline in consolidated revenue for the three months ended March 31, 2024, to $5,276,343 as compared to $8,877,215 in the same period in 2023. For the three months ended March 31, 2024, Twin Vee had a consolidated net loss of $2,335,194, as compared to a net loss of $1,828,465 in the prior year.

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Source: SEC EDGAR

accession 0001731122-24-000805

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