EXHIBIT 99.1 Twin Vee PowerCats Reports Second Quarter 2025 Financial Results FORT PIERCE, FL / ACCESSWIRE / August 7, 2025 — Twin Vee PowerCats Co. (Nasdaq:VEEE),("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport boats, today announced its financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Highlights: "We are pleased to report another quarter of revenue growth and over 900 basis points of margin expansion in the second quarter," said Josep ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number: 001-40623 TWIN VEE POWERCATS CO. (Exact name of registrant as specified in its charter) Delaware (St ...

Financial Data and Key Metrics Changes - Revenues for the second quarter reached $4,800,000, representing a 9.9% increase compared to Q2 of the previous year [5] - Gross margin improved to 13.8%, an increase of over 900 basis points from the same period in 2024 [5] - Cash, cash equivalents, and restricted cash increased to $6,200,000, reflecting disciplined cash management [6][22] - Operating expenses decreased to $2,300,000, down 52% from $4,900,000 a year ago [21] - Net loss for the quarter was $1,700,000, a 63% improvement compared to the previous year [21] Business Line Data and Key Metrics Changes - The company shipped a total of 31 units in the second quarter, a sequential increase of 29% compared to the previous quarter [20] - The introduction of the new 22-foot Baycat model is expected to play a significant role in future sales [24] Market Data and Key Metrics Changes - The marine industry continues to face economic pressures, but the company has managed to maintain solid results [5] - The used boat market remains robust, impacting new boat sales [14] Company Strategy and Development Direction - The acquisition of Bahama Boat Works enhances the product portfolio and market presence, adding premium vessels to the lineup [23] - The company is focused on optimizing operations, investing in innovation, and expanding its portfolio through strategic acquisitions [17] - The launch of Whizbanger aims to streamline the boat marketplace, providing transparency and efficiency [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current market challenges and emphasized a focus on cost control, margins, and dealer support [7][17] - The company aims to position itself for sustainable growth and long-term shareholder value through disciplined execution [17] Other Important Information - The company has reduced field inventory from nearly 160 units to approximately 50 [8] - A new five-axis router has been delivered, enhancing manufacturing capabilities and operational efficiency [13] Q&A Session Summary - There were no questions during the Q&A session [25]

[First Quarter 2025 Financial and Operational Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20and%20Operational%20Highlights) Twin Vee PowerCats reported a strong Q1 2025 with **91.7% sequential revenue growth**, a **961 basis point gross margin improvement**, and disciplined cost management, exceeding guidance - CEO Joseph Visconti attributed the strong performance to solid execution, revenue growth, margin expansion, and disciplined operating costs[3](index=3&type=chunk) - The company expanded its dealer network in the first quarter, which is expected to extend its reach into key regional markets and reflects growing market confidence[3](index=3&type=chunk)[8](index=8&type=chunk) Key Financial and Operational Highlights | Metric | Q1 2025 Result | Note | | :--- | :--- | :--- | | **Sequential Revenue Growth** | 91.7% (vs. Q4 2024) | Outpaced guidance of 50% | | **Gross Margin** | 14.9% | 961 basis point improvement YoY | | **Adjusted Net Loss (Avg/Month)** | $333,000 | 17% improvement over guidance | [Financial Statements Analysis](index=3&type=section&id=Financial%20Statements%20Analysis) Financial statements reveal mixed year-over-year results with a **32% decrease in net sales** but a **94% surge in gross profit** and a **31% improvement in net loss**, alongside a **37.6% increase in working capital** [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) Net sales for Q1 2025 decreased **32% to $3.6 million**, yet gross profit increased **94% to $537,114**, and net loss improved **31% to $(1.6) million** year-over-year | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | % Change | | :--- | :--- | :--- | :--- | | **Net sales** | $3,612,291 | $5,276,343 | (32%) | | **Gross profit** | $537,114 | $277,313 | 94% | | **Loss from operations** | $(1,679,094) | $(2,543,207) | (34%) | | **Net loss** | $(1,610,240) | $(2,335,195) | (31%) | | **Basic and dilutive EPS** | $(1.08) | $(1.77) | (39%) | [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, cash and cash equivalents decreased **34.5% to $4.9 million**, but working capital significantly improved **37.6% to $9.2 million** due to increased current assets and decreased current liabilities | Account | March 31, 2025 | December 31, 2024 | % Change | | :--- | :--- | :--- | :--- | | **Cash and cash equivalents** | $4,910,267 | $7,491,123 | (34.5%) | | **Current assets** | $12,200,833 | $10,419,141 | 17.1% | | **Current liabilities** | $3,021,247 | $3,747,990 | (19.4%) | | **Working capital** | $9,179,586 | $6,671,151 | 37.6% | [Consolidated Statements of Cash Flows](index=3&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 saw stable cash used in operating activities at **$(1.7) million**, a significant shift to cash used in investing activities at **$(0.8) million**, and a **35% decrease** in cash used in financing activities | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | % Change | | :--- | :--- | :--- | :--- | | **Cash used in operating activities** | $(1,736,276) | $(1,749,920) | (1%) | | **Cash (used in) provided by investing activities** | $(789,774) | $1,476,448 | (153%) | | **Cash used in financing activities** | $(54,806) | $(83,735) | (35%) | [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) The company presents Adjusted Net Loss, a non-GAAP measure, to provide a clearer view of core operational performance by excluding non-cash expenses, showing a significant improvement to **$(997,522)** in Q1 2025 - The company uses non-GAAP measures like Adjusted Net Loss to facilitate more meaningful comparisons of financial results to historical periods by excluding non-cash expenses[14](index=14&type=chunk) Reconciliation of GAAP Net Loss to Adjusted Net Loss | Reconciliation of GAAP Net Loss to Adjusted Net Loss | Quarter Ended March 31, 2025 | Quarter Ended March 31, 2024 | | :--- | :--- | :--- | | **Net loss (GAAP)** | **$(1,610,240)** | **$(2,335,195)** | | Depreciation & amortization | $441,672 | $425,281 | | Stock based compensation | $55,968 | $426,283 | | Loss on sale of property & equipment | $63,011 | — | | Boatsforsale.com development costs | $52,067 | — | | **Adjusted net loss (Non-GAAP)** | **$(997,522)** | **$(1,483,631)** | [Business Outlook and Forward-Looking Statements](index=1&type=section&id=Business%20Outlook%20and%20Forward-Looking%20Statements) Management anticipates continued sequential revenue growth in Q2 2025 driven by improving market conditions, focusing on responsible scaling and expecting a more favorable cash profile as major capital investments conclude - The company anticipates continued sequential revenue growth in Q2 2025, driven by improving market conditions and rebounding consumer demand[3](index=3&type=chunk) - Future strategy involves responsible scaling, balancing production increases with expense control and working capital discipline[3](index=3&type=chunk) - A more favorable cash profile is anticipated going forward, as most heavy capital investments are now complete[3](index=3&type=chunk) [Conference Call Information](index=1&type=section&id=Conference%20Call%20Information) Twin Vee PowerCats Co. held a conference call on May 8, 2025, at 12:00 p.m. Eastern Time, hosted by CEO Joseph Visconti and CFO Michael P. Dickerson, to discuss first-quarter financial results - A conference call was held on May 8, 2025, at 12:00 p.m. (Eastern) with CEO Joseph Visconti and CFO Michael P. Dickerson[4](index=4&type=chunk) - The complete financial statements are available for access on the SEC's website and the company's investor relations page[5](index=5&type=chunk) [About Twin Vee PowerCats Co.](index=1&type=section&id=About%20Twin%20Vee%20PowerCats%20Co.) Twin Vee PowerCats Co., based in Fort Pierce, Florida, is a 30-year manufacturer of power sport boats, renowned for its stable and efficient catamaran hull designs - Twin Vee PowerCats Co. is a manufacturer of power sport boats, specializing in catamaran hull designs known for stability and a smooth ride[6](index=6&type=chunk) - The company has been operating for 30 years and is located in Fort Pierce, Florida[6](index=6&type=chunk)

```markdown [PART I—FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Unaudited Q1 2025 financial statements show a reduced net loss, decreased assets, and highlight going concern uncertainty [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$23.55 million** as of March 31, 2025, primarily due to reduced cash and reclassified assets held for sale Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $4,910 | $7,491 | | Assets held for sale | $4,307 | $0 | | **Total Assets** | **$23,550** | **$25,888** | | Total current liabilities | $3,021 | $3,748 | | **Total Liabilities** | **$5,888** | **$6,671** | | Accumulated deficit | $(27,003) | $(25,393) | | **Total Stockholders' Equity** | **$17,663** | **$19,217** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net loss for Q1 2025 decreased to **$1.61 million** despite lower sales, due to improved gross profit and reduced operating expenses Statement of Operations Summary (Unaudited) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net sales | $3,612,291 | $5,276,343 | | Gross profit | $537,114 | $277,313 | | Total operating expenses | $2,216,208 | $2,820,520 | | Loss from operations | $(1,679,094) | $(2,543,207) | | Net loss | $(1,610,240) | $(2,335,195) | | Basic and diluted loss per share | $(1.08) | $(1.77) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$1.74 million** in Q1 2025, with total cash decreasing by **$2.58 million** due to investing activities Cash Flow Summary (Unaudited) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,736,276) | $(1,749,920) | | Net cash (used in) provided by investing activities | $(789,774) | $1,476,448 | | Net cash used in financing activities | $(54,806) | $(83,735) | | **Net change in cash** | **$(2,580,856)** | **$(357,207)** | | **Cash at end of period** | **$5,125,384** | **$16,398,026** | [Notes to the Condensed Consolidated Financial Statements (Unaudited)](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Notes detail accounting policies, the Forza X1 merger, a reverse stock split, and a substantial doubt about the company's going concern ability - The company's financial statements were prepared under the assumption of being a going concern, but significant operating losses raise substantial doubt about this ability for the next year[30](index=30&type=chunk)[117](index=117&type=chunk) - On November 26, 2024, Twin Vee completed its merger with Forza X1, Inc., which is now a wholly-owned subsidiary[28](index=28&type=chunk) - A 1-for-10 reverse stock split was effected on April 7, 2025, to regain compliance with Nasdaq's minimum bid price requirement. All share and per-share amounts have been retrospectively adjusted[34](index=34&type=chunk)[106](index=106&type=chunk) - Subsequent to the quarter end, on April 21, 2025, the company was requested to repurchase inventory from a former dealer, with an expected obligation of approximately **$546,000**[91](index=91&type=chunk)[109](index=109&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 32% sales decrease in Q1 2025, offset by improved gross margin and reduced operating loss, addressing going concern risk via cost controls and asset sales [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Net sales decreased by 32% in Q1 2025 due to lower boat volume, but gross profit increased by 94% and operating expenses decreased by 21% Financial Performance Comparison (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net sales | $3,612,291 | $5,276,343 | (32%) | | Gross profit | $537,114 | $277,313 | 94% | | Gross Margin | 14.9% | 5.3% | +9.6 pts | | Operating expenses | $2,216,208 | $2,820,520 | (21%) | | Loss from operations | $(1,679,094) | $(2,543,207) | (34%) | - The decrease in net sales was due to selling fewer boats (24 vs. 32) and a change in product mix, with a lower average selling price (**$150k** vs. **$165k**)[126](index=126&type=chunk) - Operating expenses were significantly reduced due to lower marketing, cancellation of rent for the former Forza facility, reduced staffing levels at Forza, and the cessation of R&D for electric boats[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is under pressure due to ongoing losses, with management addressing going concern risk by listing a **$4.3 million** asset for sale and implementing cost controls - The company has classified a building and land in Marion, NC, as an asset held for sale for **$4,306,896**, which is expected to be sold within one year to fund future operations[136](index=136&type=chunk)[140](index=140&type=chunk) - Management has concluded there is substantial doubt about the company's ability to continue as a going concern due to significant historical and ongoing operating losses[138](index=138&type=chunk)[178](index=178&type=chunk) Selected Balance Sheet Data | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $4,910,267 | $7,491,123 | | Working capital | $9,179,586 | $6,671,151 | | Accumulated deficit | $(27,003,195) | $(25,392,955) | [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk - As a smaller reporting company defined by Rule 12b-2 of the Exchange Act, the company is not required to provide quantitative and qualitative disclosures about market risk[163](index=163&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of March 31, 2025, due to material weaknesses in internal control over financial reporting, with a remediation plan underway - As of March 31, 2025, management concluded that the company's disclosure controls and procedures were not effective[164](index=164&type=chunk) - The ineffectiveness is due to material weaknesses related to insufficient staffing with appropriate experience in GAAP presentation[164](index=164&type=chunk)[187](index=187&type=chunk) - A remediation plan is in progress, including hiring a Staff Accountant and controller and implementing a robust operating system[165](index=165&type=chunk) [PART II—OTHER INFORMATION](index=32&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company faces a new putative class action lawsuit filed by former Forza X1 shareholders alleging breach of fiduciary duty related to the merger - On March 10, 2025, a putative class action complaint (Youseph, et al. v. Visconti, et al.) was filed by former Forza shareholders alleging breach of fiduciary duty in connection with the Forza merger[191](index=191&type=chunk) - The company intends to vigorously defend against the claims but is currently unable to estimate the ultimate outcome or potential loss[191](index=191&type=chunk)[192](index=192&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks including Nasdaq listing compliance, going concern uncertainty, significant dealer concentration, and persistent material weaknesses in internal controls - There is a risk of failing to meet Nasdaq's continued listing requirements. Although the company regained compliance with the minimum bid price rule via a 1-for-10 reverse stock split on April 7, 2025, there is no assurance it can maintain compliance[171](index=171&type=chunk)[172](index=172&type=chunk)[174](index=174&type=chunk) - A substantial doubt exists about the company's ability to continue as a going concern due to a history of significant operating losses[178](index=178&type=chunk)[179](index=179&type=chunk) - The company has significant dealer concentration risk. In Q1 2025, two dealers accounted for **54%** of total sales[180](index=180&type=chunk)[181](index=181&type=chunk) - Material weaknesses in internal controls have been identified due to inadequate staffing, and there is no assurance they will be effectively remediated[183](index=183&type=chunk)[185](index=185&type=chunk)[187](index=187&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not engage in any unregistered sales or issuer purchases of equity securities during Q1 2025 - The company did not sell any unregistered equity securities during the three months ended March 31, 2025[193](index=193&type=chunk) - There were no issuer purchases of its equity securities in Q1 2025[194](index=194&type=chunk) [Defaults Upon Senior Securities](index=37&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to the company - Not Applicable[195](index=195&type=chunk) [Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[196](index=196&type=chunk) [Other Information](index=37&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended March 31, 2025[199](index=199&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed as part of the Quarterly Report on Form 10-Q - The Exhibit Index lists all exhibits filed with the Form 10-Q[200](index=200&type=chunk) ```

Twin Vee PowerCats (VEEE) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Company Participants Joseph Visconti - President, CEO & Chairman of the BoardMichael Dickerson - Chief Financial & Administrative Officer Operator Welcome to the Twin V Power Cats Co. First Quarter twenty twenty five Investor Call. As a reminder, this call is being recorded, and all participants are in listen only mode. Your speakers for today's program are President and CEO, Joseph Fiscounti and Chief Financial Administrative Officer, ...

Financial Data and Key Metrics Changes - The company reported revenue of $3.6 million for Q1 2025, representing a 91.7% sequential increase compared to Q4 2024, exceeding the previously guided growth of 50% [14] - Gross margins improved to 14.9%, an increase of 961 basis points year-over-year, primarily due to better manufacturing efficiency [15] - Operating expenses decreased by 21% year-over-year, reflecting reductions in selling, general and administrative expenses, including salaries and professional fees [15] - The adjusted net loss averaged $333,000 per month in Q1 2025, a 17% improvement over the previously guided adjusted net loss expectations of $400,000 [16] Business Line Data and Key Metrics Changes - The company shipped 24 units in Q1 2025, a sequential increase of 118% compared to Q4 2024 [14] - The average sale price per unit decreased to $151,000 in Q1 2025 from $171,000 in Q4 2024 due to a higher mix of smaller boats [15] - Field inventory decreased significantly from approximately 180 boats to under 60 boats, indicating improved sales and inventory management [7][9] Market Data and Key Metrics Changes - The company noted that the recreational sector faced challenges in 2024, but this provided an opportunity to reset and refocus for future growth [5] - The dealer network expanded with the addition of six new dealer locations, enhancing market presence [6] Company Strategy and Development Direction - The company is focused on operational efficiency, margin expansion, and developing high-impact digital platforms to complement its core business [19] - A new 22-foot twin D Bay Cat model was introduced, targeting the growing inshore market, which is expected to generate strong interest [10] - The company completed a facility expansion of 30,000 square feet to enhance operational efficiency [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued sequential revenue growth in Q2 2025 as the market recovers and the dealer base expands [19] - The company is actively monitoring the impact of tariffs on its supply chain but believes its proactive strategy will help navigate potential challenges [18] Other Important Information - The company reclassified $4.3 million of land and buildings as held for sale, which is expected to strengthen its cash position within the next twelve months [17] - A new interactive website is set to launch, enhancing customer engagement and allowing for real-time customization of products [12] Q&A Session Summary Question: What is the outlook for revenue growth in the upcoming quarters? - Management anticipates continued sequential revenue growth in Q2 2025 as the market slowly recovers and the dealer base expands [19] Question: How is the company addressing the impact of tariffs? - The company is actively monitoring the evolving tariff landscape and believes its strong relationships with US suppliers will help mitigate risks [18]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 001-40623 TWIN VEE POWERCATS CO. (Exact name of registrant as specified in its charter) Delaware 27-1417610 (State or other jurisdiction of ...

Financial Data and Key Metrics Changes - The company reported a significant decline in revenues, ending 2024 with net sales of $14.4 million, a reduction of $19 million or 57% from 2023 [10] - The fourth quarter of 2024 saw revenues fall to a multi-year low of $1.9 million, down from $8.4 million in Q4 2023, with sequential declines throughout the year [7][9] - The average sale price of boats increased by 19% to approximately $167,000 in 2024, compared to $140,000 in 2023, attributed to a shift towards larger, higher-priced boats [11] Business Line Data and Key Metrics Changes - The company experienced a renewed interest in its Twin Vee and AquaSport lines, leading to a growing backlog and new dealer interest [6] - Despite the overall revenue decline, the company focused on higher-priced boats, resulting in a smaller decline in sales volume compared to revenue [11] Market Data and Key Metrics Changes - The marine and recreational vehicle markets faced a post-COVID slowdown, high interest rates, and inflation, which negatively impacted consumer demand [8] - The industry dealt with excess inventory, particularly OneWater boats being sold at deep discounts, intensifying market pressures [8] Company Strategy and Development Direction - The company implemented aggressive cost-cutting measures throughout 2024 to align with lower revenue volumes, including reductions in headcount and discretionary spending [9][12] - A strategic decision was made to curtail research and development of electric boats, focusing instead on strengthening the business foundation [9] - The acquisition of the remaining 55% of Forza X1 was completed, aimed at improving operational efficiencies [10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2025, anticipating a 50% increase in first-quarter sales sequentially compared to Q4 2024 [6] - The company noted improved market conditions and increased demand for boats, with a careful approach to ramping up production and hiring [17] - Management emphasized a focus on operational efficiencies and strengthening product offerings to capitalize on the improving industry environment [18] Other Important Information - The company ended 2024 with $7.7 million in cash and cash equivalents, down from $11.4 million at the end of Q3 2024 [14] - Operating expenses were reduced by $1.454 million or 10% compared to 2023, despite increases in depreciation and professional fees related to the merger [12][13] Q&A Session Summary - The Q&A session concluded without any recorded questions or answers, indicating a lack of participant inquiries during this segment [20]

Financial Data and Key Metrics - Net sales for Q2 2024 were $4.3 million, a 47% decrease from $8.1 million in Q2 2023 [14] - Gross margin remained positive at close to 5% despite challenging market conditions [14] - Operating expenses decreased by $793,000 (20%) compared to Q2 2023, excluding a $1.674 million impairment charge [15] - General and administrative expenses decreased by $158,000 (17%) [15] - Salaries and wages decreased by $903,000 (43%) [15] - Research and development expenses increased by $150,000 due to an inventory valuation adjustment at Forza [15] Business Line Data and Key Metrics - Twin Vee segment operating expenses decreased by $457,000 (19%) compared to Q2 2023 [16] - Forza segment ended Q2 2024 with $8.2 million in cash and cash equivalents, a reduction of $1.75 million from Q1 2024 [17] - Twin Vee segment ended Q2 2024 with $6.945 million in cash and cash equivalents, a reduction of $483,000 from Q1 2024 [18] Market Data and Key Metrics - The company is expanding its factory in Fort Pierce, Florida, to nearly 100,000 square feet, aiming to produce up to 1,000 boats annually [10] - The merger with Forza is expected to strengthen the combined company's balance sheet, with approximately $1 per share in cash and $2 per share in net assets [12] Company Strategy and Industry Competition - The company is focusing on innovation, introducing the second-generation GFX model line with advanced technological features [7] - Twin Vee is investing in infrastructure to reduce long-term costs and increase manufacturing capacity [10] - The merger with Forza aims to create a stronger, more competitive brand with a focus on long-term profitable growth [11][12] Management Commentary on Operating Environment and Future Outlook - The company is navigating a complex economic environment with higher interest rates and shifting consumer confidence [4] - Management is confident in the company's ability to emerge stronger from the current downturn [4] - The merger with Forza is seen as a transformative step for future growth and shareholder value [11][12] Other Important Information - The company recorded a $1.674 million impairment charge related to a partially completed building in Marion, North Carolina [18] - The company is evaluating options to maximize shareholder value regarding the Marion building, including selling or completing the construction [19] Q&A Session Summary - No specific questions or answers were provided in the transcript [21][22]