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Twin Vee PowerCats (VEEE) - 2023 Q1 - Quarterly Report
2023-05-15 21:24
Financial Performance - Net sales for the three months ended March 31, 2023, increased to $8,877,215, a 50.7% increase from $5,886,000 in the same period of 2022[19] - Gross profit for the same period was $3,221,830, compared to $2,434,354 in 2022, reflecting a gross margin improvement[19] - Total operating expenses rose to $5,591,353, up 60.5% from $3,482,507 in the prior year, driven by increased salaries and research and development costs[19] - The net loss attributed to stockholders for Q1 2023 was $1,166,772, slightly lower than the net loss of $1,191,317 in Q1 2022[19] - The company recorded a net loss of $1,828,465 for the three months ended March 31, 2023, compared to a net loss of $1,191,317 for the same period in 2022[113] - The company experienced a net loss of $1,828,465 in Q1 2023, compared to a net loss of $1,191,317 in Q1 2022, reflecting a 53% increase in losses[130] Cash and Liquidity - Cash, cash equivalents, and restricted cash at the end of Q1 2023 were $21,022,515, down from $23,501,007 at the end of 2022[23] - The company reported a net cash used in operating activities of $2,232,650 for Q1 2023, compared to $1,149,673 in Q1 2022[23] - Cash at the end of the period increased by 315% to $21,022,515 for the three months ended March 31, 2023, compared to $5,061,380 for the same period in 2022[149] - Working capital decreased by $1,395,589 to $24,700,877 as of March 31, 2023, compared to $26,096,466 on December 31, 2022[147] - Total current assets as of March 31, 2023, were $28,555,019, a decrease of 4.5% from $29,887,529 as of December 31, 2022[145] Research and Development - Research and development expenses increased to $702,648 in Q1 2023, significantly higher than $221,545 in the same quarter of 2022, indicating a focus on new product development[19] - Research and development expenses surged by 217% to $702,648 in Q1 2023, up from $221,545 in Q1 2022, as part of efforts to develop electric boats and motors[137] Subsidiary and Market Expansion - The company formed a new subsidiary, AquaSport Co., on April 20, 2023, to lease assets of the former AQUASPORT™ brand, indicating market expansion efforts[27] - The company has entered into an agreement to lease the AQUASPORT™ boat brand and manufacturing facility, with the right to purchase the assets for $3,100,000 over five years[117] - AquaSport Co. will lease the AquaSport assets at a monthly rent of $22,000, with the lease commencing on June 1, 2023[117] Inventory and Assets - Total inventory increased to $4,796,787 as of March 31, 2023, compared to $4,008,332 as of December 31, 2022, reflecting a rise of approximately 19.6%[68] - Property and equipment totaled $6,154,039 as of March 31, 2023, up from $5,535,902 as of December 31, 2022, indicating an increase of about 11.1%[69] Internal Controls and Compliance - The company has developed a remediation plan to address material weaknesses in internal controls, including hiring a full-time Controller and a Staff Accountant[172] - The company has identified weaknesses in internal controls and cannot assure that these will be effectively remediated[201] - The effectiveness of internal controls will be audited only after Forza is no longer classified as an "emerging growth company" under the JOBS Act[208] Future Plans and Risks - The company is currently negotiating for a new site to build a manufacturing plant in North Carolina, with no assurance of success[200] - The company faces risks from rising interest rates and energy prices, which could adversely affect product sales and operating expenses[182] - The company is actively monitoring the effects of inflation and supply chain disruptions on its operations[191] Other Financial Metrics - The company recorded stock-based compensation expense of $341,163 for the three months ended March 31, 2023, compared to $0 for the same period in 2022[103] - The company recognized income related to the employee retention credit of $329,573 for the three months ended March 31, 2023, reflecting compliance with the CARES Act[59] - The electric segment incurred a loss of $2,005,132 for the three months ended March 31, 2023, related to research and development, while the gas-powered segment had income of $181,849[142]
Twin Vee PowerCats (VEEE) - 2023 Q1 - Earnings Call Transcript
2023-05-15 19:22
Twin Vee Powercats Co. (NASDAQ:VEEE) Q1 2023 Earnings Conference Call May 15, 2023 12:00 PM ET Company Participants Joseph Visconti - President & CEO Jim Leffew - President & CEO, Forza X1, Incorporated Carrie Gunnerson - CFO Conference Call Participants Paul Johnston - Private Investor Mike Powell - Private Investor Operator Welcome to the Twin Vee PowerCats Company First Quarter 2023 Investor Call. As a reminder, this call is being recorded and all participants are in a listen-only mode. Your speakers for ...
Twin Vee PowerCats (VEEE) - 2022 Q4 - Annual Report
2023-03-30 00:52
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, 2022 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 ...
Twin Vee PowerCats (VEEE) - 2022 Q4 - Earnings Call Transcript
2023-03-29 15:54
Call End: Twin Vee PowerCats Co. (NASDAQ:VEEE) Q4 2022 Earnings Conference Call March 29, 2023, 10:00 AM ET Company Participants Joseph Visconti - Chief Executive Officer, President and Chairman of the Board Conference Call Participants Operator Welcome to the Twin Vee PowerCats Company Year-End 2022 Investor Call. As a reminder, this call is being recorded and all participants are on a listen-only mode. Your speaker for today's program is Joseph Visconti, Chairman of the Board and CEO. Before I turn the c ...
Twin Vee PowerCats (VEEE) - 2022 Q3 - Earnings Call Transcript
2022-11-12 21:43
Financial Data and Key Metrics Changes - Net revenue for Q3 2022 increased by 114% to $8.52 million, with year-to-date revenue up 119% to $23.218 million [25] - Gross profit for the quarter rose by 107% to $3.334 million, while operating expenses increased by 117% to $4.191 million [26] - The net loss for the quarter was approximately $887,000, compared to $383,000 in 2021, with the core business generating a net income of approximately $160,000 [28][30] Business Line Data and Key Metrics Changes - The gas-powered segment saw operating expenses as a percentage of sales decrease to 36% from 45% in 2021, indicating improved efficiency [27] - Adjusted net income for the gas-powered boat segment was approximately $577,000, reflecting strong performance despite overall losses due to investments in the electric boat division [28] Market Data and Key Metrics Changes - Dealer inventory levels have been recovering, with some dealers returning to pre-COVID inventory numbers, indicating a positive market trend [9][10] - The Fort Lauderdale International Boat Show generated significant demand, with four deals closed and eight pending, showcasing strong market interest [11] Company Strategy and Development Direction - The company is focused on growth through new model introductions, expanding distribution, and entering new markets, including freshwater markets with the LFG Marine Group brand [13][15] - Plans to ramp up production from 220 units annually to approximately 600 units with the expansion of manufacturing space [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about consumer confidence and the overall economy, noting a healthy labor market and improving supply chain conditions [12] - The company is confident that revenues from new LFG models will begin in Q1 of 2023, indicating a positive outlook for future sales [16] Other Important Information - The company has a cash position of $14.5 million, providing a buffer for potential market challenges and opportunities for asset acquisition [17][30] - The introduction of lean manufacturing practices aims to enhance productivity and reduce waste in the manufacturing process [19] Q&A Session Summary - The Q&A session did not contain any specific questions or answers as the call concluded without engaging in a detailed Q&A segment [35][36]
Twin Vee PowerCats (VEEE) - 2022 Q3 - Quarterly Report
2022-11-09 00:48
Financial Performance - Net sales for the three months ended September 30, 2022, were $8,812,021, a 114.0% increase from $4,118,246 in the same period of 2021[20]. - Gross profit for the nine months ended September 30, 2022, was $9,215,640, up 108.1% from $4,414,126 in the same period of 2021[20]. - For the nine months ended September 30, 2022, net sales reached $23,217,634, a 119% increase compared to the same period in 2021[78]. - Gross profit for the three months ended September 30, 2022, was $3,334,074, representing a 107% increase from $1,610,076 in the same period in 2021[98]. - The gas-powered boat segment generated net sales of $23,218,666, while the electric boat segment reported a loss from operations of $2,180,296 for the nine months ended September 30, 2022[78]. - The company reported a net loss of $2,617,208 for the nine months ended September 30, 2022, compared to a net loss of $200,477 for the same period in 2021[26]. - Net loss for the three months ended September 30, 2022, was $877,109, compared to a net loss of $383,277 for the same period in 2021, reflecting a 131% increase[107]. Assets and Liabilities - Total current assets increased to $26,248,656 as of September 30, 2022, compared to $13,073,346 as of December 31, 2021, representing a 100.0% increase[18]. - Total liabilities rose to $5,444,979 as of September 30, 2022, compared to $3,899,484 as of December 31, 2021, reflecting a 39.7% increase[18]. - Total stockholders' equity increased to $29,778,711 as of September 30, 2022, from $16,699,700 as of December 31, 2021, representing an increase of 78.2%[18]. - Cash and cash equivalents increased significantly to $19,975,562 as of September 30, 2022, from $6,975,302 as of December 31, 2021, marking a 186.5% increase[18]. - Total inventory increased to $4,393,238 as of September 30, 2022, from $1,799,769 at the end of 2021, with raw materials accounting for $4,138,044[45]. Operating Expenses - Operating expenses for the three months ended September 30, 2022, totaled $4,191,034, an increase of 116.5% compared to $1,932,610 in the same period of 2021[20]. - Total operating expenses for the nine months ended September 30, 2022, were $11,592,732, up 147% from $4,698,831 in the prior year[112]. - Salaries and wage-related expenses increased by 148%, or $4,741,478, to $7,938,954 for the nine months ended September 30, 2022, compared to $3,197,476 in the same period in 2021[114]. - Professional fees increased to $573,592 for the nine months ended September 30, 2022, from $217,591 in 2021, attributed to expenses related to being a public company[116]. Research and Development - The company incurred research and design expenses of $283,936 for the three months ended September 30, 2022, compared to $61,091 in the same period of 2021, indicating a 364.5% increase[20]. - Research and design expenses for the electric boat segment were $680,288 for the nine months ended September 30, 2022, compared to $61,091 in the same period of 2021, reflecting a significant increase[115]. Cash Flow - The company generated net cash provided by financing activities of $14,896,218 during the nine months ended September 30, 2022, compared to $16,153,814 in the same period of 2021[26]. - The company reported a net cash used in operating activities of $2,584,381 for the nine months ended September 30, 2022, compared to $743,435 for the same period in 2021[26]. - Cash and cash equivalents increased by 186.4% to $19,975,562 as of September 30, 2022, from $6,975,302 as of December 31, 2021[124]. Internal Controls and Compliance - The company has identified material weaknesses in internal controls over financial reporting, which are being addressed through a remediation plan that includes hiring additional staff and implementing a new operating system[150][164]. - Management evaluated the effectiveness of disclosure controls and procedures as of September 30, 2022, and concluded they were not effective due to material weaknesses[149]. - The company is continuing to develop and refine its internal controls to ensure compliance with SEC rules and GAAP[164]. Strategic Developments - The company formed a new subsidiary, Fix My Boat, Inc., to utilize a franchise model for marine mechanics across the country[28]. - The company anticipates revenues from fully integrated electric boats to commence in late 2023, with ongoing development efforts for prototype engines and boats[88]. - The company has signed a two-year lease for a warehouse facility to build prototype boats, with monthly rent starting at $6,600[82]. - Forza's operations have primarily focused on finalizing the design and engineering of the electric sport boat and preparing for its launch[169]. Risks and Challenges - The company is subject to risks from changes in economic conditions, including inflation and geopolitical factors, which could adversely impact business and operating results[156][157]. - There is a risk that weaknesses in internal controls could adversely affect financial reporting and investor confidence, potentially impacting stock price[166]. - The anticipated fully electric sport boat has not yet been developed, and there is uncertainty regarding market interest and successful mass production[168].
Twin Vee PowerCats (VEEE) - 2022 Q2 - Earnings Call Transcript
2022-08-13 01:04
Twin Vee Powercats Co. (NASDAQ:VEEE) Q2 2022 Results Conference Call August 11, 2022 4:30 PM ET Company Participants Joseph Visconti - CEO Carrie Gunnerson - CFO Operator Good day, and welcome to the Twin Vee Powercats Co. Second Quarter 2022 Investor Call. As a reminder, this call is being recorded, and all participants are in a listen-only mode. Your speakers for today's program is Joseph Visconti, Chairman of the Board and CEO of Twin Vee Powercats Co., and Carrie Gunnerson, CFO of Twin Vee Powercats Co. ...
Twin Vee PowerCats (VEEE) - 2022 Q2 - Quarterly Report
2022-08-12 21:19
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, 2022 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 ...
Twin Vee PowerCats (VEEE) - 2022 Q1 - Earnings Call Transcript
2022-05-13 12:26
Twin Vee Powercats Co. (NASDAQ:VEEE) Q1 2022 Earnings Conference Call May 12, 2022 4:00 PM ET Company Participants Joseph Visconti - Chairman, President & CEO Carrie Gunnerson - CFO Conference Call Participants Brian Carstens - ThinkEquity Bank Keith Van Allen - Private Investor Operator Welcome to the Twin Vee Powercats Co. First Quarter 2022 Investor Call. As a reminder, this call is being recorded, and all participants are in a listen-only mode. Your speakers for today's program is Joseph Visconti, Chair ...
Twin Vee PowerCats (VEEE) - 2022 Q1 - Quarterly Report
2022-05-12 20:47
Financial Performance - Net sales for the three months ended March 31, 2022, were $5,886,000, representing a 83.3% increase from $3,207,643 in the same period of 2021[21] - Gross profit for the three months ended March 31, 2022, was $2,434,354, compared to $1,487,906 for the same period in 2021, indicating a 63.5% increase[21] - The net loss for the three months ended March 31, 2022, was $1,191,317, compared to a net income of $131,949 in the same period of 2021[21] - For the three months ended March 31, 2022, net sales reached $5,886,000, an increase of 83% compared to $3,207,643 for the same period in 2021[71] - The company recorded a net loss of $1,191,317 for the three months ended March 31, 2022, compared to a net income of $131,949 for the same period in 2021[71] - Net loss for the three months ended March 31, 2022, was $1,191,317, compared to net income of $131,949 for the same period in 2021, resulting in a basic and dilutive loss per share of $0.17[93] Operating Expenses - Total operating expenses increased to $3,482,507 for the three months ended March 31, 2022, from $1,333,144 in the same period of 2021, reflecting a 61.9% rise[21] - Total operating expenses increased by $2,149,363, or 161%, to $3,482,507, with operating expenses as a percentage of sales rising to 59% from 42%[86] - The company incurred stock-based compensation of $224,832 during the three months ended March 31, 2022[25] - The company has recorded $320,505 in stock-based compensation expense for the three months ended March 31, 2022, compared to $0 for the same period in 2021[63] - Professional fees increased by 315%, or $185,713, to $244,739, primarily due to costs associated with being a public company[89] Cash and Liquidity - Cash and cash equivalents decreased to $5,061,380 as of March 31, 2022, down from $6,975,302 at the end of 2021[32] - Cash used in operating activities was $1,149,673, a significant decrease from cash provided by operating activities of $189,898 in the prior year[101] Assets and Liabilities - Total current liabilities increased to $3,122,630 as of March 31, 2022, compared to $2,155,420 at the end of 2021, marking a 45% increase[19] - The accumulated deficit as of March 31, 2022, was $(3,208,873), up from $(2,017,556) at the end of 2021[19] - As of March 31, 2022, total marketable securities amounted to $9,827,969, a decrease from $13,039,399 as of December 31, 2021[42] - Accrued liabilities totaled $660,038 as of March 31, 2022, up from $456,814 at December 31, 2021, representing a 44.4% increase[52] - The company recognized operating lease liabilities totaling $1,523,885 as of March 31, 2022, down from $1,612,766 at December 31, 2021[50] Inventory and Production - Total inventory rose to $3,213,182 as of March 31, 2022, compared to $1,799,769 at December 31, 2021, reflecting a 78.8% increase[45] - The company increased its manufacturing throughput to an average of 4 boats per week during the first quarter of 2022[80] - The company plans to increase production to 5 boats per week, which has led to higher operating expenses due to increased headcount and salaries[81] - The number of boats sold increased by 48% year-over-year, contributing to the rise in net sales[84] Strategic Initiatives - The company formed a wholly-owned subsidiary, Fix My Boat, Inc., to utilize a franchise model for marine mechanics across the country[27] - The company is developing a line of electric-powered catamaran boats through its subsidiary Forza X1, with production expected to begin in the second quarter of 2023[79] - The company decided to discontinue the design of electric motors for retrofitting gas-powered boats due to consumer preference shifting towards fully integrated electric boats, reallocating those funds for working capital needs[144] Internal Controls and Compliance - The company has identified weaknesses in its internal controls and cannot assure that these weaknesses will be effectively remediated[134] - The company expects that compliance with the Sarbanes-Oxley Act will increase legal, accounting, and financial compliance costs[121] - The company is actively recruiting to retain a full-time controller to address material weaknesses in internal controls[124] - The company faces challenges in maintaining effective internal controls over financial reporting, which could adversely affect operating results and investor confidence[139] - The independent registered public accounting firm will not audit the effectiveness of internal controls until the company is no longer classified as an "emerging growth company" under the JOBS Act[140] - Any failure to maintain effective internal controls could result in a restatement of financial statements and negatively impact the market price of the company's common stock[140] Shareholder Information - The company reported a weighted average number of shares of common stock outstanding of 7,000,000 for the three months ended March 31, 2022, compared to 4,000,000 in the same period of 2021[21] - As of March 31, 2022, the company has outstanding warrants to purchase 3,000,000 shares of common stock at a weighted-average exercise price of $7.50 per share[61] - The company closed its initial public offering on July 22, 2021, selling 3,000,000 shares at an offering price of $6.00 per share, resulting in gross proceeds of $18,000,000[142] - After deducting underwriting discounts and commissions of approximately $1,260,000 and other offering expenses of approximately $1,567,150, the net proceeds received were approximately $15,849,037[142] - The primary use of net proceeds includes approximately $1,500,000 for production and marketing of larger fully equipped boats, $2,500,000 for the design and development of a new line of electric boats, and $6,000,000 for the electric propulsion system[143]