Twin Vee PowerCats Co. (NASDAQ:VEEE) Q3 2023 Earnings Conference Call November 13, 2023 10:00 AM ET Company Participants Joseph Visconti - President and Chief Executive Officer Operator Welcome to the Twin Vee PowerCats Company Third Quarter 2023 Investor Call. As a reminder, this call is being recorded and all participants are in a listen-only mode. Your speaker for today's program are Joseph Visconti, President and CEO of Twin Vee PowerCats Company and Carrie Gunnerson, CFO of Twin Vee PowerCats Company. ...

Twin Vee PowerCats Co. (NASDAQ:VEEE) Q2 2023 Earnings Conference Call August 14, 2023 8:00 AM ET Company Participants Joseph Visconti - President & CEO Jim Leffew - President & CEO, Forza X1, Inc. Carrie Gunnerson - CFO Conference Call Participants Josh Horowitz - Palm Ventures Raj Maheshwari - Charleston Capital Operator Welcome to the Twin Vee PowerCats Company Second Quarter 2023 Investor Call. As a reminder, this call is being recorded and all participants are in a listen-only mode. Your speaker for tod ...

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, 2023 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 Securities registered pursuant to Section 12(b) of the Act: TWIN VEE POWERCATS CO. (Exact ...

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 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 ...

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 ...

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 ...

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]

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].

Financial Data and Key Metrics Changes - The company reported a 158% increase in net revenue for Q2 2022, amounting to approximately $8.52 million compared to $5.22 million in Q2 2021 [12][25] - Gross profits for the quarter rose by 162%, reaching approximately $3.45 million [25] - The adjusted net profit for the gas-powered division was approximately $607,000, marking the first profitable quarter since the company's IPO in July 2021 [12][27] - The net loss for the quarter was approximately $539,000, compared to a net income of $51,000 in 2021 [26] Business Line Data and Key Metrics Changes - The gas-powered boat division achieved a unit throughput increase to an average of 4.75 boats per week, up from approximately 3.25 boats per week in Q4 2021 [14][31] - The electric division, Forza X1, is expected to incur losses as it transitions from R&D to production, with plans to ramp up production in the new factory over the next 12 to 18 months [16][17] Market Data and Key Metrics Changes - The company noted some softening in the marine sport boat market, with dealer inventory levels growing but still not back to pre-COVID levels [18] - Despite market challenges, dealer forecasts remain strong, with no dealers modifying or reducing their forecasted boat orders [18] Company Strategy and Development Direction - The company aims to sustain production momentum, streamline inventory levels, and expand its dealer network [15] - Forza X1's mission is to produce affordable, fully integrated all-electric recreational boats, with sales expected to commence in Q2 2023 [19] - The company plans to leverage the Forza X1 IPO to fund operations and strengthen its balance sheet [17][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to expand market share and continue growth despite some market slowdowns [15] - The company is closely monitoring economic indicators that may affect business and customer buying decisions [14] - Management highlighted the importance of the Forza X1 IPO in alleviating cash burn and improving cash flow [30] Other Important Information - The company has increased its dealer network by over 24 locations and currently employs around 160 employees [10] - The electric division's first model, the FX1 Dual Console, is in the final stages of tooling, with assembly expected to begin soon [22] Q&A Session Summary Question: Correlation between Twin Vee Powercats and Forza - Twin Vee holds a 70% stake in Forza X1, which will operate as an independent company with its own Board of Directors and Officers [35] Question: Stock conversion situation - A merger between TVPC and VEEE is planned, with no money changing hands and shares distributed on a pro rata basis to TVPC shareholders [36][37] Question: Conversion details - The conversion will not be one-to-one; specific numbers will be disclosed in an upcoming S-3 registration [39]