Twin Vee Powercats Co. (NASDAQ:VEEE) Q1 2024 Results Conference Call May 15, 2024 12:00 PM ET Company Participants Joseph Visconti - President and CEO Michael Dickerson - CFO Operator Welcome to the Twin Vee PowerCats Company First Quarter 2024 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 is Joseph Visconti, President and CEO of Twin Vee PowerCats Company. Before I turn the call over to Joseph, please remember tha ...

EXHIBIT 99.1 Twin Vee PowerCats Co. Reports 4% Increase in Revenue for the Year Ended December 31, 2023 FORT PIERCE, FLORIDA, March 26, 2024 – Twin Vee PowerCats Co. (Nasdaq: VEEE) ("Twin Vee" or the "Company"), a designer, manufacturer and distributor of recreational and commercial power boats, today reported operational highlights and financial results for fiscal year ended December 31, 2023. Highlights for fiscal year 2023: The Company is pleased to report a 4% increase in consolidated revenue for the ye ...

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, 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 TWIN VEE POWERCATS CO. (Exact name of registrant as specified in its charter) Delaware 27-1417610 (State or other jurisdiction of ...

Twin Vee PowerCats Co. (NASDAQ:VEEE) Q4 2023 Earnings Conference Call March 26, 2024 ET Company Participants Joseph Visconti - President & CEO Conference Call Participants Operator Welcome to Twin Vee PowerCats Co. Year End 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 is Joseph Visconti, President and CEO of Twin Vee PowerCats Co. Before I turn the call over to Joseph, please remember that certain statements m ...

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 September 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 TWIN VEE POWERCATS CO. (Exact name of registrant as specified in its charter) Delawar ...

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 ...