Financial Performance - Revenue for the three months ended March 31, 2024, decreased by 41% to $5,276,343 from $8,877,215 in the same period in 2023[6] - Consolidated net loss for the first quarter of 2024 was $2,335,194, compared to a net loss of $1,828,465 in the prior year, reflecting an increase of 28%[7] - The gas-powered boat segment reported a net loss of $1,163,957 for the three months ended March 31, 2024, compared to net income of $181,849 in the comparable prior year period[7] - Net sales for the three months ended March 31, 2024, were $5,276,343, a decrease of 40.5% compared to $8,877,215 in the same period of 2023[20] - Gross profit for the same period was $277,314, down 82.8% from $1,609,558 year-over-year[20] - Adjusted net loss for the three months ended March 31, 2024, was $(1,361,809), an improvement compared to $(1,465,835) in 2023[20] - The company reported a net loss of $(2,335,194) for Q1 2024, compared to a net loss of $(1,828,465) in Q1 2023, reflecting a 27.8% increase in losses[20] - Basic and dilutive loss per share for Q1 2024 was $(0.18), compared to $(0.12) in Q1 2023[20] Cash Flow and Reserves - Cash reserves decreased to $17,381,000 on March 31, 2024, down from $21,218,000 on December 31, 2023, primarily due to R&D spending and operational cash losses[6] - Cash used in operating activities decreased by 22% to $1,749,920 in Q1 2024 from $2,232,650 in Q1 2023[16] - The company is committed to reducing cash burn while making strategic investments in infrastructure and product development[5] Operating Expenses - Operating expenses decreased to $2,820,520 in Q1 2024 from $3,979,081 in Q1 2023, a reduction of 29.1%[20] - Stock-based compensation for Q1 2024 was $426,283, down from $482,964 in Q1 2023[20] - Depreciation and amortization increased to $425,281 in Q1 2024 from $218,276 in Q1 2023, reflecting a 95% increase[20] Assets and Liabilities - Total assets as of March 31, 2024, were valued at $36,454,000, while total liabilities were $6,313,649[16] Production and Investment - Twin Vee is expanding its Fort Pierce, FL manufacturing facility to increase production capacity and improve efficiency[5] - The company is investing in new models, including the Generation 2 GFX boats, to prepare for the next market upswing[5] Inventory and Marketable Securities - The company recorded a change in inventory reserve of $113,252 in Q1 2024, while there was no such change in Q1 2023[20] - The net change in marketable securities was $15,548 in Q1 2024, compared to $(8,034) in Q1 2023[20] Employee Productivity - The revenue generated per direct labor employee increased to approximately $103,000 in Q1 2024, compared to approximately $72,000 in Q1 2023[6]
Twin Vee PowerCats (VEEE) - 2024 Q1 - Quarterly Results