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 - Earnings Call Transcript