Twin Vee PowerCats Co. reported significant declines in revenue and increased losses for the third quarter and nine months ended September 30, 2024, compared to the same periods in 2023. For Q3 2024, net sales were $2.9 million, a decrease of 64% from $8.1 million in Q3 2023. The number of boats sold dropped by 70%, attributed to a strategic shift towards larger boats and a slowdown in demand for recreational marine vehicles amid economic uncertainties. The average selling price per unit increased to approximately $145,065 from $122,371 in the prior year.

The gross loss for Q3 2024 was $(145,657), a stark contrast to a gross profit of $605,511 in Q3 2023. Total operating expenses for the quarter were $2.8 million, down from $3.4 million in the previous year, but represented 98% of net sales compared to 41.9% in Q3 2023. The loss from operations for Q3 2024 was $(2.99 million), slightly higher than the $(2.78 million) loss reported in Q3 2023. The net loss for the quarter was $(3.01 million), compared to $(2.44 million) in the same period last year.

For the nine months ended September 30, 2024, net sales totaled $12.5 million, a 50% decrease from $25 million in the same period of 2023. The net loss for the nine months was $(9.86 million), an increase of $3.69 million from $(6.18 million) in 2023. The accumulated deficit rose to $(21.49 million) as of September 30, 2024, compared to $(14.35 million) at the end of 2023.

The company has also undergone strategic changes, including the discontinuation of its electric boat segment, Forza X1, which incurred a loss of $(895,702) in Q3 2024 with no revenue generated. The merger of Forza X1 into Twin Vee was announced, with each share of Forza common stock converting into shares of Twin Vee common stock.

Financially, Twin Vee's cash and cash equivalents decreased to $11.1 million as of September 30, 2024, down from $16.5 million at the end of 2023. Total current assets also fell by 42.3% to $15.4 million. The company reported a net cash used in operating activities of $(4.64 million) for the nine months, an improvement from $(6.93 million) in 2023.

The company is currently addressing material weaknesses in its internal controls and has plans to enhance its financial reporting processes. Additionally, it is exploring options to regain compliance with Nasdaq listing requirements, including a potential reverse stock split, as it did not meet the minimum bid price requirement by November 6, 2024.

About Twin Vee PowerCats, Co.

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