Twin Vee PowerCats Co. Reports Results for the Year Ended December 31, 2024
Rhea-AI Summary
Twin Vee PowerCats Co. (NASDAQ:VEEE) reported its fiscal year 2024 results, marking a challenging period with significant revenue decline. The company's revenue decreased 57% to $14.39 million compared to $33.43 million in 2023, with Q4 reaching a multi-year low of $1.9 million.
Key financial metrics include an adjusted net loss of $7.7 million in 2024, cash and equivalents of $7.71 million, and total assets of $25.89 million as of December 31, 2024. The company completed the merger of Forza X1 on November 26, 2024, and expanded its facility to 100,000 sq. ft.
For 2025, Twin Vee projects over 50% sequential revenue growth in Q1, has added six new dealer locations, and plans to launch several new models, including the 22-foot BayCat. Management expresses cautious optimism about market recovery, citing renewed interest in both Twin Vee and Aquasport product lines.
Positive
- Facility expansion completed to 100,000 sq. ft, increasing production capacity
- Six new dealer locations added in Q1 2025
- Projected 50%+ sequential revenue growth for Q1 2025
- Growing backlog and new dealer interest
- Strong cash position with $7.71 million in cash and equivalents
Negative
- 57% revenue decline to $14.39 million in 2024
- Q4 2024 revenue fell to multi-year low of $1.9 million
- Increased net loss to $7.7 million in 2024 from $7.3 million in 2023
News Market Reaction 1 Alert
On the day this news was published, VEEE declined 0.06%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Initiates 2025 Outlook
FORT PIERCE, FL / ACCESS Newswire / March 20, 2025 / 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, 2024.
Outlook for 2025:
Expects first quarter 2025 revenues to grow sequentially more than
50% .Added six new dealer locations in the first quarter of 2025 and expects to further expand dealer network throughout the year.
Expects to introduce several new models in 2025 including the all-new 22-foot BayCat which will be on display this week at the 43rd Palm Beach International Boat Show in booth/slip 1025 hosted by Palm City Yachts.
Completion of 30,000 sq. ft facility expansion, now 100,000 sq. ft of production capacity
Highlights for fiscal year 2024:
Revenue for the year ended December 31, 2024 decreased
57% to$14,389,000 as compared to$33,426,000 in 2023.Adjusted net loss for 2024 of
$7.7 million compared to$7.3 million in 2023 despite a57% reduction in revenues demonstrating management commitment to cost reduction.Consolidated cash, cash equivalents, restricted cash and marketable securities were
$7,706,000 on December 31, 2024.Completed the merger of Forza X1 into Twin Vee PowerCats on November 26, 2024.
Twin Vee's consolidated total asset value was
$25,888,000 on December 31, 2024.
"There is no doubt that 2024 was the most challenging year we have experienced as a public company, and the fourth quarter provided no relief with revenues falling to a multi-year quarter low of
Conference Call
Michael P. Dickerson, Chief Financial & Administrative Officer, will hold a conference call today, Thursday, March 20, 2025, at 12:00 p.m. (Eastern). To listen to the conference call, interested parties should dial-in to 1-877-407-3982 and use Conference ID 13752216. All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to join the Twin Vee conference call.
The conference call will also be available through a live audio webcast that can be accessed at the LINK HERE.
The Company's complete financial statements are being filed today with the Securities and Exchange Commission and can be accessed via https://ir.twinvee.com/sec-filings.
About Twin Vee PowerCats Co.
Twin Vee is a designer, manufacturer, distributor, and marketer of power sport catamaran boats. The Company, located in Fort Pierce, Florida, has been building and selling boats for nearly 30 years. Learn more at twinvee.com. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the "Best Riding Boats on the Water™".
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding first quarter 2025 revenues growing sequentially more than
CONTACT:
Glenn Sonoda
investor@twinvee.com
(Tables Follow)
| December 31, |
|
| December 31, |
|
|
|
|
|
|
| |||||
| 2024 |
|
| 2023 |
|
| Change |
|
| % Change |
| |||||
Cash and cash equivalents |
| $ | 7,491,123 |
|
| $ | 16,497,703 |
|
| $ | (9,006,580 | ) |
|
| (54.6 | %) |
Restricted cash |
| $ | 215,117 |
|
| $ | 257,530 |
|
| $ | (42,413 | ) |
|
| (16.5 | %) |
Current assets |
| $ | 10,419,141 |
|
| $ | 26,646,318 |
|
| $ | (16,227,177 | ) |
|
| (60.9 | %) |
Current liabilities |
| $ | 3,747,990 |
|
| $ | 4,216,345 |
|
| $ | (468,355 | ) |
|
| (11.1 | %) |
Working capital |
| $ | 6,671,151 |
|
| $ | 22,429,973 |
|
| $ | (15,758,822 | ) |
|
| (70.3 | %) |
| December 31, |
|
| December 31, |
|
|
|
|
|
|
| |||||
Balance Sheet Data: |
| 2024 |
|
| 2023 |
|
| Change |
|
| % Change |
| ||||
Cash |
| $ | 7,491,123 |
|
| $ | 16,497,703 |
|
| $ | (9,006,580 | ) |
|
| (55 | %) |
Total assets |
| $ | 25,887,905 |
|
| $ | 39,846,713 |
|
| $ | (13,958,808 | ) |
|
| (35 | %) |
Total liabilities |
| $ | 6,671,055 |
|
| $ | 7,797,098 |
|
| $ | (1,126,043 | ) |
|
| (14 | %) |
Stockholder's equity |
| $ | 19,216,849 |
|
| $ | 23,511,193 |
|
| $ | (4,294,344 | ) |
|
| (18 | %) |
| Years Ended |
| ||||||
| December 31, |
| ||||||
| 2024 |
|
| 2023 |
| |||
Net sales |
| $ | 14,388,517 |
|
| $ | 33,425,912 |
|
Cost of products sold |
| $ | 15,139,942 |
|
| $ | 30,159,024 |
|
Gross profit |
| $ | (751,425 | ) |
| $ | 3,266,888 |
|
Operating expenses |
| $ | 13,800,344 |
|
| $ | 15,254,187 |
|
Income from operations |
| $ | (14,551,769 | ) |
| $ | (11,987,299 | ) |
Other expense |
| $ | 541,863 |
|
| $ | 2,205,103 |
|
Net (loss) |
| $ | (14,009,906 | ) |
| $ | (9,782,196 | ) |
Basic and dilutive loss per share of common stock |
| $ | (1.10 | ) |
| $ | (0.76 | ) |
Weighted average number of shares of common stock outstanding |
|
| 10,032,040 |
|
|
| 9,520,000 |
|
| Years Ended |
|
|
|
|
|
|
| ||||||||
| December 31, |
|
|
|
|
|
|
| ||||||||
| 2024 |
|
| 2023 |
|
| Change |
|
| % Change |
| |||||
Cash used in operating activities |
| $ | (6,973,617 | ) |
| $ | (6,934,773 | ) |
| $ | (38,844 | ) |
|
| (1 | %) |
Cash used in investing activities |
| $ | (1,861,632 | ) |
| $ | (6,629,021 | ) |
| $ | (4,767,389 | ) |
|
| (72 | %) |
Cash (used in) provided by financing activities |
| $ | (213,744 | ) |
| $ | 6,818,020 |
|
| $ | (7,031,764 | ) |
|
| (103 | %) |
Cash at end of year |
| $ | 7,706,240 |
|
| $ | 16,755,233 |
|
| $ | (9,048,993 | ) |
|
| (54 | %) |
Non-GAAP Financial Measures
We have presented a supplemental non-GAAP financial measure in this earnings release. We believe that this supplemental information is useful to investors because it allows for an evaluation of the company with a focus on the performance of its core operations, including more meaningful comparisons of financial results to historical periods. Adjusted Net Loss is a non-GAAP financial measure which excludes certain non-cash expenses. Our executive management team uses these same non-GAAP measures internally to assess the ongoing performance of the Company. Adjusted Net (Loss) is not intended to be a substitute for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
Below is a reconciliation of Adjusted Net loss to GAAP net loss for the fiscal year 2024 and 2023:
| Adjusted Net Loss |
| ||||||
| Years Ended |
| ||||||
| December 31, |
| ||||||
| 2024 |
|
| 2023 |
| |||
Net loss* |
| $ | (14,009,906 | ) |
| $ | (9,782,196 | ) |
Stock based compensation |
|
| 1,177,140 |
|
|
| 1,902,749 |
|
Depreciation & amortization |
|
| 1,745,217 |
|
|
| 1,353,383 |
|
Impairment of property & equipment |
|
| 1,674,000 |
|
|
| - |
|
Gain on sale of R&D equipment |
|
| (50,097 | ) |
|
| - |
|
Loss of disposal of property & equipment |
|
| 172,684 |
|
|
| - |
|
Change of right-of-use asset and lease liabilities |
|
| 464,304 |
|
|
| 474,630 |
|
Merger related costs |
|
| 1,084,430 |
|
|
| - |
|
Government grant income |
|
| - |
|
|
| (1,267,055 | ) |
Adjusted net (loss) |
| $ | (7,742,228 | ) |
| $ | (7,318,490 | ) |
Includes net loss of Forza X1 of
$5,334,000 for the year ended December 31, 2024.
SOURCE: Twin Vee PowerCats Co.
View the original press release on ACCESS Newswire
FAQ
What was Twin Vee PowerCats (VEEE) revenue decline in 2024?
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