Twin Vee PowerCats Co. Reports Results for the Year Ended December 31, 2024
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.
Twin Vee PowerCats Co. (NASDAQ:VEEE) ha riportato i risultati dell'anno fiscale 2024, segnando un periodo difficile con un significativo calo dei ricavi. I ricavi dell'azienda sono diminuiti del 57%, raggiungendo $14.39 milioni rispetto ai $33.43 milioni del 2023, con il quarto trimestre che ha registrato un minimo pluriennale di $1.9 milioni.
I principali indicatori finanziari includono una perdita netta rettificata di $7.7 milioni nel 2024, disponibilità liquide e equivalenti di $7.71 milioni e attivi totali di $25.89 milioni al 31 dicembre 2024. L'azienda ha completato la fusione con Forza X1 il 26 novembre 2024 e ha ampliato la sua struttura a 100.000 piedi quadrati.
Per il 2025, Twin Vee prevede una crescita dei ricavi sequenziale di oltre il 50% nel primo trimestre, ha aggiunto sei nuove sedi di concessionari e prevede di lanciare diversi nuovi modelli, incluso il BayCat di 22 piedi. La direzione esprime un cauto ottimismo riguardo alla ripresa del mercato, citando un rinnovato interesse sia per la linea di prodotti Twin Vee che per quella Aquasport.
Twin Vee PowerCats Co. (NASDAQ:VEEE) informó sobre los resultados de su año fiscal 2024, marcando un período desafiante con una significativa disminución de ingresos. Los ingresos de la empresa disminuyeron un 57%, alcanzando $14.39 millones en comparación con $33.43 millones en 2023, con el cuarto trimestre alcanzando un mínimo en varios años de $1.9 millones.
Las métricas financieras clave incluyen una pérdida neta ajustada de $7.7 millones en 2024, efectivo y equivalentes de $7.71 millones, y activos totales de $25.89 millones al 31 de diciembre de 2024. La empresa completó la fusión con Forza X1 el 26 de noviembre de 2024 y amplió sus instalaciones a 100,000 pies cuadrados.
Para 2025, Twin Vee proyecta un crecimiento secuencial de ingresos de más del 50% en el primer trimestre, ha agregado seis nuevas ubicaciones de concesionarios y planea lanzar varios nuevos modelos, incluido el BayCat de 22 pies. La dirección expresa un optimismo cauteloso sobre la recuperación del mercado, citando un renovado interés tanto en la línea de productos Twin Vee como en Aquasport.
Twin Vee PowerCats Co. (NASDAQ:VEEE)는 2024 회계연도 결과를 발표하며, 상당한 수익 감소로 어려운 시기를 겪고 있다고 밝혔습니다. 회사의 수익은 2023년의 $33.43 백만에 비해 $14.39 백만으로 57% 감소했으며, 4분기는 1.9 백만 달러로 여러 해 만에 최저치를 기록했습니다.
주요 재무 지표로는 2024년 조정 순손실이 $7.7 백만, 현금 및 현금성 자산이 $7.71 백만, 2024년 12월 31일 기준 총 자산이 $25.89 백만입니다. 회사는 2024년 11월 26일 Forza X1와의 합병을 완료하고 시설을 100,000 평방피트로 확장했습니다.
2025년을 위해 Twin Vee는 1분기에 50% 이상의 순차적 수익 성장을 예상하고, 여섯 개의 새로운 대리점 위치를 추가했으며, 22피트 BayCat을 포함한 여러 새로운 모델을 출시할 계획입니다. 경영진은 Twin Vee와 Aquasport 제품 라인에 대한 새로운 관심을 언급하며 시장 회복에 대해 조심스러운 낙관론을 표명하고 있습니다.
Twin Vee PowerCats Co. (NASDAQ:VEEE) a annoncé ses résultats pour l'exercice fiscal 2024, marquant une période difficile avec une baisse significative des revenus. Les revenus de l'entreprise ont diminué de 57 %, atteignant $14.39 millions par rapport à $33.43 millions en 2023, le quatrième trimestre atteignant un niveau bas pluriannuel de $1.9 millions.
Les principaux indicateurs financiers incluent une perte nette ajustée de $7.7 millions en 2024, des liquidités et équivalents de $7.71 millions, et un total d'actifs de $25.89 millions au 31 décembre 2024. L'entreprise a finalisé la fusion avec Forza X1 le 26 novembre 2024 et a étendu ses installations à 100 000 pieds carrés.
Pour 2025, Twin Vee prévoit une croissance séquentielle des revenus de plus de 50% au premier trimestre, a ajouté six nouveaux points de vente et prévoit de lancer plusieurs nouveaux modèles, y compris le BayCat de 22 pieds. La direction exprime un optimisme prudent concernant la reprise du marché, citant un intérêt renouvelé pour les lignes de produits Twin Vee et Aquasport.
Twin Vee PowerCats Co. (NASDAQ:VEEE) hat die Ergebnisse des Geschäftsjahres 2024 veröffentlicht und damit eine herausfordernde Phase mit einem signifikanten Rückgang der Einnahmen markiert. Der Umsatz des Unternehmens sank um 57 % auf $14.39 Millionen im Vergleich zu $33.43 Millionen im Jahr 2023, wobei das vierte Quartal mit $1.9 Millionen einen Mehrjahrestiefstand erreichte.
Wichtige Finanzkennzahlen umfassen einen bereinigten Nettoverlust von $7.7 Millionen im Jahr 2024, liquide Mittel und Äquivalente von $7.71 Millionen sowie Gesamtvermögen von $25.89 Millionen zum 31. Dezember 2024. Das Unternehmen schloss am 26. November 2024 die Fusion mit Forza X1 ab und erweiterte seine Einrichtung auf 100.000 Quadratfuß.
Für 2025 prognostiziert Twin Vee ein sequentielles Umsatzwachstum von über 50% im ersten Quartal, hat sechs neue Händlerstandorte hinzugefügt und plant die Einführung mehrerer neuer Modelle, darunter den 22-Fuß BayCat. Das Management äußert vorsichtigen Optimismus hinsichtlich der Markterholung und verweist auf ein erneutes Interesse an den Produktlinien von Twin Vee und Aquasport.
- 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
- 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
Insights
Twin Vee's 2024 results paint a challenging picture with revenue plummeting 57% to
What's notable is Twin Vee's financial positioning amid this downturn. With
The company's forward guidance suggests a potential inflection point, projecting Q1 2025 sequential revenue growth exceeding
Twin Vee has completed a substantial production capacity expansion to 100,000 square feet, positioning the company for higher output should market demand recover. The strategic merger with Forza X1 should also yield operational synergies and cost efficiencies going forward. Management's disciplined approach to discretionary spending while maintaining investment in growth initiatives and dealer programs demonstrates a balanced recovery strategy.
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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