Twin Vee PowerCats Reports Second Quarter 2021 Operational Highlights and Financial Results
Twin Vee PowerCats Co. (NASDAQ:VEEE) reported a strong second quarter for fiscal 2021, with revenue rising 92% year-over-year to $3.3 million. The company attributes this growth to robust demand and improved supply chain management amid component shortages. Net income soared 316% to $50,851, and gross profit increased 89% to $1.3 million. Following its recent IPO, Twin Vee has about $15.5 million in cash and plans to launch new boat models starting Q4 2021. The gross margin remained stable at 40%.
- Revenue increased by 92% to $3.3 million for Q2 2021.
- Net income rose 316% to $50,851.
- Gross profit for the quarter increased by 89% to $1.3 million.
- Approximately $15.5 million in cash following IPO.
- Plans to roll out new boat models within the upcoming quarters.
- Sales impacted by shortages of key components, primarily motors.
FORT PIERCE, FL / ACCESSWIRE / August 24, 2021 / Twin Vee PowerCats Co. (NASDAQ:VEEE), ("Twin Vee" or the "Company") a designer, manufacturer, distributor, and marketer of recreational and commercial power catamaran boats, today reported operational highlights and financial results for the second quarter of fiscal 2021.
"We are excited to close out the first half of the year on a positive note, reporting a
"We are also looking forward to presenting our new 34-foot boat, our 340 GFX model, on October 28, 2021 at the Fort Lauderdale Boat Show at the Bahia Mar Yachting Center. The 340 GFX is the first of two new larger models we plan to bring to market. At 34-feet in overall length and an 11-foot beam, the 340 GFX with its twin gas-powered outboard motors can provide up to 800 horsepower," said Visconti. "We are also very encouraged by the recent favorable reviews of our boats in the trade press, such the recent review of our 280 Center Console GFX in the August 2021 issue of the magazine Rudow's FishTalk. "The Best Riding Boats on the Water" is not just the Company's slogan, it's our mission."
Sales: Twin Vee's sales for the three months ended June 30, 2021 and 2020 were
Gross profit: Twin Vee's gross profit for the three months ended June 30, 2021 and 2020 were
Net Income (Loss): Net income for the three months ended June 30, 2021 and 2020, were
Net Income (Loss) per Share: Net income per basic and diluted share for the second quarter of fiscal 2021 was
As a result of the completion of our IPO on July 22, 2021, Twin Vee has approximately
| June 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
Cash | $ | 406,642 | $ | 891,816 | ||||
Current assets | $ | 2,899,841 | $ | 1,834,942 | ||||
Total assets | $ | 6,312,615 | $ | 4,504,566 | ||||
Current liabilities | 2,044,221 | 1,440,067 | ||||||
Total liabilities | $ | 4,580,975 | $ | 2,955,726 | ||||
Stockholder's equity | $ | 1,731,640 | $ | 1,548,840 | ||||
| Three Months Ended | ||||||||
| June 30, | ||||||||
| 2021 | 2020 | |||||||
Net sales | $ | 3,297,571 | $ | 1,720,604 | ||||
Cost of products sold | $ | 1,981,427 | $ | 1,025,156 | ||||
Gross profit | $ | 1,316,144 | $ | 695,448 | ||||
Operating expenses | $ | 1,433,077 | $ | 696,272 | ||||
(Loss) income from operations | $ | (116,933 | ) | $ | (824 | ) | ||
Other income (expense) | $ | 167,784 | $ | (22,700 | ) | |||
Net income (loss) | $ | 50,851 | $ | (23,524 | ) | |||
Basic and dilutive income per share of common stock | $ | 0.01 | $ | (0.01 | ) | |||
Weighted average number of shares of common stock outstanding | 4,000,000 | 4,000,000 | ||||||
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2021 | 2020 | |||||||
Net sales | $ | 6,505,214 | $ | 4,387,461 | ||||
Cost of products sold | $ | 3,701,164 | $ | 2,522,779 | ||||
Gross profit | $ | 2,804,050 | $ | 1,864,682 | ||||
Operating expenses | $ | 2,766,221 | $ | 1,726,470 | ||||
Income from operations | $ | 37,829 | $ | 138,212 | ||||
Other expense | $ | (144,971 | ) | $ | 83,080 | |||
Net income | $ | 182,800 | $ | 55,132 | ||||
Basic and dilutive income per share of common stock | $ | 0.05 | $ | 0.01 | ||||
Weighted average number of shares of common stock outstanding | 4,000,000 | 4,000,000 | ||||||
Conference Call
Twin Vee will hold a conference call today, Tuesday, August 24, 2021, at 10:00 a.m. (Eastern). The dial-in information for the call is as follows, 1-888-203-3485. Participants are asked to dial in 15 minutes before the start of the call to register. The call will also be webcast over the Internet at https://secure.confertel.net/tsRegisterD.asp?course=9131101.
About Twin Vee PowerCats Co.
Twin Vee is a designer, manufacturer, distributor, and marketer of recreational and commercial power catamaran boats. Founded in 1996, the Company has been an innovator in the recreational and commercial power catamaran industry. The Company currently has eleven (11) gas-powered models in production raging in size from its 24-foot, dual engine, center console to its newly designed 40-foot offshore 400 GFX. The Company's twin-hull catamaran running surface, known as a symmetrical catamaran hull design, adds to the Twin Vee ride quality by reducing drag, increasing fuel efficiency, and offering users a stable riding boat. Twin Vee's home base of operations is a 7.5-acre facility in Fort Pierce, Florida. Learn more at https://twinvee.com/. Twin Vee is one of the most recognizable brand names in the power catamaran 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 moving forward with an aggressive schedule to roll-out 34 foot and 40 foot gas-powered models, two Twin Vee Electric models and an electric outboard motor propulsion system, plans to roll out our 34 foot gas-powered model in the fourth quarter of 2021 and our 400 GFX in Q1 of 2022, and presenting our 340 GFX model, on October 28, 2021 at the Fort Lauderdale Boat Show at the Bahia Mar Yachting Center. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to bring its new boat models and electric outboard motor propulsion system to market as planned, the duration and scope of the COVID-19 outbreak worldwide, including the impact to supply chains and state and local economies, and the risk factors described in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
CONTACT:
Glenn Sonoda
investor@twinvee.com
(772) 429-2525
SOURCE: Twin Vee PowerCats Co.
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