Twin Vee Powercats Co. Reports a 43% Increase in Revenue for the Year Ended December 31, 2021
Twin Vee PowerCats Co. (Nasdaq: VEEE) reported a 43% increase in revenue for the year ended December 31, 2021, totaling approximately $15.77 million. The gross profit also rose to $6.28 million from $4.77 million in 2020. Despite a net loss of approximately $488,000 from gas-powered boats and overall losses in other segments, the company saw a 27% increase in production, delivering 123 boats. Cash and marketable securities reached $13.04 million as of December 31, 2021, reflecting the positive impact of their recent IPO.
- Revenue increased by 43% to $15,774,000 compared to 2020.
- Gross profit rose to $6,276,000, up from $4,774,000 in 2020.
- Production of boats increased by 27%, totaling 123 boats delivered.
- Cash and marketable securities reached approximately $13,039,000.
- Net loss from gas-powered boats was approximately $488,000.
- Electric boat segment incurred a net loss of approximately $458,000.
- Franchise business reported a net loss of approximately $65,000.
- Adjusted net loss for the fiscal year was approximately $419,000.
FORT PIERCE, FL / ACCESSWIRE / March 30, 2022 / 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 year ended December 31, 2021.
"We are pleased to report a
"The net loss for 2021 is a reflection of the positive changes the Company made to increase the number of models and the production line capacity. In 2021, we produced and delivered 123 boats, which was an increase of
Year End 2021 Financial Highlights:
- Revenue for the year ended December 31, 2021 was approximately
$15,774,000 , representing a43% increase compared to approximately$11,064,000 for the year ended December 31, 2020. - Gross profit for the year ended December 31, 2021 was approximately
$6,276,000 compared to a gross profit of approximately$4,774,000 for the year ended December 31, 2020. - Net loss from our core business, gas-powered boats, was approximately
$488,000 for the year ended December 31,2021. Net loss from our electric boat segment was approximately$458,000 and the net loss from our franchise business was approximately$65,000 , both for the year ended December 31, 2021. - Adjusted Net loss for the fiscal year ended December 31, 2021, which excludes non-cash charges, was approximately
$419,000. Further, the adjusted net income for our core business, gas powered boats, was approximately$100,000 - The Company had cash and marketable securities of approximately
$13,039,000 as of December 31, 2021. - The increase in cash and cash equivalents is due to net proceeds of our IPO.
- On December 31, 2021, the Company had total assets of approximately
$20,599,000 , compared to approximately$4,505,000 at December 31, 2020.
Conference Call
Joseph Visconti, CEO and Carrie Gunnerson, CFO will hold a conference call today, Wednesday, March 30, 2022, at 4:00 p.m. (Eastern). To listen to the conference call, interested parties should dial-in 1-866-575-6539 and use Conference ID 1990180. All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the Twin Vee conference call.
The conference call will also be available through a live audio webcast that can be accessed at https://services.choruscall.com/mediaframe/webcast.html?webcastid=0qRRiZQK
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 and manufacturer of recreational and commercial power catamaran boats. The Company is located in Fort Pierce, Florida and has been building and selling boats for over 26 years. Learn more at https://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 having the right people in place as the Company adds new models to its lineup and increases production of the number of boats it manufactures and delivers and adds dealers to its distribution network and increasing production capacity to over 200 boats in 2022. 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 continue to attract skilled boat builders, the Company's ability to increase production capacity to over 200 boats in 2022 and add dealers to its distribution network, the Company's ability to bring its new boat models 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 theCompany's Quarterly Report on Form 10-Q for the quarter ended September 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
(Tables Follow)
| December 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
Cash and cash equivalents | $ | 6,975,302 | $ | 891,816 | ||||
Marketable Securities | $ | 6,064,097 | $ | - | ||||
Current assets | $ | 13,073,346 | $ | 1,834,942 | ||||
Current liabilities | $ | 2,155,420 | $ | 1,440,067 | ||||
Working capital | $ | 10,917,926 | $ | 394,875 | ||||
| Years Ended | ||||||||
| December 31, | ||||||||
| 2021 | 2020 | |||||||
Net sales | $ | 15,774,170 | $ | 11,063,619 | ||||
Cost of products sold | $ | 9,498,384 | $ | 6,289,316 | ||||
Gross profit | $ | 6,275,786 | $ | 4,774,303 | ||||
Operating expenses | $ | 7,906,507 | $ | 4,053,469 | ||||
(Loss) income from operations | $ | (1,630,721 | ) | $ | 720,834 | |||
Other income | $ | 619,712 | $ | 450,243 | ||||
Net (loss) income | $ | (1,011,009 | ) | $ | 1,171,077 | |||
Basic and dilutive (loss) income per share of common stock | $ | (0.19 | ) | $ | 0.29 | |||
Weighted average number of shares of common stock outstanding | 5,331,400 | 4,000,000 | ||||||
The following table shows information by reportable segments for the years ended December 31, 2021 and 2020:
Boat | 2021 | 2020 | ||||||
Net sales | $ | 15,757,435 | $ | 11,063,619 | ||||
Cost of products sold | 9,483,158 | 6,289,316 | ||||||
Operating expense | 7,461,787 | 4,053,469 | ||||||
Income (loss) from operations | (1,187,510 | ) | $ | 720,834 | ||||
Other income | 699,486 | - | ||||||
Net loss | $ | (488,024 | ) | $ | - | |||
Franchise | ||||||||
Net sales | $ | 16,735 | $ | - | ||||
Cost of products sold | 15,226 | - | ||||||
Operating expense | 63,173 | - | ||||||
Income (loss) from operations | (61,664 | ) | - | |||||
Other expense | (3,769 | ) | - | |||||
Net loss | $ | (65,433 | ) | $ | - | |||
Electric Boat and Development | ||||||||
Net sales | $ | - | $ | - | ||||
Cost of products sold | - | - | ||||||
Operating expense | 381,547 | - | ||||||
Loss from operations | (381,547 | ) | - | |||||
Other expense | (76,005 | ) | - | |||||
Net loss | $ | (457,552 | ) | $ | - | |||
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.
Below is a reconciliation of Adjusted Net income to GAAP net (loss) income for the year ended December 31, 2021 and 2020:
| Years Ended | ||||||||
| December 31, | ||||||||
| 2021 | 2020 | |||||||
Net sales | $ | 15,774,170 | $ | 11,063,619 | ||||
Cost of products sold | $ | 9,498,384 | $ | 6,289,316 | ||||
Gross profit | $ | 6,275,786 | $ | 4,774,303 | ||||
Operating expenses | $ | 7,906,507 | $ | 4,053,469 | ||||
(Loss) income from operations | $ | (1,630,721 | ) | $ | 720,834 | |||
Other income | $ | 619,712 | $ | 450,243 | ||||
Net (loss) income | $ | (1,011,009 | ) | $ | 1,171,077 | |||
Basic and dilutive (loss) income per share of common stock | $ | (0.19 | ) | $ | 0.29 | |||
Weighted average number of shares of common stock outstanding | 5,331,400 | 4,000,000 | ||||||
| Adjusted net (loss) income | ||||||||
| December 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
Net (loss) income | $ | (1,011,009 | ) | $ | 1,171,077 | |||
Stock based compensation | 309,832 | - | ||||||
Impairment loss | 50,417 | - | ||||||
Gain (loss) on disposal of assets | 224,037 | (19,327 | ) | |||||
Depreciation and amortization | 198,523 | 155,728 | ||||||
Gain from government grant | (608,224 | ) | ||||||
Gain of forgiveness PPP | - | (609,500 | ) | |||||
Change of right-of-use asset and lease liabilities | 384,791 | 307,143 | ||||||
Net change in marketable securities | 32,465 | - | ||||||
Adjusted net (loss) income | $ | (419,168 | ) | $ | 1,005,121 | |||
SOURCE: Twin Vee PowerCats Co.
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https://www.accesswire.com/695060/Twin-Vee-Powercats-Co-Reports-a-43-Increase-in-Revenue-for-the-Year-Ended-December-31-2021
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