Twin Vee PowerCats Co (VEEE) Reports Q3 2023 Earnings
Twin Vee PowerCats Co (NASDAQ:VEEE) reported a net loss of $1,046,314 for Q3 2023, a slight increase from the same period last year.
The company's cash and cash equivalents decreased by 57.4% to $5,438,820, but its working capital increased by 24.8% to $16,016,417.
VEEE received an initial purchase order from OneWater Marine, Inc. for 100 units of its upcoming 22-foot electric monohull boat, representing approximately $12,000,000 in expected revenue.
The company expects revenue from the sale of these fully integrated electric boats and motors to begin in early 2024.
On November 6, 2023, Twin Vee PowerCats Co (NASDAQ:VEEE) released its third-quarter earnings report for fiscal 2023. Despite reporting a net loss, the company highlighted several operational achievements and financial results that indicate potential growth in the future.
Financial Highlights
VEEE reported a net loss of $1,046,314 for the third quarter of 2023, a slight increase from the net loss of $1,042,663 reported in the same period last year. The company's cash and cash equivalents decreased by 57.4% to $5,438,820, but its working capital increased by 24.8% to $16,016,417. The company's current assets also increased by 22.2% to $16,242,785, while its current liabilities decreased by 50.1% to $226,368.
Operational Highlights
VEEE's CEO and President, Jim Leffew, stated that the company is focused on developing and manufacturing electric boats for the recreational market. The company has built and tested several units, including three offshore-style catamarans, two bay boat-style catamarans, one deck boat, and three 22-foot center or dual console monohulls. Additionally, the company has electrified two pontoon boats for demonstration purposes for Polaris Marine.
We believe that the boating industry will follow in the footsteps of the electrification of the automotive industry by creating electric boats that meet or exceed the traditional boating consumers expectations of price, value and run times," stated Mr. Leffew.
Future Prospects
In June, VEEE announced that it received an initial purchase order from OneWater Marine, Inc. for 100 units of its upcoming 22-foot electric monohull boat, representing approximately $12,000,000 in expected revenue. The company expects revenue from the sale of these fully integrated electric boats and motors to begin in early 2024.
Construction is underway at the company's North Carolina property, which is expected to last for approximately ten months. Once completed, the building will be capable of producing 500 boats annually or more and will serve as the technology and fabrication center for VEEE.
VEEE's complete financial statements can be accessed via the Securities and Exchange Commission's website.
Explore the complete 8-K earnings release (here) from Twin Vee PowerCats Co for further details.
This article first appeared on GuruFocus.
