Twin Vee PowerCats reports Q2 reveue $4.3M vs. $8.1M last year

Consolidated net loss for Q2 was $4,519,000, which includes Twin Vee’s Q2 net loss of $1,681,000 and Forza X1’s Q2 net loss of $2,832,000. “The recreational marine industry has continued to be challenged by declining customer demand partially a result of the stubbornly high-interest rate environment,” explained Joseph Visconti, Chief Executive Officer of Twin Vee PowerCats Co. “During the second quarter we again took steps to right-size the labor force while also tightly controlling operating costs. At the same time, we are using this slower period to lay the groundwork for the next market upswing. Twin Vee is investing in new models and expanding our Fort Pierce, FL manufacturing facility to increase production capacity and create a more efficient factory layout. We are also investing in vertical integration and efficiency by adding a state-of-the-art CNC machine into our manufacturing process. This will save on costs associated with outsourcing and enhance the quality of the boat molds we use to build our products. We are committed to reducing cash burn while making smart investments in infrastructure, product development, and other revenue generating opportunities for the Company.”