share_log

Earnings Call Summary | Twin Vee PowerCats(VEEE.US) Q4 2023 Earnings Conference

moomoo AI ·  Mar 26 13:56  · Conference Call

The following is a summary of the Twin Vee PowerCats Co. (VEEE) Q4 2023 Earnings Call Transcript:

Financial Performance:

  • Despite a challenging industry environment and a deceleration in orders, Twin Vee's sales grew by 4% in 2023 compared to 2022, standing strong against a 19% decline in the saltwater outboard market.

  • After attributing significant losses to the consolidation of Forza electric boat losses, the company's adjusted losses sum to $1.6 million in cash, still maintaining a cash position over $8 million as of December 31, 2023.

Business Progress:

  • Twin Vee has been tactically adapting to contracting industry demands by rightsizing operations to produce 10-14 boats per month and focusing on new product development under the Twin Vee and Aquasport brands.

  • The company has recently expanded its dealer network to Dubai, stepping into the Middle East market for the first time.

  • Twin Vee will begin expanding its manufacturing capacity by adding a 25,000 square foot extension to their factory in Fort Pierce, Florida. This will scale up their factory size to nearly 100,000 square feet to support anticipated growth.

More details: Twin Vee PowerCats IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment