The following is a summary of the Twin Vee Powercats Co. (VEEE) Q1 2024 Earnings Call Transcript:
Financial Performance:
Twin Vee Powercats reported a decline in Q1 revenue from $8.8 million to $5.2 million due to decreased product demand. Despite this, they grew their revenue per direct labor by 40%. The net loss for the quarter was $2.335 million, attributed to the Forza segment and to Twin Vee. As of Q1 end, cash holdings were $17,381,000, a decrease from the $21,218,000 in Q4 2023.
Business Progress:
The company continued to invest in new models, such as the Gen 2 GFX boats and the AquaSport 280 Superboat despite challenging economic conditions. They also started constructing an additional 30,000 sq. ft. area in Fort Pierce, which, once completed, could increase the production capacity to 700 units annually. The company also implemented a new ERP system to improve operational efficiency. Twin Vee's inventory saw a reduction of over 20% for the quarter.
More details: Twin Vee PowerCats IR
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