Twin Vee PowerCats Co. Reports a 65% Increase in Revenue for the Third Quarter

FORT PIERCE, FL / ACCESSWIRE / November 15, 2021 / 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 third quarter of fiscal 2021.

We are reporting a 65% increase in top line revenue for the third quarter 2021 compared to the third quarter 2020 and are encouraged by the strong backlog for the remainder of the year," said Joseph Visconti, CEO of Twin Vee PowerCats Co. "We continued to strengthen our performance in the third quarter thanks to robust demand for our products as well as the impressive execution of our team to manage component shortages and other supply chain constraints. With the completion of our IPO, on July 22, 2021, we have strengthened our balance sheet. Execution of our business model remains focused with the development and launching of new Twin Vee models. Our new 340 GFX went into production last week and our new 400 GFX should be in production Q2 of 2022.

Third Quarter 2021 Financial Highlights:

• Revenue for the third quarter 2021 was approximately $4,118,000, compared to approximately $2,498,000 for the third quarter of 2020, representing a 65% increase. The number of our boats produced and sold during the three months ended September 30, 2021 increased 33% over the three months ended September 30, 2020.
  
• Gross profit for the third quarter 2021 was approximately $1,610,000 compared to a gross profit of approximately $700,000 in the third quarter 2020.
  
• Operating expenses for the third quarter 2021 were approximately $1,933,000, compared to approximately $947,000 in the third quarter 2020. Operating expenses as a percentage of sales were 47% compared to 38% in the prior year. We have been aggressively ramping up of production, which required increasing our production staff and adding mid-level management. Additionally, we are now carrying increased public company overhead.
  
• For the third quarter 2021, net loss was approximately $383,000, compared to a net loss of approximately $201,000 in the third quarter 2020.
  
• At September 30, 2021, the Company had total assets of approximately $22,629,000, compared to approximately $4,505,000 at December 31, 2020.
  
• The Company had cash and cash equivalents of approximately $8,979,000 as of September 30, 2021, compared to approximately $407,000 at June 30, 2021.
  
• The increase in cash and cash equivalents is due to net proceeds of our IPO. We also have both short- and long-term securities totaling approximately $6,091,000.

Conference Call