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Twin Vee PowerCats Co. (VEEE+2.83%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $2,901,318 from $8,076,545 in the same quarter the previous year. This decrease is attributed to a reduction in the number of boats sold and the mix of boats sold.
Cost of products sold for the quarter was $3,046,975, compared to $7,471,034 in the same quarter of the previous year. The company reported a gross loss of $145,657 for the quarter, compared to a gross profit of $605,511 in the previous year.
Operating expenses for the quarter were $2,843,573, down from $3,384,934 in the previous year, due to reductions in marketing, advertising, and staffing levels.
The company reported a net loss of $3,009,907 for the quarter, compared to a net loss of $2,444,009 in the previous year.
Cash used in operating activities was $4,638,887 for the nine months ended September 30, 2024, compared to $6,930,130 in the previous year.
The company has identified weaknesses in its internal controls over financial reporting and is executing a remediation plan, including hiring additional staff and implementing a new ERP system.
Twin Vee continues to focus on reducing production costs and labor to match market demand, completing facility expansions, and developing new boat models.
The filing also discusses the planned merger with Forza X1, Inc., which is expected to be completed pending shareholder approval and other customary conditions.
The company received a 180-day extension from Nasdaq (NDAQ-0.10%) to regain compliance with the minimum bid price requirement, with a deadline of May 6, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Twin Vee PowerCats Co. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.