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Twin Vee PowerCats Co. (VEEE-13.22%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in net sales to $14,388,517 from $33,425,912 in the previous year, attributed to a significant drop in demand in the marine sector.
Cost of products sold was $15,139,942, leading to a gross loss of $751,425, compared to a gross profit of $3,266,888 in the prior year.
Operating expenses decreased to $13,800,344 from $15,254,187, with notable reductions in salaries and wages due to headcount reductions.
The company reported a net loss of $14,009,906, compared to $9,782,196 in the previous year, with basic and dilutive loss per share increasing to ($1.10) from ($0.76).
Cash and cash equivalents were $7,491,123 as of December 31, 2024, down from $16,497,703 in the previous year.
The company completed a merger with its subsidiary Forza X1, Inc., resulting in the issuance of 5,354,480 shares of Twin Vee common stock.
Twin Vee entered into a Sale Agreement with Revver Digital, LLC to acquire certain intellectual property related to online marketplaces for yachts and boats.
The company continues to focus on expanding its dealer network and managing its inventory levels in response to market conditions.
Twin Vee's board of directors was restructured following the merger, with new appointments and resignations to align with strategic goals.
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. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.