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Associated Press
02-06-2025
- Business
- Associated Press
Twin Vee PowerCats and Wizz Banger, Inc. Developing A.I. Toolkit to Drive Dealer Success in Marine Retail
FORT PIERCE, FL / ACCESS Newswire / June 2, 2025 / Twin Vee PowerCats Co. (Nasdaq:VEEE), ('Twin Vee' or the 'Company'), a manufacturer, distributor, and marketer of power sport boats, today provided further details on the AI-powered toolkit its subsidiary, Wizz Banger, Inc., is actively engineering. Wizz Banger is crafting a comprehensive suite of tools designed to transform the marine retail landscape, empowering dealerships with high-quality leads, streamlined transactions, and unmatched market transparency, revolutionizing how boats are sold in the $57 billion recreational boating industry. Wizz Banger is focusing its development efforts on creating an integrated platform that addresses the evolving needs of marine businesses in an increasingly digital world. 'The core of Wizz Banger's development focuses on providing tangible advantages to dealerships, enabling them to connect more effectively with today's discerning boat buyers,' explained Joseph Visconti, CEO and President of Twin Vee PowerCats Co. 'The suite of tools being engineered by Wizz Banger aims to redefine how marine products are marketed, sold, and managed, fostering a more efficient and customer-centric ecosystem.' Wizz Banger's AI will be a free tool that provides instant, data-driven boat information for dealers, buyers, and sellers. By analyzing national listing data, auction results, and dealer feedback, the AI will deliver transparent pricing that streamlines trade-ins and sales. The tool is designed to help reduce disputes and expedite the sales process, allowing dealers to close deals more quickly and with increased confidence. According to Visconti, Wizz Banger is also planning to integrate dealer inventories into its platform. 'By including a dealer's inventory into our platform, we will be granting dealers access to a robust lead generation engine that delivers qualified, intent-driven leads, intending to surpass traditional advertising models,' stated Visconti. Wizz Banger's aggressive SEO strategy, targeting high-intent searches like 'My favorite boat brand for sale near me,' will enable dealers to connect with motivated buyers, maximizing sales opportunities. 'Partnering with Wizz Banger will allow boat dealers to thrive in a digital-first market,' said Tom Huffman, President of Wizz Banger, Inc. 'The AI-driven tools and lead generation models we're developing will provide boat dealers with a competitive edge, delivering high-value leads and a seamless transaction experience that sets a new standard in marine retail.' About Twin Vee PowerCats Co. Twin Vee PowerCats Co. manufactures a range of boats designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the 'Best Riding Boats on the Water™.' The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years. Learn more at Visit Twin Vee PowerCats Co. on Facebook, Instagram, and YouTube. About Wizz Banger, Inc. Wizz Banger, Inc. is a wholly owned technology company developing an online marine commerce and sales platform to modernize and streamline the recreational boating industry. By integrating Wizz Banger's AI-powered tools, the company aims to create a seamless and transparent ecosystem for buyers, sellers, dealers, lenders, and manufacturers. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words 'could,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'may,' 'continue,' 'predict,' 'potential,' 'project' and similar expressions that are intended to identify forward-looking statements and include statements regarding crafting a comprehensive suite of tools designed to transform the marine retail landscape, empowering dealerships with high-quality leads, streamlined transactions, and unmatched market transparency, revolutionizing how boats are sold in the $57 billion recreational boating industry, creating an integrated platform that addresses the evolving needs of marine businesses in an increasingly digital world, providing tangible advantages to dealerships, enabling them to connect more effectively with today's discerning boat buyers redefining how marine products are marketed, sold, and managed, fostering a more efficient and customer-centric ecosystem, providing instant, data-driven boat information for dealers, buyers, and sellers, delivering transparent pricing that streamlines trade-ins and sales, reducing disputes and expediting the sales process, allowing dealers to close deals more quickly and with increased confidence, integrating dealer inventories into Wizz Banger's platform, granting dealers access to a robust lead generation engine that delivers qualified, intent-driven leads intending to surpass traditional advertising models, enabling dealers to connect with motivated buyers through Wizz Banger's aggressive SEO strategy maximizing sales opportunities, allowing boat dealers to thrive in a digital-first market and providing boat dealers with a competitive edge, delivering high-value leads and a seamless transaction experience that sets a new standard in marine retail and creating a seamless and transparent ecosystem for buyers, sellers, dealers, lenders, and manufacturers by integrating Wizz Banger's AI-powered tools. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, Wizz Banger's ability to craft a comprehensive suite of tools that will transform the marine retail landscape, empower dealerships with high-quality leads, streamlined transactions, and unmatched market transparency and revolutionize how boats are sold in the recreational boating industry, Wizz Banger's ability to create an integrated platform that addresses the evolving needs of marine businesses in an increasingly digital world, Wizz Banger's ability to foster a more efficient and customer-centric ecosystem, Wizz Banger's ability to provide instant, data-driven boat information for dealers, buyers, and sellers, deliver transparent pricing that streamlines trade-ins and sales, reduce disputes and expedite the sales process, Wizz Banger's ability to integrating dealer inventories into its platform as planned, Wizz Banger's ability to provide boat dealers with a competitive edge delivering high-value leads and a seamless transaction experience that sets a new standard in marine retail, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law. Contact: Glenn Sonoda [email protected] SOURCE: Twin Vee PowerCats Co. press release
Associated Press
29-05-2025
- Business
- Associated Press
Twin Vee PowerCats Unveils 3D Boat Configurator, Putting Customers First with Immersive "Build & Price" Experience
FORT PIERCE, FL / ACCESS Newswire / May 29, 2025 / Twin Vee PowerCats Co. (Nasdaq:VEEE),('Twin Vee' or the 'Company'), a manufacturer, distributor, and marketer of power sport boats, today announced the highly anticipated official relaunch of its 22-foot BayCat. It makes its return with a host of modern upgrades and refined features, ready to redefine aquatic adventures for families, anglers, and water enthusiasts alike. Simultaneously, the Company is also introducing its innovative online 3D configurator integrated into its newly redesigned website, offering customers an unprecedented level of interactive customization and transparent purchasing. Twin Vee's All-New 3D Configurator (Available Here ) 'The Twin Vee 22 BayCat has been reborn, meticulously re-engineered to meet the demands of contemporary boaters while preserving the fundamental qualities that established it as a cherished classic,' explained Joseph C. Visconti, CEO and President of Twin Vee PowerCats Co. With an overall length of 22 feet and a beam of 7'8", the 22 BayCat provides abundant deck space and a stable platform. Its shallow 14-inch draft makes it an ideal platform for an expansive array of waterborne activities on inland lakes, river systems, or coastal waters. The boat is engineered to accommodate up to 200 horsepower, ensuring robust and agile performance on the water, with customers able to select from Suzuki, Yamaha, or Mercury outboard motors for reliable and efficient power. 'At the core of the 22 BayCat's exceptional ride is its advanced hull, constructed using Twin Vee's cutting-edge vacuum-infused, 3-part all-composite method,' remarked Visconti. 'This process results in a hull that is not only lighter and more rigid but also exceptionally durable, forming the foundation of the smooth and stable experience that defines a Twin Vee boat.' Anglers will find the 22 BayCat to be an exceptionally well-equipped fishing machine. It features dual 25-gallon aerated livewells to keep bait fresh, a spacious and stable casting deck that offers ample room for multiple boaters to maneuver freely, and conveniently located insulated in-deck fish boxes for storing the day's catch. 'The 22 BayCat is a part of our Company's history and holds fond memories for countless boaters. We've taken what made the original model a success and have elevated it with the latest advancements in technology, materials, and design. We are extremely confident that the new 22 BayCat will not only meet but substantially exceed the expectations of today's boaters,' stated Visconti. Twin Vee's All-New 3D Configurator (Available Here ) Twin Vee also unveiled its sophisticated online 3D configurator alongside the relaunch of its 22 BayCat. This interactive tool is seamlessly integrated into the Company's newly revamped website, which itself offers a modern design and intuitive navigation for an enhanced user experience. The 3D configurator provides customers with an unparalleled ability to visualize and personalize their future vessel with complete transparency through a more realistic build-and-price tool. 'Our 3D boat configurator is an advanced digital tool that empowers users to dynamically construct their ideal boat model within an interactive three-dimensional environment,' explained Visconti. 'Prospective buyers can explore and select from an extensive catalog of options, including different hull colors, a variety of engine choices, diverse T-Top styles, comprehensive electronics packages, luxurious upholstery selections, and a wide array of other accessories.' As each selection is made, the 3D model of the boat updates instantaneously, offering an immediate and precise visual representation of the customized vessel. The platform also allows users to rotate the boat model, zoom in on specific details, and truly understand how various color combinations and optional features will appear on their finished boat, effectively removing any guesswork from the customization process. The updated site allows these prospective buyers to visualize and customize with complete transparency. According to Visconti, the 3D configurator's step-by-step process expertly guides users through all of the customization options available. As each choice is made, the system provides clear, straightforward, and real-time pricing updates, ensuring that customers maintain a full understanding of the financial implications of every selection they make. 'The tool visually showcases premium features, add-ons, and potential upgrades, such as more powerful engines, higher-grade upholstery, or technology packages, which permits customers to make informed decisions based on their specific needs and budget,' stated Visconti. 'They can freely experiment with different configurations, compare various options side-by-side, and ultimately design a boat that is a true reflection of their personal preferences and boating lifestyle.' The Company is already working on the first update to its 3D Configurator. According to Visconti, once updated, a customer that has completed the configuration of their boat will be able to effortless save and share it with family, friends, or directly with their local Twin Vee dealer. This feature is intended to significantly improve the efficiency of sales handoff and follow-up, streamlining the purchasing process. 'In this increasingly digital era, consumers rightly expect a more engaging, transparent, and highly personalized shopping experience,' added Visconti. 'While the 3D configurator is launching with the 22 BayCat, we'll be adding more models soon, so customers can explore every conceivable facet of our entire product line and ensure they are absolutely confident and genuinely thrilled about their new boat.' You can learn more about the 22 BayCat at About Twin Vee PowerCats Co. Twin Vee PowerCats Co. manufactures a range of boats designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the 'Best Riding Boats on the Water™.' The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years. Learn more at Visit Twin Vee PowerCats Co. on Facebook, Instagram, and YouTube. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words 'could,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'may,' 'continue,' 'predict,' 'potential,' 'project' and similar expressions that are intended to identify forward-looking statements and include statements regarding the new 22 BayCat substantially exceeding the expectations of today's boaters, customers using the 3D configurator to design a boat that is a true reflection of their personal preferences and boating lifestyle, the ability to share the completed configuration significantly improving the efficiency of sales handoff and follow-up, streamlining the purchasing process and adding more models soon to the 3D configurator. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to meet the expectations of today's boaters, the Company's ability to add more models to the 3D configurator, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law. Contact: Glenn Sonoda [email protected] SOURCE: Twin Vee PowerCats Co. press release
Associated Press
22-05-2025
- Automotive
- Associated Press
Twin Vee PowerCats Launches Wizz Banger to Revolutionize Boat Buying and Selling with AI-Powered Marketplace
PRESS RELEASE: Paid Content from ACCESS Newswire. The AP news staff was not involved in its creation. Published [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] FORT PIERCE, FL / ACCESS Newswire / May 22, 2025 / Twin Vee PowerCats Co. (Nasdaq:VEEE),('Twin Vee' or the 'Company'), a manufacturer, distributor, and marketer of power sport boats, today announced the launch of Wizz Banger, which has been developed as the innovative force behind and a groundbreaking marine commerce platform with the goal of transforming the $57 billion recreational boating industry. By integrating Wizz Banger's AI-powered tools into digital marketplace, this initiative is intended to represent a value add for Twin Vee's primary business of manufacturing boats, while developing a separate digital business. As Wizz Banger grows, it will utilize Twin Vee's industry expertise while working to provide value to dealers, OEMs, and individual buyers, aiming to ensure an efficient and innovative marketplace experience. Wizz Banger's is designed to redefine the boat-buying experience with its mobile-first, consumer-centric platform. Powered by natural language processing, the platform's smart search engine allows users to input queries like 'Find a 24-foot Twin Vee center console under $100,000 in Florida' and receive tailored results instantly. This intuitive interface caters to buyers preferring digital platforms and will ensure a seamless experience for customers looking for the boat they want. At the core of Wizz Banger are proprietary AI tools purpose-built to simplify and optimize the marine listing process. By analyzing millions of archived boat images and combining them with key data points like year, make, model, and engine hours, our system generates scored boat listings that reflect condition, pricing accuracy, and market competitiveness. These tools are supported by intelligent processes that guide users through every step of the transaction by automating responses, surfacing comparable listings, and assisting with pricing strategy and dealer feedback. Drawing from national listing databases, auction results, and verified dealer inputs, Wizz Banger's AI is meant to deliver a smarter, faster, and more transparent way to buy and sell boats. 'Twin Vee is excited to launch Wizz Banger to bring our customers a cutting-edge, tech-driven boating experience,' said Joseph Visconti, President and CEO of Twin Vee PowerCats. ' and its AI tools align perfectly with our commitment to innovation, quality, and customer satisfaction, making it easier than ever for boating enthusiasts to find, purchase, or trade their boats.' About Twin Vee PowerCats Co. Twin Vee PowerCats Co. manufactures a range of boats designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the 'Best Riding Boats on the Water™.' The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years. Learn more at Visit Twin Vee PowerCats Co. on Facebook , Instagram , and YouTube . About Wizz Banger, Inc. Wizz Banger, Inc. is a wholly owned technology company developing an online marine commerce and sales platform to modernize and streamline the recreational boating industry. By integrating Wizz Banger's AI-powered tools, the company aims to create a seamless and transparent ecosystem for buyers, sellers, dealers, lenders, and manufacturers. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words 'could,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'may,' 'continue,' 'predict,' 'potential,' 'project' and similar expressions that are intended to identify forward-looking statements and include statements regarding Wizz Banger being a groundbreaking marine commerce platform, transforming the $57 billion recreational boating industry, the initiative being a value add for Twin Vee's primary business of manufacturing boats, Wizz Banger growing and utilizing Twin Vee's industry expertise while working to provide value to dealers, OEMs, and individual buyers, Wizz Banger ensuring an efficient and innovative marketplace experience, Wizz Banger's redefining the boat-buying experience with its mobile-first, consumer-centric platform, Wizz Banger ensuring a seamless experience for customers looking for the boat they want and Wizz Banger's AI delivering a smarter, faster, and more transparent way to buy and sell boats. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability with its Wizz Banger marine commerce platform to redefine how recreational boats are bought and sold, the Company's ability to grow Wizz Banger independently and develop it into a self-sustaining entity that uses Twin Vee's industry expertise while establishing its own operations, the Company's ability to deliver a smarter, faster, and more transparent way to buy and sell boats with Wizz Banger's AI, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law. Contact: Glenn Sonoda [email protected] SOURCE: Twin Vee PowerCats Co. press release
Associated Press
08-05-2025
- Business
- Associated Press
Twin Vee Powercats Announces Pricing of Public Offering
FORT PIERCE, FL / ACCESS Newswire / May 8, 2025 / Twin Vee PowerCats Co. (NASDAQ:VEEE), ('Twin Vee' or the 'Company'), a manufacturer, distributor, and marketer of power sport boats, today announced the pricing its underwritten public offering of 750,000 shares of its common stock. Each share of common stock is being sold at a public offering price of $4.00 per share. Total gross proceeds from the offering, before deducting the underwriting discount and other offering expenses, are expected to be $3,000,000. The offering is expected to close on May 12, 2025, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering primarily for working capital and general corporate purposes. ThinkEquity is acting as the sole book-running manager for the offering. The securities will be offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-266858), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the 'SEC') on August 15, 2022, and declared effective on August 24, 2022. The offering will be made only by means of a written prospectus. A final prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC on its website at Copies of the preliminary prospectus supplement and the accompanying prospectus and final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Twin Vee PowerCats Co. Twin Vee PowerCats Co. manufactures a range of boats designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the 'Best Riding Boats on the Water™.' The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years. Learn more at Visit Twin Vee PowerCats Co. on Facebook, Instagram, and YouTube. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words 'could,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'may,' 'continue,' 'predict,' 'potential,' 'project' and similar expressions that are intended to identify forward-looking statements and include statements regarding the timing and completion of the proposed offering and the intended use of proceeds. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to consummate the offering and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law. Contact: Glenn Sonoda [email protected] SOURCE: Twin Vee PowerCats Co. press release
Yahoo
08-05-2025
- Business
- Yahoo
Twin Vee PowerCats Reports a 92% Increase in First Quarter 2025 Revenues from Previous Quarter
FORT PIERCE, FL / / May 8, 2025 / Twin Vee PowerCats Co. (NASDAQ:VEEE),("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport boats, today announced its financial results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights: Revenues of $3.6 million, a 91.7% sequential increase from the fourth quarter of 2024, compared to guidance of 50%. Gross margin of 14.9%, an improvement of 961 basis points from the first quarter of 2024. Adjusted net loss averaged $333,000 per month during the quarter, an improvement of 17% over the previously guided Adjusted net loss of $400,000 per month. The Company's new dealer network is expanding Twin Vee's brand presence and geographic footprint. "We are pleased to report a strong start to 2025, with top-line growth and margin expansion that outpaced expectations," said Joseph Visconti, CEO and President of Twin Vee PowerCats Co. "Our team executed well across the board-growing revenues by more than 90% over the fourth quarter of 2024, expanding gross margins, and staying disciplined with operating costs. The addition of several new dealers in the first quarter underscores growing market confidence in the Twin Vee brand and further extends our reach into key regional markets." Visconti continued, "Looking ahead, we expect the second quarter to reflect continued sequential growth in revenue as market conditions gradually improve and consumer demand begins to rebound. We are committed to scaling responsibly, that is, balancing production increases with expense control and working capital discipline. With most of our heavy capital investments now behind us, we anticipate a more favorable cash profile going forward." Conference CallJoseph Visconti, CEO and President, and Michael P. Dickerson, Chief Financial & Administrative Officer, will hold a conference call today, Thursday, May 8, 2025, at 12:00 p.m. (Eastern). To listen to the conference call, interested parties should dial-in to 1-877-407-3982 and use Conference ID 13753591. All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to join the Twin Vee conference call. The conference call will also be available through a live audio webcast that can be accessed at the LINK HERE. The Company's complete financial statements are being filed today with the Securities and Exchange Commission and can be accessed via About Twin Vee PowerCats Vee PowerCats Co. manufactures a range of boats designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the "Best Riding Boats on the Water™." The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years. Learn more at Visit Twin Vee PowerCats Co. on Facebook, Instagram, and YouTube. Forward-Looking StatementsThis press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding the growing market confidence in the Twin Vee brand, reflecting continued sequential growth in revenue in the second quarter as market conditions gradually improve and consumer demand begins to rebound, scaling responsibly and balancing production increases with expense control and working capital discipline, and anticipating a more favorable cash profile going forward. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to grow revenue in the second quarter, the Company's ability to continue to expand its dealer network, the Company's ability to expand gross margins and remain disciplined with operating costs, the Company's ability to maintain its Nasdaq listing, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law. Contact:Glenn Sonodainvestor@ (Tables Follow) Three Months Ended March 31, 2025 2024 $ Change % Change Net sales $ 3,612,291 $ 5,276,343 $ (1,664,052 ) (32 %) Cost of products sold $ 3,075,177 $ 4,999,030 $ (1,923,853 ) (38 %) Gross profit $ 537,114 $ 277,313 $ 259,801 94 % Operating expenses $ 2,216,208 $ 2,820,520 $ (604,312 ) (21 %) Loss from operations $ (1,679,094 ) $ (2,543,207 ) $ 864,113 (34 %) Other income $ 68,854 $ 208,012 $ (139,158 ) (67 %) Net loss $ (1,610,240 ) $ (2,335,195 ) $ 724,955 (31 %) Basic and dilutive income per share of common stock $ (1.08 ) $ (1.77 ) $ 0.69 (39 %) Weighted average number of shares of common stock outstanding 1,487,445 952,000 March 31, December 31, 2025 2024 Change % Change Cash and cash equivalents $ 4,910,267 $ 7,491,123 $ (2,580,856 ) (34.5 %) Restricted cash $ 215,117 $ 215,117 $ - 0.0 % Current assets $ 12,200,833 $ 10,419,141 $ 1,781,692 17.1 % Current liabilities $ 3,021,247 $ 3,747,990 $ (726,743 ) (19.4 %) Working capital $ 9,179,586 $ 6,671,151 $ 2,508,435 37.6 % Three Months Ended March 31, 2025 2024 Change % Change Cash used in operating activities $ (1,736,276 ) $ (1,749,920 ) $ 13,644 (1 %) Cash (used in) provided by investing activities $ (789,774 ) $ 1,476,448 $ (2,266,222 ) (153 %) Cash used in financing activities $ (54,806 ) $ (83,735 ) $ 28,929 (35 %) Non-GAAP Financial MeasuresWe have presented a supplemental non-GAAP financial measure in this earnings release. We believe that this supplemental information is useful to investors because it allows for an evaluation of the company with a focus on the performance of its core operations, including more meaningful comparisons of financial results to historical periods. Adjusted Net Loss is a non-GAAP financial measure which excludes certain non-cash expenses. Our executive management team uses these same non-GAAP measures internally to assess the ongoing performance of the Company. Adjusted Net Loss is not intended to be a substitute for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. Below is a reconciliation of GAAP net loss to Adjusted net loss for the three months ended March 31, 2025 and 2024: Adjusted Net Loss Quarter Ended March 31, 2025 2024 Net loss $ (1,610,240 ) $ (2,335,195 ) Depreciation & amortization 441,672 425,281 Stock based compensation 55,968 426,283 Loss on sale of property & equipment 63,011 - development costs 52,067 - Adjusted net (loss) $ (997,522 ) $ (1,483,631 ) SOURCE: Twin Vee PowerCats Co. View the original press release on ACCESS Newswire
