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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 15, 2024
Twin
Vee PowerCats Co.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-40623 |
|
27-1417610 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
3101
S. US-1
Ft. Pierce, Florida 34982
(Address
of principal executive offices)
(772) 429-2525
(Registrant’s
telephone number, including area code)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
| ☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered
pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common
stock, par value $0.001 per share |
|
VEEE |
|
The
Nasdaq Stock Market LLC
(Nasdaq Capital Market) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial
Condition.
On May 15, 2024, Twin Vee PowerCats Co. (the “Company”)
issued a press release announcing its financial results for the quarter ended March 31, 2024. A copy of the press release is furnished
as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 2.02 and in the press
release attached as Exhibit 99.1 to this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section
18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2)
of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the press release attached as Exhibit 99.1
to this Current Report on Form 8-K shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission
made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 15, 2024 |
TWIN VEE POWERCATS CO.
(Registrant) |
| |
|
| |
By: |
|
/s/ Joseph Visconti |
| |
Name: |
|
Joseph Visconti |
| |
Title: |
|
Chief Executive Officer and President |
EXHIBIT 99.1
Twin Vee PowerCats Co. Reports Results for First
Quarter 2024 Operations
FORT PIERCE, FLORIDA, May 15, 2024 –
Twin Vee PowerCats Co. (Nasdaq: VEEE) (“Twin Vee” or the “Company”), a designer, manufacturer and distributor
of recreational and commercial power boats, today reported operational highlights and financial results for three months ended March 31,
2024.
Highlights for three months ended March 31, 2024:
(All comparisons are to the three months ended March 31, 2023 unless otherwise noted)
| ● | Revenue for the three months ending March 31, 2024, decreased by 41% to $5,276,000 from $8,877,000 in
the corresponding period of the previous year. |
| ● | Twin Vee’s Gas-Powered boat segment adjusted net loss for the quarter ending March 31, 2024, was
$669,500. |
| ● | Consolidated net loss for the three months ended March 31, 2024 was $2,335,000 which includes the net
loss of Forza X1 of $1,168,000. |
| ● | The Company experienced a decline in demand for its products, compounded by higher interest rates, which
deterred buyers of recreational vehicles and boats. |
| ● | Proactive measures were taken to mitigate economic challenges, including lowering production numbers,
tightened financial controls, and a reduction in workforce. As a result, the revenue generated per direct labor employee increased; the
per employee revenue for the first quarter of 2024 was approximately $103,000 compared to approximately $72,000 in the first quarter of
2003. |
| ● | On March 31, 2024, Twin Vee’s consolidated holdings of cash, cash equivalents, restricted cash,
and marketable securities totaled $17,381,000, a decrease from $21,218,000 on December 31, 2023. |
| ● | The decrease in cash reserves was primarily due to the Forza X1’s R&D spend and the funds allocated
by Twin Vee to develop new products such as the 400 GFX, 280 GFX DC, 240 CC, and 280 AquaSport Superboat, in addition to operational cash
losses from reduced revenue in the first quarter of 2024. |
| ● | Twin Vee’s gas-powered boat segment reported $7,409,000 in cash, cash equivalents, restricted cash,
and marketable securities on March 31, 2024, down from $8,396,000 on December 31, 2023. |
| ● | As of March 31, 2024, Twin Vee’s consolidated total assets were valued at $36,454,000, while Forza’s
assets totaled $15,531,000. |
“The general economic landscape and high interest
rate environment have continued to put downward pressure on customer demand across all our brands,” explained Joseph Visconti, CEO
and President of Twin Vee PowerCats Co. “During the first quarter we took steps to right-size the labor force while also tightly
controlling operating costs. At the same time, we are using this slower period to lay the groundwork for the next market upswing. Twin
Vee is investing in exciting new models like our Generation 2 GFX boats that we announced in April. Additionally, we are expanding our
Fort Pierce, FL manufacturing facility to increase production capacity and create a more efficient factory layout. We are also streamlining
our manufacturing process by adding a state-of-the-art CNC machine that enables us to bring the tooling of our brand-new boat models in
house. This will save on costs associated with outsourcing and enhance the quality of the boat molds we use to build our products. We
are committed to reducing cash burn while making smart investments in infrastructure, product development, and other revenue generating
opportunities for the Company.”
Twin Vee reported a 41% decline in consolidated revenue
for the three months ended March 31, 2024, to $5,276,343 as compared to $8,877,215 in the same period in 2023. For the three months ended
March 31, 2024, Twin Vee had a consolidated net loss of $2,335,194, as compared to a net loss of $1,828,465
in the prior year. Included in the Twin Vee net loss was a net loss attributable to Forza X1 of $1,167,837 and $2,005,132 for the three
months ended March 31, 2024 and 2023, respectively. The gas-powered segment had a combined net loss of $1,163,957 for the three
months ended March 31, 2024 compared to net income of $181,849 in the comparable prior year period.
Forza X1, Inc. (NASDAQ: FRZA), the electric boat and
development subsidiary in which Twin Vee has a 44.43% controlling interest, had a net loss of $1,167,837 for the three months ended March
31, 2024 compared to a net loss of $2,005,132 for the comparable period in 2023. The consolidated net loss attributed to stockholders
of Twin Vee was $1,686,229 for the three months ended March 31, 2024 compared to a consolidated net loss attributed to stockholders of
Twin Vee of $1,166,772 for the comparable period in 2023. Generally Accepted Accounting Principles (“GAAP”) require Twin Vee
to file consolidated financial statements based on Twin Vee’s controlling ownership interest in Forza X1, Inc. (Nasdaq: FRZA).
Twin Vee, net of Forza X1, had cash, cash equivalents,
restricted cash, and marketable securities of $7,427,882 as of December 31, 2023.
Conference Call
Joseph Visconti, CEO and President, will hold a conference call today,
Wednesday May 15, 2024, at 12:00 p.m. (Eastern). To listen to the conference call, interested parties should dial-in 1-877-407-3982 and
use Conference ID 13746470. 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 https://ir.twinvee.com/sec-filings.
About Twin Vee PowerCats Co.
Twin Vee is a designer, manufacturer, distributor,
and marketer of power sport catamaran boats. The Company located in Fort Pierce, Florida, has been building and selling boats for nearly
30 years. Learn more at twinvee.com. 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™”.
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 taking steps to right-size
the Company’s labor force while tightly controlling operating costs, using this slower period to lay the groundwork for the next
market upswing, expanding the Fort Pierce, FL manufacturing facility to increase production capacity and create a more efficient factory
layout, adding a state-of-the-art CNC to bring the tooling of brand-new boat models in house, saving costs associated with outsourcing
and enhancing the quality of the boat molds the Company uses to build its products and reducing cash burn while making smart investments
in infrastructure, product development and other revenue generating opportunities. 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 lay the groundwork for the next market upswing and reduce cash burn
while continuing to invest in infrastructure, product development and other revenue generating investments, and the risk factors described
in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and the Company’s subsequent filings with
the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. 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
investor@twinvee.com
SOURCE: Twin Vee PowerCats Co.
(Tables Follow)
| | |
March 31, | |
December 31, | |
| |
|
| | |
2024 | |
2023 | |
Change | |
% Change |
| Cash and cash equivalents | |
$ | 16,137,920 | | |
$ | 16,497,703 | | |
$ | (359,783 | ) | |
| (2.2 | %) |
| Restricted cash | |
$ | 260,107 | | |
$ | — | | |
$ | 260,107 | | |
| — | |
| Current assets | |
$ | 21,778,752 | | |
$ | 26,646,318 | | |
$ | (4,867,566 | ) | |
| (18.3 | %) |
| Current liabilities | |
$ | 2,896,963 | | |
$ | 4,216,345 | | |
$ | (1,319,383 | ) | |
| (31.3 | %) |
| Working capital | |
$ | 18,881,789 | | |
$ | 22,429,972 | | |
$ | (3,548,183 | ) | |
| (15.8 | %) |
| | |
March 31, | |
December 31, | |
| |
|
| Balance Sheet Data: | |
2024 | |
2023 | |
Change | |
% Change |
| Cash | |
$ | 16,137,920 | | |
$ | 16,497,703 | | |
$ | (359,783 | ) | |
| (2 | %) |
| Total assets | |
$ | 36,454,352 | | |
$ | 39,846,713 | | |
$ | (3,392,361 | ) | |
| (9 | %) |
| Total liabilities | |
$ | 6,313,649 | | |
$ | 7,797,098 | | |
$ | (1,483,449 | ) | |
| (19 | %) |
| Stockholder’s equity | |
$ | 22,251,246 | | |
$ | 23,511,193 | | |
$ | (1,259,947 | ) | |
| (5 | %) |
| | |
Three Months Ended March 31, | |
| |
|
| | |
2024 | |
2023 | |
$ Change | |
% Change |
| Net sales | |
$ | 5,276,343 | | |
$ | 8,877,215 | | |
$ | (3,600,872 | ) | |
| (41 | %) |
| Cost of products sold | |
$ | 4,999,030 | | |
$ | 7,267,657 | | |
$ | (2,268,627 | ) | |
| (31 | %) |
| Gross profit | |
$ | 277,314 | | |
$ | 1,609,558 | | |
$ | (1,332,244 | ) | |
| (83 | %) |
| Operating expenses | |
$ | 2,820,520 | | |
$ | 3,979,081 | | |
$ | (1,158,561 | ) | |
| (29 | %) |
| Loss from operations | |
$ | (2,543,206 | ) | |
$ | (2,369,523 | ) | |
$ | (173,683 | ) | |
| 7 | % |
| Other expense | |
$ | (208,012 | ) | |
$ | (541,058 | ) | |
$ | 333,046 | | |
| (62 | %) |
| Net loss | |
$ | (2,335,194 | ) | |
$ | (1,828,465 | ) | |
$ | (506,729 | ) | |
| 28 | % |
| | |
Three Months Ended March 31, | |
| |
|
| | |
2024 | |
2023 | |
Change | |
% Change |
| Cash used in operating activities | |
$ | (1,749,920 | ) | |
$ | (2,232,650 | ) | |
$ | 482,730 | | |
| 22 | % |
| Cash provided by (used in) investing activities | |
$ | 1,476,448 | | |
$ | (243,007 | ) | |
$ | (1,719,455 | ) | |
| (708 | %) |
| Cash provided by (used in) financing activities | |
$ | (83,735 | ) | |
$ | (2,835 | ) | |
$ | (80,900 | ) | |
| 2,854 | % |
| Net Change in Cash | |
$ | (357,207 | ) | |
$ | (2,478,491 | ) | |
$ | 2,121,284 | | |
| (86 | %) |
The following table shows information by reportable
segments for three months ended March 31, 2024 and 2023, respectively:
| | |
Gas-Powered Boats | |
Franchise | |
Electric Boat and Development | |
Total |
| Net sales | |
$ | 5,276,343 | | |
$ | — | | |
$ | — | | |
$ | 5,276,343 | |
| Cost of products sold | |
| 4,969,458 | | |
| — | | |
| 29,572 | | |
| 4,999,030 | |
| Operating expense | |
| 1,533,981 | | |
| 772 | | |
| 1,285,767 | | |
| 2,820,520 | |
| Loss from operations | |
| (1,227,096 | ) | |
| (772 | ) | |
| (1,315,339 | ) | |
| (2,543,207 | ) |
| Other income (expense) | |
| 63,139 | | |
| (2,629 | ) | |
| 147,502 | | |
| 208,012 | |
| Net income (loss) | |
$ | (1,163,957 | ) | |
$ | (3,401 | ) | |
$ | (1,167,837 | ) | |
$ | (2,335,194 | ) |
| For the Three Months Ended 31, 2023 | |
| |
| |
|
| | |
Gas-Powered Boats | |
Franchise | |
Electric Boat and Development | |
Total |
| Net sales | |
$ | 8,877,215 | | |
$ | — | | |
$ | — | | |
$ | 8,877,215 | |
| Cost of products sold | |
| 7,217,716 | | |
| — | | |
| 49,941 | | |
| 7,267,657 | |
| Operating expense | |
| 1,898,151 | | |
| 1,121 | | |
| 2,079,809 | | |
| 3,979,081 | |
| Loss from operations | |
| (238,652 | ) | |
| (1,121 | ) | |
| (2,129,750 | ) | |
| (2,369,523 | ) |
| Other income (expense) | |
| 420,501 | | |
| (4,062 | ) | |
| 124,619 | | |
| 541,058 | |
| Net income (loss) | |
$ | 181,849 | | |
$ | (5,183 | ) | |
$ | (2,005,131 | ) | |
$ | (1,828,465 | ) |
Non-GAAP Financial Measures
We 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 Adjusted Net loss to GAAP net loss for
the three months ended March 31, 2024 and 2023, respectively:
| | |
Gas-Powered Boats | |
Fix My Boat | |
Electric Boat and Development |
| | |
Three Months Ended | |
Three Months Ended | |
Three Months Ended |
| | |
March 31, | |
March 31, | |
March 31, |
| | |
2024 | |
2023 | |
2024 | |
2023 | |
2024 | |
2023 |
| Net loss | |
$ | (1,163,957 | ) | |
$ | 181,849 | | |
$ | (3,401 | ) | |
$ | (5,183 | ) | |
$ | (1,167,837 | ) | |
$ | (2,005,132 | ) |
| Stock based compensation | |
| 133,142 | | |
| 141,801 | | |
| — | | |
| — | | |
| 293,141 | | |
| 341,163 | |
| Loss on disposal of assets | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Depreciation and amortization | |
| 369,336 | | |
| 182,580 | | |
| — | | |
| — | | |
| 55,945 | | |
| 35,696 | |
| Change of right-of-use asset and lease liabilities | |
| (6,641 | ) | |
| (1,003 | ) | |
| — | | |
| — | | |
| (338 | ) | |
| 339 | |
| Net change in marketable securities | |
| (1,382 | ) | |
| (8,034 | ) | |
| — | | |
| — | | |
| 16,930 | | |
| — | |
| Change in inventory reserve | |
| — | | |
| — | | |
| — | | |
| — | | |
| 113,252 | | |
| — | |
| Government grant income | |
| | | |
| (329,573 | ) | |
| — | | |
| — | | |
| — | | |
| — | |
| Adjusted net income (loss) | |
$ | (669,502 | ) | |
$ | 167,620 | | |
$ | (3,401 | ) | |
$ | (5,183 | ) | |
$ | (688,907 | ) | |
$ | (1,627,934 | ) |
| | |
Three Months Ended |
| | |
March 31, |
| | |
2024 | |
2023 |
| Net sales | |
$ | 5,276,343 | | |
$ | 8,877,215 | |
| Cost of products sold | |
$ | 4,999,030 | | |
$ | 7,267,657 | |
| Gross profit | |
$ | 277,314 | | |
$ | 1,609,558 | |
| Operating expenses | |
$ | 2,820,520 | | |
$ | 3,979,081 | |
| Income from operations | |
$ | (2,543,206 | ) | |
$ | (2,369,523 | ) |
| Other expense | |
$ | 208,012 | | |
$ | 541,058 | |
| Net (loss) | |
$ | (2,335,194 | ) | |
$ | (1,828,465 | ) |
| Basic and dilutive loss per share of common stock | |
$ | (0.18 | ) | |
$ | (0.12 | ) |
| Weighted average number of shares of common stock outstanding | |
| 9,520,000 | | |
| 9,520,000 | |
| | |
Adjusted Net Loss |
| | |
Three Months Ended |
| | |
March 31, |
| | |
2024 | |
2023 |
| Net loss | |
$ | (2,335,194 | ) | |
$ | (1,828,465 | ) |
| Stock based compensation | |
| 426,283 | | |
| 482,964 | |
| Depreciation and amortization | |
| 425,281 | | |
| 218,276 | |
| Change of right-of-use asset and lease liabilities | |
| (6,979 | ) | |
| (1,003 | ) |
| Net change in marketable securities | |
| 15,548 | | |
| (8,034 | ) |
| Change in inventory reserve | |
| 113,252 | | |
| — | |
| Government grant income | |
| — | | |
| (329,573 | ) |
| Adjusted net (loss) | |
$ | (1,361,809 | ) | |
$ | (1,465,835 | ) |
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