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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): August 14, 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 August 14, 2024, Twin Vee PowerCats Co. (the “Company”)
issued a press release announcing its financial results for the quarter ended June 30, 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: August 14, 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 Second Quarter 2024
Results of Operations
FORT PIERCE, FLORIDA, August 14, 2024 –
Twin Vee PowerCats Co. (Nasdaq: VEEE) (“Twin Vee” or the “Company”), manufactures Twin Vee PowerCats and AquaSport
boats knows as offshore, family-friendly fishing boats from its factory in Fort Pierce, Florida today reported operational highlights
and financial results for three months ended June 30, 2024.
Highlights for three months ended June 30, 2024:
(Unless otherwise noted, all comparisons are to the three months ended June 30, 2023, “Q1” refers to the three months ended
March 31, 2024, “Q2” refers to the three months ended June 30, 2024, “Twin Vee” refers to the gas-powered segment,
“Forza” refers to the electric boat and development segment, and “consolidated” refers to the consolidated results
of Twin Vee PowerCats Co.)
| ● | Twin
Vee experienced a decline in demand for its products due to higher interest rates and slowing
economic demand for recreational vehicles |
| ● | Proactive
measures were taken to mitigate slowing demand challenges, including lowering production
numbers, tightened financial controls, and a reduction in workforce. |
| ● | Revenue
for Q2 decreased by 47% to $4,327,000 from $8,125,000 in the previous year. |
| ● | Twin
Vee reported a minimal reduction in cash of $132,000 before capital purchases of $351,000
in Q2. |
| ● | Consolidated
holdings of cash, cash equivalents, restricted cash, and marketable securities totaled $15,134,000
at the end of Q2 as compared to $17,381,000 at the end of Q1. |
| ● | Twin
Vee reported $6,945,000 in cash, cash equivalents, restricted cash, at the end of Q2, down
$483,000 from $7,428,000 at the end of Q1. |
| ● | Forza’s
cash and cash equivalents were $8,189,000 at the end of Q2 compared to $9,950,000 at the
end of Q1. |
| ● | Consolidated
net loss for Q2, was $4,519,000, which includes Twin Vee’s Q2 net loss of $1, 681,000
and Forza X1 Q2 net loss of $2,832,000. |
| ● | The
decrease in cash reserves was primarily due to the Forza building additions, funds allocated
by Twin Vee for new product development and building expansion as well as operational cash
losses from reduced revenue in the second quarter of 2024, partially offset by favorable
working capital management. |
| o | Consolidated
total assets were $33,753,000. |
| o | Forza’s
total assets were $13,157,000. |
| o | Twin
Vee’s total assets were $20,596,000. |
| ● | Forza
reduced cash burn during Q2 through lower SG&A, including salaries, wages, and R&D
spending to less than $150,000 a month. |
| ● | Asset
impairment charge of $1,674,000. |
“The recreational marine industry has continued
to be challenged by declining customer demand partially a result of the stubbornly high-interest rate environment,” explained Joseph
Visconti, Chief Executive Officer of Twin Vee PowerCats Co.
“During the second quarter we again 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 new models and expanding our Fort Pierce, FL manufacturing facility
to increase production capacity and create a more efficient factory layout. We are also investing in vertical integration and efficiency
by adding a state-of-the-art CNC machine into our manufacturing process. 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 47% decline in consolidated revenue
for the three months ended June 30, 2024, to $4,326,821 as compared to $8,124,632 in the same period in 2023. For the three months ended
June 30, 2024, Twin Vee had a consolidated net loss of $4,519,196, as compared to a net loss of $1,903,743
in the prior year. Included in the Twin Vee consolidated net loss was a net loss attributable to Forza X1 of $2,831,554 and $1,483,654
for the three months ended June 30, 2024, and 2023, respectively.
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 $2,831,554 for the three months ended June
30, 2024, which includes an impairment charge of $1,674,000 for its partially completed building. This loss is compared to a net loss
of $1,483,653 for the comparable period in 2023.
The consolidated net loss attributed to stockholders
of Twin Vee was $2,945,702 for the three months ended June 30, 2024, compared to a consolidated net loss attributed to stockholders of
Twin Vee of $1,334,643 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 interest in Forza X1, Inc. (Nasdaq: FRZA).
Conference Call
Joseph Visconti, Chief Executive Officer and Michael P. Dickerson, Chief
Financial & Administrative Officer, will hold a conference call today, Wednesday August 14, 2024, at 4:00 p.m. (Eastern). To listen
to the conference call, interested parties should dial-in 1-877-407-3982 and use Conference ID 13747918. 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 PowerCats Co. manufactures Twin Vee and AquaSport
branded 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 nearly 30 years. Learn more at twinvee.com.
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)
| |
June 30, | |
December 31, | |
| |
|
| |
2024 | |
2023 | |
Change | |
% Change |
Cash and cash equivalents | |
$ | 13,927,460 | | |
$ | 16,497,703 | | |
$ | (2,570,243 | ) | |
| (15.6 | %) |
Restricted cash | |
$ | 210,876 | | |
$ | 257,530 | | |
$ | (46,654 | ) | |
| (18.1 | %) |
Current assets | |
$ | 19,582,107 | | |
$ | 26,646,318 | | |
$ | (7,064,211 | ) | |
| (26.5 | %) |
Current liabilities | |
$ | 4,560,560 | | |
$ | 4,216,345 | | |
$ | 344,215 | | |
| 8.2 | % |
Working capital | |
$ | 15,021,548 | | |
$ | 22,429,973 | | |
$ | (7,408,425 | ) | |
| (33.0 | %) |
| |
Three
Months Ended June 30, | |
| |
|
| |
| |
| |
|
| |
2024 | |
2023 | |
$
Change | |
%
Change |
Net
sales | |
$ | 4,326,821 | | |
$ | 8,124,632 | | |
$ | (3,797,811 | ) | |
| (47 | %) |
Cost
of products sold | |
$ | 4,124,481 | | |
$ | 7,188,917 | | |
$ | (3,064,436 | ) | |
| (43 | %) |
Gross
profit | |
$ | 202,340 | | |
$ | 935,715 | | |
$ | (733,375 | ) | |
| (78 | %) |
Operating
expenses | |
$ | 4,861,416 | | |
$ | 3,979,942 | | |
$ | 881,474 | | |
| 22 | % |
Loss
from operations | |
$ | (4,659,076 | ) | |
$ | (3,044,227 | ) | |
$ | (1,614,849 | ) | |
| 53 | % |
Other
income | |
$ | (139,880 | ) | |
$ | (1,140,484 | ) | |
$ | 1,000,605 | | |
| (88 | %) |
Net loss | |
$ | (4,519,196 | ) | |
$ | (1,903,743 | ) | |
$ | (2,615,453 | ) | |
| 137 | % |
|
|
Six Months Ended June 30, |
|
|
|
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
Net sales |
|
$ |
9,603,164 |
|
|
$ |
17,001,847 |
|
|
$ |
(7,398,683 |
) |
|
|
(44 |
%) |
Cost of products sold |
|
$ |
9,123,511 |
|
|
$ |
14,456,574 |
|
|
$ |
(5,333,063 |
) |
|
|
(37 |
%) |
Gross profit |
|
$ |
479,653 |
|
|
$ |
2,545,273 |
|
|
$ |
(2,065,620 |
) |
|
|
(81 |
%) |
Operating expenses |
|
$ |
7,681,934 |
|
|
$ |
7,959,023 |
|
|
$ |
(277,089 |
) |
|
|
(3 |
%) |
Loss from operations |
|
$ |
(7,202,281 |
) |
|
$ |
(5,413,750 |
) |
|
$ |
(1,788,531 |
) |
|
|
33 |
% |
Other income |
|
$ |
347,891 |
|
|
$ |
1,681,542 |
|
|
$ |
(1,333,651 |
) |
|
|
(79 |
%) |
Net loss |
|
$ |
(6,854,390 |
) |
|
$ |
(3,732,208 |
) |
|
$ |
(3,122,182 |
) |
|
|
84 |
% |
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
Change |
|
% Change |
Cash used in operating activities |
|
$ |
(2,232,013 |
) |
|
$ |
(3,430,097 |
) |
|
$ |
1,198,084 |
|
|
|
35 |
% |
Cash provided by (used in) investing activities |
|
$ |
(247,855 |
) |
|
$ |
(655,669 |
) |
|
$ |
(407,814 |
) |
|
|
(62 |
%) |
Cash provided by (used in) financing activities |
|
$ |
(137,029 |
) |
|
$ |
6,921,886 |
|
|
$ |
(7,058,915 |
) |
|
|
(102 |
%) |
Net Change in Cash |
|
$ |
(2,616,896 |
) |
|
$ |
2,836,120 |
|
|
$ |
(5,453,016 |
) |
|
|
(192 |
%) |
The following table shows information by reportable
segments for three months ended March 31, 2024 and 2023, respectively:
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.
For the Three Months Ended June 30, 2024
|
|
Gas-Powered Boats |
|
Franchise |
|
Electric Boat and Development |
|
Total |
Net sales |
|
$ |
4,326,821 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,326,821 |
|
Cost of products sold |
|
|
4,097,640 |
|
|
|
— |
|
|
|
26,841 |
|
|
|
4,124,481 |
|
Operating expense |
|
|
1,943,927 |
|
|
|
927 |
|
|
|
2,916,563 |
|
|
|
4,861,416 |
|
Loss from operations |
|
|
(1,714,746 |
) |
|
|
(927 |
) |
|
|
(2,943,404 |
) |
|
|
(4,659,076 |
) |
Other income (expense) |
|
|
22,733 |
|
|
|
5,297 |
|
|
|
111,850 |
|
|
|
139,880 |
|
Net loss |
|
$ |
(1,681,419 |
) |
|
$ |
(6,224 |
) |
|
$ |
(2,831,554 |
) |
|
$ |
(4,519,196 |
) |
For the Three Months Ended June 30, 2023
|
|
Gas-Powered Boats |
|
Franchise |
|
Electric Boat and Development |
|
Total |
Net sales |
|
$ |
8,124,632 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,124,632 |
|
Cost of products sold |
|
|
7,148,121 |
|
|
|
— |
|
|
|
40,796 |
|
|
|
7,188,917 |
|
Operating expense |
|
|
2,400,942 |
|
|
|
278 |
|
|
|
1,578,722 |
|
|
|
3,979,942 |
|
Loss from operations |
|
|
(1,424,431 |
) |
|
|
(278 |
) |
|
|
(1,619,518 |
) |
|
|
(3,044,227 |
) |
Other income (expense) |
|
|
1,008,741 |
|
|
|
(4,122 |
) |
|
|
135,865 |
|
|
|
1,140,484 |
|
Net loss |
|
$ |
(415,690 |
) |
|
$ |
(4,400 |
) |
|
$ |
(1,483,653 |
) |
|
$ |
(1,903,743 |
) |
Below is a reconciliation of Adjusted Net loss to GAAP net loss for
the three months ended June 30, 2024 and 2023, respectively:
|
|
Gas-Powered Boats |
|
Franchise |
|
Electric Boat and Development |
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net loss |
|
$ |
(1,681,419 |
) |
|
$ |
(415,690 |
) |
|
$ |
(6,224 |
) |
|
$ |
(4,400 |
) |
|
$ |
(2,831,554 |
) |
|
$ |
(1,483,653 |
) |
Stock based compensation |
|
|
133,928 |
|
|
|
148,198 |
|
|
|
— |
|
|
|
— |
|
|
|
183,815 |
|
|
|
341,163 |
|
Impairment of property & equipment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,674,000 |
|
|
|
— |
|
Depreciation and amortization |
|
|
371,151 |
|
|
|
236,332 |
|
|
|
— |
|
|
|
— |
|
|
|
63,807 |
|
|
|
48,230 |
|
Change in inventory reserve |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
175,820 |
|
|
|
— |
|
Government grant income |
|
|
— |
|
|
|
(937,482 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted net income (loss) |
|
$ |
(1,176,340 |
) |
|
$ |
(968,642 |
) |
|
$ |
(6,224 |
) |
|
$ |
(4,400 |
) |
|
$ |
(734,112 |
) |
|
$ |
(1,094,260 |
) |
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- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
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- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
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- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
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- DefinitionTitle of a 12(b) registered security.
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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