Twin Vee PowerCats (NASDAQ: VEEE) Releases Q2 2022 Results Showing 158% Increase in Revenue, Completes Spin-Off of Forza X1 (NASDAQ: FRZA)
By: Spotlight Growth
August 12, 2022 at 11:37 AM EDT
dTwin Vee PowerCats Co. (NASDAQ: VEEE) is engaged as a designer, manufacturer, distributor and marketer of power sport catamaran boats. Shares of the boating company are surging 73% through early trading on Friday, August 12, 2022. Over the past three months, Twin Vee has seen average daily volume of 18,890 shares. However, volume of 45.83 million shares or dollar volume of around $328.6 million, has already exchanged hands through early trading.
Shares of Twin Vee PowerCats are soaring after the company released second quarter 2022 financial results. For the three-month period ended June 30, 2022, Twin Vee reported revenue of $8.52 million, which represents year-over-year growth of 158%. Gross profits came in at $3.45 million, which was a notable improvement from Q2 2021’s result of $1.32 million.
The company reported adjusted net income of $607,000. Net income was adjusted to exclude non-cash charges for its gas-powered division. Overall net loss from its electric boating division was approximately $600,000.
Management notes that its net loss for the period is due to the company’s investment in Forza X1, Inc. (NASDAQ: FRZA). On August 11, 2022, Twin Vee PowerCats successfully spun off the Forza X1 business through an IPO. This means Twin Vee will no longer be required to fund Forza X1’s operations.
Twin Vee is continuing to power growth through introducing new boat models, increasing production, investing in tooling, new models, facility upgrades and more. Management notes that demand for its boats are averaging about 4.75 boats per week, which is growth from 3.25 boats per week from the fourth quarter of 2021.
“We are pleased to report a 158% increase in net revenue for the three months ended June 30, 2022, compared to 2021, while also adding additional models to our lineup and expanding our dealer network. Our continued efforts to streamline our manufacturing process and to become a lean organization have started to take hold, resulting in our first profitable quarter for our gas-powered division since our IPO in July 2021,” noted management in the earnings press release.
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