Twin Vee PowerCats Co (NAS:VEEE)
$ 0.4548 -0.0281 (-5.82%) Market Cap: 6.76 Mil Enterprise Value: 5.18 Mil PE Ratio: 0 PB Ratio: 0.25 GF Score: 46/100
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Q3 2024 Twin Vee PowerCats Co Earnings Call Transcript

Nov 14, 2024 / 05:00 PM GMT
Release Date Price: $0.4872 (-0.61%)

Key Points

Positve
  • Twin Vee PowerCats Co (VEEE) has managed to increase the average sales price by 17% due to a focus on bigger, higher-priced boats.
  • The company has reduced consolidated operating expenses by 16% compared to the third quarter of 2023.
  • Twin Vee PowerCats Co (VEEE) ended the third quarter with $11.4 million in cash and cash equivalents, indicating a strong liquidity position.
  • The company is actively managing production and refining its supply chain to adapt to changing market conditions.
  • Twin Vee PowerCats Co (VEEE) is preparing for a market rebound with a solid product pipeline, including new designs and models.
Negative
  • Net sales for the third quarter of 2024 were $2.9 million, a significant reduction of 64% from the same period in 2023.
  • The company sold only 20 boats in the third quarter compared to 66 in the same period last year.
  • Twin Vee PowerCats Co (VEEE) experienced a slightly negative gross margin due to cost-cutting efforts not keeping pace with declining sales.
  • The company is facing a challenging retail environment with economic headwinds and inflationary pressures affecting demand.
  • Operational cash burn was approximately $547,000 per month, which the company acknowledges as unacceptable and is working to reduce.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

VEEE.OQ - Twin Vee PowerCats Co
Q3 2024 Twin Vee PowerCats Co Earnings Call
Nov 14, 2024 / 05:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to the Twin V Power Cats Company third quarter 2024. Investor call as a reminder, this call is being recorded and all participants are in a listen-only mode.

Your speakers for today's program are Chairman and CEO Joseph Visconti and Chief Financial and Administrative Officer Michael P Dickerson.

Before I turn the call over to Joseph, please remember that certain statements made during this investor call are forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1,995.

All statements on this call other than statements of historical facts, including statements regarding the company's future operations and financial financial position, business strategy and
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