UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number: 001-40623 TWIN VEE POWERCATS CO. (Exact name of registrant as specified in its charter) Delaware (S ...

Financial Performance - Revenue for the three months ended March 31, 2024, decreased by 41% to $5,276,343 from $8,877,215 in the same period in 2023[6] - Consolidated net loss for the first quarter of 2024 was $2,335,194, compared to a net loss of $1,828,465 in the prior year, reflecting an increase of 28%[7] - The gas-powered boat segment reported a 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[7] - Net sales for the three months ended March 31, 2024, were $5,276,343, a decrease of 40.5% compared to $8,877,215 in the same period of 2023[20] - Gross profit for the same period was $277,314, down 82.8% from $1,609,558 year-over-year[20] - Adjusted net loss for the three months ended March 31, 2024, was $(1,361,809), an improvement compared to $(1,465,835) in 2023[20] - The company reported a net loss of $(2,335,194) for Q1 2024, compared to a net loss of $(1,828,465) in Q1 2023, reflecting a 27.8% increase in losses[20] - Basic and dilutive loss per share for Q1 2024 was $(0.18), compared to $(0.12) in Q1 2023[20] Cash Flow and Reserves - Cash reserves decreased to $17,381,000 on March 31, 2024, down from $21,218,000 on December 31, 2023, primarily due to R&D spending and operational cash losses[6] - Cash used in operating activities decreased by 22% to $1,749,920 in Q1 2024 from $2,232,650 in Q1 2023[16] - The company is committed to reducing cash burn while making strategic investments in infrastructure and product development[5] Operating Expenses - Operating expenses decreased to $2,820,520 in Q1 2024 from $3,979,081 in Q1 2023, a reduction of 29.1%[20] - Stock-based compensation for Q1 2024 was $426,283, down from $482,964 in Q1 2023[20] - Depreciation and amortization increased to $425,281 in Q1 2024 from $218,276 in Q1 2023, reflecting a 95% increase[20] Assets and Liabilities - Total assets as of March 31, 2024, were valued at $36,454,000, while total liabilities were $6,313,649[16] Production and Investment - Twin Vee is expanding its Fort Pierce, FL manufacturing facility to increase production capacity and improve efficiency[5] - The company is investing in new models, including the Generation 2 GFX boats, to prepare for the next market upswing[5] Inventory and Marketable Securities - The company recorded a change in inventory reserve of $113,252 in Q1 2024, while there was no such change in Q1 2023[20] - The net change in marketable securities was $15,548 in Q1 2024, compared to $(8,034) in Q1 2023[20] Employee Productivity - The revenue generated per direct labor employee increased to approximately $103,000 in Q1 2024, compared to approximately $72,000 in Q1 2023[6]

Twin Vee Powercats Co. (NASDAQ:VEEE) Q1 2024 Results Conference Call May 15, 2024 12:00 PM ET Company Participants Joseph Visconti - President and CEO Michael Dickerson - CFO Operator Welcome to the Twin Vee PowerCats Company First Quarter 2024 Investor Call. As a reminder, this call is being recorded and all participants are in a listen-only mode. Your speaker for today's program is Joseph Visconti, President and CEO of Twin Vee PowerCats Company. Before I turn the call over to Joseph, please remember tha ...

EXHIBIT 99.1 Twin Vee PowerCats Co. Reports 4% Increase in Revenue for the Year Ended December 31, 2023 FORT PIERCE, FLORIDA, March 26, 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 fiscal year ended December 31, 2023. Highlights for fiscal year 2023: The Company is pleased to report a 4% increase in consolidated revenue for the ye ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 001-40623 TWIN VEE POWERCATS CO. (Exact name of registrant as specified in its charter) Delaware 27-1417610 (State or other jurisdiction of ...

Twin Vee PowerCats Co. (NASDAQ:VEEE) Q4 2023 Earnings Conference Call March 26, 2024 ET Company Participants Joseph Visconti - President & CEO Conference Call Participants Operator Welcome to Twin Vee PowerCats Co. Year End 2023 Investor Call. As a reminder, this call is being recorded and all participants are in a listen-only mode. Your speaker for today's program is Joseph Visconti, President and CEO of Twin Vee PowerCats Co. Before I turn the call over to Joseph, please remember that certain statements m ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number: 001-40623 TWIN VEE POWERCATS CO. (Exact name of registrant as specified in its charter) Delawar ...

Twin Vee PowerCats Co. (NASDAQ:VEEE) Q3 2023 Earnings Conference Call November 13, 2023 10:00 AM ET Company Participants Joseph Visconti - President and Chief Executive Officer Operator Welcome to the Twin Vee PowerCats Company Third Quarter 2023 Investor Call. As a reminder, this call is being recorded and all participants are in a listen-only mode. Your speaker for today's program are Joseph Visconti, President and CEO of Twin Vee PowerCats Company and Carrie Gunnerson, CFO of Twin Vee PowerCats Company. ...

Twin Vee PowerCats Co. (NASDAQ:VEEE) Q2 2023 Earnings Conference Call August 14, 2023 8:00 AM ET Company Participants Joseph Visconti - President & CEO Jim Leffew - President & CEO, Forza X1, Inc. Carrie Gunnerson - CFO Conference Call Participants Josh Horowitz - Palm Ventures Raj Maheshwari - Charleston Capital Operator Welcome to the Twin Vee PowerCats Company Second Quarter 2023 Investor Call. As a reminder, this call is being recorded and all participants are in a listen-only mode. Your speaker for tod ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number: 001-40623 Securities registered pursuant to Section 12(b) of the Act: TWIN VEE POWERCATS CO. (Exact ...