Twin Vee PowerCats' Q1 net loss widens

Twin Vee PowerCats Co.

Twin Vee PowerCats Co.

VEEE

0.00


Overview

  • U.S. power sport boat maker's Q1 revenue rose yr/yr, fourth straight quarter of growth

  • Net loss widened to $2.09 mln, while adjusted EBITDA loss improved 11% yr/yr


Outlook

  • Company says it remains focused on strict cost management and optimized working capital

  • Twin Vee says it is making continued progress towards profitability


Result Drivers

  • PRODUCT LINE EXPANSION - Co said revenue growth was driven by the relaunch of Bahama Boat Works and introduction of new 21-foot and 23-foot models

  • REDUCED MARGINS - Co said gross profit fell due to sales incentives to reduce dealer inventory, reserves for inventory on hand related to a previously held licensed brand, and product development costs for the expanded Bahama Boat lineup

  • NON-CASH AND ONE-TIME ITEMS - Q1 results included about $1.3 mln of non-cash and one-time items related to inventory adjustments, new product development, and field inventory management


Company press release: ID:nACS2Bxd3a


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q1 Net Income

-$2.09 mln


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