The following is a summary of the Twin Vee PowerCats Co. (VEEE) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Despite a challenging industry environment and a deceleration in orders, Twin Vee's sales grew by 4% in 2023 compared to 2022, standing strong against a 19% decline in the saltwater outboard market.

• After attributing significant losses to the consolidation of Forza electric boat losses, the company's adjusted losses sum to $1.6 million in cash, still maintaining a cash position over $8 million as of December 31, 2023.

Business Progress:

• Twin Vee has been tactically adapting to contracting industry demands by rightsizing operations to produce 10-14 boats per month and focusing on new product development under the Twin Vee and Aquasport brands.

• The company has recently expanded its dealer network to Dubai, stepping into the Middle East market for the first time.

• Twin Vee will begin expanding its manufacturing capacity by adding a 25,000 square foot extension to their factory in Fort Pierce, Florida. This will scale up their factory size to nearly 100,000 square feet to support anticipated growth.

More details: Twin Vee PowerCats IR

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