The following is a summary of the Twin Vee Powercats Co. (VEEE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Twin Vee Powercats Co. reported Q3 2024 consolidated net sales of $2.9 million, a significant decrease of 64% from Q3 2023.

• The company sold 20 boats compared to 66 in the same period last year, a symptom of focusing on larger, higher-priced models which has led to a rise in average sales price by 17% despite fewer units sold.

• Consolidated operating expenses decreased by $541,000 or 16% year-over-year, reflecting reduced expenses in various areas, though partially offset by increases in depreciation and professional fees related to merger activities.

• Cash and cash equivalents stood at $11.4 million at the end of Q3 2024, down from $15.1 million from the previous quarter, with a monthly operational cash burn rate of approximately $547,000.

Business Progress:

• Ceased construction on the Marion County Forza factory to preserve cash and listed the property for sale.

• Consolidated all production back into a centralized Fort Pierce facility, which included expansion construction and investments in new manufacturing equipment like the CNC 5-axis router.

• Preparing for the introduction of a new line of BayCat boats targeting a Q1 2025 launch.

Opportunities:

• Anticipated improvements in the retail market environment for recreational vehicles and boats due to expected economic policies from the re-elected administration, which could spur greater demand for outdoor leisure products.

Risks:

• Continued challenges in the retail environment for recreational vehicles, including softened demand and high inventory levels at dealers, are expected to persist into the near future.

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