VEEE - Earnings call transcript Q1 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome to the Twin Vee Powercats Co.

First Quarter 2022 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 is Joseph Visconti, Chairman of the Board and CEO of Twin Vee Powercats Co., and Carrie Gunnerson, CFO of Twin Vee Powercats Co.

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 1995. objectives call, the statements financial company's strategy, plans this including historical position, on operations, and regarding future statements future and statements other statements. of than facts, business are All forward-looking management’s of operations and statements intends, similar In anticipates, these by terminology estimates, plan, terms, negative expressions. of expect, predict, or be such some can identified the believes, as cases, may, the rather forward-looking should, continue, potential, or projections results and future The can financial on business based our financial company that events strategy, these largely trends expectations has and statements affect forward-looking current its of and about we believe financial needs. conditions, operations, Securities These our number including and of which forward-looking are presumptions website a in described, subject those and statements to risks set at and the our www.twinvee.com. Exchange available are Commission, on uncertainties forth with filings

rely events. future and statements not or predictions should the We reflected occur. cannot upon will in forward-looking as events you the forward-looking that achieved circumstances statements of You be assure

conference this least XX the website subject at internet The for call traffic. bandwidth, be of ir.twinvee.com available Audiocast at will Finally, quality equipment, Relations webcast. section to Investor is days. available and our in is being your webcast

option. please those the like Please ahead. unsatisfactory turn submit calling go in A unless to experience unable ever. instead. telephone Visconti. in questions listening I ask the have If Those to you will instructions]. would webcast questions. question-and-answer now via be follow via Mr. [Operator use dialed note the will audio that quality, session only dial-in presentation. that telephone may Please call Joseph

Joseph Visconti

our company's you in QX by and Can call. will discuss Twin good plans demand you our will forward. you Gunnerson, Twin then the our of time XXXX Vee give currently will sustained financial that our financial hear Vee with QX to We update for afternoon, catamaran our progress off and participate Thank factory. and Thank our employees. sport you. XXX variety I'm CEO the the Pierce, start sells several and around products on Carrie thank I taking Joseph continues. updates our moving and conclude results a providing Powercats here I company, Florida for Visconti, Powercats. Q&A. of on Fort in me? QX, employ Through manufacturers CFO, a boats

Our XX our boats, backlog boats around remains of orders XXX the week. and inventory remains this of levels, low stocking under as of at dealers

Twin As discussed, of currently manufacturing selling model previously and are Vees. our we GFX line

- dealer GFX XXX have and With through available the our Center Vee Vee’s Consoles, addition GFX XX’, new Center Console, models XX-foot the $XXX,XXX Twin Center, our Consoles, equipped Center over include new models Console, our GFX, XX’ of network. Console. for XXX of GFX. total GFX Center XX-foot new a our Twin eight will to and Prices XX’ two fully from our range a $XXX,XXX Dual XX of XX’ two a for boats XXX our XX-foot

most still manufacturers dealing that experience today. but component is same to and are continue supply Material issues. facing Twin to chain continue We Vee chain supply the rise. delays Shipping with manageable ongoing exist. prices challenges

Our purchasing time. up really and big procurement stepped team

that all being Our motor, hum. proactive, XXX-horsepower boats. we for completed chasing a sure boats assembly line and our making requiring team parts, successfully opening are finished can and continues components members new materials, vendor I relationships that report have dozen than shipped down to a other

strategy fill wow new that an XXX motors our we of from loss X chain hosting do important model - is fiberglass been X parts the A where that the of produced have our enough of Twin Vee XX% increased and Vee in the brand and up GFX and typically ready is other have the at has Suzuki quick of is July working. make model. GFX. is even supply The the good increase motors July that that Twin news our The even that up meetings being supply and The any smaller XX’ is meeting. update from have. largest XX-foot, XX-foot The assembled supply see were of our Twin challenges, boats. on To XXX with we XXX this see, our can not in year. unfortunately still horsepower the orders every can you year. placed speak. The powers for annual revenues And new to are It's new Q. is the As date. dealer for we you revenues to we production the power our orders for supply ample QX, this revenue our currently boat dealers with water as is dealer to meeting The for XXX this rigged completed. are Vee boats,

So, very exciting.

ago. the with Ball, developing led us comes an six from with this of dealer industry. Lolli of existing leading catamaran footprint involved single-handedly the to dealer one Planty help we national of over that, the Director. John vital. be boat to John key be Twin Freeman and time our our Mr. would top network our National our sales John recent of the I team To recreation to became to the working production hand-in-hand a and As Vee. our builders. charge lineup, marketing liaison, Planty to knowledge Twin company Boatworks, offshore our COO John I and hired expansion models extensive increase of years we've in-house was add mention is hire Vee's like will with lead dealer has marine who With new Sales new unit expansion,

Twin Great on and Vees to dealers and begin seaboard. markets, as are into Ozarks, our northeast bring shipping We new the excited along the super the new such Lakes,

on electric Forza moving to manufacturing subsidiary Now, our XX. vehicle

and Our Dan and Jim, of affordable phenomenal are President, development, The Forza’s Norton, sale is the and Dan, electric includes Forza Engineers, impressive design, boats simply a fully job. Jim Director rest very and marine sustainable technologies masses. team the of Forza’s are making initiative progress into Leffew, exciting. of for the doing integrated

forward XX. factory that at see Forza that designed have a manufacture dedicated path some big to up We annually. a strides We units is being includes X,XXX to made

Now, start Forza our outboard motor. with let's

begun fiberglass prototype This initial The in manufacture or are required manufacturing Classic The model. The parallel Vee. that the FXX Our molds Console FXX and functioning systems the boat to testing and path, make and we hung is completed, to to Twin produce XX-foot control order. now motor is phase. control the exciting. also has a and are the motor in bed process. tooling in system the currently is the extremely motor are working is on tooling test a Center power the final process outboard

have a prototype we FXX fully by goal American Solutions received the boat, and Our Center first Console excited phase Battery Forza XXXX, to QX is our ABS. water, announce rigged, I'm completed production. should final starting battery that in of before or testing from

with market. as boats for for powered This FXX As batteries a you XX-kilowatt forward step recall, of Marine mass in be lithium-ion that to January, agreement for high supply used to will we Michigan-based a huge announced distinguish boats. Forza evolving itself electric electric XX five-year EV is ABS Forza a the in supply production-grade producer agreement major power

year. to for Overall, bottlenecked supplies secured batteries production-level manufacturers for boat This remain the that since lithium-ion quantities electric beginning of XX has the access the of industry, roadblocked, EV As substantial other not boats. are have made our we really high-powered a their entire familiar contractually big any lithium-ion company. is across deal battery electric progress with Forza

of a tremendous built presentation. team the sport transition We have engineers, boat is of mission our recreational and laser in hope industry. enjoyed I electrification focus the to you lead in-house my

a review now our results of turn me who over detailed from let Carrie it Gunnerson, more our Now, CFO, QX. to financial will give

Carrie Gunnerson

Beginning $X,XXX,XXX to was XX% income for with statement, our Joseph. in $X,XXX,XXX you, the XXXX, revenue from Thank XXXX. approximately $X,XXX,XXX the or up quarter in

was for XX% profit or approximately XXXX, in from Our $XXX,XXX gross $X,XXX,XXX to XXXX. in up quarter $X,XXX,XXX the

are monitor purchase components, and price to our raw materials sales our continue We of costs adjusting the and our accordingly.

XXXX. the of for loss net was net income to compared Our $X,XXX,XXX, $XXX,XXX approximately in quarter

have of XXXX, our did in not we However, subsidiaries. either

portion loss quarter, our adjusted net net excludes Further, $XXX,XXX. which the our approximately look adjusted business, boats, into we approximately for net of core when business, $XXX,XXX. from gas-powered charges, was loss Forza’s loss gas-powered only boats, for The core our our our approximately non-cash net was loss $XXX,XXX. was

reflection is the the production the loss to increase net the of a continues to models investment of Our make line company and number capacity.

We and experienced continue production but increasing not aggressively efficiency. also only to staff productivity, are recruit

annual a our to add boat in one increase XXX of strength. which XXXX, goal day, will production to boats our short-term over financial will Our

cash from I'll this to Turning securities equivalents, March of will to we believe sufficient XX, turn provide our marketable and the cash With over cash cash, equivalents, sheet, call that, balance $XX,XXX,XXX finance of as Joseph. approximately to cash, back operations. At had time, we the XXXX. cash operations, and

Joseph Visconti

I coming of offerings. boat new that and our In strong very significant see Twin production increase first on a models low the continuing variety We've begun backlog Carrie. to We're you, believe conclusion, dealer is of Thank orders inventory. off also Vee quarter. a will product

thank now. and not members. want our in push and shareholders, all of across Powercats. Twin day, will and build working to the their Vee In many exciting thank want country. today and work on questions boats, the finally, on I allow and to electrification shareholders our in this time to without would beyond to our Based men our for X our thrive forward for And we women team our to I like remainder skilled I products addition, to beautiful forward. call the experienced reach new be to up ability moment, everyone we're and and confident it an our remain Powercats deliver interest value XXXX for Vee this customers every expanding come a time and and open marine dealer to Forza We support could for Twin Vee their Twin on believe stakeholders. footprint that

Operator

ahead. our instructions]. with go [Operator And Brian Bank. question Carstens ThinkEquity Please comes first from

Brian Carstens

the curious, and quarter. space evolve? Thanks. Joseph, continuing to you I'm this yourself how how to you positioned do do just see Thanks, congratulations see and relative your competitors, on

Joseph Visconti

It's great Thank a question. the continued you, catamaran can multi-haul industry. in We see momentum Brian.

it's really appearing at boat think these are shows I national catamaran builders level. onesie, a kind there's taking lot that and twosie of more on boat shape,

when Vee. that Vee units And and think companies, excitement in that's annually, Twin you're that So, building under two there's XXX the segment. producer a World talking lot and any this Cat couple shows builds is XX-foot over - XXX units space. a there's believe, XXX about only Cat, Twin annually. will over multi-haul the year, well, I units build I World this of

fuel online backlog learning great efficiency and think in excitement, I coming boat, our XX’ new current to offer, about year our think and with people ride this multi-haul grow. boats our and I multi-haul largest the our the that XX-foot, that all So, continue we're quality attributes and and going

Operator

please And instructions]. Keith our a investor. next [Operator Allen, from question go ahead. Van comes private

Keith VanAllen

Yes. Hi. for question. taking Thanks my

you give on if me Just an wonder could IPO. the update Forza

Joseph Visconti

Sure.

good ThinkEquity, to gave bank, SEC two the us pretty We're working that a refine is our condition the weeks letter ago. news market our right in So, about is Obviously, rough a now. with the no-comment presentation.

what then is the process, ready as and and obviously we'll on driving the little that's But lead going through roadshow. we we our a roadshow. told, I'm far being think with we’re as ThinkEquity stabilize the NASDAQ our I - bit, this So, market start to SX, and to And SEC know is, need to see bank begin our all deal.

is news good the many we happening these the electrification gas see world think in industries. I over with different prices, that all higher So,

way. So, do that's figures But stopping public. out can like us not what we so wants to hopefully, get market kind the this of by it

$XX - in has continue Twin million the to We Vee bank.

Console. to continue We're factory. forward. tooling our our on our doing Console, the We've Dual designed We push Center

I orders our of raised from perspective, a as mean, putting so IPO add will that mean, is new to receiving nothing our slowed. up for the a to We’re factory. financial capital I the I Much batteries. factory. out think build

is fund forward you the Forza. well continues as and to progress saw, for Vee, Twin capitalized So,

Keith VanAllen

great. very much. Okay, Thank you

Operator

turn to to At Mr. this closings instructions]. remarks. back Joseph would time, like Visconti any I conference the for over now [Operator

Joseph Visconti

you. thank to and time, Thank want day. for everyone just everyone, all a of Twin I Vee, I want to their and thank have great

Operator

conference for you today's The now concluded. attending presentation. has Thank

may You disconnect. now

Twin Vee Powercats (VEEE) 13 May 222022 Q1 Earnings call transcript