VEEE - Earnings call transcript Q2 2022

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Operator

Good day, and welcome to the Twin Vee Powercats Co.

Second 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 assumptions 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 on will in forward-looking as events you the forward-looking that achieved circumstances statements of You be assure

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

Joseph Visconti

the into call. -- trying said get somebody just someone quick, phone, Thank the you. Really and me to they was were answering they not texted

Operator

points they're by have in operators being do now. answered but ringing We our sir,

Joseph Visconti

providing moving Carrie and in you. Good update by CFO QX we'll Vee conclude Q&A. Gunnerson our will plans will Powercats then and our Twin financial participate the the financial you thank to give forward. start with results. taking company, QX some off company's afternoon progress several updates discuss a I XXXX Alright, time on for Thank everybody. our on

designs, line boats As Powercats Florida. in Vee here from you Fort know, and catamaran Twin of Pierce, sells our sport manufactures factory a

range employ newest we public bank electric model our Today, in promising powered feet XX currently couple XXX of company. of XXXX boats foot for model, gas to XXX GFX. QX exciting ThinkEquity. have investment our XX quad filled length from XX our over our has network momentum XX past Our and locations engine employees. lineup The From by increased weeks division our been our and a with for brought be Forza around will dealer lot

Twin own to and today, based NASDAQ on trading our Forza will Forza. XX XX publicly the XX% its trading of stake FRZA. financial a ownership going file will in XX% company of Forza Twin As consolidated a Vee independently under hold will in become listed continue statement symbol Vee forward

Twin gas discuss boat operations. let's Now powered Vee's

net June profit increase is to are Vee our in quarter and revenue was adjusted and this XXXX the Again, powered to the ended in same XXXX, QX division. for XXX% report months three compared We pleased for our gas XX, XXXX $XXX,XXX. net Twin

a was the the divisions our now in lineup, IPO in manufacturing world. XXXX. the to This our facility. streamline manufacturing models in lean is to July Vee's push quarter achievement first additional This Lean Twin adding was and profitable gas first our company due including quarter to around efforts continued since powered our of towards expanding gold our manufacturing manufacturing by dealer is Toyota devised process our standard and network, part

X.XX week XXXX. boats quarter from in average approximately X.XX an per up of Our of the unit throughput has week, increased per to boats fourth

market to for the exciting of our knocking business that the customers. close on levels decisions our conditions, buying economic dealer and one us. or inventory voted day, is are which We're of door might attention We indicators paying affect

current production we we dealers is ability growth further and Twin certain sustain strengthen slowdowns even the in We popularity. by and to inventory have feel unit traction some Catamarans continue production momentum. our expand of and And to Vee business. levels open segments and to highly are is multi-haul market the goal momentum, manufacturer largest confident second the market, count. Our new share our remain streamline our that and hiring gaining staff focused occurring with administrative on in really the before, country as spoken qualified

Vee's funding Vee today. for strengthen months. cash for XX income to North will -- electric these longer Twin after electric boats, Forza removal and half note was fund division. XX factory forward will operating happen to from production will new fund we over anticipate Marion, up losses his now XX, Twin the moves flow incur XXXX, new should that boat which Forza strengthen in to improve our division, of balance second then core that post ramping marketing will as the The we Forza the XX forward Twin on Forza its prototyping division its Vee models Based the As Forza operations powered FXX gas to R&D focusing our the Vee infusions operations be up building powered our if on into for and Forza IPO sheet. in our production. gas the Twin next cash Vee's factory could boat testing The Forza Twin one no Carolina boat and Forza's XX move new and the IPO to IPO, ramping minute important and of It's move to any then required

some the marine sport market. seeing in softening are boat We

that dealers inventory It's back seeing to our model Vee and Twin levels and the are team by to the boat fields year sales is one with dates, of out of forecast. delivery Vee has orders dealer a some good about not the Twin inventory modified or news that dealer single We forecasts forecasted traditional reduced grow, desired to These changed, each but boats their also us. levels are course know levels. important annual orders not every their the pre-COVID number our has over of are reached dealer still the current

As year over production our of forecasted forecast, current result, has a still our a sales Vee dealer books. on Twin

move Let's to Forza XX.

QX boating made by FXX XXXX. our major recreational boats. to adoption our sport producing Now recreational XX towards moving is sales of in at electric about our commencing affordable, subsidiary, Forza of XX. Forza to electric some fully Forza's sustainable many produce work that integrated inspire strides to this electric mission as customers vehicle an we We've manufacturing times stylish all We've spoken the of boats boat to

In the to with news. addition recent start our IPO, let most me

Roy a operation Commerce McDowell about that local Cooper, Carolina. Governor During government Carolina, Department and press was XXX,XXX boat weeks announced dedicated in to County ago, fully from the square McDowell two Carolina XX in County, Governor of North North establish foot the Carolina would its of obtain Forza conference North manufacturing North incentives electric

Forza President did state a local with Jim CEO, Jim. efforts Thank led these Leffew phenomenal you, XX's and job. entities. Jim

outboard FXX model. first expected and XX on be Forza our parts. first Forza’s The motor Dual as report boat electric of the we will consists the This is over In XXX of new motor assembling to the will next coming weeks, days been be This in-house Dual are hull terms the Console I'm progress deck XX-foot the the Console. model of at be great Forza's and within will FXX that well. has finished happy motor molds currently electric to FXX tooling and made XX’s factory. completed themselves, the be in

numbers small units. motor boat build to to up We are and of starting batch this XX

liquid to agreement entered with named a In we announced American a the year Solutions, for cooled batteries. high lithium supply powered grade will our power Turning January XX Michigan that based batteries, Forza five Battery ABS, that XX kilowatt production into boats. company ion

Overall FXX and battery has arrive ABS Console of subsequent which received from in new forward my brand expected you Dual weeks and the Center updates. I next know in hope the all those the letting use Console here of and towards the Forza to testing first lot will be Forza continue mission, shipments to boats our to and of months continues our used work progress are to presentation. substantial recently to there's prototype a enjoyed you months and about do. coming looking couple we're XX boats. make battery its for shipment And

you. then review turn me bit and Thank Let it go over our Carrie I'll CFO, Gunnerson, little give a Q&A. to and we'll to you more

Carrie Gunnerson

income going I'm with Joseph. you, to the statement. begin Thank

Our revenue $X,XXX,XXX. approximately or for XXX% up $X,XXX,XXX, up quarter to was the

for profits approximately the up to $X,XXX,XXX or XXX% $X,XXX,XXX. gross were Our quarter

adjusting and our monitor stated, As Joseph of the components structures accordingly. discounts to and costs our purchase prices our sales and continue raw materials we

strong, very are remained inventory closely. has and demand Our dealer dealer our monitoring levels we

networks. diligently to are dealer we Additionally, working our increase

operating to for by approximately $X,XXX,XXX. quarter the expenses Our increased $X,XXX,XXX

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

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

Forza’s of our income the Further noncash quarter, core was approximately the our we when look income And [$XXX,XXX]. net powered approximately business income our from approximately our loss which powered gas $XXX,XXX. at $XX,XXX. net portion charges, for for boats business, net was boats net was gas excludes our adjusted adjusted

the investment its --, for make Our gas to net number as offer [Technical production our Difficulty]. company as our reflection division division our loss and we that models is well electric the the increase boat to of a continued power in has of efforts

We and continue but to aggressively our experienced staff, productivity, also efficiencies. are not our increasing highly recruit only

cash, balance $X,XXX,XXX the XX, XXXX. as cash equivalents of of we securities marketable had June to approximately Turning sheet, and

our in the production chain. approximately by support challenges increased supply have to faced inventory levels inventory we've increases $X,XXX,XXX. and aggressive current levels These Our the $X,XXX,XXX in that

levels. by over is payable call our to approximately Joseph. increase accounts Our With to also the support the $X,XXX,XXX. that, increased back to I'll new $X,XXX,XXX Again, production have turn

Joseph Visconti

you, Thank Carrie.

can see, we're as So you growing.

going have cash we it's note soon increased and the cash important million over think bank our with no we longer with burn that books. $X on have Forza still I to will public, growing, Vee's in Twin that

balance so sheet. that's to strengthen And going our

Twin XX, was new XX. Vee, a bunch We new So of our our XX, our extremely quarter strong. second brand debuted I believe in boats,

starting go can additional we're you amazing online twinvee.com, new our exciting we models. on and some work receiving are If brand from see imagery It's even to you XX. very of dealers. our new And orders at

discussed, ahead gas and July week average Twin Twin We're we again the have in opportunities So to Vee's division excited this since helped boats addition, profitable XXXX. first Vee's about quarter increased our per record us. IPO powered unit we really of its an as throughput in X.XX

to to for I open thank passion building I our for boats. would Q&A, our Vee of today and they to call their continued up teamwork, like to have in it for Before interest question. some I'd we the back for Operator take employees our thank and on to that, want the everyone their like it support, With all Twin of can I the dedication, shareholders Q&A, turn the first our Powercats.

Operator

this are We'll [Operator go Instructions] And sir. questions at to it back Private queue. conference Mr. for join any a there to Newman, the no Visconti, apologize additional like had turn I our Investor. time. I'd to Guy remarks. just appears first couple you We questions

Unidentified Analyst

Can Forza? explain the Forza please Twin trading is now correlation and shareholders the Powercats to you [indiscernible] Vee between open in

Joseph Visconti

XX% Forza is shareholder a Vee Twin XX. in

as Forza independent an it. will company and that's operate

Twin So and a company. own stock it and its begins as Forza But sorry, the trading Officers quote I -- didn't Directors, was independent its I'm I will Vee an own of Board -- operate mean has as it's see subsidiary wholly-owned always it yet.

Operator

Solano, And our comes Private from Joe Investor next question

Unidentified Analyst

a situation doing shareholder with you out Vee, to stock what companies and find I'm TVPC, do that? here, trying your guys on and conversion with both I'm in plan Twin

Joseph Visconti

roll to registration VEEE, a VEEE be, VEEE. shareholders. press back shares a TVPC little to merger NOL and There's it's S-X be couple hands, the will the Yes, a you being a XX receive filed, XX not long but but up shareholder all Essentially pro there. will will the that effect VEEE own and it's basis which it all read. at money days, And changing net the no net you so an stock will still be there’s between shareholders, will going And then delay TVPC an And thank can took if asking issued. of an types to apologize shares into will But and be will votes, weeks. -- have documents X there'll we're that a the opinion The that's issues. release, we to the next about filed, document the be but be end and there There TVPC for confusing, TVPC the no again, of was that I fairness did there'll we there'll merger there date to so probably online stock – all be with next tax all over extremely the VEEE rata shares will go start be -- those on distributed effect TVPC required a point. an question. is but I registered getting shareholders over you apologize,

Operator

seems Joe Instructions] a [Operator It follow-up have from we Solano. question

Unidentified Analyst

to be you So one conversion how is guys it to handling? are one going or

Joseph Visconti

issued outstanding back one in it divide And to TVPC, My release, shares the shares completed. it be numbers, numbers of not out those are did this and a we're issues, there. the on will conversion. long I'm legal can't and press took if are at so the There’s Mr. look numbers can then it you. if one tax so like it's I VEEE and and apologize and you to and get that And again, the Zolano. you get into with shares are are you and both we fully there's in But take TVPC, figure So work accounting of go disclosure press outstanding a disclosed. release, those that distribution. but same -- page lot in kind you that I the two personal the getting

Operator

are the questions. Mr. to I [Operator there will you. Instructions] it turn further no conference And appears Visconti, back

Joseph Visconti

you Thank and a everybody day. supporting thank have again, We'll to for want I and to us you talk soon. you. great

Operator

your conclude does today's participation. And Thank all you for this conference.

You disconnect. now may

Twin Vee Powercats (VEEE) 13 Aug 222022 Q2 Earnings call transcript