Twin Vee Powercats FY24 EPS $(1.10) Down From $(0.76) YoY; Revenue $14.39M Down From $33.43M YoY

Benzinga

03-20

Highlights for fiscal year 2024:

Revenue for the year ended December 31, 2024 decreased 57% to $14,389,000 as compared to $33,426,000 in 2023.

Adjusted net loss for 2024 of $7.7 million compared to $7.3 million in 2023 despite a 57% reduction in revenues demonstrating management commitment to cost reduction.

Consolidated cash, cash equivalents, restricted cash and marketable securities were $7,706,000 on December 31, 2024.

Completed the merger of Forza X1 into Twin Vee PowerCats on November 26, 2024.

Twin Vee's consolidated total asset value was $25,888,000 on December 31, 2024.

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