COURTESY TWIN VEETwin Vee this week reported third-quarter revenue of $2.9 million, down from $8.1 million in the year-ago quarter, a 64% decline. The company recorded a consolidated net loss of $3 million, which includes Twin Vee’s third-quarter net loss of $2.1 million and Forza X1’s net loss of $896,000.
“The recreational marine industry has continued to be challenged by declining customer demand,” Twin Vee CEO Joseph Visconti said in a statement. “The recent Fort Lauderdale International Boat Show was well-attended, and Twin Vee had several models on display, with dealers reporting several sales and leads resulting from the show.”
Michael P. Dickerson, chief financial and administrative officer, added: “The entire team is focused on reducing our operational cash burn by driving sales and reducing operating costs while continuing to make smart investments in infrastructure, product development and other revenue-generating opportunities.”
Consolidated holdings of cash, cash equivalents, restricted cash and marketable securities totaled $11.4 million at the end of the quarter, compared with $15.1 million at the end of the second quarter. The decrease in cash reserves was primarily due to the Twin Vee building expansion, new-product development, costs from the merger of Twin Vee and Forza X1, and operational cash losses from reduced revenue and payments against vendor balances that had grown during the second quarter.
The company said it is investing in new models and expanding its Fort Pierce, Fla., manufacturing facility to increase production capacity and efficiency. It has also added a CNC machine to its manufacturing process to bring the tooling of new models in-house.
“While there can be no assurances,” Dickerson said in the statement, “our goal is to achieve a run rate of a consolidated adjusted net loss of $400,000 on a monthly basis as we exit the first quarter of 2025.”
