PHOTO BY COURTESY TWIN VEE

Twin Vee PowerCats had revenues of $5.276 million in the first quarter, down 41% year-over-year from $8.877 million.

The company’s gas-powered segment had an adjusted net loss of $669,500 for the quarter. Consolidated net loss was $2.335 million, including a loss of $1.168 million for its Forza X1 electric division.

“The general economic landscape and high interest rate environment have continued to put downward pressure on customer demand across all our brands,” president and CEO Joseph Visconti said in a statement. “During the first quarter, we took steps to right-size the labor force while also tightly controlling operating costs. At the same time, we are using this slower period to lay the groundwork for the next market upswing.”

He said the company is investing in second-generation GFX2 Twin Vee models and is expanding the Fort Pierce, Fla., manufacturing facility to increase production capacity, including the addition CNC technology to bring tooling in-house. “This will save on costs associated with outsourcing and enhance the quality of the boat molds we use to build our products,” Visconti said. “We are committed to reducing cash burn while making smart investments in infrastructure, product development and other revenue-generating opportunities for the company.”

Twin Vee had a consolidated net loss of $2.335 million in the first quarter, compared with $1.828 million in the previous year.