- Twin Vee PowerCats press release ( NASDAQ: VEEE ): Q3 GAAP EPS of -$0.13.
- Revenue of $8.81M (+113.8% Y/Y).
- Gross profit for the three months ended September 30, 2022 was approximately $3,334,000 compared to a gross profit of approximately $1,610,000 for the three months ended September 30, 2021.
- Adjusted net income or free cash flow for the three months ended September 30, 2022, which excludes non-cash charges, for our gas-powered division was approximately $577,000. Free cash flow and adjusted net income are Non-GAAP measures. See below for an explanation and reconciliation of these NON-GAAP measures.
- Net loss from our electric boat division was approximately $1,043,000 and the net loss from our franchise business was approximately $4,000, both for the three months ended September 30, 2022.
- The Company had cash and marketable securities of approximately $22,886,000 as of September 30, 2022. Our majority owned subsidiary, Forza, completed their IPO in August, with net proceeds of approximately $15,231,000.
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Twin Vee PowerCats GAAP EPS of -$0.13, revenue of $8.81M