Twin Vee PowerCats, Co.
For the period ended Dec 31, 2024. Filed Mar 20, 2025.
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FY2024 · Filed Mar 20, 2025
VEEE$7.86-5.0%Stored close · as of Nov 9, 2026
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Consolidated Statements of Operations
| Years Ended | ||
|---|---|---|
| December 31, | ||
| 2024 | 2023 | |
| Net sales | $14,388,517 | $33,425,912 |
| Cost of products sold | 15,139,942 | 30,159,024 |
| Gross (loss) profit | (751,425) | 3,266,888 |
| Operating expenses: | ||
| Selling, general and administrative | 3,095,868 | 3,734,406 |
| Salaries and wages | 4,906,819 | 7,473,441 |
| Professional fees | 1,669,474 | 1,249,388 |
| Impairment of property & equipment | 1,674,000 | — |
| Loss on disposal of assets | 172,684 | — |
| Gain on sale of R&D equipment | (50,097) | — |
| Depreciation and amortization | 1,745,217 | 1,353,383 |
| Research and development | 586,379 | 1,443,569 |
| Total operating expenses | 13,800,344 | 15,254,187 |
| Loss from operations | (14,551,769) | (11,987,299) |
| Other income (expense): | ||
| Dividend income | 510,099 | 909,215 |
| Other income | 63,391 | 9,898 |
| Interest expense | (222,594) | (221,157) |
| Interest income | 150,553 | 48,370 |
| Unrealized gain on marketable securities | — | 87,781 |
| Realized gain on marketable securities | 40,414 | 103,941 |
| Employee Retention Credit income | — | 1,267,055 |
| Total other income | 541,863 | 2,205,103 |
| Loss before income tax | (14,009,906) | (9,782,196) |
| Income taxes provision | — | — |
| Net loss | (14,009,906) | (9,782,196) |
| Less: Net loss attributable to noncontrolling interests | (2,963,935) | (2,590,020) |
| Net loss attributed to stockholders of Twin Vee PowerCats Co, Inc. | $(11,045,971) | $(7,192,176) |
| Basic and dilutive loss per share of common stock | $(1.10) | $(0.76) |
| Weighted average number of shares of common stock outstanding | 10,032,040 | 9,520,000 |
TWIN VEE POWERCATS CO. AND SUBSIDIARIES
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