And we’ve also begun designing a brand-new Aquasport 28 center console which will be available over the next four to five months. Turning to some updates on items we discussed in previous quarterly calls. Twin Vee’s Fort Pierce factory is currently expanding its floor space. We’ve been working on this 30,000 square foot addition for quite some time. Finally we did receive building approval and we’re in the final throes of negotiations with our GC and we are going forward with that addition. That will result in 100,000 square feet of production space here in Fort Pierce. As we continue to grow, that will allow us to ramp up to over 700 units annually here and have management control and all the controls that you could imagine under one roof.
This will allow us to build both Twins Vee’s and Aquasport boats simultaneously without workflow disruptions and paves the way for both brands to continue their growth and scaling efforts. Before we open up the call for questions, I’d like to report that despite the headwinds, we saw an 8% increase in net revenue for the nine months ended September 30th, 2023 of approximately $25 million compared to approximately $23 million in the same period of 2022. We did have a net loss of $1.6 million for our gas-powered segment for the nine months of 2023. This $1.6 million is broken out to $500,000 for an operational loss on Twin Vee and a $1.1 million loss for Aquasport, which a majority of the $1.1 million was really opening the factory, stock inventory, hiring, ramping up and bringing that facility online.
The greater loss was dedicated to Forza which we are not revenue positive yet, which is the $4.5 million for the nine months ended September 30, 2023. So again — the Forza loss is a direct reflection of Twin Vee’s majority ownership in Forza X1, which we still own 44% of the company and we’re required to consolidate that financial statement in accordance to GAAP accounting. So Twin Vee’s net cash and restricted cash and marketable securities was approximately $8.5 million as of September 30, I will say that our inventory levels grew over the past two quarters to over $8 million so we are going to work diligently over the next Q to reduce that inventory. I mean we were dealing with all types of supply chain issues, but as of today, I would say 95% of all materials and goods are on a just-in-time delivery.
Most all distributors and vendors have caught up. And with the slowing of the recreational market, we can buy as much or as many products and components that we need. So our focus now is to reduce down that inventory number we have and move that into the cash column. So the goal is that the next quarter, we’ll see that $8.5 million and current cash increase. While markets are choppy and we are remaining prudent with our balance sheet and continuing to grow our business, as the market allows, as we push forward with new and exciting products and delivering value to our shareholders is our goal. So at this time, I’d like to open it up for questions.
Operator: Thank you. At this time, we’ll be conducting a question-and-answer session. [Operator Instructions] There are no questions at this time. I’d like to turn the call back over to Joseph Visconti for closing comments.
Joseph Visconti: I just want to thank everybody, thank our employees for continuing to work hard, thank our investors for the confidence that they have in us. And everybody, have a great day, and we’ll talk to you soon. Thank you.
Operator: This concludes today’s conference. You may disconnect your lines at this time and we thank you for your participation.
End of Q&A:
