Twin Vee Powercats Co. (NASDAQ:VEEE) Q4 2023 Earnings Call Transcript

Joseph Visconti: And we continue to — we grew 100% two years ago. We all know what happened with these interest rates. They were 3% as high as 8%, even higher at sometimes when you’re purchasing a recreational an RV or a boat, the family, the plumber, the electrician that was buying $100,000 boat that payment that was [indiscernible] a month, it’s now $1,000 a month, that buyer essentially went away. It is then — the shifting of the economics over the past three years has been dramatic and aggressive in both ways. Now we are targeting larger cash buyers were our 40-foot is leading the way. So our $1 million boat, our 34-foot is selling. So I understand we were at 250 employees 1.5 years ago, we’re down to like 85 people. I mean, I feel good that we’ve continue to like come out with new product.

The losses are not as great as your — I’d like to talk to you about it with the CFO online. I have different numbers in front of me. And if you take out the Forza losses, the actual cash losses of Twin Vee are not that bad comparatively what we’ve experienced over the past year.

Unidentified Participant: Okay. Well, again, that’s not what it shows new tables. But in any case, I’ll let other people ask the questions. I think you’re going to have a little bit of a hard time getting investors excited when you’re basically saying that the CFOs resigned, the CEO of Forza has resigned. Business is difficult. We’re burning through more cash. We have less cash. So if you can sell that, but that’s a tough sell, but I’ll let other people chime in.

Operator: [Operator Instructions] With no further questions in the queue, I would like to turn the conference back over to Joseph for closing remarks.

Joseph Visconti: Thank you, everyone. I want to thank you for spending your time with us today and your confidence to shareholders, employees, stakeholders and have a great day. Thank you. If you have any other questions, please e-mail us at Glenn at Twin Vee, glenn@twinvee.com, and we’ll get back to you right away. Thank you so much, everybody.

Operator: Thank you. This will conclude today’s conference. You may now disconnect your lines and thank you for your participation.