Twin Vee PowerCats Co (VEEE) 2025 Q2 法說會逐字稿

Welcome to the Twin Vee PowerCats Company second quarter 2025 investor call. As a reminder, this call is being recorded and all participants are on a listen-only mode.

歡迎參加 Twin Vee PowerCats 公司 2025 年第二季投資者電話會議。提醒一下，本次通話正在錄音，所有參與者都處於只聽模式。

Your speakers for today's program are President and CEO, Joseph Visconti; and Chief Financial and administrative Officer Michael P. Dickerson.

今天節目的演講者是總裁兼首席執行官 Joseph Visconti；以及首席財務兼行政官 Michael P. Dickerson。

Before I turn the caller to the Joseph, please remember that certain statements made during this investor call are forward-looking statements within the meeting of the Private Securities Litigation Reform Act of 1995.

在我將電話轉給約瑟夫之前，請記住，本次投資者電話會議期間所作的某些聲明是 1995 年《私人證券訴訟改革法案》會議內的前瞻性聲明。

All statements on this call other than statements of historical facts, including statements regarding the company's future operations and financial position, business strategy, and plans and objectives of management for future operations are forward-looking statements.

本次電話會議中除歷史事實陳述以外的所有陳述，包括有關公司未來營運和財務狀況、業務策略以及管理層對未來營運的計劃和目標的陳述均為前瞻性陳述。

In some cases, forward-looking statements can be identified by terminologies such as believes, may, estimate, continue, anticipate, intends, should, plan, expects, predict, potential, or the negative of these terms or other similar expressions.

在某些情況下，前瞻性陳述可以透過諸如相信、可能、估計、繼續、預期、打算、應該、計劃、預期、預測、潛在或這些術語的否定形式或其他類似表達來識別。

The company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operation, business strategy, and financial needs.

該公司的這些前瞻性陳述主要基於其當前的預期以及對未來事件和財務趨勢的預測，該公司認為這些事件和趨勢可能會影響其財務狀況、經營業績、業務策略和財務需求。

These forward-looking statements are subject to a number of risks and uncertainties and assumptions described, including those set forth in its filings with the Securities and Exchange Commission, which are available on the company's investor relations website at ir.twinvee.com.

這些前瞻性陳述受到許多風險、不確定性和假設的影響，包括提交給美國證券交易委員會的文件中列出的風險、不確定性和假設，這些文件可在公司的投資者關係網站 ir.twinvee.com 上查閱。

You should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur.

您不應依賴前瞻性陳述來預測未來事件。我們無法向您保證前瞻性陳述中反映的事件和情況將會實現或發生。

Finally, this conference call is being webcast. The webcast will be available at ir.twinvee.com for at least 90 days. Audiocast quality is subject to your equipment available bandwidth and internet traffic. If you experience unsatisfactory audio quality, please use the telephone dial-in option.

最後，本次電話會議正在網路直播。網路廣播將在 ir.twinvee.com 上播放至少 90 天。音訊廣播品質取決於您的裝置可用頻寬和網路流量。如果您發現音訊品質不滿意，請使用電話撥入選項。

A question and answer session will follow the formal presentation. Please note that only those that have dialed in via telephone may ask a question. Those listening via the webcast will be unable to submit questions. If you'd like to ask a question, you may signal by pressing one on your telephone keypad.

正式演講結束後將進行問答環節。請注意，只有透過電話撥入的人才可以提問。透過網路直播收聽的聽眾將無法提交問題。如果您想提問，您可以按下電話鍵盤上的 1 鍵來發出訊號。

Excuse me, if you'd like to ask a question, you may signal by pressing one on your telephone keypad. Now please that is a correction one.

對不起，如果您想提問，您可以按下電話鍵盤上的 1 來表示。現在請注意這是一個修正。

I would now like to turn a call over to Joseph Visconti.

現在我想把電話轉給約瑟夫·維斯康蒂。

Thank you, Rob. Good afternoon, everyone, and thank you for joining us. I'm pleased to report that despite continued economic pressure across the recreational marine industry, that Twin Vee delivered solid results this quarter.

謝謝你，羅布。大家下午好，感謝大家的參與。我很高興地報告，儘管整個休閒海洋產業持續面臨經濟壓力，但 Twin Vee 本季度仍取得了穩健的業績。

Revenues came in at $4.8 million, representing a 9.9% increase over Q2 of last year. We also posted a gross margin of up 13.8%, over 900 basis points from the same period in 2024, reflecting disciplined execution, improved operational efficiency, greater pricing consistency across our product lines. Our cash, cash equivalents and restricted cash increase to $6.2 million. These results reflect a clear priority protect the balance sheet, maintain pricing discipline, and keep product flow aligned with dealer demand. You will hear more financial specifics from our CFO, Mike Dickerson, later in the call.

營收達到 480 萬美元，比去年第二季成長 9.9%。我們的毛利率也上漲了 13.8%，比 2024 年同期高出 900 多個基點，這反映了嚴格的執行、更高的營運效率以及我們產品線的定價一致性。我們的現金、現金等價物和受限現金增加至 620 萬美元。這些結果反映出明確的優先事項：保護資產負債表、維持定價紀律以及保持產品流與經銷商需求保持一致。稍後您將在電話會議中聽到我們的財務長 Mike Dickerson 透露的更多財務細節。

Operationally, this is one of our most transformative quarters in our company's recent history. We completed the acquisition of Bahama Boat Works, one of the most respected and admired names in the offshore boating world. We also launched a new 22-foot BayCat, a brand new model that speaks directly to the legacy of Twin Vee's successful single-engine BayCat platform.

從營運角度來看，這是我們公司近期歷史上最具變革性的一個季度。我們完成了對巴哈馬船舶廠 (Bahama Boat Works) 的收購，該公司是近海船舶領域最受尊敬和讚賞的品牌之一。我們還推出了一款新的 22 英尺 BayCat，這是一種全新型號，直接體現了 Twin Vee 成功的單引擎 BayCat 平台的傳統。

Importantly, we also added 10 new dealers across our dealer distribution that were giving us broader geographic reach, a stronger retail coverage heading into the second half of the year. In a challenging environment, we're staying focused on what we can control: costs, margins, dealer support, and innovation.

重要的是，我們還在經銷商分銷中增加了 10 家新經銷商，這使我們的地理覆蓋範圍更加廣泛，並且在下半年擁有更強大的零售覆蓋率。在充滿挑戰的環境中，我們始終專注於我們能夠控制的領域：成本、利潤、經銷商支援和創新。

Today I'll walk you through how we're navigating the current market, strategic decisions we've made, and why we remain confident in the road ahead.

今天，我將向您介紹我們如何駕馭當前市場、我們做出的策略決策以及我們為何對未來的道路充滿信心。

Let's dive in. We're actively managing and reducing field inventory while balancing supply with real-time market demand. Our field inventory has reduced from nearly 160 units a couple of years ago to approximately 50 Twin Vees spread over our entire dealer network. Our focus on floor plan exposure and field inventory metrics remains closely watched.

讓我們開始吧。我們正在積極管理和減少現場庫存，同時平衡供應和即時市場需求。我們的現場庫存已從幾年前的近 160 台減少到分佈在我們整個經銷商網路中的約 50 台 Twin Vee。我們仍然密切關注平面圖曝光和現場庫存指標。

Despite headwinds, we're not standing still. We've brought new products to market, most notably our 22-foot BayCat, which is already gaining traction for its efficiency, disability, and price point accessibility. We are currently building about two BayCats per month with the manufacturing capability to ramp up to four units per month.

儘管面臨逆風，我們並沒有停滯不前。我們已將新產品推向市場，其中最引人注目的是我們的 22 英尺 BayCat，它已因其效率、殘疾和價格可及性而受到青睞。我們目前每月生產約兩輛 BayCat，生產能力可提升至每月四輛。

Anyone who has not seen this beautiful boat, I recommend that you go to twinvee.com, click on the BayCat, experience our recently launched configure and price 3D modeling tool. During the second quarter, Twin Vee continued efforts to make disciplined decisions that strengthen our foundation and position the company for sustainable growth.

任何還沒見過這艘漂亮船的人，我建議你去twinvee.com，點擊BayCat，體驗我們最近推出的配置和價格3D建模工具。在第二季度，Twin Vee 繼續努力做出嚴謹的決策，以鞏固我們的基礎並為公司的可持續成長做好準備。

Bahama Boat Works, building on this strong operational foundation. We also saw strategic initiatives, which led us to acquire Bahama Boat Works brand in June. Twiny Powercats proudly announced the acquisition of Bahama Boat Works uniting two renowned legacies in the marine industry.

巴哈馬船舶廠正是以此強大的營運基礎為基礎而建立的。我們也看到了策略舉措，這促使我們在六月收購了 Bahama Boat Works 品牌。Twiny Powercats 很榮幸地宣布收購 Bahama Boat Works，將兩大海洋工業領域的知名企業合併。

The iconic Bahama brand long celebrated for its unmatched craftsmanship, timeless aesthetics, and dedication to producing some of the finest offshore fishing vessels, the Bahama Boat Molds, tooling, and required equipment are now physically on site at Twin Vee Fort Pierce headquarters.

標誌性的巴哈馬品牌長期以來以其無與倫比的工藝、永恆的美學以及致力於生產一些最精緻的遠洋漁船而聞名，巴哈馬船模、工具和所需設備現已實際位於 Twin Vee 皮爾斯堡總部。

Moving forward, Bahama Boat Works under Twin Vee will continue to craft bespoke, highly refined boats for discerning owners who demand the absolute best. From signature screwless hardware and flush mount finishes to integrated state of the art marine electronics and optimized hull designs, these superb vessels will embody both tradition and progress.

展望未來，Twin Vee 旗下的巴哈馬船舶廠將繼續為追求極致品質的挑剔船主打造客製化、高度精緻的船舶。從標誌性的無螺絲五金和嵌入式安裝飾面到整合的最先進的船用電子設備和優化的船體設計，這些精湛的船隻將體現傳統與進步。

Bahama is an iconic brand long celebrated for its craftsmanship and timeless aesthetics. We are carrying forward Bahama's core values in boat construction and uncompromising fit and finish.

巴哈馬是一個標誌性品牌，長期以來因其精湛的工藝和永恆的美學而備受讚譽。我們在船舶建造和毫不妥協的組裝和完成方面發揚了巴哈馬的核心價值。

We recently announced the official development and expansion of a full-scale Bahama Boat Works model lineup. This new lineup will include the addition of a 22, 24, 28, and 31 center console which will complement Bahama's existing lineup of the 35, 37, 41, 41 GT models.

我們最近宣布正式開發和擴展全尺寸巴哈馬船舶廠模型陣容。新的陣容將包括新增的 22、24、28 和 31 中央控制台，這將補充 Bahama 現有的 35、37、41、41 GT 車型陣容。

This strategic expansion into monohull center council market will enable us to reach a broader audience and customers. And the addition of the smaller Bahama boats opens the doors for younger buyers, families, and seasoned enthusiasts who seek the quality of a Bahama build.

這次向單體船中心委員會市場的策略性擴張將使我們能夠接觸到更廣泛的受眾和客戶。小型巴哈馬船的加入為追求巴哈馬品質的年輕買家、家庭和經驗豐富的愛好者打開了大門。

Speaking of tooling, that process will be more streamlined and less expensive going forward thanks to the delivery of our new five-axis router. We finally took delivery of this. It's been a couple of years, but the new router allows for intricate cuts and precise shaping that are critical for modern boat designs, especially for complex hull forms and integrated components.

說到工具，由於我們推出了新的五軸路由器，流程將更加精簡且成本更低。我們終於收到這個了。雖然已經過去了幾年，但新的路由器可以進行複雜的切割和精確的造型，這對於現代船舶設計至關重要，特別是對於複雜的船體形狀和整合組件。

Previously, we've had to rely on external vendors, lead times, additional expensive costs. By bringing this advanced robotic technology in-house, we are streamlining our manufacturing process and significantly enhancing the quality and precision of our bolt molds. And by internalizing the most expensive, time consuming aspects of boat building and boat design, we're minimizing our reliance on third parties for tooling, leading to increased operational efficiency and cost effectiveness.

以前，我們不得不依賴外部供應商、交貨時間和額外的昂貴成本。透過引入這種先進的機器人技術，我們簡化了製造流程，並顯著提高了螺栓模具的品質和精度。透過將船舶建造和船舶設計中最昂貴、最耗時的環節內部化，我們最大限度地減少了對第三方工具的依賴，從而提高了營運效率和成本效益。

On the digital front, we've made significant strides this quarter. First, our brand new interactive Twin Vee website is launched, and with it we introduced our innovative online 3D configurator. Customers can now build and price their own Twin Vees online. With real time updates to interior upholstery, gel coats, colors, engine options, and more. The platform also includes a complete 3D-bow configurator which allows you to rotate, zoom in, interact with the selected model in real time. The configurator has been expanded to include our new BayCAT, the 26, our 28, our 40, and we will be rolling out our additional models over the next coming weeks.

在數位化方面，我們本季取得了重大進展。首先，我們推出了全新的互動式 Twin Vee 網站，並推出了創新的線上 3D 配置器。客戶現在可以在線上建立自己的 Twin Vee 並為其定價。即時更新內裝裝飾、凝膠塗層、顏色、引擎選項等。該平台還包括一個完整的 3D 弓配置器，可讓您即時旋轉、放大、與所選模型互動。配置器已擴展到包括我們的新 BayCAT、26、28、40，我們將在未來幾週內推出其他型號。

As new boat sales remain under pressure, we continue to experience a robust used boat market, and boat manufacturing reached its highest peak in unit production three years ago. And from those post-COVID produced boats, we continue to see a healthy, high quality used boat market applied pressure on most new boat sales. And with this, Twin Vee officially launched Wizz Banger, a wholly owned subsidiary of Twin Vee.

由於新船銷售持續承壓，我們繼續經歷強勁的二手船市場，船舶製造業在三年前達到了單位產量的最高峰。從疫情後生產的船隻來看，我們繼續看到健康、高品質的二手船市場對大多數新船銷售施加了壓力。至此，Twin Vee 正式成立了全資子公司 Wizz Banger。

What is Wizz Banger? Think Carvana, AutoNation, CarMax for boats. Wizz Banger will streamline, simplify, and bring full transparency to the boat marketplace through technology, as a [SaaS] products, and highly branded customer centric physical locations.

Wizz Banger 是什麼？想想船界的 Carvana、AutoNation 和 CarMax。Wizz Banger 將透過科技、[SaaS] 產品和高度品牌化的以顧客為中心的實體店，簡化、精簡船舶市場，並為其帶來完全透明度。

Wizz Banger's AI-powered valuation tool will be a resource that provides instant data-driven boat information for dealers, buyers and sellers. The Wizz value report, as it's called, is a value-based comprehensive condition report for boats, the same as a Carfax report for the auto industry.

Wizz Banger 的人工智慧估價工具將成為一種資源，為經銷商、買家和賣家提供即時數據驅動的船舶資訊。所謂的 Wizz 價值報告是一份基於價值的船舶綜合狀況報告，與汽車行業的 Carfax 報告相同。

The Wizz Banger tools designed to help reduce disputes, expedite the sales process, allowing dealers to close deals more quickly with increased efficiency between banks, insurance companies, dealers, and customers. Our primary focus is the production of production and sale of Twin Vee and Bahama boats. Other reference technologies and supporting services serve to support this objective with the intention of increasing sales, profitability, and driving value for our shareholders.

Wizz Banger 工具旨在幫助減少糾紛、加快銷售流程，使經銷商能夠更快地完成交易，提高銀行、保險公司、經銷商和客戶之間的效率。我們的主要業務是生產和銷售 Twin Vee 和 Bahama 船。其他參考技術和支援服務旨在支持這一目標，旨在增加銷售額、獲利能力並為股東創造價值。

In closing, while the marine industry continues to face headwinds, Twin Vee PowerCat remains focused and disciplined. We are optimizing operations, investing in innovation, expanding our portfolio with strategic acquisitions like Bahama boats, all while staying true to our core value of quality, performance, and integrity. We believe the steps we're taking today will position us for sustainable growth and long-term shareholder value.

最後，儘管海洋產業繼續面臨逆風，但 Twin Vee PowerCat 仍然保持專注和自律。我們正在優化營運、投資創新、透過巴哈馬船等策略性收購擴大我們的投資組合，同時堅持我們的核心價值：品質、性能和誠信。我們相信，我們今天採取的措施將使我們實現永續成長和長期股東價值。

We thank you, of course, for your continued support and confidence in Twin Vee as we navigate these challenges and build tomorrow's opportunities. Now I'd like to turn this over to our CFO, Mike Dickerson.

當然，我們感謝您對 Twin Vee 的持續支持和信任，幫助我們應對這些挑戰並創造未來的機會。現在我想把這個交給我們的財務長 Mike Dickerson。

Thank you, Joseph. Good afternoon, everyone. Thanks for joining us today. It's a pleasure to talk to you today about our financial results for the second quarter ended June 30, 2025.

謝謝你，約瑟夫。大家下午好。感謝您今天加入我們。今天我很高興與您討論我們截至 2025 年 6 月 30 日的第二季財務表現。

We're pleased again to report continued progress in our financial and operational performance this quarter. Revenues grew to $4.8 million, a 32% increase over the first quarter of 2025, and a 10% year-over-year increase over the second quarter of 2024. This represents the first year-over-year positive growth rate since the first quarter of 2023. And stems primarily from our new dealer expansion initiatives and the introduction of our new 22-foot BayCat. We shipped a total of 31 units in the second quarter, a sequential increase of 29% compared to the first quarter of 2025, at an average sales price of 153,000, up slightly from last quarter.

我們再次高興地報告本季我們的財務和營運業績持續取得進展。營收成長至 480 萬美元，比 2025 年第一季成長 32%，比 2024 年第二季年增 10%。這是自2023年第一季以來首次出現年比正成長率。這主要源自於我們新的經銷商擴張計畫以及我們新的 22 英尺 BayCat 的推出。我們在第二季共出貨31台，與2025年第一季相比較上季成長29%，平均銷售價格為15.3萬，較上一季略有上漲。

Gross margin expanded by 910 basis points to 13.8% in the second quarter from just 4.7% in the prior-year period. This improvement was primarily driven by production efficiencies, better alignment between supply and demand and our ongoing efforts to streamline costs. For the first six months of the year, gross margin was also up more than 900 basis points to 14.2%, further supporting our path forward towards profitability.

第二季毛利率從去年同期的 4.7% 擴大 910 個基點至 13.8%。這項改善主要得益於生產效率的提高、供需之間的更好協調以及我們持續精簡成本的努力。今年前六個月，毛利率也上漲了 900 多個基點，達到 14.2%，進一步支持了我們獲利的道路。

Operating expenses in the quarter were $2.3 million, down 52% from $4.9 million a year ago. We remain focused on disciplined expense control and resource allocation, especially as we begin integrating the Bahama Boat line and investing in our Wizz Banger boats for sale AI platform.

本季營運費用為 230 萬美元，較去年同期的 490 萬美元下降 52%。我們仍然專注於嚴格的費用控制和資源分配，特別是當我們開始整合巴哈馬船舶生產線並投資我們的 Wizz Banger 船舶銷售 AI 平台時。

Included in the three and six month period ended June 30, 2024, was $1.674 million impairment charge related to our building in North Carolina that is now held for sale.

截至 2024 年 6 月 30 日的三個月和六個月期間，包括與我們位於北卡羅來納州、目前待售的建築物相關的 167.4 萬美元的減值費用。

Even before this charge last year, operating expenses for the three and six-month periods ended June 30, 2025, were down 27Q% and 24% respectively, demonstrating our ongoing commitment to cost control.

即使在去年這項費用之前，截至 2025 年 6 月 30 日的三個月和六個月期間的營運費用也分別下降了 27% 和 24%，這表明我們持續致力於成本控制。

On a GAAP basis, the net loss for the quarter was $1.7 million, a 63% improvement compared to the second quarter of 2024. Our adjusted net loss, which excludes non-cash charges such as depreciation, stock-based compensation, as well as development costs for Wizz Banger, totaled $941,000 for the quarter, reflecting an average adjusted net loss of approximately $314,000 per month. This represents another sequential improvement and compares favorably from our previous expectations.

以美國通用會計準則 (GAAP) 計算，本季淨虧損為 170 萬美元，較 2024 年第二季改善 63%。我們的調整後淨虧損（不包括折舊、股票薪酬以及 Wizz Banger 的開發成本等非現金費用）本季總計 941,000 美元，平均調整後淨虧損約為每月 314,000 美元。這代表了另一個連續的改進，與我們先前的預期相比更為有利。

Turning briefly to the balance sheet, we ended the quarter with $6.2 million in cash, cash equivalents, and restricted cash. This was up over $1 million from the end of the second quarter end of the first quarter, reflecting the impact of our secondary offering in May and disciplined cash management, partially upset by investments in capital and our Wizz Banger boats for sale AI platform.

簡單回顧一下資產負債表，本季末我們擁有 620 萬美元的現金、現金等價物和受限現金。這比第一季末的第二季末增加了 100 多萬美元，反映了我們 5 月二次發行和嚴格的現金管理的影響，部分原因是對資本和我們的 Wizz Banger 船舶銷售 AI 平台的投資。

Working capital grew to $10.2 million, up over 50% from the year in 2024, primarily due to the reclassification of $4.3 million in assets held for sale that are expected to be sold within the next 12 months.

營運資金成長至 1,020 萬美元，較 2024 年成長 50% 以上，主要原因是重新分類了價值 430 萬美元的待售資產，預計將在未來 12 個月內出售。

During the quarter, we closed on the acquisition of the Bahama Boat brand. This transaction significantly enhances our product portfolio and market presence. The Bahama lineup is widely respected among the offshore fishing community and complements our offering by adding premium vessels ranging from 35 to 41 feet.

本季度，我們完成了對巴哈馬船舶品牌的收購。此次交易大大增強了我們的產品組合和市場影響力。巴哈馬系列在遠洋漁業界廣受尊重，並透過增加 35 至 41 英尺的優質船隻來補充我們的產品。

Looking ahead, we are actively developing 22-, 24-, 28-, and 31-foot Bahama models. To bring that same quality to the broader market segment, which we expect to become available over the next several months.

展望未來，我們正在積極開發 22 英尺、24 英尺、28 英尺和 31 英尺的巴哈馬型號。我們將把同樣的品質帶到更廣泛的市場領域，我們預計這將在未來幾個月內實現。

During the quarter, we also introduced our newly redesigned 22-foot BayCat, one of the most popular boats in Twin Vee history. Early dealer feedback has been strong, and we expect this model to play an important role in our future.

在本季度，我們還推出了全新設計的 22 英尺 BayCat，這是 Twin Vee 歷史上最受歡迎的船隻之一。早期經銷商的回饋非常積極，我們預計這種模式將在未來發揮重要作用。

Our priorities remain clear. Deliver high quality boats, optimize our dealer network, reignite the premium Bahama brand, control costs, and build on long-term shareholder value through discipline and execution.

我們的優先事項仍然很明確。提供高品質的船舶，優化我們的經銷商網絡，重振巴哈馬高端品牌，控製成本，並透過紀律和執行力建立長期股東價值。

With that, I'll turn the call over to the operator to handle your questions.

說完這些，我會將電話轉給接線員來處理您的問題。

(Operator Instructions)

（操作員指示）

There are no questions at this time. I'd like to turn a call back over to your host, Joseph Visconti.

目前沒有問題。我想把電話轉給主持人約瑟夫·維斯康蒂 (Joseph Visconti)。

Thank you, Rob. I want to thank everyone for participating in the call today. We will continue to work hard for our shareholders and appreciate your time. Have a wonderful day. Thank you.

謝謝你，羅布。我要感謝大家今天參加電話會議。我們將繼續為股東努力工作，感謝您的時間。祝您有美好的一天。謝謝。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路了，感謝您的參與。