Twin Vee Powercats Skyrockets As Q2 Revenue Jumps 158%

by Shivani Kumaresan, Benzinga Staff Writer

August 12, 2022 2:30 PM | 1 min read |

Twin Vee Powercats Co VEEE reported second-quarter FY22 sales growth of 158.3% year-on-year, to $8.52 million, versus $3.30 million last year.
The gross profit increased 161.9% Y/Y to $3.4 million with a profit margin of 40.5%.
The operating expenses for the quarter jumped 173.5% Y/Y to $3.9 million.
The operating loss for the quarter was $(0.5) million.
The company held $5.9 million in cash and equivalents as of June 30, 2022.
EPS for the quarter was $(0.08) versus $0.01 last year.
Price action: VEEE shares are trading higher by 69.5% at $6.83 on the last check Friday.