附錄99.1

Twin Vee PowerCats 公司報告2024年第二季度運營結果

佛羅里達州福特皮爾斯2024年8月14日，納斯達克股票代碼VEEE的Twin Vee PowerCats Co.（簡稱「Twin Vee」或「公司」）從其位於佛羅里達州福特皮爾斯的工廠生產的Twin Vee PowerCats和AquaSport輪船，是離岸，適合家庭垂釣的船隻，今天報告了截至2024年6月30日三個月的運營亮點和財務業績。

2024年6月30日止三個月的要點： （除非另有說明，所有比較均指2023年6月30日結束的三個月，「Q1」指的是2024年3月31日結束的三個月，「Q2」指的是2024年6月30日結束的三個月，「Twin Vee」指的是燃料幣動力部門，「Forza」指的是電動船和發展部門，「consolidated」指的是Twin Vee PowerCats Co.的綜合結果。）

「休閒海洋行業繼續面臨挑戰，部分原因是因爲利率環境持續偏高導致客戶需求下降，」 Twin Vee PowerCats Co.首席執行官Joseph Visconti解釋道。

「在第二季度，我們再次採取措施調整勞動力規模，同時嚴格控制運營成本。與此同時，我們正在利用這一較慢的時期爲下一個市場高潮奠定基礎。Twin Vee正在投資開發新車型，並擴建我們在佛羅里達州Fort Pierce的製造工廠，以增加生產能力並打造更高效的工廠佈局。我們還正在投資垂直一體化和效率，通過在製造過程中增加最先進的數控機牀。這將節省外包相關成本，並提高我們用於製造產品的船模的質量。我們致力於在降低現金消耗的同時，在製造業、產品開發和爲公司創造其他營收機會方面進行明智投資。」

Twin Vee報告2024年6月30日結束的三個月內，綜合營業收入下降了47％，爲$4,326,821，而2023年同期爲$8,124,632。截至2024年6月30日的三個月內， Twin Vee的綜合淨損失爲$4,519,196，而上一年爲淨損失$1,903,743。包括在Twin Vee綜合淨損失中的Forza X1歸屬淨損失分別爲2024年和2023年6月30日結束的三個月，分別爲$2,831,554和$1,483,654。

Forza X1, Inc.（納斯達克：FRZA）是Twin Vee持有44.43%控股權的電動船舶和開發子公司，在2024年6月30日結束的三個月中，淨損失爲2,831,554美元，其中包括因部分竣工建築而發生的1,674,000美元的減值損失。該損失與2023年同期的淨損失1,483,653美元進行了比較。

截至2024年6月30日結束的三個月，Twin Vee歸屬股東的合併淨虧損爲2,945,702美元，相比之下，2023年同期Twin Vee歸屬股東的合併淨虧損爲1,334,643美元。一般公認會計准則（「GAAP」）要求Twin Vee基於其對Forza X1, Inc.（納斯達克股票代號：FRZA）的控股權利提交合並財務報表。

電話會議

Joseph Visconti，首席執行官，和Michael P. Dickerson，首席財務和行政官，將於2024年8月14日（星期三）下午4:00舉行電話會議（美東時間）。有意參加電話會議的人士，應撥打1-877-407-3982並使用會議ID 13747918。所有參與者應在預定開始時間前約10分鐘撥入，並要求加入Twin Vee電話會議。

會議電話也可以通過現場音頻網絡廣播進行訪問 鏈接在這裏。

公司的完整基本報表今天正在提交給證券交易所，並可通過https://ir.twinvee.com/sec-filings進行查閱。

關於Twin Vee PowerCats Co.

Twin Vee PowerCats Co.製造Twin Vee和AquaSport品牌的船隻，用於釣魚、巡航和休閒等活動。Twin Vee PowerCats以其穩定、省油和平穩的雙體船設計而聞名。Twin Vee是雙體運動船類別中最知名的品牌之一，被稱爲「水上最佳船隻™」。公司位於佛羅里達州的Fort Pierce，已經建造和銷售船隻近30年。欲了解更多信息，請訪問twinvee.com。

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and include statements regarding taking steps to right-size the Company’s labor force while tightly controlling operating costs, using this slower period to lay the groundwork for the next market upswing, expanding the Fort Pierce, FL manufacturing facility to increase production capacity and create a more efficient factory layout, adding a state-of-the-art CNC to bring the tooling of brand-new boat models in house, saving costs associated with outsourcing and enhancing the quality of the boat molds the Company uses to build its products and reducing cash burn while making smart investments in infrastructure, product development and other revenue generating opportunities. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict, that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to lay the groundwork for the next market upswing and reduce cash burn while continuing to invest in infrastructure, product development and other revenue generating investments, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

CONTACT:

Glenn Sonoda
investor@twinvee.com

SOURCE: Twin Vee PowerCats Co.

(Tables Follow)

The following table shows information by reportable segments for three months ended March 31, 2024 and 2023, respectively:

Non-GAAP Financial Measures

We have presented a supplemental non-GAAP financial measure in this earnings release. We believe that this supplemental information is useful to investors because it allows for an evaluation of the company with a focus on the performance of its core operations, including more meaningful comparisons of financial results to historical periods. Adjusted Net Loss is a non-GAAP financial measure which excludes certain non-cash expenses. Our executive management team uses these same non-GAAP measures internally to assess the ongoing performance of the Company. Adjusted Net (Loss) is not intended to be a substitute for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

For the Three Months Ended June 30, 2024

For the Three Months Ended June 30, 2023

Below is a reconciliation of Adjusted Net loss to GAAP net loss for the three months ended June 30, 2024 and 2023, respectively: