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| We are also seeing cash buyers with slightly better demand for larger boats |
| And Twin Vee and OneWater, our partner dealer, we had a fantastic display in the brand-new Fort Lauderdale Convention Center |
| We feel confident that this decision will reduce all overall cost and enhance the quality and speed of our boat production here in our Fort Pierce facility |
| The Monaco boating market is one of the largest boat buying markets next to Pontoons and we believe that our investment in the Aquasport brand will allow our company to increase market share and grow our top line revenue in the long run |
| We had every Twin Vee model, except our 400 being showcased in a large, well-positioned location in the show |
| So we are super excited to help WorldCat fulfill some of those orders |
| The Gen 1 400 GFX was well received |
| And after the dust settles, we feel confident that we will have sold between five and seven units at that show, including two 340 GFXs and so based on current market conditions, I would call this a strong single or double in terms of sales |
| As we move to larger production boat, this will help us reduce the number of total units we have to produce and also meet or exceed our revenue target |
| 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 successfully sold the initial four boats that two of our dealers in Florida and Texas |
| For nearly 30 years, Twin Vee has been synonymous with offshore catamaran boats and considered by many to be one of the best riding boats on the water |
| 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 |
| 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 |
| Our mission to open new markets and expand our reach led us to acquire the well-known Aquasport brand |
| And new products, open new markets, new products expand our reach to customers seeking various lengths and styles of our boats |
| 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 |
| We actually have a healthy number of orders for this new 280 DC or dual console |
| 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 |
| The new version is faster |
| 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 |
| What does pushing forward look like? Well, our Twin Vee team smartly pushing forward is focusing on product development and laying the groundwork with new models across all brands |
| Thank you |
| Joseph Visconti Good morning, everyone |
| Statement |
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| There's no doubt that we are seeing the industry taper and face continued headwinds |
| Many brands at the show did not fare as well |
| 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 |
| We did have a net loss of $1.6 million for our gas-powered segment for the nine months of 2023 |
| Most all distributors and vendors have caught up |
| If you experience unsatisfactory audio quality, please use the telephone dial-in option |
| While there was some interest in the legacy models from White Bluff, Tennessee, we did not see enough demand to maintain a second, over 100,000 square foot factory four states away |
| The general economic landscape, including interest, rising interest rates continues to directly affect consumer purchasing on many recreational products, while we see entry-level buyers affected by higher interest rates |
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