Twin Vee PowerCats Co.

Welcome to the Twin V PowerCats Co.' 's first quarter 2025 investor call. As a reminder, this call is being recorded and all participants are in listen-only mode. Your speakers for today's program are President and CEO Joseph Visconti and Chief Financial Administrative Officer Michael P. Dickerson. Before I turn the call over to Joseph, please remember that certain statements made during this investor call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements on this call, other than the 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. In some cases, forward-looking statements can be identified by terminologies such as believes, may, estimates, continue, anticipates, intends, should, plan, expects, predicts, Potential or the negative of these terms are other similar expressions. 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 operations, business strategy, and financial needs. 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.twinv.com. 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. Finally, this conference call is being webcast. The webcast will be available at ir.twinv.com for at least 90 days. Audio cast quality is subject to your equipment, available bandwidth, and internet traffic. If you experience unsatisfactory audio quality, please use the telephone dial-in option. A question and answer session will follow the presentation. Please note that only those that have dialed in via telephone may ask a question. Those listening via webcast will be unable to submit questions. If you'd like to ask a question, you may signal by pressing star 1 on your telephone keypad. I'll now turn the call over to Joseph Visconti.

Thank you.

Good afternoon. And thank you for joining the call today. As we head into the second half of 2025, I'd like to take a few minutes and reflect on the positive momentum at Twin D PowerCats and the operational progress we've made through Q1. Despite industry challenges and market volatility throughout the past year, We continue to make this discipline decisions to strengthen our foundation and reposition our company for sustainable growth. Today, we announced a decent quarter in terms of top line growth and our continued effort to dial in cost of goods, which as we know, has been a whack-a-mole from COVID supply chain challenges to labor, now potential tariff increases, but we are focused, laser focused on the bottom line. 2024 was a tough year for the recreational sector, especially for OEMs. But 2024 gave us the opportunity to reset, refocus, and rebuild. And that's exactly what we've done. Our dealer network is being actively built. We added six new dealer locations, as you might have seen from the recent press releases. We continue to focus on grassroots, on-site dealer location training, proactive engagement with our customers. And this is super important. Our field inventory, which is the inventory of unsold boats that we've delivered to dealers, has significantly improved, which means it's decreased. Last year, we had approximately 180 boats in the field and 180 boats in dealer inventory. That number is now reduced to under 60 boats in our entire dealer network. This is a super important metric that highlights the success of our strategy through 2024, where we've pulled in the range and we reduced supply to dealers, and we pushed hard on sales and marketing to increase the demand. This was not easy due to the downsizing, which took, unfortunately, a human and financial toll on employees and the company. It's important to note that last year, Twin V built and sold over 120 boats during the same period. So this is super important. If you take the total reduction of the field inventory from 180 boats to the current 60 and add in the 120 boats that we built and delivered last year, we now know that even in a tough market, The demand for twin V boats is approximately 220 annual units. The reduction in field inventory numbers reflects our efficient production planning and the effective sales strategies that we put into place and continue to use. By continually adjusting our methods and responding to market needs, we have positioned ourselves pretty good for future growth. Product development continues to be our core priority. This year, we introduced the all-new 22-foot Twin V Bay Cat. As you've seen online or maybe through our social media posts, this is a well-balanced, affordable, and high-performance single-engine catamaran designed for the growing inshore market, not offshore. Most of our current twin-engine cats are offshore cats. It's an ideal entry point into the Twin V experience, and it's already generating some strong interest. Operationally, we completed our facility expansion, our 30,000 feet. We're now entering a new phase for optimal efficiency. As usual, Twin V Team is pushing on many fronts and pulling all necessary levers to regain the type of volume output we experienced and developed over the past couple of years before we were hit with interest rates and inflation. On a digital front, we're excited to announce the upcoming launch of our brand new interactive TwinVee website. We've been working on this for over a year. This is a major step in our customer-first strategy. This isn't just a website facelift. This is a total transformation of customer-first interaction. Customers will be able to do a build in price on their own TwinVee online platform. with their own Twinsy online and real-time updates to interior upholstery, gel coat colors, engine options, and more. The platform includes a 3D boat configurator so you can spin and interact with the boat or whatever model you're looking at. The platform also offers an AR or virtual reality option where you can open a link and you'll be inside the boat. You're able to walk around and kind of look at all the fine details of our products. We expect this site will go live in the next two to three weeks with one model at a time being rolled out one at a time. So we are focused on continually communicating with our investors, customers, and the broader Twin V community through social media. Our weekly email newsletter called the CEO Update gives customers, stakeholders, employees, and fans the latest news on our company products and initiatives. These efforts are helping us create a stronger connection with everyone who believes in the Twin Beam mission to design, build, and deliver the best riding boats on the water while we expand and grow our business. Now I'd like to turn it over to our CFO, Mike Dickerson.