Welcome to the Twin Vee Powercats Co. Third Quarter 2022 Investor Call. [Operator Instructions] Your speaker for today's program is Joseph Visconti, CEO and President of Twin Vee Powercats Co.; and Carrie Gunnerson, CFO of Twin Vee Powercats Co. 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 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 beliefs may estimate, continue, anticipate, intend, should, plan, expect, predict, potential or the negative of these terms or other similar expressions. The company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that is -- that 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 our billing filings with the securities and Exchange Commission, which are available on our website at www.twinvee.com. You should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflect in the forward-looking statements will be achieved or occur. Finally, this conference call is being webcast. The webcast will be available in the Investor Relations section of our website at ir.twinvee.com for at least 90 days. Audiocast quality is subject to your equipment, available bandwidth, and Internet traffic. If you are experiencing 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 in [Technical Difficulty]

Hello?

Joseph, I can hear you. I'm not sure what happened to our operator.

I'm not sure either. Operator?

I will now turn the conference over to Joseph Visconti. Please go ahead, sir.

Thank you. Thank you, and good afternoon. Thank you for taking the time to participate in our Q3 2022 financial results for Twin Vee Powercats. My name is Joseph Visconti, I'm the CEO and President of Twin Vee. I'll start off by providing third quarter update on sales trends, revenue, product development, facility development and the general health of our company. Carrie Gunnerson, our CFO, will then update you on the company's financial health and then we will conclude with Q&A. Twin Vee Powercats designed manufacturers and sells catamaran sport boats that are shipped to shipped from our factory here in Fort Pierce, Florida. Our current gas-powered model lineup ranges and length from 24 feet to our new 40-foot GFX. We employ over 170 employees. We are currently manufacturing 6 GFX models, and we are adding 3 additional models in the coming weeks under the name of STX. This is a sport tournament both we've come up with. The STX models will include a 24, 26 and 28-footer. From the day I bought Twin Vee in 2015, we set out to build a company where talented people who provided the opportunity to thrive and succeed with the focus of building an international business that designs, manufactures, and sells iconic products in multiple markets. From the beginning, we have done just that. Year-over-year, we have consistently designed new boat models from conceptual design to beautiful Twin Vee boats being shipped to our dealers throughout the United States and several island nations. The only time we've taken our foot off the gas was a 3-month period when COVID arrived. After a brief pullback, our team hit the accelerator forward, bringing almost a dozen new models from conception to marketing, including a brand-new 40-foot quad-engine power count. We have a lot of new…

Thank you, Joseph. I will begin with the income statement. Our net revenue for the quarter was up 114% to $8.52 million. Our revenue year-to-date was up 119% to $23,218,000. We are very pleased with our consistent growth over the 9 months. Our gross profit for the quarter was up 107% to 3,334,000. We continue to monitor the cost of our raw materials, the purchase components, along with our dealer inventory and are adjusting our sales prices and discount structures accordingly. As Joseph mentioned, increasing our dealer network is a high priority for us, especially outside of the Florida territory. Our operating expenses for the quarter increased 117% to $4,191,000. When we look at our operating expenses as a percent of sales for the quarter, they were 48% compared to 47% in 2021. However, if we look at just the gas-powered segment, our operating expenses as a percent of sales for the quarter were 36% compared to 45% in 2021. We are very pleased with this improvement of 9%. Our net loss for the quarter was approximately $887,000 compared to $383,000 in 2021. However, in 2021, our subsidiaries [ FRZA ] and Forza had very limited activity. Forza, our electric boat segment, their portion of our net loss was approximately $1,043,000. The net income from our core business, gas-powered boats was approximately $160,000. Further, when we look at our adjusted net income for the quarter, which excludes noncash charges, our adjusted net income for our core business, the gas-powered boat was approximately $577,000. Our consolidated net loss is a reflection of the investment that the company continues to make in the electric boat division Forza X1. As we turn to the balance sheet, our consolidated cash, cash equivalents, and marketable securities were approximately $23 million as of September 30th, 2022. If we break that down by segment, Twin Vee was $9 million and Forza was $14 million. Our cash position in the quarter did increase significantly due to Forza's IPO. When we look at our current cash and marketable securities at Twin Vee, the Gas Power division, it did increase significantly from September 30th due to our shelf offering and our current cash is cash, cash equivalents and marketable securities is at $14.5 million. We believe that we have sufficient cash in the books and from operations to provide for our ongoing operations. With that, I'll turn the call back over to Joseph. Thank you.

Thank you, Carrie. In conclusion, I believe Twin Vee's third quarter was extremely strong. We've debuted new boat models, we added dealer locations, and we continue to have a backlog of orders. We are excited for the opportunity ahead. We continue to grow our market share, expand operating margins with the goal of adding meaningful shareholder value. I'd like to thank our employees for their continued teamwork and execution. I want to thank our shareholders for their support and everyone on the call today for their time and interest in Twin Vee Powercats. And with that, I'd like to turn it back to the operator and begin Q&A.

I just want to thank everybody, and we look forward to the next Q call, and everybody, have a great day. Thank you.

[Operator Instructions] Thank you. And that does conclude today's teleconference. We do appreciate your participation. You may now disconnect.