Welcome to the Twin Vee Powercats Company Year-End 2024 Investor Call. As a reminder, this call is being recorded and all participants’ are in a listen-only mode. Your speaker for today's program is Chief Financial and Administrative Officer, Mike Dickerson. Before I turn the call over to Mike, 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 believes, may, estimates, continue, anticipates, intends, should, plan, expects, predict, potential or the negative of these terms or 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 operation, 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 on the company's filings with the Securities and Exchange Commission, which are available on its website at ir.twinvee.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 in the Investor Relations section of the company's website at ir.twinvee.com for at least 90 days. Audiocast quality is subject to your equipment, available bandwidth and Internet traffic. If you experience unsatisfactory audio quality, please use the telephone dial-in option. [Operator Instructions] I will now turn the call over to Mike Dickerson.

Thank you, Rob, and thank you to everyone joining me this morning. So as not to bury the lead, let me begin with 2025 is starting off strong with a growing backlog and an expected 50% increase in first quarter sales sequentially, compared to the just completed fourth quarter of 2024. Since the beginning of the year, we have experienced a renewed interest in both our Twin Vee line and AquaSport monohull line with a growing backlog, new dealers seeking to be part of this expanding Twin Vee and AquaSport family. We remain disciplined with our discretionary spending as we did throughout 2024, slowly ramping up production, managing field inventory and developing enhanced dealer programs, while at the same time, continuing to invest in dealer and retail-facing technologies to drive lead generation for our dealer community and a better-informed marketplace. We are cautiously optimistic that the worst is behind us. There is no doubt that 2024 was the most challenging year we have experienced as a public company, and the fourth quarter provided no relief with revenues falling to a multiyear quarter low of $1.9 million. The post-COVID slowdown in the marine and recreational vehicle markets, coupled with persistently high interest rates and inflation, weighed heavily on consumer demand. Additionally, the industry faced an overhang of excess OneWater boats, which were being sold at deep discounts, further intensifying market pressures. As a result, our revenues declined sequentially throughout the year. Following an $8.4 million revenue quarter in the fourth quarter of 2023, we began 2024 with a sequential decline to $5.3 million in the first quarter to $4.3 million in the second quarter and further declined in the back half of the year to $2.9 million in the third and finally bottoming out at $1.9 million in the fourth quarter.…

Thank you. At this time we’ll conducting a question-and-answer session. [Operator Instructions] We have reached the end of the question-and-answer session. And this concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.