Welcome to the Twin Vee Powercats Company Second Quarter 2025 Investor Call. As a reminder, this call is being recorded. [Operator Instructions] Your speakers for today's program are President and CEO, Joseph Visconti and Chief Financial and 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, estimate, continue, anticipate, 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 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.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 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 would now like to turn the call over to Joseph Visconti.

Thank you, Rob. Good afternoon, everyone, and thank you for joining us. I'm pleased to report that despite continued economic pressure across the recreational marine industry that Twin Vee delivered solid results this quarter. Revenues came in at $4.8 million, representing a 9.9% increase over Q2 of last year. We also posted a gross margin of up 13.8%, over 900 basis points from the same period in 2024, reflecting disciplined execution, improved operational efficiency, greater pricing consistency across our product lines. Our cash, cash equivalents and restricted cash increased to $6.2 million. These results reflect a clear priority, protect the balance sheet, maintain pricing discipline and keep product flow aligned with dealer demand. You will hear more financial specifics from our CFO, Mike Dickerson, later in the call. Operationally, this was one of our most transformative quarters in our company's recent history. We completed the acquisition of Bahama Boat Works, one of the most respected and admired names in the offshore boating world. We also launched a new 22' BayCat, a brand-new model that speaks directly to the legacy of Twin Vee's successful single-engine BayCat platform. Importantly, we also added 10 new dealers across our dealer distribution network, giving us broader geographic reach, a stronger retail coverage heading into the second half of the year. In a challenging environment, we're staying focused on what we can control, costs, margins, dealer support and innovation. Today, I'll walk you through how we're navigating the current market, strategic decisions we've made and why we remain confident in the road ahead. Let's dive in. We're actively managing and reducing field inventory while balancing supply with real-time market demand. Our field inventory has reduced from nearly 160 units a couple of years ago to approximately 50 Twin Vees spread over our entire dealer network. Our…

Thank you, Joseph. Good afternoon, everyone. Thank you for joining us today. It's a pleasure to talk to you today about our financial results for the second quarter ended June 30, 2025. We're pleased again to report continued progress in our financial and operational performance this quarter. Revenues grew to $4.8 million, a 32% increase over the first quarter of 2025 and a 10% year-over-year increase over the second quarter of 2024. This represents the first year-over-year positive growth rate since the first quarter of 2023 and stems primarily from our new dealer expansion initiatives and the introduction of our new 22' BayCat. We shipped a total of 31 units in the second quarter, a sequential increase of 29% compared to the first quarter of 2025 at an average sales price of $153,000, up slightly from last quarter. Gross margin expanded by 910 basis points to 13.8% in the second quarter from just 4.7% in the prior year period. This improvement was primarily driven by production efficiencies, better alignment between supply and demand and our ongoing efforts to streamline costs. For the first 6 months of the year, gross margin was also up more than 900 basis points to 14.2%, further supporting our path forward towards profitability. Operating expenses in the quarter were $2.3 million, down 52% from $4.9 million a year ago. We remain focused on disciplined expense control and resource allocation, especially as we begin integrating the Bahama Boat line and investing in our WIZZ BANGER boats for Sale AI platform. Included in the 3- and 6-month period ended June 30, 2024, was $1.674 million impairment charge related to our building in North Carolina that is now held for sale. Even before this charge last year, operating expenses for the 3- and 6-month periods ended June 30, 2025,…

[Operator Instructions] There are no questions at this time. I'd like to turn the call back over to your host, Joseph Visconti.

Thank you, Rob. I want to thank everyone for participating in the call today. We will continue to work hard for our shareholders and appreciate your time. Have a wonderful day. Thank you.

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.