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Twin Vee PowerCats Co. (NASDAQ:VEEE), currently trading at $2.49 and showing signs of being undervalued according to InvestingPro analysis, announced the appointment of Scott Searles as interim Chief Financial Officer, effective immediately. The company, which has seen its stock decline over 56% year-to-date, maintains a strong liquidity position with a current ratio of 4.18, according to recent financial data.
The company’s board appointed Mr. Searles to serve as its principal financial officer while a search is conducted for a permanent successor. Mr. Searles, age 50, brings 20 years of experience in senior and executive finance and operational roles. He is currently Vice President of Financial Planning & Analysis at The Nuclear Company, a role he has held since August 2025. Earlier this year, he served as interim Vice President of FP&A at PODS Enterprises LLC, and prior to that, he was Senior Director of FP&A at Walmart Inc. (NYSE:WMT) from December 2018 to February 2025.
Mr. Searles holds an MBA in Strategy and Finance from Georgetown University and a Bachelor of Science in Computer Science and Engineering from Pennsylvania State University.
Under the terms of his employment agreement, Mr. Searles will serve as interim CFO for a 90-day period starting September 17, 2025, with a base salary of $60,000 for the term. He is eligible to receive stock options or other equity awards as determined by the board and may participate in benefit and fringe benefit plans available to other executive officers. InvestingPro data reveals the company faces financial challenges with negative EBITDA of $8.71M in the last twelve months, though it maintains more cash than debt on its balance sheet.
The agreement allows for termination by mutual agreement, by either party with notice, or due to death or disability. In the event of termination by the company, Mr. Searles will receive the remaining base salary. If terminated due to death or disability, any unvested equity awards under the company’s 2021 Plan will fully vest. Vested stock options generally remain exercisable for up to six months following termination.
Mr. Searles is subject to a three-month post-termination non-compete and non-solicitation period, as well as confidentiality provisions. There are no family relationships or material interests between Mr. Searles and any company directors or executive officers.
This information is based on a press release statement contained in a Form 8-K filing with the Securities and Exchange Commission. For deeper insights into Twin Vee PowerCats’ financial health and future prospects, InvestingPro subscribers can access 15+ additional ProTips and a comprehensive Pro Research Report, which transforms complex financial data into actionable intelligence for smarter investing decisions.
In other recent news, Twin Vee Powercats Co reported its Q2 2025 earnings, highlighting a significant improvement in its financial performance. The company achieved a 9.9% year-over-year increase in revenue, reaching $4.8 million. Additionally, Twin Vee Powercats managed to narrow its net loss by 63% compared to the previous year. These figures suggest an enhancement in the company’s operational efficiency. Despite fluctuations in its stock price during trading hours, the aftermarket session showed some recovery. There is no mention of any mergers or acquisitions in the recent updates. Analyst notes or stock upgrades and downgrades were also not reported in the latest developments. These recent financial results provide a snapshot of Twin Vee Powercats’ current fiscal health.
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