Forza X1 Reports Second Quarter Results
- Forza X1 received a purchase order for 100 units of their electric monohull boat, representing approximately $12 million in revenue.
- They anticipate revenues from boat sales to commence in late 2023 and early 2024.
- Construction of their new manufacturing facility in North Carolina is progressing as planned.
- They raised $8 million through a public offering.
- As of June 30, 2023, they had cash and cash equivalents of $16,516,320 and working capital of $16,790,215.
- None.
FORT PIERCE, FL / ACCESSWIRE / August 7, 2023 / Forza X1, Inc. (NASDAQ:FRZA) ("Forza" or the "Company"), a new developer of electric sport boats with a mission to inspire the adoption of sustainable recreational boating, today reported operational highlights and financial results for the second quarter of fiscal 2023.
"We aim to be among the first to develop and manufacture electric boats targeting the recreational market," said Jim Leffew, Chief Executive Officer and President of Forza X1, Inc. "Our mission is to inspire the adoption of sustainable recreational boating by producing stylish electric sport boats. We are focused on the creation and implementation of marine electric vehicle ("EV") technology to control and power our electric boats utilizing our proprietary outboard electric motor. Our electric boats are being designed as fully integrated electric boats including the hull, outboard motor, and control system."
"We believe that the boating industry will follow in the footsteps of the electrification of the automotive industry by creating electric boats that meet or exceed the traditional boating consumer's expectations of price, value and run times. In other words, electric boats must offer a similar experience when compared to traditional gas-powered boats in terms of size, capability, and price point," stated Jim Leffew.
"To date, Forza X1 has built-out and tested multiple Forza company units, including: three offshore-style catamarans, two bay boat-style catamarans, one deck boat and three 22-foot center console (F22) monohulls. In addition, we have also electrified a pontoon boat for a major national pontoon manufacturer. We are in the process of an additional pontoon electrification project and are building an additional five monohulls. Each build cycle includes improvements and involves extensive duration and performance testing. The engine design and lower units and the control systems are continuously improved with each iteration. Cooling system improvements have also been prioritized and have yielded myriad benefits to runtime, speed, and range. We continue to iterate the engine design, including value engineering of parts and lightweighting of engine components. We are experimenting with our first 300 HP stacked motor design," added Jim Leffew
"In June, Forza X1 announced that it received an initial purchase order from OneWater Marine, Inc. (Nasdaq:ONEW) indicating its intention to purchase 100 units, representing approximately
"We continue to anticipate revenues from the sale of these fully integrated electric boats and motors to commence in late 2023 and early 2024. Forza X1 will continue to build prototype engines and boats for the next six to nine months," stated Jim Leffew
"Recently, we have engaged with several high-profile marine manufacturers and are offering our electrification expertise and hardware packages as a service. We are in the design and prototype phase to provide our solution to a nationally recognized boat manufacturer and are expected to build up to two demonstration units for their late summer open house & dealer meeting. Additional confidential discussions have been held with other renowned and start-up manufacturers representing a variety of hull platform types," stated Jim Leffew.
"The North Carolina factory plans are proceeding apace with clearing of the land
"On June 12, 2023, we issued and sold in a firm commitment underwritten public offering(the "Offering") pursuant to the term of an underwriting agreement that we entered into with ThinkEquity LLC on June 10, 2023 (the "Underwriting Agreement"), an aggregate of 5,334,000 shares of our Common Stock at a public offering price of
Highlights for the Quarter Ended June 30, 2023:
- The Company had cash and cash equivalents of approximately
$16,516,320 as of June 30, 2023. - The Company had working capital of approximately
$16,790,215 as of June 30, 2023.
Conference Call
Joseph Visconti, Executive Chairman of the Board will hold a conference call today, Monday, August 7, 2023, at 10:00 a.m. (Eastern). To listen to the conference call, interested parties should dial-in 1-877-407-4018 and use Conference ID 13740485. All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the Forza X1 conference call.
The conference call will also be available through a live audio webcast that can be accessed by clicking on the LINK HERE.
The Company's complete financial statements are being filed today with the Securities and Exchange Commission and can be accessed via https://ir.forzax1.com/sec-filings.
About Forza X1, Inc.
Forza X1, Inc.'s mission is to inspire the adoption of sustainable recreational boating by producing stylish electric sport boats. We are focused on the creation, implementation and sale of electric boats utilizing our electric vehicle technology to control and power our boats and proprietary outboard electric motor. Our electric boats are being designed as fully integrated electric boats including the hull, outboard motor and control system. For more information, please visit www.forzax1.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," ""expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding being among the first to develop and manufacture electric boats targeting the recreational market, inspiring the adoption of sustainable recreational boating by producing stylish electric sport boats, creating and implementing marine electric vehicle technology to control and power electric boats utilizing the Company's proprietary outboard electric motor, the boating industry following in the footsteps of the electrification of the automotive industry by creating electric boats that meet or exceed the traditional boating consumer's expectations of price, value and run times, the purchase order from OneWater Marine, Inc. equating to approximately
CONTACT:
Glenn Sonoda
investor@forzax1.com
| June 30, | December 31, | |||||||||
| 2023 | 2022 | Change | % Change | |||||||
Cash and cash equivalents | $ | 16,516,320 | $ | 12,767,199 | $ | 3,749,121 | ||||
Current assets | $ | 17,197,088 | $ | 13,286,934 | $ | 3,910,154 | ||||
Current liabilities | $ | 406,873 | $ | 453,191 | $ | (46,318) | ( | |||
Working capital | $ | 16,790,215 | $ | 12,833,743 | $ | 3,956,472 | ||||
| Three Months ended June 30, | ||||||||||
| 2023 | 2022 | Change | % Change | |||||||
Net sales | $ | - | $ | - | $ | - | - | |||
Cost of sales | $ | 40,796 | $ | 13,012 | $ | 27,784 | ||||
Gross loss | $ | (40,796) | $ | (13,012) | $ | (27,784) | ||||
Operating expenses | $ | 1,578,723 | $ | 607,440 | $ | 971,283 | ||||
Loss from operations | $ | (1,619,519) | $ | (620,452) | $ | (999,067) | ||||
Other income (expense) | $ | 135,865 | $ | (31,831) | $ | 167,696 | ( | |||
Net loss | $ | (1,483,654) | $ | (652,283v | $ | (831,371) | ||||
Net loss per common share: Basic and Diluted | $ | (0.13) | $ | (0.09) | $ | (0.04) | ||||
Weighted average number of common shares outstanding: Basic and diluted | 11,446,391 | 7,000,000 | 4,446,391 | |||||||
| Six Months ended June 30, | ||||||||||
| 2023 | 2022 | Change | % Change | |||||||
Net sales | $ | - | $ | - | $ | - | - | |||
Cost of sales | $ | 90,737 | $ | 24,090 | $ | 66,647 | ||||
Gross loss | $ | (90,737) | $ | (24,090) | $ | (66,647) | ||||
Operating expenses | $ | 3,658,533 | $ | 1,110,076 | $ | 2,548,457 | ||||
Loss from operations | $ | (3,749,270) | $ | (1,134,166) | $ | (2,615,104) | ||||
Other income (expense) | $ | 260,484 | $ | (32,409) | $ | 292,893 | ( | |||
Net loss | $ | (3,488,786) | $ | (1,166,575) | $ | (2,322,211) | ||||
Net loss per common share: Basic and Diluted | $ | (0.32) | $ | (0.17) | $ | (0.15) | ||||
Weighted average number of shares of common stock outstanding | 10,950,863 | 7,000,000 | 3,950,863 | |||||||
SOURCE: Forza X1, Inc.
View source version on accesswire.com:
https://www.accesswire.com/772400/Forza-X1-Reports-Second-Quarter-Results
FAQ
What is Forza X1, Inc. focused on?
What is the value of the purchase order they received?
When are they expecting revenues from boat sales to start?
What are they offering to other manufacturers?
Where is their new manufacturing facility being constructed?
How much did they raise through the public offering?
What were their cash and cash equivalents as of June 30, 2023?
What was their working capital as of June 30, 2023?
