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Earnings Call Summary | Forza X1(FRZA.US) Q1 2024 Earnings Conference

Futu News ·  May 16 03:12  · Conference Call

The following is a summary of the Forza X1, Inc. (FRZA) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Forza X1 successfully decreased its cash burn rate from the previous year's $600,000 per month to approximately $230,000 per month in Q1 2024.

  • The company further targets to reduce the cash burn rate to less than $150,000 per month by the end of Q2 2024.

Business Progress:

  • Due to lower demand in the marine EV market, Forza X1 has slowed down the pace of both testing and production of its electric boats.

  • Despite the current market conditions, the company continues focused testing on its FX1 140 horsepower outboard motor.

  • Forza X1 is also carrying on with the construction of a new 60,000 square foot facility in North Carolina due to previous financial obligations.

  • The company is actively pursuing strategic partnerships and is open to joint ventures with businesses complementing their product line, to expand both their product range and market reach.

More details: Forza X1 IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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