Forza X1, Inc. Reports Results for the Year Ended December 31, 2023
Forza X1, Inc. Reports Results for the Year Ended December 31, 2023
FORT PIERCE, FL / ACCESSWIRE / March 26, 2024 / Forza X1, Inc. (Nasdaq:FRZA) ("Forza," the "Company"), a developer of electric sport boats, today reported operational highlights and financial results for the year ended December 31, 2023.
佛羅里達州皮爾斯堡/ACCESSWIRE/2024年3月26日/電動運動艇開發商極限競速X1公司（納斯達克股票代碼：FRZA）（“極限競速”，“公司”）今天公佈了截至2023年12月31日止年度的經營亮點和財務業績。
Highlights for the Year Ended December 31, 2023:
截至 2023 年 12 月 31 日的年度亮點：
- Cash, cash equivalents, and marketable securities were approximately $12,803,000 at December 31, 2023 compared to $12,767,000 at December 31, 2022.
- Announced Autonomous A.I Technology Partnership to create the world's first autonomously equipped recreational sport boats.
- Construction of a new 60,000 square foot state-of-the-art manufacturing facility in Marion, North Carolina, is progressing on schedule.
- 截至2023年12月31日，現金、現金等價物和有價證券約爲12,803,000美元，而截至2022年12月31日爲12,767,000美元。
- 宣佈建立自主人工智能技術合作夥伴關係，以製造世界上第一艘裝備自動駕駛的休閒運動艇。
- 位於北卡羅來納州馬裏恩的新建佔地60,000平方英尺的最先進製造工廠正在按計劃進行中。
"We aim to be among the first to develop and manufacture electric boats targeting the recreational market," said Joseph Visconti, Executive Chairman and Interim Chief Executive Officer of Forza X1, Inc. "Our mission is to build stylish recreational boats that provide a sustainable alternative to the recreational boating industry and solve fuel availability headaches in select markets. Focused on the creation and implementation of marine electric vehicle ("EV") technology to control and power our electric boats, we have designed, built and tested multiple Forza company units, including three offshore-style catamarans, two bay boat-style catamarans, one deck boat, and three 22-foot center or dual console (F22) monohulls."
Forza X1, Inc.執行董事長兼臨時首席執行官約瑟夫·維斯康蒂說：“我們的目標是成爲首批開發和製造針對休閒市場的電動船的公司之一，我們的使命是製造時尚的休閒船，爲休閒划船行業提供可持續的替代方案，並解決特定市場的燃料供應問題。我們專注於開發和實施船用電動汽車（“EV”）技術來控制和爲我們的電動船提供動力，我們設計、建造和測試了多艘極限競速公司的單體船，包括三艘海上風格的雙體船、兩艘海灣船式雙體船、一艘甲板船和三艘22英尺的中控或雙控制檯（F22）單體。”
"The marine industry has been slow to adopt electric boating due to several factors that have made sustained progress difficult. "Elevated interest rates, widespread negative perception about the economy, and the lack of substantial infrastructure for electric boating are just some challenges the industry faces in 2024," remarked Visconti.
“由於多種因素使持續進展變得困難，船舶行業在採用電動划船方面進展緩慢。維斯康蒂說：“利率上升、對經濟的普遍負面看法以及缺乏充足的電動船基礎設施只是該行業在2024年面臨的一些挑戰。”
Despite these hurdles, Forza continues to make strides to fulfill its mission. In late 2023 and early 2024, the Company's outboard motor has undergone an extensive redesign. This new design incorporates simplified frame structure that uses stacked custom castings which are sealed for increased durability and corrosion protection. The overall shape of the motor and cowlings have been updated, and the cowlings redesigned to facilitate higher volume manufacturing processes such as thermoform and injection molding. Furthermore, the motor cooling circuits have been re-engineered to optimize cooling flow rates to the inverter, which have yielded better runtime, speed, and range and aims to extend time on the water in a single charge. The engine design, lower units, and the control systems are continuously improved with each iteration. The Company continues to iterate the engine design, including value engineering of parts and lightweighting of engine components.
儘管存在這些障礙，但極限競速繼續在完成其使命方面取得長足的進步。在2023年底和2024年初，該公司的舷外發動機進行了大規模的重新設計。這種新設計採用了簡化的框架結構，該結構使用堆疊的定製鑄件，這些鑄件經過密封，以提高耐久性和防腐蝕性。電機和整流罩的整體形狀已更新，並重新設計了整流罩，以促進熱成型和注塑成型等大批量製造工藝。此外，對電機冷卻迴路進行了重新設計，以優化逆變器的冷卻流量，從而提高了運行時間、速度和續航里程，旨在延長一次充電後的水上運行時間。每次迭代都會不斷改進發動機設計、下部單元和控制系統。該公司繼續迭代發動機設計，包括零件的價值工程和發動機部件的輕量化。
Forza's propulsion system is also undergoing extensive design verification testing. This plan consists of over one hundred different tests, including safety critical operational testing, 2,000-hour endurance tank testing, log strike testing, wave hop simulation testing, corrosion mitigation, extreme temperature testing, user interface, and sea trial runs. The system successfully passed the initial rounds of safety-critical operational testing and cooling testing and is tracking for successful endurance testing using our state-of-the-art tank station.
極限競速的推進系統也在進行廣泛的設計驗證測試。該計劃包括一百多項不同的測試，包括安全關鍵操作測試、2,000 小時耐久性坦克測試、對數衝擊測試、波跳模擬測試、緩解腐蝕、極端溫度測試、用戶界面和海上試運行。該系統成功通過了第一輪安全關鍵運行測試和冷卻測試，並正在使用我們最先進的儲罐站進行成功的耐久性測試。
"While development continues, we are also in discussion with several high-profile marine manufacturers to offer our electrification expertise and hardware packages as a service," stated Visconti.
維斯康蒂表示：“在繼續開發的同時，我們還在與幾家知名船舶製造商進行討論，以提供我們的電氣化專業知識和硬件包即服務。”
"Despite the industry headwinds, our team is constantly evaluating new opportunities, reducing unnecessary expenditures and shelving long-term projects in favor of those with more near-term impacts. There is a lot to look forward to this year and the Forza team is ready to face any challenges to ensure our Company's mission is successful."
“儘管存在行業不利因素，但我們的團隊仍在不斷評估新的機會，減少不必要的支出，並擱置長期項目，轉而支持那些具有更大短期影響的項目。今年有很多值得期待的地方，極限競速團隊已準備好面對任何挑戰，以確保我們公司的使命取得成功。”
Conference Call
電話會議
Executive Chairman and Interim CEO Joseph Visconti will hold a conference call today, Tuesday, March 26, 2024 at 10:00 AM ET. To listen to the conference call, interested parties should dial 1-877-407-4018 and use Conference ID 13745200. All callers should dial in approximately 10 minutes before the scheduled start time and ask to join the Forza X1 conference call.
執行董事長兼臨時首席執行官約瑟夫·維斯康蒂將於今天，即美國東部時間2024年3月26日星期二上午10點舉行電話會議。要收聽電話會議，有興趣的人士應撥打1-877-407-4018並使用會議編號13745200。所有來電者應在預定開始時間前大約 10 分鐘撥入，並要求加入 Forza X1 電話會議。
The conference call will also be available through a live audio webcast that can be accessed by clicking on the LINK HERE.
電話會議還將通過網絡直播進行直播，點擊此處的鏈接即可觀看。
The Company's complete financial statements are being filed today with the Securities and Exchange Commission and can be accessed via
該公司的完整財務報表今天已提交給美國證券交易委員會，可通過以下方式訪問
About Forza X1, Inc.
關於 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 creating, implementing, and selling electric boats utilizing our electric vehicle technology to control and power our boats and proprietary outboard electric motor. Our electric boats are designed to be fully integrated including the hull, outboard motor, and control system. For more information, please visit forzax1.com
極限競速 X1, Inc. '其使命是通過生產時尚的電動運動艇來激勵人們採用可持續休閒划船。我們專注於創造、實施和銷售電動船，利用我們的電動汽車技術來控制和驅動我們的船隻和專有的舷外電動機。我們的電動船設計爲完全集成，包括船體、舷外發動機和控制系統。欲了解更多信息，請訪問 forzax1.com
Forward-Looking Statements
前瞻性陳述
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, building stylish recreational boats that provide a sustainable alternative to the recreational boating industry and solve fuel availability headaches in select markets, continuing to iterate the engine design of the Company's outboard motor, including value engineering of parts and lightweighting of engine components, Forza's propulsion system tracking for a successful endurance testing using the Company's state-of-the-art tank station, being in discussion with several high-profile marine manufacturers to offer our electrification expertise and hardware packages as a service, the Forza team constantly evaluating new opportunities, reducing unnecessary expenditures and shelving long-term projects in favor of those with more near-term impacts, and being ready to face any challenges to ensure the Company's mission is successful. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to complete the testing, design work, and fabrication iterations on its electric model lineup of boats, the Company's ability to bring its new boat models to market, the Company's ability to complete construction of its manufacturing facility in Marion, North Carolina as planned, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission and declared effective on March 11, 2024. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
本新聞稿包含1995年《私人證券訴訟改革法》安全港條款所指的某些前瞻性陳述。這些陳述是使用 “可以”、“相信”、“預期”、“打算”、“估計”、“期望”、“可能”、“繼續”、“預測”、“潛在”、“項目” 等詞語來識別的，這些表述旨在識別前瞻性陳述，包括關於成爲首批開發和製造針對休閒市場的電動艇、建造可爲休閒船提供可持續替代品的時尚休閒船的陳述繼續推動行業發展，解決特定市場的燃料可用性難題迭代公司舷外發動機的發動機設計，包括零件的價值工程和發動機部件的輕量化，使用公司最先進的油箱站跟蹤極限競速推進系統以成功進行耐久性測試，正在與幾家知名船舶製造商討論以提供我們的電氣化專業知識和硬件包即服務，Forza團隊不斷評估新的機會，減少不必要的支出，並擱置長期項目，轉而支持那些具有更短期影響的項目，並準備好面對任何挑戰，確保公司的使命取得成功。這些前瞻性陳述基於管理層截至本新聞稿發佈之日的預期和假設，存在許多風險和不確定性，其中許多風險和不確定性難以預測，可能導致實際業績與當前預期和假設與任何前瞻性陳述中提出或暗示的預期和假設存在重大差異。可能導致實際結果與當前預期存在重大差異的重要因素包括公司完成其電動模型船隻陣容的測試、設計工作和製造迭代的能力，公司將其新船型推向市場的能力，公司按計劃完成其在北卡羅來納州馬裏恩的製造工廠建設的能力，以及公司截至年度的10-K表年度報告中描述的風險因素 2023 年 12 月 31 日向證券公司申報和交易委員會並於2024年3月11日宣佈生效。本新聞稿中的信息僅在本新聞稿發佈之日提供，除非法律要求，否則公司沒有義務在聲明發表之日之後公開更新或修改任何前瞻性陳述，無論是由於新信息、未來事件還是其他原因，也沒有義務反映意外事件的發生。
| December 31, | December 31, | |||||||||||||||
| 2023 | 2022 | Change | % Change | |||||||||||||
Cash and cash equivalents |
$ | 9,821,531 | $ | 12,767,199 | $ | (2,945,668) | (23.1%) | |||||||||
Current assets |
$ | 13,370,219 | $ | 13,286,934 | $ | 83,285 | 0.6% | |||||||||
Current liabilities |
$ | 842,594 | $ | 453,191 | $ | 389,403 | 85.9% | |||||||||
| 十二月三十一日 | 十二月三十一日 | |||||||||||||||
| 2023 | 2022 | 改變 | % 變化 | |||||||||||||
現金和現金等價物 |
$ | 9,821,531 | $ | 12,767,199 | $ | (2,945,668) | (23.1%) | |||||||||
流動資產 |
$ | 13,370,219 | $ | 13,286,934 | $ | 83,285 | 0.6% | |||||||||
流動負債 |
$ | 842,594 | $ | 453,191 | $ | 389,403 | 85.9% | |||||||||
| Years Ended December 31, | ||||||||||||||||
| 2023 | 2022 | Change | % Change | |||||||||||||
Net sales - related party |
$ | 37,118 | $ | - | $ | 37,118 | - | |||||||||
Cost of sales - related party |
$ | 33,744 | - | $ | 33,744 | - | ||||||||||
Cost of sales |
$ | 123,893 | $ | 232,744 | $ | (108,851) | (47%) | |||||||||
Gross loss |
$ | (120,519) | $ | (232,744) | $ | 112,225 | (48%) | |||||||||
Operating expenses |
$ | 6,472,914 | $ | 3,420,515 | $ | 3,052,399 | 89% | |||||||||
Loss from operations |
$ | (6,593,433) | $ | (3,653,259) | $ | (2,940,174) | 80% | |||||||||
Other income |
$ | 660,320 | $ | 23,178 | $ | 637,142 | 2,749% | |||||||||
Net loss |
$ | (5,933,113) | $ | (3,630,081) | $ | (2,303,032) | 63% | |||||||||
Net loss per common share: Basic and Diluted |
$ | (0.44) | $ | (0.44) | $ | (0.01) | 2% | |||||||||
| 截至12月31日的年份 | ||||||||||||||||
| 2023 | 2022 | 改變 | % 變化 | |||||||||||||
淨銷售額-關聯方 |
$ | 37,118 | $ | - | $ | 37,118 | - | |||||||||
銷售成本-關聯方 |
$ | 33,744 | - | $ | 33,744 | - | ||||||||||
銷售成本 |
$ | 123,893 | $ | 232,744 | $ | (108,851) | (47%) | |||||||||
總虧損 |
$ | (120,519) | $ | (232,744) | $ | 112,225 | (48%) | |||||||||
運營費用 |
$ | 6,472,914 | $ | 3,420,515 | $ | 3,052,399 | 89% | |||||||||
運營損失 |
$ | (6,593,433) | $ | (3,653,259) | $ | (2,940,174) | 80% | |||||||||
其他收入 |
$ | 660,320 | $ | 23,178 | $ | 637,142 | 2,749% | |||||||||
淨虧損 |
$ | (5,933,113) | $ | (3,630,081) | $ | (2,303,032) | 63% | |||||||||
普通股每股淨虧損：基本虧損和攤薄虧損 |
$ | (0.44) | $ | (0.44) | $ | (0.01) | 2% | |||||||||
CONTACT:
聯繫人：
Glenn Sonoda
investor@forzax1.com
Glenn Sonoda
investor@forzax1.com
SOURCE: Forza X1, Inc.
資料來源：極限競速 X1, Inc.
譯文內容由第三人軟體翻譯。