The following is a summary of the Forza X1, Inc. (FRZA) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Forza X1, Inc. held cash and cash equivalents up to approximately $9,822,000 as of the year-end 2023, with a working capital of approximately $12,814,000.

• An improvement in the company's burn rate is also seen, reducing from about $600,000 per month to approximately $200,000 a month, excluding the construction cost for their new facility.

Business Progress:

• In light of business progress, Forza announced a new 60,000 square-foot facility in Marion, North Carolina, aiming for completion in October 2024.

• The company's outboard motor has been significantly redesigned to enhance durability, ease manufacturing, and improve functionality.

• The possibility of strategic partnerships with different players in the marine industry is in discussion.

• Although Forza received a delisting notice from NASDAQ, the team is striving for a six-month extension to comply with the continued listing rule.

• The company is focusing on reducing expenditures in view of the difficulties in the marine and EV space and prioritizing projects that have near-term impacts.

• With Yamaha and Mercury as major competitors in the marine EV space, Forza is strategizing to place their products parallel to these large manufacturers.

More details: Forza X1 IR

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