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
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