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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