Forza X1 reports $12.77M in cash, cash equivalents as of Dec. 31

"Since 2022, Forza has completed the design, development and begun water testing on three electric boats: the FX1 dual console, our 22-foot monohull, as well as our electric-powered 25-foot deck boat," says Jim Leffew, Chief Executive Officer and President of Forza X1, Inc. "So far, we’ve produced a total of 8 electric boats between the various models and have begun small batch production on the 22-foot monohull. We will continue to conduct additional testing, design work, and fabrication iterations on our current electric model lineup of boats before we commence production of consumer boats." The Company’s newly operational fabrication and test center in Old Fort, NC, upgraded its "Alpha 1" engine design to "Alpha 2." This upgrade includes improved features such as better efficiency and enhanced liquid cooling heat exchangers resulting in higher power availability. "Our engineers are also developing a ‘stacking’ engine design which will double the horsepower in the same sleek cowling," explains Leffew. "Additional motors are being produced for intensive reliability and durability testing, utilizing destructive and non-destructive techniques." While Forza continues its work in Old Fort, the Company will be finalizing plans for its new factory. The Company intends to build its new facility in various phases, starting with an initial 60,000-square-foot plant allowing Forza to construct up to 600 boats annually. "When all phases are completed, we expect the manufacturing facility could be as large as 100,000 square feet with production capabilities for up to 1,000 boats annually. We currently target a Q4 2023 date for our factory’s completion."