Forza X1, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 08, 2023 at 03:37 pm IST
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Forza X1, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net loss was USD 1.48 million compared to USD 0.652283 million a year ago. Basic loss per share from continuing operations was USD 0.13 compared to USD 0.09 a year ago.
For the six months, net loss was USD 3.49 million compared to USD 1.17 million a year ago. Basic loss per share from continuing operations was USD 0.32 compared to USD 0.17 a year ago.
Forza X1, Inc. is a developer of electric sport boats. The Company is focused on creating, implementing, and selling electric boats utilizing its electric vehicle (EV) technology to control and power its boats and proprietary outboard electric motor. Its electric boats are designed as fully integrated electric boats including the hull, outboard motor, and control system. The three main components of its electric boats are the fiberglass part of the boat, the motor that propels the boat, and the control system. The Company offers its EV products, services, and support through a Web-based and mobile phone application, which is a vertically integrated and a direct-to-consumer platform. It utilizes a Web-based and application platform to connect with customers for an end-to-end experience. The Companyâs two models, the FX1 Dual Console and FX1 Center Console, are designed to be 25-foot in length, and utilize a catamaran hull surface to reduce drag and increase run times.