FRZA - Earnings call 3 2023

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Operator

Welcome to the Forza X1 Inc. Q3 2023 Investor Call.

As a reminder, this call is being recorded. [Operator Instructions] Your speaker for today's program is Jim Leffew, CEO and President of Forza X1, Inc.

Before I turn the call over to Jim, please remember that certain statements made during this investor call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. objectives call the statements financial company's strategy plans this including historical position, on future and regarding for statements future and statements other forward-looking of than facts, business operations All are management statements. of operations and forward-looking the cases, identified be terms similar negative may, of can as plan, expects, by intends, expressions. continue, these anticipates, statements should, such predict, believes, some In terminologies estimates, potential or or future current has and based statements expectations business operations, these that needs. and believes financial events our financial it financial about company trends The condition, its largely projections strategy forward-looking affect and on of may results forward-looking These Exchange are ir.forzaX.com. available those subject including set of number forth Relations on in our Commission, risks which Investor with a website and and statements our at and Securities described are uncertainties assumptions filings to the

be should of predictions forward-looking the and statements circumstances not reflected you future events. will or forward-looking rely the that You cannot assure events achieved as in occur. upon We statements

Finally, is being ir.forzaX.com webcast Investor XX on The this conference available days. Relations at least at for call will our website be webcast.

Audiocast quality your is and available subject Internet traffic. bandwidth to equipment

Instructions] that will please the you question-and-answer questions must listening to Jim Those unsatisfactory be A will to telephone presentation. will dialed turn unable I session [Operator via that Leffew. now those call If submit dial-in and ask experience Please option. the use a question. have quality, audio the in note call in only may follow telephone via over instead. webcast

Jim Leffew

XX. and up CEO in morning. for overview do today. the QX and good and to accomplishments update of like for to Forza of a call I'm going you, welcome Jim I to open XXXX would Today, brief and then Q&A. Leffew, everyone milestone President I'm Thank

sport the one boat forward of XX-foot space: push of recreational the The boats address marine developing market. that sustainable the to mission XX engineering team XX- the designing, of largest and continues manufacturing with to electric Forza segments

Our on so boats and are pulling designed doing a full day on fully use and electric lakes the on owners things at integrated to cruising, that enjoy boating, kids for the waterways a intracoastal the rivers of enjoy waterfront saltwater can zero docking a love emission freshwater the friends anchoring cafe bar sand they and family. or the water: tube, with fishing, on day

At present, in fiberglass FXX on addition our electric production creating high-quality team the a is focused electric of boats to pontoon offering. the

on just dual exciting center the We have are launched and we X a fiberglass we production month. console versions: that last in brand-new a and small now batch vessel console

a X protocol We building continue month there, will are retail boat ramp use currently X with our per month demand. up in of our rate with accordance will advance we XXXX. production officially begin to market production testing we for we as in early as we From and extensive

horsepower. our As XXX-kilowatt speeds instantaneous has XX up combined to capable batteries miles of we with per lithium a have utilize hour XXX outboard FXX announced, our previously power The designed of to FXX been own peak has over of hour. electric reached

remote all day interface This cruising tracking remarkable a of or the operating location telematics and and of water, power The a capabilities. has and is spend Garmin a features to up downloadable beautiful user displays speed. traveling you family monitoring for FXX boat of also XX variety that for operating and in comfortable the on characteristics enough battery a miles diagnostics pertinent app your and to the

with X an off-the-shelf simply charger. can FXX Level be or charged XXX-volt The very

to power. charge your Similarly, the boat, with If XX on garage. your use driveway of a the boat type approximately the X of drier your day. battery your you a state A you're a for can oxide you use can and marina, hours next and in with from $XX you to using your ready depending outlet shore you can if recharge keep trailer electric take a your plug buy charge FXX it recharge

of XX. was Forza one X very for busy XXXX Quarter a

highlights Ben attendance, for of in fiberglass July, electrified Palm boats. and launch the are: introduced shareholders hosted of to our where and Downtown EV third nearly XX our in individuals our event marine industry at electric XXX had Hotel Forza and place market. influencers the an initial we orders Beach, people quarter Some to boat leaders West FXX the in We including

can event XX the be under on launch viewed Forza YouTube our Our channel event.

from news, The articles boattrader.com. some great community and Magazine, in IBI International boating Trade media was well Industry, Soundings and the Boating event press, resulted Boat including represented Only

August, the Godfrey, and Indiana. demonstration their meetings Forza showcased Polaris brands. leading Bennington pontoons, including Lake of these presented invitation Marine, X Wawasee a at electrified dealer XX Syracuse, we In at the at and in of X

and and received, and management. XX very demonstrated Boat Over event were Polaris The YouTube. units products a video of Electric test the the with well course ran searching see you a weeks, about successfully that Forza variety of with X we on by over owners Bennington runs dealers, can for XX

horsepower that smaller pontoon a we Godfrey and lithium-ion single we at the retrofit trial QX, facility own with model to motor more with continue the In our and will battery. will X test North where powerful project next phase the of our XXX phosphate Carolina enhance peak

will closed this build of finance to project and site to over grant QX, acre that announce North the our factory Forza we able without of million, received September a our in new Because Forza out be will Carolina, plant acquired the debt. and an of we or mortgage need of and by are this funded additional And we county Marion, in excited round the XX.X funding clearing to $X design. initial XX state where completed in year grading finally, June

prepped and boats the delivered, annually being of more for To technology is Forza footer Full months. rebar seal of square approximately all producing XX. to serve and XX,XXX The foot expected be and XXX concrete fabrication the for and will last or and will now has construction capable underway as pad work. and is date, center structural XX been for the building

us, was well. it very productive fourth a see, with can started you off and bang quarter quarter for As as a the

Forza Boat XX Show showing in our ago, we the weeks interest and Lauderdale a product. few a great had enthusiastic Fort noted at

Marine. streamed the and fact, into to XXXX. the many booth In in new represented staff questions well their with booth professional ask of excitement people and signal palpable was a buying in was Forza interest sales OneWater The our

an As This generate units one many States approximately with $XX of should our of one order the for order in largest the has we dealers company. XXX in Marine, United boat for of solidified million Lauderdale our OneWater XXX locations, an boat know, you initial XXX placed boats. largest initial revenue agreement Fort consumers bots FXX our California demonstration to At year. boats the the over show, number market of in in OneWater's current the premier of are the for in X that state location in in of States, early sales with far, spring Southern next of enter by present to of is, the thrilled XXXX. at United California we electric and

turning some Now financial to updates.

and the approximately for you inventory for up joining prototyping, cash our XX, burn of and was I million quarter. million Again, of today, and you. expenses, will for open the company Q&A. I'd This of boat call salary securities As cash end all now million, our $X.X covered $XX.X to production has thank purchases. XXXX, and Thank September $X.X the like

Operator

[Operator comes Instructions] Raj from Charleston Our Maheshwari first question Capital. of today

Raj Maheshwari

deliveries. Jim, facility. like XXXX what the in of Carolina to on of looks you launch North sort terms congratulations the just wanted I of visualize

you will that earlier electric a be mentioned You month, boats producing correct? X

Jim Leffew

Yes, Raj.

interest your all, thanks we Forza of First for question, appreciate in and the XX.

here rate per excited production retail as of underway building about one start. been month to we the use. since a prototype. we are we for And Currently, You've at are really with get our

January going units to per as soon around, should As are out in to there. we we and demonstration increase start going to ramping California, from We're get rolls month. up X that our

We some XXXX. shows to early be expect at boat in

and know, to we from you order have OneWater boat up. ramp a of XXX have As a deposits, we and we expect slowly number

will early we out the Carolina at in will Carolina. electric supplement the the one continue Tennessee we glass our production plant we our in components facilities in boats of to North and North facility North build fiber finish in and and Florida, As build the Carolina,

week year, we the facility. expect the X much from a we go of answer of amount come boats that up Does a North be on higher at to Carolina beginning the our the end per operating at that your of unit in So could finishing toward the And depending and question? orders rate, year.

Raj Maheshwari

sir. Yes, sir. Yes,

So to is XXXX assume boats of about what, to exit week? that rate X, am be, I X the a going

Jim Leffew

to able what and That's we we now, have Yes. our planning be in hit that. right should

Raj Maheshwari

any for question final doing finalization testing, leave of then in the -- One others. are about battery and floor from you how terms and issues me, What the so forth? the I'll battery Excellent.

Jim Leffew

Yes.

is changing and technology fairly battery -- changing have rapidly. We

are of So we with different experimenting a batteries. number

We have can't technology. dealing are we the with of satisfied and name where right the a companies we the are we're battery NDA. we're speak But new under now with to quite operating an because I with battery

excited appropriate power to become the better and more cost batteries, offerings. internal time and time. compare it the systems they a of like we're up feel will sort are see this really density management the as some combustion of battery the where structure continue with goes and to As with technology we we feel as these develop, of down gets And also we and we loosening on, more -- goes like safer the of and to at battery

Operator

JAC question next [ is Instructions] [Operator [ Our ]. John ] Capital Cass of from

Unknown Analyst

line other time that any the Polaris discuss deals you sort? Can of with and potential

Jim Leffew

sure. Yes,

July, the in the in without about and Polaris facility and due is second free do a diligence. Godfrey as believe electrified Polaris, June aware, built of We weeks. #X and I great Polaris X X -- U.S. #X They technologies you're owns folks with that sure the that support of out year. started Godfrey in We meetings course, August of great had new and we a methodical with had Bennington last introduce the Bennington pontoon Polaris. not in they speaking it. Indiana. of very companies their us at quarter the in do year. and They out They us We we a last dealer set got they're got built So they in pontoons. at in making

And we is they is So them. before a public. we very work But group introduce with the them. sure are they to my position their their it make with understanding in want to from to are continuing robust technology innovations good

in As Godfrey smaller, lighter at powerful more first, to getting battery a boat our put will we Carolina our on facility different XXX-horsepower a be batteries that. be be be battery, overall the and we'll that changing the back a motor than we trying and with I out will of stated, North what style weight we will

So prototype, got can't see will a a and we them. we're brands, think And I great products We've to over speak few thinking, position is exactly relationship. continue improve their of them other Polaris a I goes. those about great that to for I the that. in but iterate with But in couple what think even doing good position a we're spoken months. next We've of with we'll where and

Unknown Analyst

sold Excellent. years? mentioned me estimate last just units a few X they've the you Congratulations. now you over can And about models the give about rough average that the

Jim Leffew

question your Was that the question a XX-foot sales average I the dual console. center think is? and what for goes to

Unknown Analyst

the your kit, told average that Yes, number I if a time because times them need. revenue price was the -- $XX,XXX of one which would was they the units of sold would at be kit, you

big X I'm those how these of just to an the just get them kits models is understanding opportunity mentioned. trying sell for to that unit you So

Jim Leffew

Oh, I see.

Okay.

respect with is this as So well. to Polaris

X% XX,XXX systems we unit with of we course If done our year a the once We've sort yes, math. a and the able units, get cost time scale. approximation of selling of be to a $XX,XXX some get could XX% So math we good or of to for sell be that -- map would have units them. you done and the were over not they

extensive adopters early EV into of sort So that. a you boats. electric math could that's They've do done. research done study the confidential from that And for again, they've

involved opportunity the us, for a like speculation combustion internal some it will customers in over compelling feel we're is many to electric. haul. we there engine-type how switch But for long it's So and with

Unknown Analyst

manufacturers boat Great. And this luck. good are as other selling discussing you potential Well, to well? kits

Jim Leffew

Yes, we are. we Yes, are.

Unknown Analyst

to Well, luck, updates. good forward look and will

Jim Leffew

Thank you very much.

Operator

to additional time. would Jim are There no back at closing remarks. questions over call this Leffew I for turn like to the

Jim Leffew

Yes.

great a position. we're in see, can you As

have the as about Obviously, future, team. We products can. hard And it we're a way. a We're lots can and to time. market joining have our appreciate going follow us we to proper to responsible are everyone's as to the do working we get for the make soon as working keep most We on want Have thank protocols hard at introduced and products very as we the support, to have of the we day. excited sure to great in you our call we today. again

Operator

today's This concludes conference.

You your time. may Thank participation. disconnect this at your you lines for

Forza X1 (FRZA) 6 Nov 232023 Q3 Earnings call transcript