Forza X1 reports Q1 EPS (7c) vs. (19c) last year

“The past year has seen a marked deceleration in the global demand for recreational marine vehicles, influenced heavily by economic uncertainties and shifting consumer priorities,” stated Joseph Visconti, Executive Chairman and Interim CEO of Forza X1, Inc. “This slowdown reflects broader trends affecting the recreational vehicle industries at large, including electric vehicles. Notably, the global shift towards EV adoption has been much slower than initially anticipated. Several leading automotive manufacturers have adjusted their strategies, accordingly, including halting the construction of dedicated EV factories.” According to Visconti, the slower-than-expected adoption rates have led to cautious consumer spending and investment in EV technology, directly impacting the Company’s market. Specifically, the electric boat segment has experienced even more sluggish growth than the automotive sector. In addition, while Forza’s electric boats are still in the development stage, many of the larger players in the boat industry, such as Mercury Marine, have completed their development efforts and have brought their electric outboard motors to market. “Despite these challenges, we have managed to sustain operations through strategic adjustments, including cost management and a focus on strategic partnerships,” explained Visconti. “We have implemented measures that have reduced cash burn and conserved cash reserves while seeking to leverage our technological advancements through strategic collaborations and partnerships to enhance shareholder value. We have responded to the industry challenges by tightening our financial reins to mitigate the impacts of reduced demand with a view toward long-term sustainability.”