Q2 2023 Forza X1 Inc Earnings Call

Welcome to the fourth at X, one second quarter 2023, Investor call. As a reminder, this call's being recorded and all participants are in a listen only mode.

For today's program, it's Joseph Biscotti, Executive Chairman and Chief of product development for foreign to X one bit.

Before I turn the call over to Joseph 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.

All statements on this call other than statements of historical facts, including statements regarding the company's future operations and financial position business strategy and plans and objectives of management for future operations are forward looking statements.

In some cases forward looking statements can be identified by terminology such as believes May estimates continue anticipates intends should.

<unk> expects predict potential or the negative of these terms or other similar expressions. The company has based these forward looking statements largely on our current expectations and projections about future events and financial trends that it believes may affect its financial condition results of operation business strategy.

And financial needs.

These forward looking statements are subject to a number of risks and uncertainties and assumptions described including those set forth in our filings with the Securities and Exchange Commission, which are available on our Investor Relations website at IR foreign to X one dot com.

Should not rely upon forward looking statements as predictions of future events, we cannot assure you that the events and circumstances reflected in the forward looking statements will be achieved or a car.

Finally, this conference call is being webcast. The webcast will be available on our Investor Relations website at IR Dot for is that X one dot com for at least 90 days.

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I will now turn the call over to Joseph as Scotty.

Good morning, everybody I would like to welcome everyone to the call today. My name is Joseph Escon T. I'm, the executive Chairman affords the X. One we are joined with our President and CEO , Jim Mchugh, and Carrie Gunnerson, our CFO and both will be available for Q&A.

At the end of the press.

Presentation.

Our teams continue pushing forward with the goal of designing developing and manufacturing sustainable electric boats and address one of the largest segment of the recreational marine space. The 'twenty to 'twenty four foot sport boat market for salt and freshwater lakes rivers and inland waters or zero emission electric boat you did.

Dying to enjoy a full day of boating with the versatility to fish, while your kids attitude waster cruise or pull your boat up.

A sandbar enjoyed the day with friends and family.

Today, I'm going to do a brief overview and update.

Major milestone accomplishment and then open up for Q&A.

We are focused on the production of our F. 'twenty two electric boat, we are and small batch production on this backfill and we'll continue with extensive testing before we officially began production producing boats or end user customers in our targeted Q1, 'twenty 'twenty four date.

We previously announced our F. 'twenty two is reaching speeds of nearly 40 miles per hour. The F. 22 has been designed.

To house over 100 kilowatt lithium battery combined with our 180 horse.

Power outboard motor this is more than enough power and battery for you and your families spend the entire day on the water travel 40 to 50 miles at lower speeds. All your kids on the Board go fast go slow cruise enjoy the day and when you're done you will pull your F. 'twenty two back onto your travel like Andy.

The other 22 foot boat.

He asked 22 can be charged very simply with a 400 dollar off the shelf level two charge or you can buy at Amazon home depot or Lowe's.

If you keep your electric boat in the Marina with shore power you can buy a 30 dollar adapter from Amazon plug in your F. 'twenty two rate into the shore power at the dock and charge your boat both the shore power and the level two store botched system will take approximately six to eight hours and charge your battery pack.

Up to the recommended 85% to 90% and you'll be able to use your electric boat the following day.

Some of the highlights.

To date for the X. One has built out three offshore styled catamaran two electric Bay boat catamaran.

One DAC boat and three F. 'twenty two style mono halls. In addition, we have electric I too pontoon boats for major national pontoon manufacturer.

We recently completed a funding round of over $8 million. This round, we only issued common stock with no warrant coverage. This funding allows for us to build its north Carolina plant without needing to finance, a mortgage or a dash.

Our North Carolina property had been graded and we anticipate starting construction construction in the next several months.

Plans to electrify, our new 22 foot dual console are moving forward and we should have the first electrified D C or dual console no later than Q4 2023.

We are continuing to work on a more powerful proprietary motor designed to increase power output to 300 horsepower this larger and more powerful outboard motor would enhance both performance and increased the maximum range.

One prototype work is completed our all new 300 horsepower electric outboard motor will be Reg, but wonder if our boats began extensive testing.

We are working with one of the largest pontoon manufacturers in the United States. We have electrified two of their pontoon models. The two boats are going through extensive testing and our team continues to meet and share data with executives and engineers in this unnamed company with the goal of selling our electric power system or jointly working together.

Either to electrify.

This company's boats.

I'm unable to share additional information at this time, but I can say that there was almost 15 companies originally target or chosen to electrify these content and as far as I know.

After a year of back and forth with the company and the executive Board as the X One motor controller and battery packs is chosen to electrify. These boats and the company executives traveled to our tax downturn old Port North Carolina to ride these electrified pontoons and meet with our entire team hope.

Hopefully there's more to come on this highlight.

Or is the X one hosted an electrified launch event last month at the <unk> Hotel in downtown West Palm Beach, We had nearly 200 people that included marine EV industry leaders Influencers in the marine and easy space shareholders and individuals that placed initial orders for our.

Electric boats.

Our event can be viewed on Youtube under the boards. The X one been hotel launch event, we had a we had a very cool room downstairs that showcased our one of our electric boats are garment electronics, our new double stack 300 horsepower motor on a stand.

Next.

With our four as the connect App and then we all moved that 200, plus people upstairs to the ballroom for a full event, including the launch of a brand new branding launch video followed by presentations I myself, Jim with you, our president and CEO , Dan Norton, Our Chief engineer and all and go go then.

Our chief electrical integrator the event resulted in some great crash, including many articles and milestones to name a few including the international boat boat industry I'd be I knew boating magazine.

<unk>, which is trade only scream and fly Dotcom River Dave's place boat trader dotcom.

And recently there was a podcast that I did an interview a podcast named ship shape, and we will be circulating the length, but they can be found on Apple and Spotify.

One water marine.

The largest boat dealer in the United States with over 100 locations has placed an initial order for 100 units of our F. 'twenty two boat again, we feel confident that we will begin manufacturing and distributing these electric boats in Q1 of 'twenty 'twenty four and its initial hundred volt order should generate.

Approximately $12 million in revenue.

And for our company, so I'm going to move to some of the financial highlights and then open it up for Q&A. So as of the end of June 32023, our company has cash and cash equivalents of approximately 16 million $516.

And our cash burn was $1 million for the quarter. This 1 million included all salary expenses prototypes, both production and the purchase of some inventory.

Units, So I will now open up for Q&A.

Thank you at this time, we'll be conducting a question and answer session.

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There are no questions at this time I'd like to turn the call back over to Joseph Biscotti for closing remarks.

Okay.

Thank you so we're going to keep it short and sweet today, we will continue to keep everybody updated. Thank you for your time and have a great day.

This concludes today's conference you may disconnect your lines at this time and we thank you for your participation.

Okay.

Yeah.