NEW YORK, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Forza X1, Inc. (Nasdaq: FRZA), relating to its proposed merger with Twin Vee Powercats Co. Under the terms of the agreement, Forza shareholders are expected to receive 0.61166627 shares ...

NEW YORK, Sept. 4, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Forza X1, Inc. (Nasdaq: FRZA), relating to its proposed merger with Twin Vee Powercats Co. Under the terms of the agreement, Forza shareholders are expected to receive 0.61166627 shares of Tw ...

Financial Performance - For the three months ended March 31, 2024, Forza X1, Inc. reported a net loss of $1,167,837, an improvement from a net loss of $2,005,132 for the same period in 2023, reflecting a reduction of approximately 41.7%[18] - Total operating expenses for the first quarter of 2024 were $1,285,767, down from $2,079,810 in the same quarter of 2023, marking a decrease of about 38.3%[18] - The company reported no net sales for the three months ended March 31, 2024, consistent with the same period in 2023[18] - The company reported a basic and diluted loss per common share of $0.07 for Q1 2024, compared to a loss of $0.19 per share in Q1 2023[18] - For the three months ended March 31, 2024, the company recorded stock-based compensation expense of $293,141, compared to $341,163 for the same period in 2023, reflecting a decrease of approximately 14.1%[58] Assets and Liabilities - As of March 31, 2024, Forza X1, Inc. reported total assets of $15,530,512, a decrease from $16,921,844 as of December 31, 2023, representing a decline of approximately 8.2%[15] - The total stockholders' equity as of March 31, 2024, was $15,145,837, down from $16,020,533 at the end of 2023, representing a decrease of about 5.5%[15] - The company had cash and cash equivalents of $9,952,749 as of March 31, 2024, compared to $9,821,531 at the end of 2023, indicating a slight increase of 1.3%[31] - The company incurred a net cash used in operating activities of $1,210,509 for the three months ended March 31, 2024, compared to $1,582,582 for the same period in 2023, indicating a decrease of approximately 23.4%[22] - The company had customer deposits of $5,700 recorded as contract liabilities, unchanged from December 31, 2023[29] - Provisions for excess and obsolete inventories were $464,410 as of March 31, 2024, up from $351,158 on December 31, 2023[36] - The company had a current liability of $122,322 due to affiliated companies as of March 31, 2024, down from $201,848 on December 31, 2023[49] - Accrued liabilities totaled $72,778 as of March 31, 2024, a decrease from $462,381 on December 31, 2023[54] Research and Development - Research and development expenses decreased significantly to $169,198 in Q1 2024 from $702,648 in Q1 2023, a reduction of approximately 76.1%[18] Management and Corporate Actions - The company completed a public offering that closed on June 14, 2023, which increased its cash by $6,929,552[37] - The company has no current source of revenue and may seek additional equity and/or debt financing[38] - The company recorded management fees of $140,011 for the three months ended March 31, 2024, compared to $20,400 for the same period in 2023[51] - The company has appointed Michael P. Dickerson as Interim Chief Financial & Administrative Officer on April 9, 2024[61] Stock Options and Dividends - As of March 31, 2024, the company had 1,493,074 options outstanding with a weighted average exercise price of $2.75 and a remaining life of 8.78 years[60] - The company granted 518,000 options during the year ended December 31, 2023, with a grant date fair value of $287,835[60] - The expected average volatility for option grants during the three months ended March 31, 2024, was between 108% and 113%[59] - The risk-free interest rate used for option valuation ranged from 2.98% to 4.72%[59] - As of March 31, 2024, there were 748,750 exercisable options with a weighted average exercise price of $3.48[60] - The company has never paid a dividend, resulting in a dividend yield of 0.0%[59] Subsequent Events - No material subsequent events were reported between March 31, 2024, and May 15, 2024[61] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[99]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 3101 S. US-1 Ft. Pierce, Florida 34982 (Address of principal executive offices) (772) 429-2525 (Registrant's telephone number, including area code) FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 15, 2024 Forza X1, Inc. (Exact name of registrant as specified in its charter) Delaware 001-40623 27-1417610 (State or other jurisdiction of in ...

Financial Data and Key Metrics Changes - The company's cash burn rate has been significantly reduced from approximately $600,000 per month last year to about $230,000 per month in Q1 2024, with a target to reach less than $150,000 per month by the end of Q2 2024 [13] Business Line Data and Key Metrics Changes - Electric boat sales remain relatively small compared to traditional outboard combustion motors, with only 200 electric boats sold in the U.S. in 2023, 90% of which were small horsepower boats primarily in California [5][12] Market Data and Key Metrics Changes - The marine industry is experiencing lower demand for recreational vehicles due to economic uncertainties and shifting consumer priorities, leading to a noticeable market slowdown for electric boats [5] Company Strategy and Development Direction - The company is actively seeking strategic alternatives to leverage its technology, including exploring joint ventures with companies that have complementary technologies or market access [7] - Construction of a new 60,000 square foot facility in North Carolina is ongoing, with the belief that completing the building will provide better value for shareholders than leaving it unfinished [17][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by low demand for marine EV products and the overall slowdown in the recreational marine industry [13] - The company is adjusting its business to minimize cash burn while pushing forward with the final beta product and completing the Marion facility [18] Other Important Information - The company is collaborating with technology firms specializing in battery technology and propulsion systems to enhance product offerings and share development costs and risks [18] - The entry of large motor manufacturers like Yamaha and Mercury into the marine EV space is noted, indicating increased competition [16] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session [8]

EXHIBIT 99.1 FORZA X1 REPORTS RESULTS FOR THE YEAR ENDED DECEMBER 31, 2023 FORT PIERCE, FL / ACCESSWIRE / March 26, 2024 — Forza X1, Inc. (Nasdaq: FRZA) ("Forza," the "Company"), a developer of electric sport boats, today reported operational highlights and financial results for the year ended December 31, 2023. Highlights for the Year Ended December 31, 2023: Forza's propulsion system is also undergoing extensive design verification testing. This plan consists of over one hundred different tests, including ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 001-41469 FORZA X1, INC. (Exact name of registrant as specified in its charter) Delaware 87-3159685 (State or other jurisdiction of incorpor ...

Call Start: Call End: Forza X1, Inc. (NASDAQ:FRZA) Q4 2023 Earnings Conference Call March 26, 2024 10:00 AM ET Joseph Visconti - Executive Chairman and Interim CEO Operator In some cases, forward-looking statements can be identified by terminologies such as believes, may, estimates, continue, anticipates, intends, should, plan, expects, predict, potential or the negative of these terms or other similar expressions. The company has based these forward-looking statements largely on its current expectations an ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number: 001-41469 FORZA X1, INC. (Exact name of registrant as specified in its charter) (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the S ...