Electric-boat builder Forza X1 reported that it had cash and cash equivalents of approximately $16.5 million and working capital of about $16.8 million at the end of the second quarter, June 30.
“We aim to be among the first to develop and manufacture electric boats targeting the recreational market,” president and CEO Jim Leffew said in a statement. “Our mission is to inspire the adoption of sustainable recreational boating by producing stylish electric sportboats. Our electric boats are being designed as fully integrated electric boats including the hull, outboard motor and control system.”
Operating expenses for the six months ending June 30 were about $3.7 million, and net loss was approximately $3.5 million.
Forza X1 said it has built and tested three offshore-style catamarans, two bay-boat-style cats, a deckboat and three 22-foot center console vee-bottoms. The company also electrified a pontoon boat for a builder.
Leffew added that in June, Forza X1 received an initial purchase order from OneWater Marine indicating its intention to purchase 100 units, representing approximately $12 million in revenue, of the 22-foot monohull introduced in March.
The Florida-based company also plans to build a factory in North Carolina. “We expect to begin final grading and site construction before the end of the third quarter of 2023,” Leffew said.
