Forza X1, Inc. (Nasdaq: FRZA) The company’s stock price witnessed an unusual and unexpected surge of 151% in the early hours of June 5, 2023. The surge was accompanied by an unprecedented level of trading volume and marked a significant deviation from the previously observed average. In particular, the stock’s trading volume has been relatively low in recent months, with many days trading activity below 1,000 shares. Despite no apparent news or reports, the cause behind this sudden surge is still the subject of intrigue and speculation among market participants.
what happened?
$FRZA Anyone know what the news is?
— Mateo (@6ix_Trader) June 5, 2023
First, it’s important to note that $FRZA is a spinoff from. Twin Vee PowerCats Co. (NASDAQ: VEEE). $VEEE is the parent company that designs, manufactures and markets recreational and commercial offshore power catamaran boats, while $FRZA is the new developer of electric sports boats with a mission to accelerate the adoption of sustainable recreational boating. .
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Our research of the company did not reveal any outstanding filings or press releases explaining today’s significant changes. However, a tweet issued by the company caught the attention of individual investors, and it seems that trading volume has surged significantly since then.
Get ready to do something special! stay tuned! 🤫#electric boat pic.twitter.com/daIDckN71t
— Forza X1 (@ForzaX1boats) June 2, 2023
This recent event shows that the retail industry can have a significant impact when information about small floating micro-cap stocks becomes available, especially if the conditions are favorable and the potential for significant profits is validated. Another compelling proof. Expertly crafted by the company’s social media team, the tweet includes a compelling GIF of him and a clever blurb: “Don’t miss the boat”, a keen understanding of the nature of the company’s business. is shown.
The timely and engaging content proved impeccably executed, capturing the attention and imagination of investors in a way that resonated deeply with the nature of the company’s business.
$FRZA No news, no submissions, but still a 147% gap up this morning. Whenever I see stocks spread this far with no news, I prepare to sell short. Because these low float (less than 5 million float) stocks are mostly just hype and momentum. $5 is the ultimate… pic.twitter.com/FMBcIpXpq0
— DekmarTrades (@DekmarTrades) via TradeCaster June 5, 2023
Twin Vee PowerCats Co. Financial Summary
Could the stock price surge also reflect the enthusiastic market response to TwinVie’s strong Q1 2023 earnings results?
On May 15, 2023, Twin Vee PowerCats Co. released its financial report showing a significant increase in net revenue and a notable improvement in the gas powered boat sector.
https://twitter.com/John Zidar/status/1665685698400141313?s=20
Twin Vee PowerCats Co. (Nasdaq: VEEE) has reported strong results for the first quarter ended March 31, 2023. The company’s net revenue increased by 51% to $8.9 million compared to his $5.9 million in the same period last year. The gas-powered boat division delivered a net profit of $181,000, a significant improvement from a net loss of $626,000 in the first quarter of 2022.
However, in accordance with GAAP accounting policies, Twin Vee’s consolidated financial statements show a total net loss of $1.8 million for the quarter primarily due to majority ownership of electric boat company Forza X1, Inc. (Nasdaq: FRZA). I was. Twin Vee reported cash, cash equivalents, restricted cash and marketable securities as of March 31, 2023 of approximately $12.6 million.
A nice bullish flag consolidation pattern before the market. individual! pic.twitter.com/1tiUcEKKGp
— StocksbyMark (@StocksbyMark) June 5, 2023
The company is expanding its product lineup, including the introduction of the monohull boat brand “Aqua Sports.” Twin Vee believes these initiatives will contribute to business scalability and brand growth. We aim to optimize inventory levels and production costs while closely monitoring market conditions, dealer inventories and economic indicators.
First quarter 2023 financial highlights
- Total revenue: $8,877,000 (up 51% compared to Q1 2022)
- Gross profit: $3,222,000
- Gas Powered Boat Division Net Income: $182,000
- Net loss from Forza X1 (electric boat entity): $2,005,000
- Losses from Fix My Boat (franchise business): $5,000
- Adjusted net loss (excluding non-cash charges): $1,347,000
- Adjusted net income of gas-powered boat division: $265,000
Twin Vee’s consolidated cash, cash equivalents, restricted cash and marketable securities as of March 31, 2023 was $23,457,000. Forza X1 in the same category he reported $10.683 million, while Twin Vee’s core business was his $12.643 million and Fix My Boat about $132.000.
Given that Forza X1, Inc. (Nasdaq: FRZA) is a spin-off from its parent company, we will be closely monitoring performance in the coming weeks. Especially for a company like FRZA that hasn’t yet achieved profitability, it’s important that he conducts a thorough investigation. But it’s worth noting that the parent company has made notable progress, as evidenced by its recent earnings results that revealed a significant increase in revenue.
We’ll keep you updated on FRZA as more details become available. Be sure to subscribe to Microcapdaily to find out what’s happening in the market.
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Image by Sasin Tipchai from Pixabay