Executive Summary

Q3 FY2020 (quarter ended March 31, 2020): Revenue rose to $163,782 with Gross Margin of 40% and Gross Profit of $65,724, reflecting capacity expansion at the new Florida facility .
Year-to-date Adjusted EBITDA improved to $122,746 despite a YTD net loss of $(172,422), supported by increased fixed assets and machinery investments .
Operations focus shifted to automation and capacity, with management setting FY2020 CapEx at approximately $1.00M to acquire state-of-the-art equipment; additionally, a new automated CNC machine tool was ordered and onboarded in September 2020, a near-term catalyst for efficiency and throughput .
COVID-19 drove administrative delays and labor/supplier disruptions; the company announced it would rely on SEC relief to file the FY2020 10-K no later than November 20, 2020, flagging reporting risk and funding headwinds .

What Went Well and What Went Wrong

Q3 revenue and gross profit improved sequentially (Q2→Q3), driven by increasing capacity at the Florida facility; management emphasized production commencement and fixed asset additions supporting growth .
YTD Adjusted EBITDA reached $122,746 by March 31, 2020, indicating improving operating leverage excluding non-cash/one-time items .
Strategic push into automation and capacity: “increase capacity with acquiring new automated state-of-the-art machines at opportunistic prices,” with FY2020 CapEx set at ~$1M; additional automated CNC machine ordered and onboarded in September to support new R&D customer orders .

Margin compression Q/Q: Gross Margin fell from 44% in Q2 to 40% in Q3 as the facility ramp entailed onetime costs and operational onboarding effects .
YTD net loss of $(172,422) despite positive Adjusted EBITDA underscores reliance on non-GAAP addbacks (stock comp, debt discount amortization, convertible issuance) to present improving profitability trends .
COVID-related disruptions and labor constraints led to absenteeism, idle equipment, supplier shutdowns, and delayed financial administration; company extended FY2020 10-K filing to no later than Nov 20, 2020 due to pandemic impact .

Metric	Q1 FY2020 (Sep 30, 2019)	Q2 FY2020 (Dec 31, 2019)	Q3 FY2020 (Mar 31, 2020)
Revenue ($USD)	$140,951	$133,923	$163,782
Gross Profit ($USD)	$47,473	$58,597	$65,724
Gross Margin (%)	66%	44%	40%
Operating Income (Loss) ($USD)	$17,227	$(39,220)	—
Net Income (Loss) ($USD)	$7,481	$(44,371)	—

Notes: Q3 press release did not disclose quarterly operating income or net income; YTD net loss is provided below .

KPI	Q1 FY2020	Q2 FY2020	Q3 FY2020
EBITDA ($USD)	$36,196	$49,971	—
Total Assets ($USD)	$726,348	$733,506	$897,479

Metric	Period	Previous Guidance	Current Guidance	Change
Capital Expenditures	FY2020	—	~$1.00M for automation and new machinery	Initiated
Automation Onboarding (CNC machine)	Sep 2020	—	Delivery and onboarding completed in September	New schedule
Annual Report Filing (10-K)	FY2020	Standard deadline	To be filed no later than Nov 20, 2020 under SEC COVID relief	Delayed

Note: No Q3 FY2020 earnings call transcript was found; trends summarized from press releases and 8-Ks.

Topic	Previous Mentions (Q1 FY2020, Q2 FY2020)	Current Period (Q3 FY2020)	Trend
Facility ramp and fixed assets	Ceased major credit-risk customer; purchased new equipment; production commenced	Increased capacity at new Florida facility; fixed assets increased	Continuing ramp-up
Gross margin/one-time costs	Q1 EBITDA positive; equipment purchases	Q2 gross margin 44% with one-time costs for opening facility	Margin compressed Q/Q
Automation investment	—	FY2020 CapEx set at ~$1.00M; automation to reduce payroll/headcount	Accelerating automation
Customer mix	Ceased large customer; gained new customers	Focus on diversified customer base and broad capabilities	Diversification emphasis
COVID impact: labor/supply chain/admin	—	One-time disruptions; supplier closures; absenteeism; delayed financial reporting	Material operational constraints
Reporting cadence	—	FY2020 10-K delayed to no later than Nov 20, 2020	Near-term reporting risk

“We are happy to announce that we had positive cash flows and adjusted EBITDA recorded was $122,746 for the nine months ended March 31, 2020… Production activities have commenced, our headcount has also increased out of this new facility… Our Fixed Assets have also increased with the addition of new machinery and equipment” .
Q2 operational note: “There were many onetime expenses associated with getting the facility operational including logistics, professional rigging services and new machinery purchases and movement” .
Q1 strategic decision: “Cease doing business with a major customer after they became a high credit risk… We have since gained several new customers” .
Automation pivot: “We have set 2020 CapEx at around $1M… This will greatly enhance productivity and sales while reducing payroll and headcount… installing robotic equipment capable of automated ‘lights out’ production” .
Capacity addition: “Placed a purchase order for an automatic CNC Machine tool… Delivery and onboarding of the machinery will be completed this month” .

No Q3 FY2020 earnings call transcript found; no Q&A disclosures available in filings or attached exhibits .

Wall Street consensus (S&P Global) for Q3 FY2020 EPS and revenue was unavailable for FORZ due to missing CIQ mapping; no estimate comparison can be made. Attempts to retrieve consensus failed, so estimate-based beat/miss analysis is not possible for this quarter.

Sequential improvement in revenue and gross profit in Q3 suggests ramp benefits from the Florida facility despite margin compression Q/Q from 44% to 40% as onboarding costs flowed through .
YTD Adjusted EBITDA of $122,746 indicates strengthening underlying profitability excluding non-cash/one-time items, but the YTD net loss of $(172,422) highlights continued GAAP losses .
The ~$1.00M FY2020 CapEx and September automation onboarding should reduce labor intensity and improve throughput, potentially supporting margins as automation scales .
COVID disruptions and the delayed FY2020 10-K filing introduce near-term reporting and funding risks; investors should monitor filing timelines and any capital needs disclosures .
Customer diversification continues post-exit from a high credit-risk account; the broadened base and automation push may mitigate volatility in order timing .
With no available Street consensus, the narrative and execution on automation, capacity, and margin stabilization are the primary drivers for near-term stock reactions and positioning.
Focus on upcoming filings and any disclosures around backlog, order deferrals, and workforce automation progress to reassess trajectory and margin recovery potential .