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Faraday Future Timely Files Its Annual Report on Form 10-K for 2024 Reflecting New Funding, Substantial Improvements in Operation and Cost Control, and FX Product Development

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Faraday Future (NASDAQ: FFAI) has filed its 2024 Annual Report, highlighting significant operational improvements and new funding commitments. The company secured over $100 million in funding since September 2024, with total cash inflows exceeding operating cash outflows in both Q3 and Q4 2024.

Key achievements include a 75% year-over-year reduction in operating cash burn and average monthly operating expenses declining to just over $5 million. The company has successfully resolved legal challenges, with all class action and derivative lawsuits being dismissed. FF has maintained timely SEC filings for three consecutive periods.

Looking ahead, FF plans to unveil the FX Super One in June 2025, with two FX 6 prototype mules already in Los Angeles for testing. The company aims to begin collecting paid reservations and plans first FX production by end of 2025.

Faraday Future (NASDAQ: FFAI) ha presentato il suo Rapporto Annuale 2024, evidenziando significativi miglioramenti operativi e nuovi impegni di finanziamento. L'azienda ha ottenuto oltre 100 milioni di dollari in finanziamenti da settembre 2024, con flussi di cassa totali in entrata che superano le uscite di cassa operative sia nel terzo che nel quarto trimestre del 2024.

I risultati chiave includono una riduzione del 75% anno su anno del consumo di cassa operativo e una diminuzione delle spese operative mensili medie a poco più di 5 milioni di dollari. L'azienda ha risolto con successo le sfide legali, con tutte le azioni legali collettive e le cause derivate che sono state archiviate. FF ha mantenuto le scadenze di deposito presso la SEC in modo tempestivo per tre periodi consecutivi.

Guardando al futuro, FF prevede di svelare il FX Super One a giugno 2025, con due prototipi FX 6 già a Los Angeles per i test. L'azienda mira a iniziare a raccogliere prenotazioni a pagamento e prevede la prima produzione di FX entro la fine del 2025.

Faraday Future (NASDAQ: FFAI) ha presentado su Informe Anual 2024, destacando mejoras operativas significativas y nuevos compromisos de financiamiento. La compañía ha asegurado más de 100 millones de dólares en financiamiento desde septiembre de 2024, con flujos de efectivo totales que superan las salidas de efectivo operativo tanto en el tercer como en el cuarto trimestre de 2024.

Los logros clave incluyen una reducción del 75% año tras año en el consumo de efectivo operativo y una disminución de los gastos operativos mensuales promedio a poco más de 5 millones de dólares. La compañía ha resuelto con éxito los desafíos legales, con todas las demandas colectivas y las acciones derivadas desestimadas. FF ha mantenido los depósitos en la SEC de manera oportuna durante tres períodos consecutivos.

De cara al futuro, FF planea presentar el FX Super One en junio de 2025, con dos prototipos FX 6 ya en Los Ángeles para pruebas. La empresa tiene como objetivo comenzar a recoger reservas pagadas y planea la primera producción de FX para finales de 2025.

파라데이 퓨처 (NASDAQ: FFAI)는 2024 연례 보고서를 제출하며 중요한 운영 개선 사항과 새로운 자금 조달 약속을 강조했습니다. 이 회사는 2024년 9월 이후 1억 달러 이상의 자금을 확보했으며, 2024년 3분기와 4분기 모두 운영 현금 유출보다 총 현금 유입이 초과했습니다.

주요 성과로는 운영 현금 소모의 연간 75% 감소와 평균 월 운영 비용이 500만 달러를 약간 초과하는 것으로 줄어든 것이 포함됩니다. 이 회사는 모든 집단 소송 및 파생 소송이 기각되는 등 법적 문제를 성공적으로 해결했습니다. FF는 세 번 연속으로 SEC에 제때 보고서를 제출했습니다.

앞으로 FF는 2025년 6월에 FX 슈퍼 원을 공개할 계획이며, 이미 로스앤젤레스에서 테스트 중인 두 대의 FX 6 프로토타입이 있습니다. 회사는 유료 예약을 수집하기 시작할 계획이며, 2025년 말까지 첫 FX 생산을 계획하고 있습니다.

Faraday Future (NASDAQ: FFAI) a déposé son Rapport Annuel 2024, mettant en avant des améliorations opérationnelles significatives et de nouveaux engagements de financement. L'entreprise a sécurisé plus de 100 millions de dollars de financement depuis septembre 2024, avec des flux de trésorerie totaux dépassant les sorties de trésorerie opérationnelles tant au troisième qu'au quatrième trimestre 2024.

Les réalisations clés incluent une réduction de 75 % de la consommation de trésorerie opérationnelle d'une année sur l'autre et une diminution des dépenses opérationnelles mensuelles moyennes à un peu plus de 5 millions de dollars. L'entreprise a réussi à résoudre ses défis juridiques, avec toutes les actions collectives et les poursuites dérivées rejetées. FF a maintenu des dépôts en temps voulu auprès de la SEC pendant trois périodes consécutives.

En regardant vers l'avenir, FF prévoit de dévoiler le FX Super One en juin 2025, avec deux prototypes FX 6 déjà à Los Angeles pour des tests. L'entreprise vise à commencer à recueillir des réservations payantes et prévoit la première production de FX d'ici la fin de 2025.

Faraday Future (NASDAQ: FFAI) hat seinen Jahresbericht 2024 eingereicht und dabei erhebliche betriebliche Verbesserungen sowie neue Finanzierungszusagen hervorgehoben. Das Unternehmen sicherte sich seit September 2024 über 100 Millionen Dollar an Finanzierungen, wobei die gesamten Geldzuflüsse die operativen Geldabflüsse sowohl im dritten als auch im vierten Quartal 2024 überstiegen.

Zu den wichtigsten Erfolgen gehören eine 75%ige Reduzierung des operativen Geldverbrauchs im Jahresvergleich und ein Rückgang der durchschnittlichen monatlichen Betriebskosten auf etwas über 5 Millionen Dollar. Das Unternehmen hat rechtliche Herausforderungen erfolgreich gelöst, wobei alle Sammelklagen und Derivatklagen abgewiesen wurden. FF hat die fristgerechte Einreichung bei der SEC über drei aufeinanderfolgende Zeiträume hinweg aufrechterhalten.

Für die Zukunft plant FF die Enthüllung des FX Super One im Juni 2025, wobei bereits zwei FX 6 Prototypen in Los Angeles zu Testzwecken bereitstehen. Das Unternehmen beabsichtigt, mit der Sammlung von kostenpflichtigen Reservierungen zu beginnen und plant die erste FX-Produktion bis Ende 2025.

Positive
  • Secured over $100 million in funding commitments since September 2024
  • Cash inflows exceeded operating cash outflows in Q3 and Q4 2024
  • 75% year-over-year reduction in operating cash burn
  • Monthly operating expenses reduced to $5 million
  • All legal actions and lawsuits dismissed
Negative
  • Still operating at significant monthly expenses of $5 million
  • FX production timeline extends to end of 2025, indicating delayed revenue generation
  • Dependent on external funding commitments for operations

Insights

Faraday Future's annual report highlights notable financial improvements that mark a potential turning point for the company. The securing of $100 million in funding commitments since September 2024 provides crucial capital for near-term operations, while the positive cash flow dynamics in Q3 and Q4 2024 represent a significant milestone.

The 75% year-over-year reduction in operating cash burn and the streamlining of monthly operating expenses to approximately $5 million demonstrate meaningful progress in financial discipline - a critical factor for early-stage EV manufacturers with substantial capital requirements.

What's particularly significant is that these operational improvements coincide with the resolution of all outstanding litigation against the company. The dismissal of class action and derivative lawsuits removes a substantial overhang that had created uncertainty for investors and likely consumed significant management attention and resources.

However, context matters significantly here. Despite securing $100 million in funding commitments, Faraday Future maintains a market capitalization of just $90 million, indicating persistent skepticism from investors regarding the company's long-term viability. The absence of specific production or revenue figures in the highlights suggests volumes likely remain extremely

While the company is making progress with its product roadmap, including the anticipated FX Super One unveiling and prototype testing, these developments extend well into late 2025, implying ongoing capital requirements. The consistent financial reporting for three consecutive periods does indicate improved internal controls, addressing previous governance concerns.

Faraday Future's operational progress deserves acknowledgment, particularly its first East Coast delivery of the FF 91 2.0 Futurist Alliance, indicating the company is expanding beyond its California base. The ongoing development of the FX product line, with prototype mules now in Los Angeles for testing, shows the company is working toward portfolio expansion beyond its ultra-luxury flagship.

The planned unveiling of the FX Super One in June 2025 and the targeted production timeline for late 2025 establish clear product milestones. The mention of upcoming "paid reservations" suggests the company is following the established EV industry playbook for building a pre-order book to demonstrate demand and generate working capital.

The ticker change to "FFAI" reflects a strategic positioning around artificial intelligence as a differentiator, though the report lacks specific details on AI technology implementation. This rebranding aligns with industry-wide emphasis on software capabilities as value drivers in the EV space.

From an operational perspective, the reduction in cash burn and improved cost controls indicate more disciplined execution, which has been a historical challenge for Faraday. However, the luxury EV segment has become increasingly competitive since Faraday's founding, with established luxury automakers and other EV startups now offering compelling alternatives. Faraday's ability to establish meaningful market share will depend not just on product development but on scaling production and building a robust sales and service infrastructure - areas where the report provides visibility.

  • Since September 2024, the Company has secured more than $100 million in funding commitments, which supports FF and FX strategic developments. Total cash inflows exceeded operating cash outflows in both Q3 and Q4 2024.
  • During 2024, FF's average total operating expenses declined to just over $5 million per month, reflecting a significant improvement in cost control capabilities.
  • All class action and derivative action lawsuits against the Company have been dismissed.
  • The Company has now timely filed its periodic financial reports with the Securities and Exchange Commission (“SEC”) on time for three consecutive periods, indicating the improved financial filing capability and processes within the FF organization.
  • The FX Super One is anticipated to be unveiled in June 2025, and two FX 6 prototype mules have arrived in Los Angeles for testing and validation. The Company expects to start collecting paid reservations thereafter in preparation for the first planned FX to roll off the line by the end of 2025.
  • Jerry Wang, the President of FF, plans to speak at the Jones Las Vegas Technology and Innovation Conference in April 2025, together with Eric F. Trump, Executive Vice President of The Trump Organization.

LOS ANGELES--(BUSINESS WIRE)-- Faraday Future Intelligent Electric Inc. (Nasdaq: FFAI) ("FF", "Faraday Future", or the "Company"), a California-based global shared intelligent electric mobility ecosystem company, timely filed its 2024 Annual Report on Form 10-K before market open today, providing a comprehensive overview of its financial and operational performance. The report highlights the Company's key financial metrics, business operations and strategic initiatives. FF also just delivered the first FF 91 2.0 Futurist Alliance in the East Coast market and reaffirmed the Company’s commitment to the region.

Jerry Wang will also participate and be a guest speaker at the Jones Las Vegas Technology and Innovation Conference in April 2025, hosted by Jones Trading. The conference will bring together a select group of innovative companies and institutional investors for a two-day event. The conference will feature keynote addresses from Dr. Charity Dean, CEO of PHC Global, and Eric F. Trump, Executive Vice President of The Trump Organization.

HIGHLIGHTS FROM 10-K FILING

Overall, FF saw improved financial stability in the second half of 2024 and beyond. In both Q3 and Q4 of 2024, total cash inflows exceeded operating cash outflows. This positive cash flow dynamic, combined with a 75% year-over-year reduction in operating cash burn and meaningful cost reductions across R&D and SG&A, reflects the tangible progress FF has made in aligning cost structure with operational priorities, while positioning it for long-term scalability and financial resilience.

The second half of 2024 was also highlighted by the securing of two rounds of funding commitments in September and December 2024, which helps support its FF and FX strategic developments. FF also made significant progress in FX product development with two prototype mules shipped to the U.S. in November 2024, and the recent change of its ticker symbol to "FFAI" reflecting its focus on AI technology.

All class action and derivative action lawsuits against the Company have been dismissed. A California putative class action lawsuit against the Company was settled in March 2024, and in February 2025, a consolidated Delaware class action lawsuit against the Company was dismissed with prejudice in its entirety. Furthermore, all putative derivative lawsuits against the Company were dismissed at various times in 2024.

Looking forward, 2025 will be a pivotal year for FF. With a strong focus on driving technological innovation, and maintaining financial discipline, the Company is positioning itself for long-term growth and success in the EV market. And above all, fighting to enhance stockholder value for both institutional and retail investors.

The Annual Report on Form 10-K is available on the SEC’s website at www.sec.gov under the company’s filings, as well as on the Company’s investor relations website https://investors.ff.com/

ABOUT FARADAY FUTURE

Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company’s mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future’s flagship model, the FF91, exemplifies its vision for luxury, innovation, and performance. The new FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. For more information, please visit https://www.ff.com/us/.

FORWARD LOOKING STATEMENTS

This communication includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include but are not limited to statements regarding the Company’s Bridge Strategy, the Company’s growth strategy and the development of the markets in which it operates and/or plans to operate, the continued production and delivery of the FF 91, the Faraday (FX) brand, the Company’s capital raising strategy, the development and commercialization of EREVs, integrating existing third-party range extender technology into the FX vehicles, future compliance with Nasdaq listing requirements, optimizing funding costs, increasing investor interaction, and enhancing stockholder value, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company’s ability to secure the necessary funding to execute on the FX strategy, which will be substantial; the Company's ability to secure necessary agreements to license and/or produce Super One, FX 5 or FX 6 vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company's ability to homologate the Super One, FX 5 or FX 6 for sale in the U.S., the Middle East, or elsewhere; the Company's ability to secure necessary permits at its Hanford, CA production facility; the Company’s ability to successfully design and develop an EREV; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warrant claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors, and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC.

Investors (English): ir@faradayfuture.com

Investors (Chinese): cn-ir@faradayfuture.com

Media: john.schilling@ff.com

Source: Faraday Future Intelligent Electric Inc.

FAQ

How much funding has Faraday Future (FFAI) secured in late 2024?

Faraday Future secured over $100 million in funding commitments since September 2024 to support FF and FX strategic developments.

What is the current monthly operating expense for FFAI in 2024?

FFAI's average total operating expenses declined to just over $5 million per month during 2024.

When will Faraday Future's FX Super One be unveiled?

The FX Super One is scheduled to be unveiled in June 2025.

What is the status of legal actions against FFAI?

All class action and derivative action lawsuits against FFAI have been dismissed, including a settled California class action and dismissed Delaware class action.

What operational improvements did FFAI achieve in 2024?

FFAI achieved a 75% year-over-year reduction in operating cash burn, with cash inflows exceeding operating cash outflows in both Q3 and Q4 2024.
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