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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Since September 2024, the Company has secured more than
in funding commitments, which supports FF and FX strategic developments. Total cash inflows exceeded operating cash outflows in both Q3 and Q4 2024.$100 million -
During 2024, FF's average total operating expenses declined to just over
per month, reflecting a significant improvement in cost control capabilities.$5 million - 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.
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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.
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
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
All class action and derivative action lawsuits against the Company have been dismissed. A
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
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
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Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
Source: Faraday Future Intelligent Electric Inc.