Capital and Financial Performance - The company achieved total capital raised exceeding $100 million since September 2024, with positive net cash flow reported for Q3 and Q4 2024[356]. - The company reported revenue of $316,000 for the three months ended March 31, 2025, a significant increase of 15,700% compared to $2,000 in the same period of 2024[394]. - Automotive leasing revenue was $316,000 for the three months ended March 31, 2025, compared to an immaterial amount for the same period in 2024, with one vehicle delivered during this period[394]. - The company incurred a net loss of $10,278,000 for the three months ended March 31, 2025, compared to a net loss of $48,217,000 in the same period of 2024[393]. - The company reported an accumulated deficit of $4,324.6 million and an unrestricted cash balance of $9.5 million as of March 31, 2025[422]. - The company reported a net cash outflow of $20.3 million from operating activities for the three months ended March 31, 2025, compared to $14.7 million for the same period in 2024, reflecting a $5.6 million increase in cash outflows[438]. - Financing activities generated a net cash inflow of $24.6 million for the three months ended March 31, 2025, an increase of $12.6 million from $12.0 million in 2024[443]. - The company had cash on hand totaling $9.5 million as of March 31, 2025, which was designated for working capital and general corporate purposes[434]. - The company continues to explore various funding alternatives to support ongoing operations and production ramp-up, facing delays in securing additional funding commitments[431]. Production and Product Development - The FF 91 Futurist, launched in 2023, is positioned as the first ultra-luxury electric vehicle offering a highly-personalized, fully-connected user experience[351]. - The FX Super One concept, an AI-powered MPV, was unveiled in January 2025, targeting the $20,000–$50,000 market segment, with initial production planned by year-end 2025[356]. - The FX Series, including FX 5, FX 6, and FX Super One, is part of the planned B2C passenger vehicle pipeline, with certain models to be manufactured in FF ieFactory California[351]. - The anticipated start of FX Series production is expected to generate new revenue streams and enhance operational performance, partially mitigating near-term cash flow pressures[430]. - The company is focused on expanding production capabilities to include both luxury and more affordable electric vehicles, aligning with market demand[396]. Expenses and Cost Management - Cost of revenue increased by $694,000 (3.4%) to $21,381,000 for the three months ended March 31, 2025, primarily due to higher depreciation expenses related to the FF ieFactory California lease agreement[395]. - Research and development expenses were $6,419,000 for the three months ended March 31, 2025, slightly down from $6,688,000 in the same period of 2024[393]. - Total operating expenses were $22,766,000 for the three months ended March 31, 2025, compared to $22,923,000 in the same period of 2024[393]. - The company expects to continue incurring significant operating costs, including R&D expenses and capital expenditures for manufacturing capacity expansion[369]. - Sales and marketing expenses increased by $0.2 million to $2.474 million, a 6.3% increase year-over-year, driven by a $0.7 million rise in marketing expenses related to the launch of the new FX line[402]. - General and administrative expenses decreased by $0.2 million to $13.674 million, a 1.3% decline, mainly due to a $2.8 million reduction in insurance costs[405]. Intellectual Property and Innovation - As of March 31, 2025, the company has been granted approximately 660 patents globally, enhancing its intellectual property portfolio[351]. - The company’s propulsion system is designed to provide a competitive edge in acceleration and range, integrated with an AI-powered user experience[351]. - The company has implemented a dual-home market strategy integrating U.S. technological innovation with China's supply chain capabilities[351]. Governance and Internal Controls - The company initiated a comprehensive organizational and governance overhaul in April 2025 to enhance execution efficiency and value creation[356]. - The Company identified material weaknesses in its internal control over financial reporting, including insufficient accounting knowledge and lack of effective controls for material misstatement risks[455]. - The Company is actively engaged in remediation efforts for identified material weaknesses, with substantial changes in Board composition and management personnel[457]. - The Company has implemented new accounting policies and procedures, and is enhancing its IT systems relevant to financial statement preparation[460]. - The Company expects full remediation of material weaknesses could extend beyond December 31, 2025, incurring significant costs and demands on resources[464]. - The Company is continuing to hire key finance and accounting personnel to strengthen its teams and improve oversight[459]. - The Company has engaged external consultants to assist in improving the internal control environment and reviewing corporate organization[457]. - The Company has established processes for monitoring segregation of responsibilities in various departments to enhance internal controls[461]. Legal and Regulatory Matters - The Company is involved in various legal proceedings that could materially affect its business and financial condition[469]. - The company confirmed it will not pursue a reverse stock split unless required for Nasdaq compliance[364]. Market and Economic Factors - Elevated U.S. import tariffs on electric vehicle components sourced from China could increase future manufacturing costs, impacting gross margins and funding needs[432]. - The change in fair value of notes payable, warrant liabilities, and derivative call options increased by $23.6 million to $51.458 million, an 84.5% increase compared to the same period in 2024[408]. - Loss on settlement of notes payable increased by $4.5 million to $15.920 million, a 39.6% increase, driven by higher conversion activity[413]. - Other income, net increased by $1.3 million to $1.784 million, a 236.6% increase, despite a foreign currency transaction loss due to the strengthening of the U.S. dollar against the Chinese yuan[418]. - Changes in working capital decreased by $13.6 million for the three months ended March 31, 2025, with notable shifts in inventory balances and accrued interest expense[441]. - The principal balance of SPA Portfolio Notes outstanding decreased from $96.6 million as of March 31, 2024, to $48.0 million as of March 31, 2025[410]. - As of March 31, 2025, the total SPA Commitments amounted to $655.5 million, with $427.7 million funded and $227.8 million remaining to be funded[424]. - As of March 31, 2025, optional commitments under the SPA Commitments totaled $467.0 million, with $50.9 million funded and $386.1 million remaining to be funded[424].

Financial Performance - Q1 2025 revenue was $0.3 million, primarily from FF 91 deliveries and lease revenue[10] - Total net assets increased by $24.8 million, or 21.6%, from the prior year-end, reaching $139.8 million[10] - Operating cash outflow was $20.3 million, a 38% increase from Q1 2024, while financing cash inflow was $24.6 million, marking the third consecutive quarter of positive financing inflows[15] - The company has a history of losses and expects continued losses, highlighting the challenges in achieving profitability[38] - The company must improve its liquidity and financial position to continue as a going concern and meet outstanding obligations[38] Product Development and Launch - The company plans to achieve 10,000 paid pre-orders for the FX Super One, including binding B2B agreements and B2C reservations[4] - FF has received a 1,000-unit B2B pre-order agreement from an East Coast company and another 300-unit agreement from a West Coast company, indicating strong demand for the FX brand[4] - The Hanford factory is preparing a flexible production line for FX units with an annual capacity of over 30,000 total units, supporting mixed-line manufacturing[25] - FF plans to unveil a new potential FX model in Q3 2025, targeting to disrupt the market dominance of RAV 4 in the AIEV era[23] - The Middle East facility is ready for occupancy, with plans for a regional launch event in parallel with the FX Super One Product Launch in June 2025[26] Competitive Landscape - The company faces significant competition in AI and EREV technology, with competitors having advantages in experience, funding, and infrastructure[38] Operational Challenges - JC Auto's ability to establish a premium fleet and the number of vehicles purchased may be limited, with potential purchases as low as two vehicles[38] - The company is working on securing necessary agreements for third-party range extender technology and homologating FX vehicles for sale in various regions[38] - The company is dependent on its suppliers and contract manufacturers, which poses risks to its operations[38] - The company is facing potential impacts from tariff policies and general economic conditions affecting product demand[38] - The company is taking remedial measures in response to findings from a Special Committee, which may influence its operational effectiveness[38] - The company is exposed to various risks, including cybersecurity threats and the ability to attract and retain employees[38] Cost Management - The company is implementing a payroll expense reduction plan to manage costs effectively[38] Funding and Investment - The company secured $20 million from a prior financing round and an additional $41 million in new funding, crucial for supporting FX ramp-up and AI R&D[9]

Financial Performance - The company incurred a net loss of $431.7 million and $355.8 million for the years ended December 31, 2023, and 2024, respectively [164]. - As of December 31, 2024, the company had an accumulated deficit of $4.3 billion, indicating ongoing financial challenges [158]. - The company recognized only $0.5 million in revenue in 2024, highlighting significant operational difficulties [159]. - The company expects to incur significant operating expenses, including R&D and capital expenditures, which may impede profitability [167]. - The company anticipates continued substantial operating losses due to high costs associated with vehicle development and production [165]. - The company expects to incur substantial additional indebtedness, which may limit its ability to satisfy obligations and increase vulnerability to adverse economic conditions [179]. - Rising interest rates and financing costs could negatively impact vehicle affordability and demand, affecting overall sales and financial performance [191]. Operational Challenges - The company has $405.3 million in unfunded commitments from convertible note financing, which could impact its ability to sustain operations [173]. - The production and delivery of the FF 91 Futurist has faced significant delays, with the first phase starting at the end of May 2023 and the second phase beginning in August 2023 due to supplier constraints [181]. - As of December 31, 2024, only 16 FF 91 Futurist vehicles have been sold or leased, and there are 299 non-binding pre-orders in the U.S. and China, indicating a lack of binding purchase orders [184][185]. - The company relies on third-party suppliers for key components, and any delays or quality issues from these suppliers could further hinder production and delivery [182]. - The company has not approved secondary sources for key components, which could lead to production disruptions if primary suppliers fail to deliver [203]. - The company faces challenges in accurately estimating supply and demand, which could result in inefficiencies and hinder revenue generation [205]. Market and Competitive Landscape - The company faces significant barriers to growth in the electric vehicle industry, including competition and the need for brand recognition [161]. - There is significant uncertainty regarding customer demand for the FF 91 Futurist and FX models, influenced by competition and market conditions [186]. - Increased price competition in the automotive industry may lead to lower vehicle unit sales and loss of market share, with competitors adjusting pricing strategies [224]. - The automotive market is highly competitive, with new entrants in the alternative fuel vehicle sector, intensifying competition for established companies [225]. - Significant financial and technical resources of competitors may hinder the company's ability to attract new customers and maintain market share [226]. Regulatory and Legal Risks - The company is involved in an SEC investigation, which may lead to adverse findings and increased costs, diverting management's resources [198]. - The company has received multiple subpoenas from the SEC regarding its transactions and production estimates for the FF 91 Futurist, with the latest requests occurring in 2024 [199][200]. - The company faces significant legal disputes regarding convertible notes, which could divert resources and impact financial stability [175]. - Changes in U.S. and international trade policies, particularly regarding China, may adversely impact the company's business and operating results [220]. - The company is subject to stringent regulations for vehicle safety and emissions, which could impact its ability to deliver and sell vehicles if required certifications are not obtained [258]. Strategic Initiatives and Future Outlook - The company plans to build out its FF ieFactory in California, but may experience unexpected delays that could increase costs and affect delivery timelines [216]. - The company plans to establish both online and offline marketing and sales channels, requiring substantial investment and facing numerous risks [227]. - The company plans to launch a new subsidiary, Future AIHER, focused on AI hybrid extended-range electric powertrain systems, but faces challenges due to lack of operating history in this sector [276]. - Future growth is dependent on customer demand for electric vehicles (EVs) and the company's ability to compete with other manufacturers [280]. - The market for alternative energy vehicles is rapidly evolving, influenced by changing technologies, competitive pricing, and government regulations [281]. International Operations and Risks - The company faces risks associated with international operations, including unfavorable regulatory, political, and economic conditions that could harm its business [287]. - The company's operations in China are subject to evolving PRC laws and regulations, which may have a material adverse effect on its business and financial condition [317]. - The PRC government has issued new regulations to strengthen oversight over overseas listings, which may impact the company's ability to raise capital [319]. - The company may face challenges in obtaining necessary permits and licenses due to rapidly changing regulations in China, potentially impacting its operations [325]. Intellectual Property and Compliance - The company has invested significant resources in developing its intellectual property assets, which are crucial for technology development and brand recognition [245]. - The company faces challenges in obtaining patent protection for certain technological developments due to abandoned applications and financial constraints, potentially disadvantaging it against better-funded competitors [248]. - Compliance with evolving data privacy and security laws is a significant burden for the company, with potential fines and reputational harm for non-compliance [250]. - The evolving global regulatory framework for data privacy may require the company to modify its data practices and incur substantial compliance costs [252]. Management and Governance - High turnover in senior management could disrupt operations and strategic focus, impacting the company's ability to drive shareholder value [233]. - The founder's public image and legal scrutiny could adversely impact the company's reputation and business prospects [294][295]. - The company has been involved in disputes with stockholders, including a notable dispute with FF Global over the Shareholder Agreement [307].

Financial Data and Key Metrics Changes - The operating loss for 2024 decreased to $149.7 million, a 47.7% improvement from $286.1 million in 2023, indicating enhanced operational efficiency [18][30] - The net loss for the full year 2024 was reported at $355.8 million, primarily driven by non-operating and non-cash items [29] - Operating cash outflow for the full year was $70.2 million, a 75% improvement compared to $278.2 million in 2023, reflecting effective cost discipline [32] Business Line Data and Key Metrics Changes - The FF91 flagship model has undergone nearly 1,600 software updates, showcasing the company's commitment to technology and user experience [16][62] - The company delivered a total of six FF91 vehicles in 2024, emphasizing quality control over rapid scaling [52] - The FX models, targeting the mass market, are set to have a price range of $20,000 to $50,000, with the first prototypes shipped for development [40][87] Market Data and Key Metrics Changes - The company regained full NASDAQ compliance, marking a significant milestone in its financial recovery [19][72] - The NOBO holder base grew by 163% since mid-2023, indicating increased investor confidence [19][73] - Financing cash inflows totaled $76.7 million throughout the year, supporting growth and innovation initiatives [20] Company Strategy and Development Direction - The company is focusing on launching the FX brand to provide a more accessible and cost-effective intelligent EV offering [10][11] - The dual brand strategy aims to introduce a performance-capable EV at a fraction of the price of the FF91, targeting a broader audience [12][13] - The company plans to enhance its operational efficiency and cost structure while maintaining NASDAQ compliance and shareholder value [25][79] Management's Comments on Operating Environment and Future Outlook - Management highlighted supply chain disruptions, market competition, and regulatory changes as key risks for 2025, with strategies in place to mitigate these challenges [102] - The company is on track for the FX's first vehicle to roll off the line by the end of 2025, with pre-orders expected to open in Q2 2025 [21][99] - The focus for 2025 includes advancing AI technology, enhancing manufacturing capabilities, and achieving positive gross margins for FX models [24][93] Other Important Information - The company has established strategic partnerships with major OEMs to enhance production capabilities and efficiency [15] - Significant progress has been made in the UAE with a new manufacturing facility, supporting the company's global expansion strategy [58][89] - The company has made key personnel appointments to drive its strategy and operational execution [50][51] Q&A Session Summary Question: Can you provide more details on the timeline for pre-orders and how you plan to ensure production stays on schedule? - The company plans to open pre-orders for the FX in Q2 2025, supported by a robust production plan with clear milestones [99] Question: What do you see as the biggest risks or challenges in achieving your 2025 goals? - Key risks include supply chain disruptions, market competition, and regulatory changes, with strategies in place to mitigate these [102] Question: How do you plan to achieve positive gross margins for FX models? - The company aims for cost efficiency, scale, and smart pricing to achieve positive gross margins, leveraging strategic OEM relationships [104][106] Question: How do you plan to sustain NASDAQ compliance while enhancing shareholder value? - The focus is on executing the growth strategy, which includes delivering FX products and advancing AI technologies [109] Question: Could you share more about the investor community day and its benefits? - The investor community day will be an interactive event allowing investors to engage with leadership and experience products firsthand [111] Question: How does FX's global automotive bridging strategy benefit the company? - The strategy integrates strengths from the smart mobility industry in China and the US, aiming to launch attractive mass mobility products [114] Question: Will FX products be impacted by import tariffs? - The company plans to manufacture and sell FX products in the US, maintaining cost and performance advantages to remain competitive [120]

Financial Performance - Net loss from operations in Q4 2024 was $30.3 million, a 55.3% improvement from $67.8 million in Q4 2023[6] - Full year 2024 net loss was $355.8 million, with 58.0% driven by non-operating losses and non-cash expenses[9] - Operating cash outflow decreased by 51.3% to $18.4 million in Q4 2024, compared to $37.8 million in Q4 2023[6] - Operating cash outflow for the full year 2024 was $70.2 million, a 75% reduction from $278.2 million in 2023[9] - The company raised a total of $76.7 million in 2024, surpassing operating and investing cash outflows[15] Product Development - The FX Super One is expected to be unveiled in June 2025, with paid reservations starting thereafter[5] - Two prototype mules for the FX brand were shipped to the U.S. in November 2024, marking progress in product development[5] - The company plans to launch the first FX vehicle by the end of 2025 and start collecting refundable paid reservations in Q2 2025[31] - FF has established Future AIHER, a wholly owned subsidiary focused on developing AI-driven range extender systems for Extended Range Electric Vehicles (EREVs) [43] - The completion of FF's first-generation smart cabin, powered by AI Agent technology, is expected by the end of 2025 for integration into the FF 91 and potential FX series models [44] - FF is conducting preliminary research into end-to-end autonomous driving using large-scale AI models and defining the technology roadmap for the FX series and next-generation models [45] Cost Management - Significant cost reductions were achieved, including a 75% year-over-year reduction in general and administrative expenses[3] - The company is focused on optimizing funding costs to secure necessary capital without excessive dilution and maintaining Nasdaq compliance [44] Strategic Goals - 2025 is projected to be a pivotal year for FF, emphasizing technological innovation and financial discipline to enhance stockholder value [46] - FF aims to introduce mass production models under the new FX strategy, targeting a broader market with middle-to-low price range offerings [48] - FF's growth strategy includes the development and commercialization of EREVs and integrating third-party range extender technology into FX vehicles [49] Risks and Challenges - The company faces significant risks, including the ability to secure necessary funding and agreements for vehicle production and homologation [49] Investor Relations - The company is committed to enhancing investor interaction and stockholder value while navigating various operational and market challenges [49] - FF's flagship model, the FF91, exemplifies its vision for luxury, innovation, and performance in the electric vehicle market [48]

Core Viewpoint - Faraday Future is attempting to pivot its strategy by introducing a new sub-brand, Faraday X, aimed at producing more affordable electric vehicles priced between $20,000 and $50,000, in contrast to its previous focus on premium vehicles like the FF 91, which costs over $300,000 [1][2][5]. Group 1: New Product Strategy - The company plans to launch the FX 5 and FX 6 models, priced from $20,000 to $30,000 and $30,000 to $50,000 respectively, along with the Super One minivan, which currently has an undetermined price [2]. - The Super One is being marketed as a "luxury AI MPV" and is positioned to fill the gap between high-end minivans and super-luxury SUVs, with a focus on comfort and advanced technology [3][4]. Group 2: Market Position and Challenges - Since its SPAC merger announcement in 2021, which valued the company at $3.4 billion, Faraday Future has faced significant challenges, resulting in a current market capitalization of $94 million and an enterprise value of $203 million [5]. - The company's stock has seen a dramatic decline, down 92% over the past year and 43% year-to-date in 2025 [5][7]. Group 3: Brand Recovery Efforts - The recent CES presentation and prototype reveal are seen as efforts to restore brand awareness and trust after a series of controversies and operational failures [6]. - The CEO expressed a desire for a fresh start with the Faraday X initiative, emphasizing resilience and the opportunity to prove the company's capabilities [6].

Company Developments - The company delivered the first FF 91 2.0 Futurist Alliance in 2023 and launched its second brand, Faraday X, focused on affordable electric vehicles priced between $20,000 and $50,000[332][333]. - The company plans to produce and deliver the FF 81, a premium mass-market electric vehicle, subject to future financing, to compete against models like the Tesla Model S and BMW 5-series[322]. - The company aims to develop a Smart Last Mile Delivery vehicle to target high-growth delivery opportunities in Europe, China, and the U.S., leveraging its modular Variable Platform Architecture[324]. - The company has updated its corporate strategy to include a China-U.S. Automotive Bridge Strategy, aiming to establish a second mass-market brand in collaboration with China-based OEMs[325]. - The company is transitioning its production capabilities to include both luxury and more affordable electric vehicles, aligning with broader market demand[398]. Financial Performance - Total revenue decreased by $0.5 million (98%) to $9,000 for the three months ended September 30, 2024, compared to $551,000 in the same period in 2023[372]. - Cost of revenues increased by $5.3 million (33%) to $21.5 million for the three months ended September 30, 2024, compared to $16.1 million in 2023[375]. - Research and development expenses decreased by $16.4 million (76%) to $5.2 million for the three months ended September 30, 2024, compared to $21.6 million in 2023[377]. - Sales and marketing expenses decreased by $2.7 million (51%) to $2.6 million for the three months ended September 30, 2024, compared to $5.3 million in 2023[379]. - General and administrative expenses decreased by $15.7 million (66%) to $8.3 million for the three months ended September 30, 2024, compared to $24.0 million in 2023[381]. - The company reported an accumulated deficit of $4,193.1 million and an unrestricted cash balance of $7.3 million as of September 30, 2024[425]. - The company reported net cash used in operating activities of $51.8 million for the nine months ended September 30, 2024, an improvement of $188.6 million compared to $240.4 million for the same period in 2023[443]. - Total revenue decreased by $0.2 million to $0.3 million for the nine months ended September 30, 2024, a decline of 45% compared to the same period in 2023, driven by reduced automotive sales revenue[396]. - Cost of revenues increased by $40.4 million to $63.1 million for the nine months ended September 30, 2024, a rise of 177% compared to the same period in 2023, primarily due to higher depreciation expenses[397]. Capital and Funding - The company entered into a Junior Securities Purchase Agreement for $30.0 million, consisting of $22.5 million in cash and $7.5 million converted from a prior loan, with a 10% interest rate and warrants for 5.7 million shares[334]. - The company entered into a co-investment agreement to establish a regional headquarters in Ras Al Khaimah, UAE, with operations expected to begin by late 2025 or early 2026[342]. - The company has substantial doubt about its ability to continue as a going concern for the next year due to recurring losses and cash outflows from operations[422]. - The company projects substantial additional funds will be required to continue operations and support production of the FF 91, with potential bankruptcy if additional capital is not secured[432]. - The company is exploring various funding and financing alternatives to support ongoing operations and production ramp-up, facing delays in securing additional funding commitments[433]. Legal and Compliance Issues - The company is currently involved in various legal proceedings that could have a material adverse effect on its business and financial condition[478]. - The company identified material weaknesses in internal control over financial reporting, which could lead to material misstatements in financial statements[458]. - The company lacks sufficient professionals with appropriate accounting knowledge, impacting its ability to analyze and disclose accounting matters accurately[459]. - The company has engaged external consulting resources to assist in improving the internal control environment and compliance activities[468]. Management and Strategy - The company appointed Koti Meka as Chief Financial Officer and Aaron Ma as Acting Head of EV R&D to advance its dual-brand strategy[343]. - The company has implemented new accounting policies and procedures to improve communication and accountability across departments[467]. - The remediation plan for internal control weaknesses is expected to extend beyond December 31, 2024, with significant costs anticipated[474]. - The company has adopted an Insider Investment Reporting Policy to enhance internal reporting of related party transactions[467]. Operational Challenges - The company faces substantial doubt about its ability to continue as a going concern, relying on various funding mechanisms to support ongoing operations[348]. - The company sold a total of five vehicles and leased nine vehicles through September 30, 2024, indicating a need for substantial additional capital to develop products and fund operations[348]. - The company began production of the FF 91 Futurist in March 2023 and started deliveries in August 2023, but did not sell any vehicles and leased out two vehicles during the three months ended September 30, 2024[350].

Financial Data and Key Metrics Changes - Operating expenses decreased by 92.6% to $3.8 million compared to $50.9 million in the prior year's quarter, reflecting ongoing cost control initiatives and a nonrecurring gain of $14.9 million from the settlement of previously accrued R&D costs [30] - Loss from operations improved to $25.2 million compared to a loss of $66.4 million in the prior year quarter [31] - Total assets as of September 30, 2024, were $449 million, total liabilities were $292.3 million, and cash at the end of the quarter was $7.3 million [32] Business Line Data and Key Metrics Changes - Two FF91 2.0 vehicles were delivered during the third quarter, bringing total deliveries to 14 vehicles to date [14] - Manufacturing improvements included bringing certain vehicle body and interior component production in-house, reducing interior costs by half [15] Market Data and Key Metrics Changes - The U.S. EV penetration rate remains below 20%, but range extender AIEVs have shown strong adoption in other markets, indicating a potential opportunity for the planned FX product lineup [20] Company Strategy and Development Direction - The company is focused on transforming from a project-driven to an operation-driven organization with an emphasis on cost optimization and operational efficiency [9] - The launch of the FX brand targets mass market segments, with two initial models planned in the $20,000 to $50,000 range [19] - The company aims to strengthen core operations, advance the dual brand strategy, and pursue strategic partnerships to support growth objectives [24] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of achieving profitability and becoming self-funding in the shortest possible time [35] - The dual brand strategy is expected to leverage high-value traditional FF brand with Chinese OEMs to gain economies of scale [36] Other Important Information - The company regained full Nasdaq listing requirements compliance and completed a reverse stock split [13] - A co-investment agreement was established with Master Investment Group to set up a regional headquarters in Ras Al Khaimah [22] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating the end of the Q&A session without further inquiries [42]

Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) Fiscal Third Quarter 2024 Earnings Presentation November 6th, 2024 © 2024 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL Table of Contents 2 01. Company Overview 02. Business Update 03. The FF 91 2.0 Futurist 04. Faraday X 05. Financials 06. Imagery © 2024 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL Legal Disclaimers 3 Forward Looking Statements This presentation includes "forward looking statements" within the meaning of the safe harbor provisions of the ...

Investment and Development - Faraday Future has invested $3.0 billion to develop its EV platform and AI technology[3] - The company aims for an annual production capacity of 10,000 vehicles[3] - Faraday Future launched its second brand, Faraday X, targeting mass market segments with models priced between $20,000 and $50,000[8] - The company has entered preliminary agreements with four OEMs for the development of the Faraday X brand[8] - The company aims to empower users to co-create an AIEV (Artificial Intelligence Electric Vehicle) with an extreme cost-experience ratio, targeting growth in the untapped AIEV market[15] Financial Performance - The company reported a revenue of $21,453 thousand for the three months ended September 30, 2024, compared to $551 thousand for the same period in 2023, indicating a significant increase[24] - The gross profit for the three months ended September 30, 2024, was $(21,444) thousand, while for the same period in 2023, it was $(15,580) thousand, reflecting a worsening in gross profit margin[24] - Operating expenses for the three months ended September 30, 2024, totaled $50,867 thousand, compared to $56,618 thousand for the same period in 2023, showing a decrease in operating expenses[24] - The net loss for the three months ended September 30, 2024, was $(77,686) thousand, slightly improved from $(78,046) thousand in the same period of 2023[24] - Research and development expenses for the three months ended September 30, 2024, were $5,180 thousand, down from $21,593 thousand in the same period of 2023, indicating a reduction in R&D spending[24] Manufacturing and Deliveries - In Q3 2024, Faraday Future completed a $30 million financing round, resulting in net proceeds of approximately $28.5 million[7] - Two FF 91 2.0 vehicles were manufactured and delivered in Q3 2024, bringing total deliveries to 14 vehicles[7] - Manufacturing improvements have reduced interior costs by approximately 50% and improved inspection findings by 25% compared to the previous quarter[7] - The FF 91 2.0 Futurist features a tri-motor system with an EPA-rated range of 381 miles and 1,050 HP[10] Strategic Initiatives - A regional headquarters is planned in Ras Al Khaimah, with construction expected to commence by the end of 2024[9] - The company has established a user ecosystem with a focus on direct online sales and co-creation strategies, aiming to enhance customer engagement and conversion rates[14] - The company plans to launch two hit models in the first phase of its product rollout, targeting a price range of $20,000 to $50,000[13] Assets and Liabilities - The total current assets as of September 30, 2024, were $79,685 thousand, compared to $91,364 thousand as of December 31, 2023, indicating a decrease in current assets[20] - The total liabilities as of September 30, 2024, were $292,330 thousand, compared to $302,303 thousand as of December 31, 2023, showing a reduction in total liabilities[23] Leadership and Innovation - Faraday Future has strengthened its leadership team with key appointments to drive product innovation and market expansion[6]