Faraday Future Intelligent Electric Inc. Fiscal Fourth Quarter and Full Year 2022 Earnings Release Legal Disclaimers Forward Looking Statements This presentation includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Secur ...

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) Q4 2022 Earnings Conference Call March 8, 2023 8:00 PM ET Company Participants Charles Hsieh - Investor Relations XF Chen - Global Chief Executive Officer Matthias Aydt - Global Senior Vice President, Product Execution Yun Han - Chief Accounting Officer and Interim Chief Financial Officer Conference Call Participants Michael Ward - Benchmark Operator Greetings. Welcome to Faraday Future Intelligent Electric Inc. Fourth Quarter 2022 Earnings. At this tim ...

Financial Condition and Funding - FF's audit reports for 2022 and 2021 raised substantial doubt about the Company's ability to continue as a going concern due to recurring losses and cash outflows [216]. - FF expects to require additional funding within the next 12 months to continue operations, which may lead to bankruptcy or asset liquidation if not secured [216]. - The company received total proceeds of $9.2 million from the Paycheck Protection Program, with $9.0 million forgiven as of December 31, 2021 [289]. - The company may incur additional expenses to recruit and retain qualified personnel, impacting its ability to execute business strategies effectively [293]. Legal and Regulatory Challenges - The Company is currently involved in multiple legal proceedings, including SEC investigations and class action lawsuits, which may result in significant expenses and management distraction [217][218]. - The company is currently in litigation related to alleged misrepresentations made by LeTV, which may impact its reputation and operations [362]. - The company has faced scrutiny from regulatory bodies, including the Hong Kong Stock Exchange, regarding compliance with listing rules [363]. - The company is at risk of delisting from Nasdaq due to non-compliance with the requirement to hold an Annual Meeting within 13 months, with a deadline to submit a compliance plan by February 20, 2023 [394]. Internal Controls and Governance - FF has identified material weaknesses in its internal control over financial reporting, which could lead to inaccurate financial statements and adversely affect its business and share price [235]. - The company lacks sufficient accounting professionals, leading to deficiencies in timely and accurate financial reporting and inadequate segregation of duties [236]. - The company is actively engaged in remediation efforts during 2023, including hiring a Compliance Officer and engaging external consultants for internal audit functions [245]. - The company has faced governance changes, including the removal of its founder from an executive role, to enhance oversight and corporate governance [243]. Market and Competitive Landscape - FF's business model heavily relies on the success of the FF 91 series, with uncertainty regarding the funding and timeline for the FF 81 series [223]. - The market for FF's vehicles is still nascent, with uncertainty regarding consumer adoption and demand for its innovative electric vehicles [224]. - FF faces significant challenges in vehicle sales and marketing, including high volatility in automobile demand and competition from established electric vehicle manufacturers [231]. - The automotive market is highly competitive, with increasing price competition potentially harming FF's business and market share [270]. Supply Chain and Production Risks - FF's supply chain is vulnerable, as it relies on single-source suppliers for many components, which could lead to production delays if issues arise [225][226]. - The Company has not approved secondary sources for key components, increasing the risk of supply disruptions [228]. - FF may need to provide financial support to distressed suppliers, which could increase costs and impact liquidity [230]. - The company has only fully qualified one supplier for battery cells, limiting flexibility and increasing risk of production disruption if supply issues arise [337]. Technology and Intellectual Property - FF's reliance on third-party suppliers for technology development, including lithium-ion battery technology, poses risks to its production capabilities and competitive position [234]. - FF's intellectual property assets, including patents and trade secrets, are crucial for its business growth and brand recognition, but the company faces significant risks in protecting these assets [309]. - FF has delayed patent filings due to financial constraints, which may disadvantage the company against competitors with more active patent portfolios [313]. Operational and Economic Risks - The company faces significant risks related to natural disasters, climate change, and pandemics, which could disrupt operations and lead to financial losses [283]. - Difficult macroeconomic conditions, including decreases in consumer confidence and disposable income, could adversely affect demand for the company's electric vehicles [282]. - The COVID-19 pandemic has led to significant volatility in the global economy, affecting vehicle sales and supply chains [285]. - The company may experience increased costs of raw materials and supply chain disruptions due to the pandemic [290]. Strategic Partnerships and Market Entry - FF's go-to-market strategy includes establishing both online and offline sales channels, requiring substantial investment and resources [274]. - The company expects to distribute vehicles through direct stores and partner-owned stores, which may slow expansion compared to traditional dealership systems [275]. - FF plans to offer direct-to-consumer leasing or financing arrangements, exposing the company to credit and compliance risks that could adversely affect its financial condition [353]. Influence of Key Individuals - Mr. Yueting Jia has significant influence over the company's management and operations, holding 15.4% of the voting power of the fully diluted Common Stock, making FF Global the largest holder [368]. - The company is subject to ongoing restrictions due to Mr. Jia's personal bankruptcy restructuring, which may adversely impact its strategy in China [365]. - The ongoing association with Mr. Jia poses risks, but his absence could also adversely affect the company's business and prospects in China [363]. International Operations and Risks - The company faces operational risks in China, including potential adverse effects from changes in government policies [397]. - FF's future operations may increasingly be based in China, heightening sensitivity to economic, operational, and legal risks specific to the region [398]. - Uncertainties in China's legal system and regulatory environment could materially adversely affect FF's business operations and financial condition [401]. - The PRC government's significant role in regulating industry development and economic growth could lead to decreased demand for FF's products [399].

As filed with the Securities and Exchange Commission on February 13, 2023 Registration No. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 FARADAY FUTURE INTELLIGENT ELECTRIC INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 84-4720320 (I.R.S. Employer Identification No.) 18455 S. Figueroa Street Gardena, CA 90248 (424) 276-7616 (Address, ...

(State or Other Jurisdiction of Incorporation or Organization) Delaware 84-4720320 As filed with the Securities and Exchange Commission on February 6, 2023 Registration No. 333-268972 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1/A (Amendment No. 1) REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 FARADAY FUTURE INTELLIGENT ELECTRIC INC. (Exact Name of Registrant as Specified in Its Charter) (I.R.S. Employer Identification No.) 18455 S. Figueroa Street Gardena, CA 9 ...

Part I Financial Information [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The company reports significant net losses and negative cash flows, raising substantial doubt about its going concern status Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $120,585 | $505,091 | | Total current assets | $175,111 | $607,257 | | Total assets | $588,242 | $907,432 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $257,719 | $293,806 | | Total liabilities | $286,840 | $339,778 | | Accumulated deficit | $(3,219,308) | $(2,907,644) | | Total stockholders' equity | $268,502 | $567,654 | Statement of Operations Summary (in thousands) | Line Item | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Research and development | $98,015 | $8,673 | $212,950 | $15,394 | | Sales and marketing | $6,198 | $2,585 | $12,384 | $4,267 | | General and administrative | $33,253 | $16,430 | $61,133 | $27,423 | | **Loss from operations** | **$(137,466)** | **$(27,688)** | **$(286,467)** | **$(47,084)** | | **Net loss** | **$(141,694)** | **$(52,775)** | **$(294,792)** | **$(128,300)** | | **Net loss per share** | **$(0.44)** | **$(0.32)** | **$(0.91)** | **$(0.79)** | Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(235,104) | $(52,311) | | Net cash used in investing activities | $(90,234) | $(1,386) | | Net cash (used in) provided by financing activities | $(85,840) | $111,525 | | **Net (decrease) increase in cash and restricted cash** | **$(408,943)** | **$56,421** | - **Going Concern:** The company has concluded there is substantial doubt about its ability to continue as a going concern for one year, citing recurring losses and the need to raise additional funds by early September 2022 to continue operations[47](index=47&type=chunk)[48](index=48&type=chunk) - **Special Committee and SEC Investigations:** A Special Committee investigation found inaccurate disclosures regarding vehicle reservations and the role of founder YT Jia, prompting a formal investigation by the SEC and a request for information from the U.S. Department of Justice[112](index=112&type=chunk)[113](index=113&type=chunk)[123](index=123&type=chunk) - **Legal Proceedings:** The company is facing a putative class action lawsuit and derivative lawsuits alleging violations of the Securities Exchange Act of 1934 and has accrued **$14.8 million** for potential losses[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) - **Subsequent Events - New Financing:** On August 14, 2022, the company entered into a Securities Purchase Agreement for **$52 million in committed senior secured convertible notes**, with the potential for an additional $248 million[152](index=152&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses rising operating losses, urgent capital needs, and going concern doubts for the pre-revenue company - The company is a development stage company that has not generated any revenue and expects to begin deliveries of its first vehicle, the FF 91, in Q3 or Q4 2022[206](index=206&type=chunk)[209](index=209&type=chunk) - As of June 30, 2022, the company had **399 fully refundable, non-binding preorders** for the FF 91[186](index=186&type=chunk) - The company projects it will require additional funds by early September 2022 to continue operations, raising **substantial doubt about its ability to continue as a going concern**[201](index=201&type=chunk)[244](index=244&type=chunk) - A Special Committee Investigation found inaccurate disclosures regarding vehicle reservations and the role of founder YT Jia, leading to remedial actions and subsequent investigations by the SEC and DOJ[191](index=191&type=chunk)[192](index=192&type=chunk)[199](index=199&type=chunk) Comparison of Operating Expenses (in thousands) | Expense Category | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Research and development | $98,015 | $8,673 | $212,950 | $15,394 | | Sales and marketing | $6,198 | $2,585 | $12,384 | $4,267 | | General and administrative | $33,253 | $16,430 | $61,133 | $27,423 | | **Total operating expenses** | **$137,466** | **$27,688** | **$286,467** | **$47,084** | - The increase in R&D expense was primarily due to a **$57.4 million increase** in engineering, design, and testing (ED&T) services as the company progressed development of the FF 91[222](index=222&type=chunk) - The increase in General and Administrative expense was primarily due to a **$12.3 million increase** in professional services related to the Special Committee Investigation, financing efforts, and governance matters[223](index=223&type=chunk)[224](index=224&type=chunk) - As of June 30, 2022, the company's principal source of liquidity was **cash totaling $120.6 million**[239](index=239&type=chunk) - The company projects it will require additional funds by early September 2022 to continue operations and is seeking to raise additional capital to support the FF 91 production ramp-up[240](index=240&type=chunk) - The company has concluded that there is **substantial doubt about its ability to continue as a going concern** for a period of one year[244](index=244&type=chunk) Contractual Obligations as of June 30, 2022 (in thousands) | Obligation Type | Total | 2022 (6 months) | 2023 - 2024 | 2025 - 2026 | Thereafter | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating lease obligations | $33,946 | $2,672 | $9,910 | $9,560 | $11,804 | | Finance lease obligations | $10,694 | $1,287 | $3,923 | $3,620 | $1,864 | | Notes payable | $79,214 | $45,297 | $33,917 | $0 | $0 | | Related party notes payable | $12,962 | $12,962 | $0 | $0 | $0 | | Palantir license | $41,667 | $2,667 | $19,500 | $19,500 | $0 | | **Total** | **$191,647** | **$78,049** | **$67,250** | **$32,680** | **$13,668** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exempt from market risk disclosures as a "smaller reporting company" - Pursuant to Item 305(e) of Regulation S-K, FF is not required to provide the information required by this Item as it is a **"smaller reporting company"**[274](index=274&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to multiple material weaknesses in internal financial reporting controls - The CEO and CFO concluded that the company's disclosure controls and procedures were **not effective** as of June 30, 2022, due to material weaknesses in internal control over financial reporting[276](index=276&type=chunk) - Material weaknesses identified include: an **ineffective control environment** lacking sufficient accounting professionals and proper segregation of duties; ineffective controls for identifying and accounting for complex transactions; and lack of formal accounting policies and procedures[276](index=276&type=chunk)[279](index=279&type=chunk)[280](index=280&type=chunk) - Additional material weaknesses were identified from the Special Committee Investigation, including a failure to maintain a commitment to integrity and ethical values and **ineffective controls over related-party transactions**[283](index=283&type=chunk)[285](index=285&type=chunk) - A remediation plan is in progress, which includes hiring more finance personnel, implementing new policies, appointing an interim CFO, and enhancing controls around related-party transactions[287](index=287&type=chunk)[288](index=288&type=chunk) Part II Other Information [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company faces a class action and derivative lawsuits related to allegations from the Special Committee investigation - The company is a defendant in a putative class action lawsuit and consolidated derivative lawsuits alleging violations of the **Securities Exchange Act of 1934** and other claims[108](index=108&type=chunk)[109](index=109&type=chunk) - For a detailed description of legal matters, the report refers to **Note 11** of the Condensed Consolidated Financial Statements[293](index=293&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) Key risks include going concern doubts, FF 91 launch delays, reliance on non-binding pre-orders, and internal control weaknesses - **Going Concern and Capital Needs:** The company has recurring losses and needs to raise additional capital in the near term to launch the FF 91 and continue operations, projecting a need for more funds by early September 2022[303](index=303&type=chunk)[307](index=307&type=chunk)[316](index=316&type=chunk) - **Operational Risks:** The FF 91 launch may be delayed beyond Q3/Q4 2022 due to capital shortages or supply chain issues, and as of June 30, 2022, the company only had **399 non-binding, fully refundable pre-orders**[311](index=311&type=chunk)[312](index=312&type=chunk)[314](index=314&type=chunk) - **Governance and Key Person Risk:** Founder YT Jia's public image and past legal issues in China could adversely impact the company, and his influence through FF Global may not align with company interests[325](index=325&type=chunk)[334](index=334&type=chunk)[340](index=340&type=chunk) - **Internal Controls:** The company has identified **multiple material weaknesses** in its internal control over financial reporting, which could prevent it from accurately reporting its financial condition[342](index=342&type=chunk)[344](index=344&type=chunk) - **Dilution Risk:** The conversion of outstanding and newly issued convertible notes will cause **substantial dilution** to existing stockholders' ownership interests[364](index=364&type=chunk)[365](index=365&type=chunk)[368](index=368&type=chunk) - **China Regulatory Risk:** The company faces challenges from the evolving and uncertain regulatory environment in China regarding cybersecurity, data security, and personal information protection[368](index=368&type=chunk)[370](index=370&type=chunk)[378](index=378&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[380](index=380&type=chunk) [Item 3. Defaults Upon Senior Securities](index=65&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[381](index=381&type=chunk) [Item 4. Mine Safety Disclosures](index=65&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[381](index=381&type=chunk) [Item 5. Other Information](index=65&type=section&id=Item%205.%20Other%20Information) The company reported no other information for the period - None[381](index=381&type=chunk) [Item 6. Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including required CEO and CFO certifications under the Sarbanes-Oxley Act - Exhibits filed include CEO and CFO certifications pursuant to **Sections 302 and 906 of the Sarbanes-Oxley Act**[383](index=383&type=chunk)

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) Q1 2022 Earnings Conference Call May 23, 2022 5:00 PM ET Company Participants Mark Connelly - VP, IR Carsten Breitfeld - Global CEO Becky Roof - Interim CFO Conference Call Participants Dan Ives - Wedbush Trevor Young - Credit Suisse Emmanuel Rosner - Deutsche Bank Michael Ward - The Benchmark Company Operator Good afternoon and welcome to Faraday Future’s First Quarter 2022 Earnings Conference Call. Today's call is being recorded, and we have allocated ...

Product Launch and Development - FF plans to commercially launch the FF 91 in Q3 2022, aiming to be the first ultra-luxury EV with a highly personalized, fully connected user experience [139]. - The FF 81 is scheduled for production start in 2024, targeting the premium mass-market segment to compete with Tesla Model S and BMW 5-series [149]. - FF expects to launch the FF 71 in 2025, designed to compete with Tesla Model 3 and BMW 3-series, integrating full connectivity and advanced technology [140]. - As of March 31, 2022, the company announced 401 preorders for the FF 91 vehicles, with deposits of $5,000 in the U.S. and CNY 50,000 in China for the Alliance Edition, and $1,500 in the U.S. and CNY 20,000 in China for the standard model [152]. - The company plans to launch the FF 91 for customer delivery starting in the third quarter of 2022, with testing and validation expected to be completed in the same quarter [180]. Financial Performance - The company reported total operating expenses of $149,001,000 for the three months ended March 31, 2022, a significant increase from $19,396,000 in the same period in 2021 [173]. - Research and development expenses surged to $114,935,000 in Q1 2022, compared to $6,721,000 in Q1 2021, reflecting the company's focus on vehicle development [173]. - The net loss for the three months ended March 31, 2022, was $153,098,000, compared to a net loss of $75,525,000 in the same period in 2021 [173]. - The company has not yet generated any revenue from vehicle sales, with the FF 91 launch anticipated in Q3 2022 [164]. - The company reported an accumulated deficit of $3,077,614 as of March 31, 2022, reflecting ongoing operational losses since inception [182]. - Net cash used in operating activities was $122,364 for the three months ended March 31, 2022, compared to $20,319 for the same period in 2021, indicating a significant increase in cash outflows [197]. - Net cash used in investing activities was $44,398 for Q1 2022, a substantial increase from $711 in Q1 2021, primarily related to the acquisition of fixed assets [198]. - Net cash used in financing activities was $85,676 for Q1 2022, compared to a cash inflow of $72,997 in Q1 2021, primarily due to $87,065 in repayment of notes payable [199]. Operational Challenges - The COVID-19 pandemic has impacted FF's operations, with potential delays in production and supply chain disruptions [144]. - There is substantial doubt about the company's ability to continue as a going concern for the next year due to recurring losses and cash outflows [181]. - The company expects to incur substantial additional capital requirements to fund operations and product development until it can generate sufficient revenue [163]. Corporate Governance and Compliance - The company is undergoing a Special Committee investigation related to allegations of inaccurate disclosures, which has led to significant changes in corporate governance and oversight [154]. - The company has engaged AlixPartners to enhance financial controls and address material weaknesses identified in its internal control over financial reporting [151]. - The company plans to enhance its compliance policies and procedures, including hiring a Chief Compliance Officer and implementing a comprehensive training program for directors and officers [158]. Manufacturing and Patents - FF has been granted over 667 patents globally as of March 31, 2022, supporting its innovation in technology and products [139]. - FF's manufacturing strategy includes a refurbished facility in Hanford, California, and a collaboration with Myoung Shin Co., Ltd. for additional capacity [141]. - A contract manufacturing agreement was signed with Myoung Shin Co., Ltd. for the production of the FF 81, scheduled to start in 2024, with an initial term of nine years [160]. Cash Flow and Obligations - Total contractual obligations as of March 31, 2022, amounted to $193,104, with significant payments due in the next two years [202]. - Operating lease obligations total $33,031, with $3,833 due in 2022 and $8,557 due in 2023-2024 [202]. - Finance lease obligations total $11,346, with $1,940 due in 2022 and $3,923 due in 2023-2024 [202]. - Related party notes payable total $13,636, with all payments due in 2022 [202]. - The effect of exchange rate changes on cash and restricted cash was an unfavorable $653 for Q1 2022, compared to $548 for Q1 2021 [200]. Expenses Breakdown - Research and development expenses increased to $114,935, a rise of 1,610.1% compared to $6,721 in the same period last year, primarily due to increased engineering, design, and testing services [174]. - Sales and marketing expenses rose to $6,186, reflecting a 267.8% increase from $1,682, driven by higher personnel costs and marketing efforts [175]. - General and administrative expenses surged to $27,880, up 153.6% from $10,993, mainly due to increased professional services related to a Special Committee Investigation [175]. - The change in fair value measurements improved to $1,186, a positive shift of 104.4% from a loss of $26,917 in the prior year [176]. - Interest expense decreased to $(3,746), a reduction of 80.5% from $(19,174), attributed to the settlement of notes payable [176].