Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number: 001-39395 Faraday Future Intelligent Electric Inc. (Exact name of registrant as specified i ...

Faraday Future Intelligent Electric, Inc. (NASDAQ:FFIE) Q1 2023 Earnings Conference Call May 11, 2023 9:30 AM ET Company Participants Charles Hsieh - Investor Relations XF Chen - Global Chief Executive Officer & Director Matthias Aydt - Global Senior Vice President, Product Execution Prashant Gulati - Head, Strategy Yun Han - Chief Accounting Officer and Interim Chief Financial Officer Conference Call Participants Stephen Gengaro - Stifel, Nicolaus & Company Edison Yu - Deutsche Bank Operator Greetings. Wel ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number: 001-39395 Faraday Future Intelligent Electric Inc. (Exact name of registrant as specified ...

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].

Product Launch and Development - FF plans to commercially launch the FF 91 in Q3 2022, followed by the FF 81 in 2024 and the FF 71 in 2025, targeting the premium and mass-market segments [244]. - The FF 91 is positioned as the first fully connected car, offering a unique and personalized experience for each passenger [244]. - FF's B2C passenger vehicle launch pipeline includes the FF 91, FF 81, and FF 71 series, with a focus on integrating advanced technology and connectivity [244]. - The company aims to develop a Smart Last Mile Delivery (SLMD) vehicle, targeting high-growth delivery opportunities in Europe, China, and the U.S., with a launch planned for 2024 [244]. - FF's hybrid manufacturing strategy includes a refurbished facility in Hanford, California, and collaboration with Myoung Shin Co., Ltd. for additional capacity [243]. - FF's proprietary Variable Platform Architecture (VPA) and advanced propulsion system provide a competitive edge in acceleration and range [244]. - Announced contract with Myoung Shin Co., Ltd. to manufacture the FF 81, with production scheduled to start in 2024 [254]. - FF's Hanford manufacturing facility is approximately 1.1 million square feet, expected to support production of 10,000 vehicles per year, with production anticipated to commence in Q3 2022 [252]. - Unveiled the first production-intent FF 91 ultra-luxury EV, marking a significant manufacturing milestone [255]. - Announced Phase I updates to the FF 91 Product and Technology Gen 2.0 Project, including upgrades in major subsystems [253]. - Engaged Munro & Associates as co-creation consultant to assist with the production-readiness process of the FF 91 [253]. Financial Performance and Expenses - FF has not generated any revenue to date and anticipates that the launch of the FF 91 will be its first revenue-generating event [270]. - Research and development expenses for the three months ended September 30, 2021, were $79,757, a significant increase of 2,165.8% compared to $3,520 in the same period in 2020 [283]. - Sales and marketing expenses increased to $6,832 for the three months ended September 30, 2021, reflecting a 2,991.4% rise from $221 in the prior year [284]. - General and administrative expenses rose to $36,725, a 166.0% increase from $13,806 in the same period in 2020 [287]. - The company incurred a loss on the disposal of property and equipment amounting to $62,342 during the three months ended September 30, 2021 [288]. - Total operating expenses for the three months ended September 30, 2021, were $185,656, compared to $17,547 in the same period in 2020 [282]. - The net loss for the three months ended September 30, 2021, was $303,906, compared to a net loss of $33,339 in the same period in 2020 [282]. - Research and development expenses for the nine months ended September 30, 2021 increased to $94,506 from $14,704 in 2020, a change of $79,802 or 542.7% [299]. - Sales and marketing expenses for the nine months ended September 30, 2021 increased to $11,099 from $1,691 in 2020, a change of $9,408 or 556.4% [300]. - General and administrative expenses for the nine months ended September 30, 2021 increased to $64,148 from $32,538 in 2020, a change of $31,610 or 97.1% [302]. - Loss on disposal of property and equipment for the nine months ended September 30, 2021 was $62,987, with no comparable activity in 2020 [303]. Capital and Funding - FF will require substantial additional capital to fund operations and product development until it can generate sufficient revenue [269]. - The company is exploring various funding alternatives, including equipment leasing and equity offerings, to support ongoing operations [316]. - Financing activities during the nine months ended September 30, 2021, included proceeds from PIPE Financing of $761,400 and proceeds from the Business Combination of $229,583 [318]. - The company has been significantly funded by related party notes payable, with a total unpaid balance of $328,162 as of September 30, 2021 [323]. - The company had cash and cash equivalents totaling $666,061, held for working capital and general corporate purposes [313]. - Net cash provided by financing activities was $966,995 for the nine months ended September 30, 2021, significantly higher than $28,327 for the same period in 2020 [334]. - The company issued new notes payable to third parties with an aggregate principal balance of $172,031 during the nine months ended September 30, 2021 [338]. - The company converted related party notes payable with an aggregate principal balance of $90,869 into a commitment to issue 10,888,580 shares of Class A Common Stock [338]. Impact of COVID-19 - The COVID-19 pandemic has created significant volatility in the global economy, impacting FF's operations and supply chain [248]. - The company continues to evaluate the ongoing impact of COVID-19 on its operational and financial performance, including potential delays in production [250]. Corporate Structure and Governance - Completed merger with Property Solutions Acquisition Corp. and began trading on NASDAQ under ticker "FFIE" on July 22, 2021 [252]. - Announced plans to increase employee headcount significantly over the next 12 months following the Business Combination [252]. - Appointed Walter J. McBride as CFO to succeed Zvi Glasman, who stepped down on November 2, 2021 [254]. Cash Flow and Financial Position - Net cash used in operating activities was $237,878 for the nine months ended September 30, 2021, compared to $27,531 for the same period in 2020 [330]. - Cash used by investing activities was $(37,264) for the nine months ended September 30, 2021, primarily for the acquisition of fixed assets [333]. - The largest component of cash used in operating activities was $69,466 for wages and compensation related expenses for the nine months ended September 30, 2021 [332]. - Total notes payable as of September 30, 2021, amounted to $203,123 [324]. - The company had scheduled principal maturities of notes payable totaling $173,451 as of September 30, 2021 [325]. - Total contractual obligations amount to $259,797,000, with $30,202,000 due in 2021 and $193,104,000 due in 2022-2023 [341]. Stock and Equity - The fair value of Legacy FF's Class A Ordinary Stock increased from $0.391 per share in January 2021 to $1.572 per share by June 2021 [355]. - The company anticipates no cash dividends in the foreseeable future, using an expected dividend yield of zero [349]. - The increase in the fair value of Class A Ordinary Stock was attributed to progress towards the Business Combination and increased likelihood of a liquidity event [357]. - The fair value of related party notes payable and notes payable was primarily determined using a yield method, with significant assumptions regarding the probability of a liquidity event prior to maturity [362]. Risk Management - FF is exposed to foreign currency exchange risk through its Chinese subsidiaries, which use the Chinese Renminbi as their functional currency [369]. - FF has not hedged its foreign currency risk but may consider doing so in the future [369]. - The company closely monitors credit risk related to vendor deposits and has written off any deposits deemed unrecoverable [370].

Financial Performance - The company reported a net loss of $5,726,988 for the three months ended June 30, 2021, primarily due to operating costs of $442,736 and changes in fair value of warrant liability of $5,012,065 [124]. - For the six months ended June 30, 2021, the company had a net loss of $7,544,047, with operating costs of $1,327,335 and changes in fair value of warrant liability totaling $5,975,238 [124]. - Net loss per common share is calculated using the two-class method, with specific calculations for redeemable and non-redeemable common stock [140]. Cash and Securities - As of June 30, 2021, the company had cash and marketable securities held in the trust account amounting to $229,788,742, intended for completing the business combination [128]. - The company raised gross proceeds of $229,775,680 from its initial public offering, with an additional $5,945,510 from the sale of private units [125]. - The company entered into Subscription Agreements for the sale of 76,140,000 shares at $10.00 per share, generating $761.4 million in gross cash proceeds [120]. - As of June 30, 2021, the company had a balance of $200,000 outstanding under a convertible promissory note with the sponsor [116]. Transaction Costs and Debt - The company incurred $5,117,030 in transaction costs related to the initial public offering, including $4,595,510 in underwriting fees [126]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2021 [133][134]. Business Strategy - The company intends to use funds held outside the trust account primarily for identifying and evaluating target businesses [129]. - EarlyBirdCapital has been engaged as an advisor for a Business Combination, with a cash fee of 3.5% of the gross proceeds from the Initial Public Offering [135]. Accounting and Risk Management - The company accounts for Private Warrants as liabilities, adjusting their fair value at each reporting period, estimated using a Monte Carlo simulation approach [138]. - Common stock subject to possible redemption is classified as temporary equity, reflecting certain redemption rights outside of the company's control [139]. - As of June 30, 2021, the company was not subject to market or interest rate risk, with net proceeds from the Initial Public Offering invested in short-term U.S. government securities [142].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39395 PROPERTY SOLUTIONS ACQUISITION CORP. | --- | --- | --- | |-----------------------------------------|------------------------ ...