Faraday Future(FFIE) - 2024 Q3 - Quarterly Results

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$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]