Faraday Future(FFIE) - 2023 Q4 - Annual Results

Company Overview Faraday Future details its core technological systems for the FF 91 vehicle and its user-centric co-creation business model Technical Systems Faraday Future outlines its core technological systems for the FF 91 vehicle, including the 'FF aiDriving' system, 'Magic All-In-One' AI body control, and 'Hyper Multi-Vectoring' for advanced propulsion - The FF aiDriving system features high-resolution, ultra-long-range Lidar and a powerful NVIDIA System-on-a-Chip (SoC) compute platform, enabling advanced driver-assistance features and future OTA updates[8] - The 'Magic All-In-One' is an all-terrain AI body control system designed to combine the characteristics of a sedan, SUV, and hypercar, emphasizing performance and comfort[10] - The vehicle incorporates a 'Hyper Multi-Vectoring' system, an AI-empowered multi-axis torque system for propulsion, steering, and braking, enabling features such as 'Steering by Propulsion'[11] Co-Creation Model The company emphasizes its user-centric enterprise model, centered around 'Co-Creation Officers' who engage with FF's technologies to provide feedback and assist in brand dissemination - FF's user-centric business model involves 'Co-Creation Officers' who provide feedback, enhance brand visibility, and share in the company's value creation through vehicle purchases or leases[13] Business Update Faraday Future outlines key 2023 operational milestones, including FF 91 production, launch, initial deliveries, and strategic expansion into the Middle East market Production and Launch Milestones This section highlights Faraday Future's key operational milestones in 2023, including the start of production, the first vehicle off the line, and the official launch with pricing and reservations - Start of Production (SOP) for the FF 91 Futurist Alliance was announced on March 29, 2023, at the California factory[15] - The first production FF 91 vehicle rolled off the assembly line on April 14, 2023[16] - The FF 91 2.0 Futurist Alliance was launched in May 2023, priced at $309,000, with reservations opened in the U.S. and China[19] Deliveries and Strategic Expansion The company initiated deliveries of the FF 91 2.0 Futurist Alliance to 'Co-Creation Officers' and announced its strategic entry into the Middle East market in November 2023 - Deliveries of the FF 91 2.0 Futurist Alliance commenced to various 'Co-Creation Officers,' including celebrities and entrepreneurs[20] - FF announced its entry into the Middle East in November 2023, securing strategic cooperation agreements with Master Investment Group and Siraj Holding LLC[21] The FF 91 2.0 Futurist The FF 91 Futurist is positioned as a 'TechLuxury' vehicle, emphasizing extreme technology and an ultimate intelligent user experience built on immersive, intuitive, and connected pillars Product Positioning and User Experience The FF 91 Futurist is positioned as a competitive 'TechLuxury' vehicle, emphasizing extreme technology and an ultimate intelligent user experience built on immersive, intuitive, and connected pillars - The FF 91 Futurist is marketed as a 'TechLuxury' vehicle offering extreme technology, ultimate intelligent user experience, and a complete ecosystem[23] - The user experience is designed to be immersive, intuitive, and connected, featuring NASA-inspired zero-gravity rear seats, facial recognition, and seamless 5G connectivity[29] Financials This section presents Faraday Future's 2023 financial performance, including first-time revenues, reduced operating and net losses, and key balance sheet and cash flow metrics Consolidated Statements of Operations For the fiscal year ended December 31, 2023, Faraday Future reported its first-ever revenues, significantly reduced its loss from operations, and narrowed its net loss FY 2023 vs. FY 2022 Statement of Operations | Metric | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Revenues | $784 | $0 | | Loss from operations | $(286,054) | $(437,144) | | Net loss | $(431,744) | $(602,239) | | Net loss per share (Basic) | $(44.81) | $(393.56) | Consolidated Balance Sheets As of December 31, 2023, the company's total assets remained nearly flat, while cash and cash equivalents decreased significantly, and total liabilities were reduced Year-End Balance Sheet | Metric | Dec 31, 2023 (in thousands) | Dec 31, 2022 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $5,188 | $16,568 | | Total Assets | $530,579 | $529,200 | | Total Liabilities | $202,303 | $268,248 | Consolidated Statements of Cash Flows For the year ended December 31, 2023, the company reported net cash used in operating activities and a decline in its overall cash position - Net cash used in operating activities for the year ended December 31, 2023, was $278.2 million[41] - The company concluded 2023 with total cash and restricted cash of $5.2 million, a decrease from $16.6 million at the end of 2022[45] Imagery This section provides a visual showcase of the FF 91 Futurist through a collection of high-quality photographs highlighting its design and features Vehicle Photographs This concluding section of the presentation is a visual showcase, featuring a collection of high-quality photographs of the FF 91 Futurist, displaying its exterior and interior - This section presents a series of professional photographs showcasing the FF 91 Futurist vehicle[48][49][50]