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Faraday Future Reports Financial Results for Fiscal Fourth Quarter and Full Year 2022
Announced the start of production (“SOP”) for the FF 91 Futurist at the “FF ieFactory California” on track for the end of March 2023, subject to the timely
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":"Announced the start of production (“SOP”) for the FF 91 Futurist at the “FF ieFactory California” on track for the end of March 2023, subject to the timely receipt of the previously announced and committed $135.0 million.The new financing commitments also provide for delivery by the end of April 2023 contingent on timely receipt of funds and suppliers meeting supply chain requirements.$111.6 million of funds have been received towards SOP funding target since December 2022, with an incremental $38.4 to $58.4 million to be received.Formed non-binding strategic partnership with the City of Huanggang in Hubei Province, China to relocate FF’s Future China headquarters.Announced Product and Technology Generation 2.0 Program featuring 26 major new system and component upgrades.Company to host final launch event of the FF 91 Futurist on April 26, 2023. LOS ANGELES, March 08, 2023 (GLOBE NEWSWIRE) -- Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”, “Faraday Future”, or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced financial results for its fourth quarter and full year ended December 31, 2022. RESULTS FOR FOURTH QUARTER 2022 AND FULL YEAR 2022 Operating expenses for the year ended December 31, 2022, were $451.0 million compared to $354.1 million for the year ended December 31, 2021. Operating expenses for the three-month period ended December 31, 2022, were $83.9 million compared to $121.4 million for the three months ended December 31, 2021. The change in operating expenses for the year was primarily due to the increase in engineering, design, and testing (“ED&T”) costs. The improvement in operating expenses for fourth quarter 2022 in comparison to fourth quarter 2021 is primarily due to timing as significant ED&T costs were incurred in the first 9 months of the year. Net loss was $552.1 million for the year ended December 31, 2022, compared to net loss of $516.5 million in the prior-year period. The increase is primarily due to the increase in ED&T costs and the increase of changes in fair value measurement of certain notes payable and warrant liabilities measured at fair value in 2022, partially offset by an increase in loss on extinguishment of related party notes payable, notes payable, and vendor payables in trust, net, primarily recorded as part of the c...