Business
Faraday Future Reports Financial Results for Second Quarter 2024 and Announces Timing for Earnings Call
Major Cost Control Initiatives Drive Meaningful Improvement Year-Over-Year. Commitment to Continued Production and Deliveries While Maintaining Financial
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":"\n\nMajor Cost Control Initiatives Drive Meaningful Improvement Year-Over-Year.\n\n\n\nCommitment to Continued Production and Deliveries While Maintaining Financial Discipline.\n\n\n\nFF is Building FF 91 Vehicle Bodies In-House at a Significant Cost Savings.\n\n\n\nRaised Approximately $15.5 million.\n\n\n\nOngoing Pursuit of Strategic Investors.\n\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nFaraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF,” “Faraday Future,” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced its financial results for its second quarter 2024 and is scheduled to have an earnings call on these results after market close on Wednesday, August 14, 2024 at 5:00 p.m. Pacific Time (8:00 p.m. Eastern Time).\n\n\nRESULTS FOR SECOND QUARTER 2024\n\n\nThe Company continued its efforts to control costs and reduce operating expenses:\n\n\n\nSecond quarter operating expenses improved significantly to $29.9 million compared to $49.4 million in the prior year quarter.\n\n\n\nSecond quarter loss from operations improved to $50.6 million compared to a loss of $56.0 million in the prior year quarter.\n\n\n\nCash used in operating activities improved meaningfully to $29.1 million in the six months ended June 30, 2024, compared to $160.7 million in the prior year period.\n\n\n\nThe Company had $457.9 million of assets, $309.2 million liabilities and a book value of $148.7 million at quarter end June 30, 2024.\n\n\n\nThese results reflect significant cost reductions and cost discipline, and FF anticipates ongoing cost reductions compared to the year-over-year periods through the remainder of 2024. FF has rightsized its operational footprint and workforce based on the current operational requirements and funding situation. The next step is to continue vehicle production and deliveries.\n\n\nFF raised approximately $15.5 million of gross financing through convertible debt issuances in the second quarter 2024.\n\n\nKEY COMPANY HIGHLIGHTS\n\n\nThe start of 2024 marked a transformative period for the Company. The Company’s new China-U.S. Automotive Bridge Strategy positions FF to leverage cutting-edge AI and software technologies across multiple market segments, potentially accelerating FF’s mass-market entry while maintaining FF’s ultra-luxury offering. The Company remai...