● 重要成本控制措施推动支出较去年同期大幅降低
● 对财务进行精细管理的同时致力于持续生产交付
● 通过自主制造FF 91车身使生产制造成本大幅缩减
● 融资约 1,550 万美元
● 持续跟进战略投资
北京时间2024年8月15日（美国加州8月14日）——总部位于美国加州的全球共享智能电动出行生态公司Faraday Future Intelligent Electric Inc.（纳斯达克代码：FFIE）（以下简称"Faraday Future ""FF"或 "公司"）今天发布了2024年第二季度的财务业绩，并于北京时间2024年8月15日星期四上午8时（太平洋时间下午5时）举行业绩电话会议。
2024年第二季度业绩报告
公司在控制成本和降低运营费用方面继续取得显著成效：
● 第二季度的运营支出为2990万美元，相较去年同期的4940万美元有了大幅降低。
● 第二季度的运营亏损从去年同期的5600万美元减少到5060万美元。
● 在截至2024年6月30日的六个月中，运营活动所用现金从去年同期的1.607亿美元大幅减少至2910万美元。
● 截至2024年6月30日，公司账面资产总额为4.579亿美元、负债总额为3.092亿美元、净资产为1.487亿美元。
这些结果反映了公司在成本控制方面的显著成效。FF预计年内公司成本将继续同比降低。根据当前的业务需求和资金状况，公司对运营和员工规模进行了合理调整。接下来，公司将持续推动生产和车辆交付。
2024年第二季度，通过可转债票据融资，公司筹集了约1550万美元资金。
业务亮点
2024年初始标志着公司进入了转型期。公司新的“中美汽车产业桥梁战略”使 FF 能够把尖端的人工智能和软件技术用于多个细分市场，从而有望在维持 FF 超豪华产品的同时，加速进入大众市场。公司将继续专注于执行其全球战略，让智能电动出行的独特愿景触达更广泛的受众。此外，FF 近日还举办了首届“股民社区日”活动，重点介绍了公司的技术、领导团队，及其在创新和可持续增长方面的进展。
“FF 中美汽车产业桥梁战略”标志着公司将回归双品牌。作为其“中美双主场战略”的一部分，FF 希望利用其独特的桥梁价值，整合美国汽车产业与中国主机厂、零部件供应商及其各自供应链的优势，重点关注2-8万美元的价格段。
FF 计划利用其独有的人工智能和车载软件技术，通过与中国汽车产业的机械平台和供应链采购合作，改进采购的零部件，在AI EV大众市场创造引人注目的价值主张。公司位于加州汉福德的 FF ieFactory 具备全面的生产能力，这给公司未来与其他品牌主机厂的合作奠定了坚实的基础。工厂可以通过调整某些生产线，进而生产更多其它产品。
通过自主制造FF 91车身FF大幅节省了成本。公司的供应链于6月份重启了交付第二阶段（SOD2），生产和质量控制系统也不断成熟。
2024年第二季度伊始，FF 在迪拜成立了中东销售实体，标志着公司扩张计划的一个重要里程碑。FF 会考虑实施包括中美市场在内的“第三极”战略。这两个市场以对尖端、超豪华产品的强烈需求而著称。
2024年第二季度末，公司成功改进了之前签署的与可转换票据融资相关的股份购买协议条款。协议调整后，大部分现金偿还义务已被修改为股票发行义务，现金利息支出将大幅减少。这将进一步帮助减少现金压力，或有利于后续的融资工作。
提交截至2024年6月30日的10-Q表后，公司满足了按时向SEC提交定期报告的规定，在重获纳斯达克合规上踏出了坚定的一步。为了保持纳斯达克上市地位，剩下的唯一合规要求是在2024年8月31日或之前满足纳斯达克要求的最低股价要求。
未来展望
公司会继续推动战略融资。一旦战略资金到位，就能提高产量，支持更多FF 91的交付。此外，增量资金还可支持中美汽车桥梁战略的发展，以及推动 FF 进入中东市场。FF 也将继续努力优化运营，支持可持续发展，这包括持续评估当前的成本削减和支出效率，如日常运营和 FF 91材料成本。
业绩电话会
Faraday Future 管理层于北京时间今天上午8时（太平洋时间下午5时）举行业绩电话会。有兴趣的投资者和各方人士均可登录公司网站的投资者关系页面https://investors.ff.com/ 收听会议详情。
Faraday Future Reports Financial Results for Second Quarter 2024
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· Major Cost Control Initiatives Drive Meaningful Improvement Year-Over-Year.
· Commitment to Continued Production and Deliveries While Maintaining Financial Discipline.
· FF is Building FF 91 Vehicle Bodies In-House at a Significant Cost Savings.
· Raised Approximately $15.5 million.
· Ongoing Pursuit of Strategic Investors.
LOS ANGELES, California, Aug. 14, 2024 -- Faraday 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).
RESULTS FOR SECOND QUARTER 2024
The Company continued its efforts to control costs and reduce operating expenses:
• Second quarter operating expenses improved significantly to $29.9 million compared to $49.4 million in the prior year quarter.
• Second quarter loss from operations improved to $50.6 million compared to a loss of $56.0 million in the prior year quarter.
• Cash 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.
• The 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.
These 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.
FF raised approximately $15.5 million of gross financing through convertible debt issuances in the second quarter 2024.
KEY COMPANY HIGHLIGHTS
The 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 remains focused on executing its global strategy and bringing its unique vision of intelligent electric mobility to a broader audience. In addition, FF recently held its first Investor Community Day to highlight the Company’s technology, its leadership team and the developments that underscore its commitment to innovation and sustainable growth.FF’s China-U.S. Automotive Bridge Strategy marks a return to a two-brand approach. As part of its dual-home-market strategy, FF expects to leverage its unique bridge value to integrate the strengths of the U.S. automotive industry with those of Chinese original equipment manufacturers (OEMs) and parts suppliers and their respective supply chains, focusing on the $20,000 to $80,000 price segment.FF plans to enhance procured components with its proprietary AI and vehicle software technology, the contribution of the mechanical platform and supply chain purchase collaboration from China’s automotive industry, creating a compelling value proposition for the AI EV mass market. The Company’s FF ieFactory in Hanford, California, could allow for full production capabilities, providing a solid foundation for future collaboration with other OEMs. By adjusting certain production lines, additional products could be integrated.
FF is building the FF 91 vehicle body in-house, leading to significant cost savings in this area. The Company’s supply chain successfully resumed SOD2 in June as its production and quality control systems continued to mature.At the start of the second quarter 2024, FF established a Middle East sales entity in Dubai, signifying an important milestone in the Company’s expansion plans. FF can look to implement a “third pole” geographic strategy that includes the U.S. and China markets that are known for their strong appetite for cutting-edge, high-end products. Subsequent to the end of the second quarter 2024, the Company successfully refined the terms of previously signed Share Purchase Agreements related to its convertible notes financings. Following the agreement adjustments, most of the cash repayment obligations have been modified to allow for share issuance obligations, and the cash interest expenses would be significantly reduced. This will further help reduce cash pressures and could be conducive to additional financing efforts.
Upon filing the Form 10-Q for the period ending June 30, 2024, the Company continues to be compliant with Nasdaq rules regarding timely Securities and Exchange Commission periodic reporting. The remaining compliance requirement for continued listing on Nasdaq is the minimum bid price on or before August 31, 2024.
OUTLOOK
The Company continues to seek strategic financing. If strategic investments are secured, this could enable production to ramp and support additional deliveries of the FF 91. Furthermore, incremental funding could support the development of the China-U.S. Automotive Bridge Strategy and progress FF’s entry into the Middle East. FF will also keep working to optimize operations to support sustainability. This includes ongoing evaluations of current cost reductions and spending efficiency, including daily operations and FF 91 materials costs.EARNINGS WEBCAST
Faraday Future management hosts a webcast today, August 14, 2024, at 8:00 pm Eastern time (5:00 pm Pacific time). Interested investors and other parties can listen to a webcast of the conference call by logging onto the Investor Relations section of the Company's website at https://investors.ff.com/. A replay of the webcast will be available on the Company’s website shortly thereafter.
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV company, but also a software-driven intelligent internet company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by a pursuit of intelligent and AI-driven mobility.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the Company’s financings, cash pressures and requirements, cost reductions, cash interest expense, strategy in the U.S., China and the Middle East, the China-U.S. Automotive Bridge Strategy, a second brand, integrating the Company’s AI and software into a second brand, and deliveries of the FF 91, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or outcomes include, among others: the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warrant claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on May 28, 2024, as amended on May 30, 2024, and June 24, 2024, as updated by the “Risk Factors” section of the Company’s first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024, and other documents filed by the Company from time to time with the SEC.
CONTACTS
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
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