FARADAY FUTURE INTELLIGENT ELECTRIC INC
For the period ended Dec 31, 2023. Filed May 28, 2024.
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FY2023 · Filed May 28, 2024
FFAI$0.25-9.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the years ended
(in thousands)
| 2023 | 2022 | |
|---|---|---|
| Cash flows from operating activities | ||
| Net loss | $(431,744) | $(602,239) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Depreciation and amortization expense | 42,473 | 2,975 |
| Amortization of operating lease right-of-use assets and intangible assets | 2,992 | 2,520 |
| Stock-based compensation | 9,167 | 17,664 |
| Recognition of lease impairment from sale leaseback arrangement | 5,173 | — |
| Loss on disposal of property and equipment | 4,453 | 2,695 |
| Change in fair value measurement of related party notes payable and warrant liability | (7,101) | — |
| Change in fair value measurement of notes payable and warrant liability | (90,518) | 70,500 |
| Loss (gain) on foreign exchange | (2,068) | 2,484 |
| Loss (gain) on forgiveness of accounts payable and deposits, net (see Note 4) | 408 | 5,200 |
| Non-cash interest expense | — | 8,403 |
| Loss on extinguishment of related party notes payable and notes payable | 237,064 | 73,204 |
| Other | 667 | 1,028 |
| Changes in operating assets and liabilities: | ||
| Inventory | (29,772) | (4,457) |
| Deposits | 14,337 | 10,874 |
| Other current and non-current assets | (2,884) | (5,243) |
| Accounts payable | 13,785 | 60,369 |
| Accrued expenses and other current and non-current liabilities | (42,481) | (14,947) |
| Operating lease liabilities | (2,717) | (1,620) |
| Accrued interest expense | 588 | (12,468) |
| Net cash used in operating activities | (278,178) | (383,058) |
| Cash flows from investing activities | ||
| Payments for property and equipment | (31,109) | (123,222) |
| Net cash used in investing activities | (31,109) | (123,222) |
| Cash flows from financing activities | ||
| Proceeds from a sale and lease back transaction | 24,897 | — |
| Proceeds from notes payable, net of original issuance discount | 210,450 | 73,800 |
| Proceeds from related party notes payable | 21,008 | — |
| Proceeds from exercise of stock options | 44 | 9,535 |
| Payments of notes payable issuance costs | (2,503) | (3,834) |
| Payments of notes payable, including liquidation premium | — | (87,279) |
| Payments of related party notes payable | — | (517) |
| Proceeds from exercise of warrants | 4,074 | 4,229 |
| Repurchase and retirement of Common Stock | — | (767) |
| Payments of finance lease obligations | (1,016) | (1,888) |
| Debt Conversion | — | — |
| Proceeds from issuance of Class A Common Stock | 34,492 | — |
| Net cash (used in) provided by financing activities | 291,446 | (6,721) |
| Effect of exchange rate changes on cash and restricted cash | 3,352 | 1,038 |
| Net (decrease) increase in cash and restricted cash | (14,489) | (511,963) |
| Cash and restricted cash, beginning of period | 18,514 | 530,477 |
| Cash and restricted cash, end of period | $4,025 | $18,514 |
The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that aggregate to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:
(in thousands)
| 2023 | 2022 | |
|---|---|---|
| Cash | $1,898 | $16,968 |
| Restricted cash | 2,127 | 1,546 |
| Total cash and restricted cash, end of period | $4,025 | $18,514 |
| Supplemental disclosure of cash flow information | ||
|---|---|---|
| Cash paid for interest | $465 | $13,577 |
| Supplemental disclosure of noncash investing and financing activities | ||
| Conversion of convertible note to equity | $123,460 | $164,069 |
| Additions of property and equipment included in accounts payable and accrued expenses | 48,037 | 12,268 |
| Issuance of SPA warrants, excluding Exchange Agreement (Note 7) | 34,269 | — |
| Issuance of Secured SPA Notes pursuant to the Exchange Agreement (Note 7) | 16,500 | — |
| Conversion of related party notes payable and related party accrued interest into Class A Common Stock | 12,662 | — |
| Reclassification of Feb. 28, 2023 stock-based awards liability to equity due to authorized share increase | 8,978 | — |
| Reclassification of warrants from equity to liability | 6,811 | — |
| Reclassification of Feb. 28, 2023 earnout shares liability to equity due to authorized share increase | 5,014 | — |
| Reclassification of stock-based awards from equity to liability on April 21, 2023 due to insufficient authorized shares | 2,979 | — |
| Reclassification of earnout shares from equity to liability on April 21, 2023 due to insufficient authorized shares | 2,112 | — |
| Reclassification of August 25, 2023 stock-based awards liability to equity due to authorized share increase | 2,043 | — |
| Reclassification of August 25, 2023 earnout shares liability to equity due to authorized share increase | 1,381 | — |
| Reduction in Warrants pursuant to the Exchange Agreement (Note 7) | 16,506 | — |
| Write off of a finance lease pursuant to a sale and lease back transaction | 6,917 | — |
| Issuance pursuant to commitment to issue registered shares | — | 32,900 |
| Recognition of operating ROU assets and lease liabilities as part of the adoption of ASC 842 and for new operating leases entered into during the year ended December 31, 2022 | — | 21,865 |
| Troubled debt restructuring accounted for as a capital transaction | — | 16,841 |
| Issuance of warrants | — | 9,938 |
| Liability for insufficient authorized shares related to stock options and restricted stock units | — | 3,976 |
| Liability for insufficient authorized shares related to earnout | — | 2,250 |
| Settlement of finance leases with prepaid deposit | — | 709 |
| Receipt of class A Common Stock in consideration of exercises of options | — | 669 |
| Transfer of private warrants to unaffiliated parties | — | 264 |
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