FARADAY FUTURE INTELLIGENT ELECTRIC INC
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 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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Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(234,588) | $(347,947) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization expense | 53,504 | 27,673 |
| Stock-based compensation | 2,252 | 8,906 |
| Lease impairment loss | 7,673 | — |
| Loss on disposal of property, plant and equipment | 2,511 | 3,698 |
| Change in fair value of related party notes payable and related party warrant liabilities | (315) | (5,110) |
| Change in fair value of notes payable and warrant liabilities | (28,927) | (90,461) |
| Change in fair value measurement of earnout liability | — | 1,381 |
| Amortization of operating lease right-of-use asset | 1,947 | 2,491 |
| Loss on foreign exchange | (40) | 218 |
| Non-cash interest expense | 2,030 | — |
| Loss on settlement of notes payable | 117,509 | 204,885 |
| Loss on related party notes payable | 14,295 | 17,248 |
| Settlement on accrued research and development expenses | (14,935) | — |
| Other | 366 | 1,416 |
| Changes in operating assets and liabilities: | ||
| Deposits | 1,157 | (19,237) |
| Inventory | 6,949 | (30,758) |
| Other current and non-current assets | 7,554 | (3,415) |
| Accounts payable | (1,736) | 13,838 |
| Financial obligations on sale and lease back transaction | 1,976 | — |
| Accrued expenses and other current liabilities | 3,612 | (23,332) |
| Operating lease liabilities | (2,134) | (1,838) |
| Accrued related party interest expense | 7,544 | (26) |
| Net cash used in operating activities | (51,796) | (240,370) |
| Cash flows from investing activities | ||
| Proceeds from sale of equipment | 87 | — |
| Purchase of property, plant and equipment | (659) | (10,846) |
| Net cash used in investing activities | (572) | (10,846) |
| Cash flows from financing activities | ||
| Proceeds from notes payable, net of original issuance discount | 54,021 | 208,650 |
| Proceeds from related party notes payable | 3,075 | 19,782 |
| Proceeds from sale of Common Stock, net of issuance costs | — | 8,520 |
| Proceeds from exercise of warrants | — | 4,074 |
| Payments of notes payable | (101) | — |
| Settlement of notes payable transaction costs | (1,310) | (2,489) |
| Payments of finance lease obligations | — | (1,016) |
| Proceeds from exercise of stock options | — | 44 |
| Net cash provided by financing activities | 55,685 | 237,565 |
| Effect of exchange rate changes on cash and restricted cash | 7 | 3,704 |
| Net change in cash and restricted cash | 3,324 | (9,947) |
| Cash and restricted cash, beginning of period | 4,025 | 18,514 |
| Cash and restricted cash, end of period | $7,349 | $8,567 |
Unaudited Condensed Consolidated Statements of Cash Flows (Continued)
(in thousands)
The following table provides a reconciliation of cash and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that aggregate to the total of the same such amounts shown in the Unaudited Condensed Consolidated Statements of Cash Flows:
| September 30, 2024 | September 30, 2023 | |
|---|---|---|
| Cash and restricted cash | ||
| Cash | $7,269 | $6,714 |
| Restricted cash | 80 | 1,853 |
| Total cash and restricted cash | $7,349 | $8,567 |
| Nine Months Ended September 30, | ||
| 2024 | 2023 | |
| Supplemental disclosure of noncash investing and financing activities | ||
| Additions of property, plant and equipment included in accounts payable and accrued expenses | $45,455 | 34,124 |
| Reclassification of stock-based awards from liability to equity on February 28, 2023 due to authorized share increase | — | 8,978 |
| Conversion of notes payable, related party notes payable and accrued interest into Class A Common Stock (as restated) | 44,891 | 125,327 |
| Issuance of SPA Warrants and Junior SPA Warrants | 17,194 | 34,257 |
| Reclassification of earnout shares from liability to equity on February 28, 2023 due to authorized share increase | — | 5,014 |
| Reclassification of earnout shares from equity to liability on April 21, 2023 due to insufficient authorized shares | — | 2,112 |
| 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 liability to equity on August 25, 2023 due to authorized share increase | — | 1,381 |
| Reclassification of stock-based awards from liability to equity on August 25, 2023 due to authorized share increase | — | 2,043 |
| Issuance of exchange note | — | 16,500 |
| Reclassification of warrants from equity to liability | — | 6,811 |
| Reduction in warrants pursuant to the Exchange Agreement | — | 16,506 |
| Purchase of Class A Common Stock under the Salary Deduction and Stock Purchase Agreements | 36 | — |
| RSU tax withholdings | 10 | — |
| Supplemental disclosure of noncash operating activities | ||
| Settlement of Palantir dispute with issuance of Class A Common Stock | 2,400 | — |
| Supplemental disclosure of cash flow information | ||
| Cash paid for interest | 2,988 | 465 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.