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 Operations and Comprehensive Loss
(in thousands, except share and per share data)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | $9 | $551 | $304 | $551 |
| Cost of revenues | 21,453 | 16,131 | 63,110 | 22,744 |
| Gross profit | (21,444) | (15,580) | (62,806) | (22,193) |
| Operating expenses | ||||
| Research and development | 5,180 | 21,593 | 15,185 | 104,670 |
| Sales and marketing | 2,601 | 5,318 | 6,857 | 18,082 |
| General and administrative | 8,278 | 24,023 | 39,327 | 67,598 |
| Settlement on accrued research and development expenses | (14,935) | — | (14,935) | — |
| Lease impairment loss | 57 | — | 7,673 | — |
| Loss on disposal on property, plant and equipment | 2,582 | — | 2,511 | 3,698 |
| Change in fair value of earnout liability | — | (67) | — | 2,033 |
| Total operating expenses | 3,763 | 50,867 | 56,618 | 196,081 |
| Loss from operations | (25,207) | (66,447) | (119,424) | (218,274) |
| Change in fair value of notes payable and warrant liabilities | 8,287 | 17,571 | 28,927 | 90,030 |
| Change in fair value of related party notes payable and related party warrant liabilities | 654 | 4,726 | 315 | 5,110 |
| Loss on settlement of notes payable | (59,128) | (21,357) | (117,509) | (204,885) |
| Loss on related party notes payable | — | (10,756) | (14,295) | (17,248) |
| Interest expense | (1,442) | (90) | (5,386) | (591) |
| Related party interest expense | (1,212) | (69) | (7,812) | (139) |
| Other income/(expense), net | 361 | (1,624) | 599 | (1,922) |
| Loss before income taxes | (77,687) | (78,046) | (234,585) | (347,919) |
| Income tax provision | 1 | — | (3) | (28) |
| Net loss | $(77,686) | $(78,046) | $(234,588) | $(347,947) |
| Net loss per share of Class A and B Common Stock attributable to common stockholders: | ||||
| Basic | $(5.32) | $(453.59) | $(27.42) | $(2,793.90) |
| Diluted | (5.32) | (453.59) | (27.42) | (2,793.90) |
| Weighted average shares used in computing net loss per share of Class A and B Common Stock: | ||||
| Basic | 15,379,402 | 172,062 | 8,707,165 | 124,538 |
| Diluted | 15,379,402 | 172,062 | 8,707,165 | 124,538 |
| Total comprehensive loss | ||||
| Net loss | $(77,686) | $(78,046) | $(234,588) | $(347,947) |
| Foreign currency translation adjustment | (2,510) | (1,560) | (1,646) | 4,007 |
| Total comprehensive loss | $(80,196) | $(79,606) | $(236,234) | $(343,940) |
Unaudited Condensed Consolidated Statements of Stockholders’ Equity
| Common Stock · Additional Paid-in Capital · Accumulated Other Comprehensive Income · Accumulated Deficit · Total Stockholders’ Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Class A · Class B | ||||||||
| Shares · Amount · Shares · Amount | ||||||||
| Balance as of June 30, 2024 | 11,031,625 | $1 | 6,667 | $— | $4,257,356 | $6,726 | $(4,115,401) | $148,682 |
| Conversion of notes payable and accrued interest into Class A Common Stock (see Note 7) | 19,107,321 | 2 | — | — | 84,079 | — | — | 84,081 |
| Reclassification of SPA Warrants from liability to equity | — | — | — | — | 160 | — | — | 160 |
| Issuance of common stock and warrants | — | — | — | — | 10 | — | — | 10 |
| Settlement of Palantir dispute with issuance of Class A Common Stock (see Note 10) | 252,768 | — | — | — | 2,400 | — | — | 2,400 |
| Purchase of Class A Common Stock under Salary Deduction and Stock Purchase Agreements (see Note 11) | 10,455 | — | — | — | 36 | — | — | 36 |
| Reverse Stock split related round up share issuances | 306,472 | — | — | — | — | — | — | — |
| Stock-based compensation | — | — | — | — | 1,593 | — | — | 1,593 |
| Issuance of shares for RSU vesting net of tax withholdings | 5,088 | — | — | — | (10) | — | — | (10) |
| Foreign currency translation adjustment | — | — | — | — | — | (2,510) | — | (2,510) |
| Net loss | — | — | — | — | — | — | (77,686) | (77,686) |
| Balance as of September 30, 2024 | 30,713,729 | $3 | 6,667 | $— | $4,345,624 | $4,216 | $(4,193,087) | $156,756 |
See accompanying notes to Unaudited Condensed Consolidated Financial Statements.
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