FARADAY FUTURE INTELLIGENT ELECTRIC INC.
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
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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.
Jun 30, 2026 · Filed Aug 13, 2026
FFAI$0.30-7.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001628280-26-035138
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001628280-26-056740
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 321 previous paragraphs and 431 current paragraphs.
137 unchanged; 98 reworded; 184 added; 77 removed; 9 previous and 12 current paragraphs rearranged.
Tables are not compared: 44 previous and 85 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (184)
Current report
We have advanced our EAI robotics strategy from initial commercialization into a broader multi-form Physical AI platform. Our robotics strategy also focuses on four areas: the EAI Brain; EAI Devices; Industry Productivity Solutions and the Developer Platform; and the EAI Data Factory, During the six months ended June 30, 2026, we expanded robotics product sales and shipments, launched the FF EAI Brain and Open Developer Platform, introduced a six-series full-form robotics lineup, and advanced education and industrial application ecosystems. Our robotics strategy is intended to integrate devices, data, and the EAI Brain and Open Developer Platform while leveraging AI, sensor, software, and platform capabilities developed across our vehicle and robotics businesses.
Current report
AIXC’s common stock is listed on Nasdaq under the ticker symbol “AIXC.” Through AIXC which we consolidate as a variable interest entity under ASC 810, we are pursuing real-world asset (“RWA”) tokenization, digital asset, and EAI infrastructure initiatives, including blockchain-enabled infrastructure for traditional assets and AI-enabled physical systems.
Current report
AIXC Platform Strategy – Focused on developing programmable systems at the intersection of RWA tokenization and EAI, including infrastructure for the on-chain administration of traditional and real-world assets and the economic coordination of AI-enabled physical systems. AIXC is evaluating the partial tokenization of the FFAI securities portfolio held through its entrusted investment arrangement and is developing AIxC Hub, a platform intended to support the registration, validation, and economic coordination of AI-enabled physical hardware and robotic systems. During the three months ended June 30, 2026, AIXC launched RoboShare, a robot rental matching marketplace, and AIXC01, an autonomous asset infrastructure network. As of June 30, 2026, the proposed tokenization had not been completed, and AIXC had not entered into any definitive, binding commercial agreements with FFAI Robotics. These initiatives remain in the early stages of development.
Current report
Through AIXC, we are pursuing RWA tokenization, digital asset, and EAI infrastructure initiatives as part of our broader Physical AI ecosystem strategy. These initiatives remain in the early development stage.
Current report
•Through AIXC, we are developing programmable systems at the intersection of RWA tokenization and EAI. These efforts include software infrastructure for the digitization and on-chain administration of traditional and real-world assets and infrastructure intended to support AI-enabled physical hardware and robotic systems.
Current report
•We are evaluating blockchain-enabled infrastructure for asset administration, ownership records, transaction settlement, and the coordination of AI-enabled physical systems. These initiatives remain in the early development stage and have not yet generated material revenues.
Current report
•We have expanded the development and commercialization of multi-form EAI robotics products and related education, industrial and developer-platform initiatives. During the three months ended June 30, 2026, we launched the six-series full-form FF EAI Robot World, the FF EAI Brain and Open Developer Platform, an EAI robotics education ecosystem and the FF Faber industrial mobile manipulator series. These initiatives remain in the early stages and are subject to product readiness, certification, supply availability, funding and customer adoption risks.
Current report
•Global Availability: We intend to pursue sales of our vehicles and robotics products in the U.S. and selected international markets, including the Middle East, subject to funding, product readiness, regulatory approvals and regional market conditions. During the three months ended June 30, 2026, FX Super One sales activity and related assembly and delivery preparation in the U.A.E. were paused. The FF China team continues to support global supply-chain management and strategic partnerships that may support future manufacturing and distribution activities..
Current report
•In April 2026, GlobeX AI Hong Kong Holding Limited, a special purpose entity controlled by the Company, entered into a supplemental agreement with its previously announced bridge strategy partner to suspend the development, testing and engineering services under the previously executed Super One engineering services agreement. Separately, GlobeX AI entered into a non-binding letter of intent with the bridge strategy partner to explore the development of a Super One 800V EV product based on the partner's M82 model for the U.S. market. The scope, responsibilities, costs and other terms of the proposed 800V project remain subject to negotiation and execution of definitive agreements.
Current report
Robotics - Strategic Operations, Product Development, and Regulatory Matters
Current report
•In June 2026, the Company launched the first half of its full-form EAI Robot World across six product series and its Three-in-One EAI robotics education ecosystem strategy. The Company also introduced the All-New Futurist humanoid robot and the FX Navi quadruped robot, priced at $1,990, opened sales and delivery for FX Navi, and launched the initial tools for its open-source developer platform.
Current report
•Later in June 2026, the Company launched the second half of its full-form EAI Robot World at Automate in Chicago, including the All-New Futurist and the FF Faber industrial-grade mobile manipulator series, and previewed its industrial ecosystem. The Company announced a list price of $89,900 for a specified All-New Futurist configuration that included a premium Skills package. The Company also reported more than 100 robot sales and shipments during June, achievement of its first-half robotics shipment target and an increase in its 2026 robotics sales and shipment target.
Current report
•In July, 2026, the Federal Communications Commission (“FCC”) added foreign-produced advanced robotic devices to its Covered List. As a result, new foreign-produced advanced robotic devices generally are prohibited from obtaining the FCC equipment authorization required for importation, marketing and sale in the United States unless the applicable device or class of devices receives a Conditional Approval from the U.S. Department of War. The FCC action does not revoke existing equipment authorizations, and models authorized before July 28, 2026 may continue to be imported, marketed and sold.
Current report
The Company had been monitoring this potential regulatory development and is assessing its applicability to the Company’s existing and planned robotics products, including the authorization status of individual models and configurations and potential compliance alternatives for future products. As part of this assessment, the Company is also exploring potential U.S.-based manufacturing and assembly alternatives for its robotics business. Because the FCC action does not revoke existing authorizations, the Company does not currently expect a material near-term impact on models confirmed to be covered by authorizations issued before July 28, 2026. However, the action could delay or increase the cost of introducing new or modified robotics products in the United States and could require additional regulatory approvals or changes to the Company’s sourcing, manufacturing or product plans. The Company is continuing to evaluate the potential operational and financial effects and cannot currently estimate the ultimate impact.
Current report
Capital Raising & Financing Strategy
Current report
•In May 2026, the Company entered into a Securities Purchase Agreement with institutional investors (the “2026 May Convertible SPA”) and issued senior convertible notes with an aggregate original principal amount of $27.0 million (the “2026 May Convertible SPA Notes”) for a $25.0 million aggregate purchase price. The notes bear interest at 8% per annum, mature one year after issuance, are convertible into Class A Common Stock under the terms of the notes, and are secured by deposit account control agreements; the Company also entered into a placement agency agreement with Univest Securities, LLC.
Current report
•In July 2026, the Company amended and restated its July 14, 2025 securities purchase agreement to divide the remaining second closing into eight subsequent closings, eliminate the obligation to issue common warrants at those closings for all but one investor, and remove the obligation to register for resale the shares issuable upon conversion of the related notes and exercise of the related warrants. On July 8 and July 9, 2026, the Company entered into agreements terminating warrants to purchase an aggregate of 5,359,525 shares of Class A Common Stock, prior to giving effect to the 1-for-150 reverse stock split effected on July 24, 2026, that had been issued under its December 2024 and March 2025 securities purchase agreements.
Current report
•In August 2026, he Company announced several capital structure initiatives, including its intent, subject to applicable contractual obligations and law, to establish a minimum conversion floor price of $5.00 per share for its existing convertible notes, provide weekly disclosures regarding convertible note conversion activity, and explore equity financing alternatives and standalone financing for its robotics business. The Company also stated that it intends to continue its liability reduction efforts. These initiatives are subject to applicable contractual requirements, negotiations with counterparties and other conditions, and there can be no assurance that they will be implemented as proposed.
Current report
•In May 2026, at the Company’s annual meeting, stockholders approved, among other matters, the issuance of Class A Common Stock in connection with certain notes, preferred stock and warrants, an increase in authorized shares of common and preferred stock, and a reverse stock split at a ratio of up to 1-for-150. On May 27, 2026, the Company filed a Certificate of Amendment increasing authorized common stock from 312,285,439 to 452,813,887 shares and authorized preferred stock from 24,087,265 to 34,926,534 shares, and filed a Certificate of Elimination for the Series A Preferred Stock following its automatic redemption after the annual meeting.
Current report
•In May 2026, the Company’s stockholders elected Jiawei (Jerry) Wang, Xiao (Lucky) Jiang, Kevin Chen, Chad Chen and Lev Peker to serve as directors until the 2027 annual meeting and until their successors are duly elected and qualified, or until their earlier death, resignation or removal.
Current report
•In July 2026, the Company implemented staff reductions and temporary salary reductions as cash-conservation measures and offered affected employees an opportunity to receive equity-based compensation intended to offset a portion of the reduction in cash compensation.
Current report
As of June 30, 2026, a significant portion of our direct materials was sourced from China, which may expose us to U.S. import tariffs, customs and trade restrictions, vendor concentration, supply disruptions, longer lead times and increased cross-border logistics costs. U.S. tariff and trade policies continue to evolve and could increase our landed costs, delay product deliveries, limit access to certain suppliers or technologies, or require changes to our sourcing, product design or assembly plans.
Current report
Our robotics business currently relies on third-party suppliers and technology partners for significant portions of the robotic hardware, components, embedded software and manufacturing support used in our products. This reliance may limit our control over product changes, component availability, regulatory compliance, quality, intellectual-property matters, cybersecurity, after-sales support and production timing.
Current report
We are evaluating alternative suppliers, U.S.-based integration and assembly capabilities, and increased localization of critical components. These initiatives remain under development and may require additional capital, time and operational resources. As production planning evolves, we may adjust our sourcing, pricing, inventory levels and procurement commitments in response to changes in global supply-chain conditions and trade policies..
Current report
During the three months ended June 30, 2026, the CODM began reviewing enhanced segment-level management reports. We are developing and implementing an enhanced segment reporting framework, including methodologies for allocating certain shared costs and resources among our segments. Because these allocation methodologies were not fully implemented during the periods presented, the enhanced reports supplement our existing management reporting process and do not change the segment measures or allocation practices disclosed herein.
Current report
Loss on Settlement of notes receivable
Current report
Loss on settlement of notes receivable recognized when notes receivable are settled for consideration that is less than their net carrying value, after giving effect to the related allowance for expected credit losses.
Current report
Other Income (Expense), net
Current report
Consolidated Statements of Operations
Current report
Consolidated - Revenue (3-Month Overview)
Current report
Revenue increased by$782 thousand for thethree months ended June 30, 2026, compared to the same period in 2025. The increase was attributable to $853 thousand of Robotics segment revenue from product sales, partially offset by a $71 thousand decrease in AIEV revenue.
Current report
The Robotics business remained in the early stage of commercialization during the quarter. Revenue reflected initial customer and channel deliveries following the launch and expansion of the Company's six-series robot lineup and related education and ecosystem initiatives. The amount and timing of future revenue will depend on product availability, completion of procurement and integration activities, customer acceptance and delivery schedules, sales-channel development and available working capital.
Current report
Consolidated - Revenue (6-Month Overview)
Current report
Revenue increased by$978 thousand for thesix months ended June 30, 2026, compared to the same period in 2025. Robotics contributed $1.1 million of revenue with no comparable amount in the prior-year period, partially offset by a $0.2 million decrease in AIEV revenue.The six months ended June 30, 2026 represented the first six-month period in which the Company recognized revenue from sales of FX Super One vehicles and Robotics products.
Current report
Consolidated - Cost of Revenue (3-Month Overview)
Current report
Cost of revenue decreased by $15.4 million for the three months ended June 30, 2026, compared to the same period in 2025.The decrease was primarily lower depreciation expense following the $128.9 million impairment of certain property and equipment recognized during the third quarter of 2025, which reduced quarterly depreciation expense by approximately $11.8 million, and a $3.8 million decrease in inventory reserve expense compared with the second quarter of 2025, when the Company recognized a provision for inventory reserve of $3.8 million.
Current report
Consolidated - Cost of Revenue (6-Month Overview)
Current report
Cost of revenue decreased by $24.9 million for the six months ended June 30, 2026, compared to the same period in 2025. The decrease was primarily lower depreciation expense following the $128.9 million impairment of certain property and equipment recognized during the third quarter of 2025, which reduced depreciation expense by approximately $20.8 million, and a $3.8 million decrease in inventory reserve expense compared with the six months ended June 30, 2025, when the Company recognized a provision for inventory reserve of $3.8 million.
Current report
Consolidated - Research and Development (3-Month Overview)
Current report
R&D expense decreased by $0.9 million for the three months ended June 30, 2026, compared to the same period in 2025. The decrease was primarily driven by a $1.0 million decrease in wages and related benefits including lower bonus expense.
Showing the first 40 of 184 passages. Open the source sections for the rest.
Removed paragraphs (77)
Previous report
We have begun implementing an embodied AI robotics strategy intended to complement our intelligent mobility ecosystem. This initiative is focused on the development and commercialization of robotics products that may leverage our AI, sensor, software, and platform capabilities developed for intelligent electric vehicles. During the three months ended March 31, 2026, our robotics business entered the early commercialization stage, including initial product deliveries and non-binding pre-order activity supported by non-refundable deposits. Management views embodied AI robotics as an extension of our EAI ecosystem, connecting intelligent vehicles, robotics devices, an EAI brain, an open-source and open-platform framework, and data-driven AI capabilities to support long-term technology commercialization efforts.
Previous report
AIXC’s common stock is listed on Nasdaq under the ticker symbol “AIXC.” Through AIXC, we are evaluating emerging technology initiatives, including AI, blockchain-based platform development, and related crypto service initiatives that may complement our broader ecosystem strategy.
Previous report
AIXC Platform Strategy – Focused on evaluating emerging technology initiatives through AIXC, including AI, blockchain-based platform development, and related crypto service initiatives that may complement our broader EAI ecosystem. These initiatives remain in the early stages and are intended to support potential future platform capabilities associated with intelligent mobility, robotics, user engagement, and ecosystem development.
Previous report
We are evaluating AI, blockchain-based platform, and related crypto service initiatives as part of our broader Embodied Artificial Intelligence (“EAI”) ecosystem strategy. These initiatives remain in the early development stage and are intended to support potential platform capabilities associated with the Company’s ecosystem development.
Previous report
•Through AIXC, we are evaluating emerging technology initiatives, including AI, blockchain-based platform development, and related crypto service initiatives. These efforts are intended to support potential Web3 applications, decentralized infrastructure, and crypto service-related services that may complement the Company’s broader intelligent mobility ecosystem.
Previous report
•We are exploring blockchain-based platform technologies that could enable secure data management, digital identity, and decentralized applications associated with connected vehicles and user engagement platforms. These initiatives remain in the early development stage and have not yet generated material revenues.
Previous report
•We have begun implementing exploring embodied AI robotics applications that leverage its artificial intelligence, sensor, and software platform capabilities developed for its intelligent electric vehicles. These efforts are focused on extending our AI perception, control systems, and autonomous computing architecture into robotics applications.
Previous report
•Global Availability: All of our vehicles are expected to be available for sale in the U.S. and the Middle East. Our Ras Al Khaimah facility in the United Arab Emirates integrates offices, production workshops, and operational hubs and is positioned to support sales and service across the Gulf Cooperation Council countries; this facility has been highlighted as a springboard for our future expansion into European and North African markets. In parallel, the FF China team is focused on strengthening global supply‑chain management and pursuing strategic partnerships with intelligent‑driving companies, which could eventually support manufacturing and distribution activities in China.
Previous report
•In March 2026, the Company announced that it continued to expand its Co-Creation Ecosystem B2B2C model and Four-Pillar Sales Architecture, including community sales, partner sales, B2B sales and third-party e-commerce. The Company also stated that, following its presence at the NADA Dealer Summit, it signed memorandums of understanding for sales cooperation covering both the FX Super One and EAI robots with several U.S. mainstream dealerships.
Previous report
•In April 2026, GlobeX AI Hong Kong Holding Limited, a special purpose entity controlled by the Company, entered into a supplemental agreement to a previously executed engineering services agreement with its previously announced bridge strategy partner. Under the supplemental agreement, the Company plans to upgrade the FX Super One to an 800V architecture or accelerate the AIHER project, while pausing the original Super One 400V cooperation project. The advance research and development fee remains due and payable, while subsequent remaining balances and development, testing and engineering services are paused.
Previous report
•In February 2026, the Company established FF AI-Robotics Inc. and launched three robotics product lines, FF Futurist, FF Master and FX Aegis, and disclosed that sales and pre-orders had opened, more than 1,200 non-binding and non-refundable B2B deposits had been received, and initial deliveries were planned for late February 2026. The Company also stated that the Mobile Manipulator Robot Series was planned to be launched in the second quarter, that robotics production preparation was underway, and that FF AI-Robotics entered into a non-binding letter of intent with AIXC to evaluate Web3 collaboration opportunities.
Previous report
AIEV - Capital Raising & Financing Agreements
Previous report
•In February 2026, the Company entered into a Securities Purchase Agreement with an accredited investor to sell $10.0 million of Class A common stock at a per-share price equal to 100% of the closing price immediately prior to closing. The subscription amount was to be provided to the investor by AIxCrypto Holdings Inc. (“AIXC”), and the agreement included a true-up share issuance feature if the Company issued common stock or equivalent securities before the earlier of six months after closing or effectiveness of the related registration statement at a lower price, subject to specified exceptions.
Previous report
•In March 2026, the Company announced an executive and employee share purchase initiative under which certain executives and employees would defer a portion of their base compensation for the period from March 1, 2026 through May 31, 2026. Subject to Board approval, applicable securities laws and the Company’s trading policies, the Company stated that it intended to repurchase shares of its common stock in an amount approximately equal to the estimated after-tax deferred compensation for the period, or approximately $0.5 million, and subsequently transfer the repurchased shares to participating executives and employees in settlement of the deferred compensation obligations.
Previous report
•In February 2026, Chui Tin Mok, an executive member of the Company’s Board of Directors, notified the Board of his intention to resign as a director upon the Board’s confirmation of a successor nominee, in order to focus on the Company’s business execution in the United Arab Emirates (“U.A.E.”) and the broader Middle East. Mr. Mok will continue to serve as an executive officer and Head of FF Middle East.
Previous report
As of March 31, 2026, a significant portion of our direct materials was sourced from China, which may expose certain components to U.S. import tariffs and other supply-chain cost pressures. During the three months ended March 31, 2026, the Company decreased its lower-of-cost-and-net-realizable-value inventory reserveby $15.4 million, bringing the total reserve to $5.7 million as of March 31, 2026, compared to$21.1 million as of December 31, 2025.
Previous report
U.S. tariff policies continue to evolve and the Company maintains a flexible approach in responding to those developments. As production planning evolves, the Company may continue to evaluate sourcing strategies, pricing, and inventory reserves in response to changes in global supply-chain conditions and trade policies.
Previous report
During the three months ended March 31, 2026, the Company recognized its initial Robotics revenue, representing the first quarter in which the Company recognized revenue from sales of Robotics products.
Previous report
Other Income, net
Previous report
Consolidated - Revenue
Previous report
Revenue increased by$196 thousand for thethree months ended March 31, 2026, compared to the same period in 2025. The increase was primarily due to the recognition of$208 thousand of automotive sales revenue from sales of FX Super One vehicles in the U.A.E. and$288 thousand of Robotics revenue from sales of Robotics products during thethree months ended March 31, 2026. The three months ended March 31, 2026 represented the first quarter in which the Company recognized revenue from sales of FX Super One vehicles and Robotics products.
Previous report
Consolidated - Cost of Revenue
Previous report
Cost of revenue decreased by$9.5 million for the three months ended March 31, 2026, compared to the same period in 2025. The decrease was primarily lower depreciation expense following the $128.9 million impairment of certain property and equipment recognized during the third quarter of 2025, which reduced quarterly depreciation expense by approximately $9.0 million.
Previous report
Consolidated - Research and Development
Previous report
During the three months ended March 31, 2026, the Company continued R&D activities primarily supporting the FX Super One program, including final validation, U.S. homologation testing, and production readiness initiatives. Development efforts included vehicle performance and durability testing, integration of Advanced Driver Assistance Systems (“ADAS”), supplier coordination, and prototype tooling. The Company also provided engineering support for technical preparations in the U.A.E. to align manufacturing standards and production planning under its global bridge strategy. In addition, the Company continued development activities related to its Robotics platform, including product testing, software integration, and technical support for early-stage commercialization.
Previous report
Consolidated - Sales and Marketing
Previous report
Consolidated -General and Administrative
Previous report
The Company also recorded a $0.2 million impairment charge related to AIXC capitalized software costs. The impairment was recorded in connection with AIXC’s strategic realignment and discontinuation of certain software development initiatives, including platforms that no longer aligned with AIXC’s focus on real-world asset tokenization and EAI infrastructure. As a result, management concluded that the related capitalized software costs no longer had future economic benefit.
Previous report
Consolidated - Credit Loss Expense
Previous report
During the three months ended March 31, 2025, we recognized significant gains from decreases in the fair value of notes payable, warrant liabilities, and derivative call options, including $13.6 million related to Incremental Warrants, $31.9 million related to the SPA Portfolio Notes, and $6.4 million related to warrants. These decreases were primarily driven by a decline in the Company’s stock price from elevated levels as of December 31, 2024, while the instruments remained deeply in-the-money and highly sensitive to equity price movements.
Previous report
During thethree months ended March 31, 2026, although the Company’s stock price also declined significantly, the impact on fair value was substantially less pronounced. The decline in stock price moved certain instruments to at- or out-of-the-money positions, reducing their sensitivity to further changes in the underlying equity price. As a result, decreases in the fair value of warrant liabilities and derivative call options were more limited, and the fair value of notes payable increased modestly during the period. This reflects the non-linear valuation characteristics of the Company's hybrid instruments, where the magnitude of fair value changes diminishes as instruments move away from in-the-money positions, and where structural features — including conversion price reset mechanisms and increased implied volatility — partially offset the effects of a declining stock price.
Previous report
During the three months ended March 31, 2025, we issued new related party instruments, including notes payable, warrants, and incremental warrants. The initial recognition of these instruments at fair value resulted in day-one losses that largely offset remeasurement gains recognized during the period, which were driven by a decline in the Company’s stock price. As a result, the period reflected a modest loss.
Previous report
Loss on settlement of notes payable decreased by$7.5 million, for the three months ended March 31, 2026 compared to the same period in 2025. The favorable variance was primarily driven by a reduction in the average loss rate on conversions, partially offset by an increase in the volume of principal converted.
Previous report
Consolidated - Interest Expense
Previous report
Interest expense increased by approximately $0.2 million for the three months ended March 31, 2026, compared to the same period in 2025. This increase was primarily due to higher interest costs associated with our financial obligations related to the FF aiFactory California manufacturing facility in Hanford, California. The interest expense on this financing obligation increases over time under the effective interest method, as the principal balance remains outstanding until maturity, with capitalized tenant improvement costs funded by a third party also increasing the carrying amount of the liability.
Previous report
NM = not meaningful
Previous report
Consolidated - Other Income, net
Previous report
AIEV - Revenue
Previous report
AIEV - Cost of Revenue
Previous report
Cost of revenue decreased by $9.6 million for the three months ended March 31, 2026, compared to the same period in 2025. The decrease was primarily lower depreciation expense following the $128.9 million impairment of certain property and equipment recognized during the third quarter of 2025, which reduced quarterly depreciation expense by approximately $9.0 million.
Showing the first 40 of 77 passages. Open the source sections for the rest.
Reworded paragraphs (98)
Previous wording
We are a California-based, global, shared, intelligent mobility ecosystem company founded in 2014 with a vision to disrupt the automotive industry. Our Class A Common Stock and Public Warrants trade on The Nasdaq Capital Market (“Nasdaq”) under the ticker symbols “FFAI” and “FFAIW,” respectively.
Current wording
We are a California-based, Physical AI ecosystem company founded in 2014 with a vision to disrupt the automotive industry. Our Class A Common Stock trade on The Nasdaq Capital Market (“Nasdaq”) under the ticker symbols “FFAI”. Our Public Warrants, which previously traded on Nasdaq under the ticker symbol “FFAIW,” expired on July 21, 2026.
Previous wording
With headquarters in the greater Los Angeles, California area, we design and engineer next-generation intelligent, connected electric vehicles and are developing embodied AI robotics products and related commercialization initiatives. We manufacture vehicles at the FF aiFactory California production facility in Hanford, California. We also have additional engineering, sales, and operational capabilities in China. Additionally, we have established operations in the United Arab Emirates, including an entity to manage assembly and sales support for FF 91 series vehicles and a facility in Ras Al Khaimah intended to support future FX Super One production, further expanding our presence in the Middle East as part of our “third pole” strategy.
Current wording
With headquarters in the greater Los Angeles, California area, we design and engineer next-generation intelligent, connected electric vehicles and develop and commercialize multi-form Embodied Artificial Intelligence (“EAI”) robotics products and related platform and ecosystem initiatives. We manufacture vehicles at the FF aiFactory California production facility in Hanford, California. We also have additional engineering, sales, and operational capabilities in China. Additionally, we have established operations in the United Arab Emirates, including an entity to support regional sales and operations and a facility in Ras Al Khaimah. During the three months ended June 30, 2026, FX Super One sales activity and related assembly and delivery preparation in the U.A.E. were paused in response to regional geopolitical conditions and management’s reprioritization of certain internal resources toward the robotics business, while EV engineering and production-readiness activities continued through the Company’s supplier arrangements.
Previous wording
Since our founding, we have developed technologies and products focused on intelligent electric vehicles and connected mobility systems. We believe these capabilities support our strategy to develop intelligent electric vehicles and related mobility technologies. Our long-term strategy is centered on building an integrated Embodied Artificial Intelligence (“EAI”) ecosystem that includes intelligent electric vehicles and robotics.
Current wording
Since our founding, we have developed technologies and products focused on intelligent electric vehicles and connected mobility systems. We believe these capabilities support our strategy to develop intelligent electric vehicles and related mobility technologies. Our product strategy is centered on two principal product categories—intelligent electric vehicles and embodied AI robotics. Separately, through AIXC, we pursue platform, digital-asset and related emerging-technology initiatives.
Previous wording
Our product roadmap builds on the FF 91 platform through the planned FF 92 upgrade program and the FX Super One and reflects an increased focus on reallocating resources, manufacturing capacity, and engineering efforts toward these programs and our robotics commercialization initiatives. We expect our broader product portfolio to better align product strategy with anticipated demand, improve capital efficiency, and support the next phase of our commercialization efforts.
Current wording
Our product roadmap builds on the FF 91 platform through the planned FF 92 upgrade program and includes the FX Super One and it reflects an increased focus on reallocating resources, manufacturing capacity, and engineering efforts toward our robotics commercialization initiatives. We expect our broader product portfolio to better align product strategy with anticipated demand, improve capital efficiency, and support the next phase of our commercialization efforts.
Previous wording
•Third Pole Strategy: We have begun implementing a "third pole" strategy with an operational facility in the U.A.E., complementing our U.S. and China market approach.
Current wording
•Third Pole Strategy: We have begun implementing a "third pole" strategy with an operational facility in the U.A.E., complementing our U.S. and China market approach. During the three months ended June 30, 2026, FX Super One sales activity and related assembly and delivery preparation in the U.A.E. were paused in response to regional conditions and adjustments to the FX Super One program.
Previous wording
•I.A.I Technology: Our advanced I.A.I technology offers high-performance computing, high-speed internet connectivity, OTA updating, an open ecosystem for third-party application integration, and an advanced autonomous driving-ready system. These capabilities also support our evolving ecosystem strategy, which includes embodied AI robotics initiatives and related crypto service and blockchain-based platform technologies through AIXC.
Current wording
•I.A.I Technology: Our advanced I.A.I technology offers high-performance computing, high-speed internet connectivity, OTA updating, an open ecosystem for third-party application integration, and an advanced autonomous driving-ready system. Our broader technology and ecosystem strategy also includes embodied AI robotics initiatives and, through AIXC, the development of RWA tokenization and EAI infrastructure.
Previous wording
•FX Super One: We are developing the FX Super One as the first “First Class AI‑MPV” under the FX brand, blending luxury and versatility in an AI‑powered multi‑purpose vehicle. The FX Super One is designed to serve visionaries and families, combining a spacious cabin with flexible four‑, six‑ or seven‑seat configurations and advanced AI features. It incorporates the Super EAI F.A.C.E. system—a customizable front LED display that can serve as an expressive “face” and extend the user’s presence—and is built on FF’s EAI 6×4 technology platform. The vehicle offers both pure battery‑electric and AI hybrid extended‑range powertrain options, intelligent all‑wheel drive, and an expansive interior with zero‑gravity seats, a multi‑source sensor suite for proactive safety, and an EAI operating system that supports voice, gesture and immersive multimedia interaction. The FX Super One is currently in development; pilot production and regulatory preparations are under way. During the three months ended March 31, 2026, we continued development, supplier coordination, and commercialization preparation activities for the FX Super One, including pre-order and go-to-market activities in the U.S. and Middle East.
Current wording
•FX Super One: We are developing the FX Super One as the first “First Class AI‑MPV” under the FX brand, blending luxury and versatility in an AI‑powered multi‑purpose vehicle. The FX Super One is designed to serve visionaries and families, combining a spacious cabin with flexible four‑, six‑ or seven‑seat configurations and advanced AI features. It incorporates the Super EAI F.A.C.E. system—a customizable front LED display that can serve as an expressive “face” and extend the user’s presence—and is built on FF’s EAI 6×4 technology platform. The vehicle offers both pure battery‑electric and AI hybrid extended‑range powertrain options, intelligent all‑wheel drive, and an expansive interior with zero‑gravity seats, a multi‑source sensor suite for proactive safety, and an EAI operating system that supports voice, gesture and immersive multimedia interaction. The FX Super One is currently in development; pilot production and regulatory preparations are under way. During the three months ended June 30, 2026, we continued development, supplier coordination, and commercialization preparation activities for the FX Super One, including pre-order and go-to-market activities in the U.S. FX Super One sales activity and related assembly and delivery preparation in the U.A.E. were paused during the quarter in response to regional conditions and adjustments to the program..
Previous wording
•FX Series Manufacturing: Certain FX Series models are expected to be manufactured at FF aiFactory California, and, contingent on adequate funding and local regulatory and operational preparations, FX Super One production is targeted at our Ras Al Khaimah facility in the United Arab Emirates.
Current wording
•FX Series Manufacturing: Certain FX Series models are expected to be manufactured at the FF aiFactory California, and, contingent on adequate funding and local regulatory and operational preparations, FX Super One production is targeted at our Ras Al Khaimah facility in the United Arab Emirates. We had also been evaluating future FX Super One production at our Ras Al Khaimah facility in the U.A.E.; however, related assembly and delivery preparation activities were paused during the three months ended June 30, 2026. The location and timing of future production remain subject to funding, operational readiness, regulatory approvals and regional market conditions.
Previous wording
•Robotics Manufacturing: Our robotics products are currently being assembled at our El Segundo, California facility. We are evaluating plans to scale production, including potential transition of robotics assembly to our Hanford, California facility and/or other manufacturing locations, subject to funding, operational readiness, and market demand.
Current wording
•Robotics Manufacturing: Certain final integration, software configuration, testing, inspection and delivery-preparation activities for our robotics products are currently performed at our El Segundo, California facility. The products and their principal components are currently sourced primarily from third-party suppliers, including suppliers located in China. We are evaluating plans to scale production, including potentially expanding robotics manufacturing and integration activities to our Hanford, California facility and/or other manufacturing locations, subject to funding, operational readiness and market demand.
Previous wording
•In February 2026, the Company furnished a corrected press release announcing the establishment of FF AI-Robotics Inc. and the launch of its first three robotics product lines: FF Futurist, FF Master, and FX Aegis. The release stated that sales and pre-order collection had begun, the first deliveries were planned for the end of February, the Mobile Manipulator Robot Series was planned for the second quarter, and the Company had received more than 1,200 non-binding and non-refundable B2B deposits. The release also stated that the robotics business had entered production preparation and that FF AI-Robotics entered into a non-binding letter of intent with AIXC to evaluate Web3 collaboration opportunities.
Current wording
•In February 2026, the Company announced the establishment of FF AI-Robotics Inc. and the launch of its first three robotics product lines: FF Futurist, FF Master, and FX Aegis. The release stated that sales and pre-order collection had begun, the first deliveries were planned for the end of February, the Mobile Manipulator Robot Series was planned for the second quarter, and the Company had received more than 1,200 non-binding and non-refundable B2B deposits.
Previous wording
•In February 2026, the Company delivered its first batch of robots to Golden Hills, a premium Airbnb property operator in Florida and Nevada, pursuant to a sales agreement. This milestone marked the official launch of FF’s first AI-robot delivery cycle in 2026.
Current wording
•In February 2026, the Company delivered its first batch of robots to Golden Hills, a premium Airbnb property operator in Florida and Nevada, pursuant to a sales agreement.
Previous wording
The following summarizes certain significant financing activities during the period. Additional details regarding the Company’s debt and financing arrangements are included in Notes 8 and 9 to the Unaudited Condensed Consolidated Financial Statements.
Current wording
The following summarizes certain significant financing activities from January 1, 2026 through the filing date. Additional details regarding the Company’s debt and financing arrangements are included in Notes 8 and 9 to the Unaudited Condensed Consolidated Financial Statements.
Previous wording
•In April 2026, the Company entered into a $2.0 million unsecured loan agreement with Gold King Arthur Holding Limited. The loan bore interest at 10% per annum, matured one year from the advancement date, and was designated for expenses associated with the Company’s robotics business, other business operations, including payroll, and related unforeseen expenses. The loan and accrued interest were subsequently satisfied through cancellation and extinguishment as part of the amended and restated securities purchase agreement with Gold King Arthur Holding Limited. The amended and restated securities purchase agreement increased the total investment amount to approximately $12.0 million and contemplated the issuance of Class A common stock, newly designated Series C Convertible Preferred Stock, and a fixed warrant arrangement tied to the Company’s future FX Super One delivery milestone.
Current wording
Limited. The loan bore interest at 10% per annum, matured one year from the advancement date, and was designated for expenses associated with the Company’s robotics business, other business operations, including payroll, and related unforeseen expenses. The loan and accrued interest were subsequently satisfied through cancellation and extinguishment as part of the amended and restated securities purchase agreement with Gold King Arthur Holding Limited. The amended and restated securities purchase agreement superseded the February 2026 securities purchase agreement, increased the total investment amount to approximately $12.0 million and resulted in the issuance of Class A Common Stock and newly designated Series C Convertible Preferred Stock and included a fixed warrant arrangement tied to the Company’s future FX Super One delivery milestone.
Previous wording
•In April 2026, the Company entered into a notes purchase agreement with Streeterville Capital, LLC, pursuant to which the Company issued and sold a Promissory Note A-1 with an original principal amount of approximately $15.8 million and a Secured Promissory Note B with an original principal amount of $30.0 million, for an aggregate purchase price of $45.0 million. The A-1 Note bears interest at 9.0% per annum, matures 24 months after the purchase price date, includes an original issue discount and transaction expense amount, and provides the lender with certain monthly redemption rights beginning in October 2026, subject to the terms of the note. The B Note bears interest at 3.5% per annum, matures 24 months after the purchase price date, is secured by a deposit account control agreement and related collateral arrangements, and may be exchanged into additional A Notes under specified conditions. The Company’s obligations under the notes are guaranteed by certain subsidiaries, and the B Note is further supported by a pledge of the Company’s membership interests in FFAI Holdings, LLC.
Current wording
•In April 2026, the Company entered into a notes purchase agreement with Streeterville Capital, LLC, pursuant to which the Company issued and sold a Promissory Note A-1 with an original principal amount of approximately $15.8 million and a Secured Promissory Note B with an original principal amount of $30.0 million (collectively, the “Secured Streeterville Notes”), for an aggregate purchase price of $45.0 million. The A-1 Note bears interest at 9.0% per annum, matures 24 months after the purchase price date, includes an original issue discount and transaction expense amount, and provides the lender with certain monthly redemption rights beginning in October 2026, subject to the terms of the note. The B Note bears interest at 3.5% per annum, matures 24 months after the purchase price date, is secured by a deposit account control agreement and related collateral arrangements, and may be exchanged into additional A Notes under specified conditions. The Company’s obligations under the notes are guaranteed by certain subsidiaries, and the B Note is further supported by a pledge of the Company’s membership interests in FFAI Holdings, LLC.
Previous wording
•In February 2026, the Company filed a certificate of elimination with respect to the Company’s Series A Preferred Stock, par value $0.0001 per share, following the automatic redemption of all outstanding shares of FFAI Series A Preferred Stock after the conclusion of the Company’s stockholders’ special meeting. The certificate of elimination (i) eliminated the previous designation of one share of FFAI Series A Preferred Stock from the charter, and (ii) caused such share of FFAI Series A Preferred Stock to resume its status as an authorized but unissued and non-designated share of preferred stock.
Current wording
•In February 2026, the Company filed a certificate of elimination with respect to the Company’s Series A Preferred Stock, par value $0.0001 per share, following the automatic redemption of all outstanding shares of FFAI Series A Preferred Stock after the conclusion of the Company’s stockholders’ special meeting. The certificate of elimination
Previous wording
•In March 2026, the Company received a letter from the Division of Enforcement of the U.S. Securities and Exchange Commission stating that, based on the information available as of March 18, 2026, the staff did not intend to recommend an enforcement action against the Company. Similar letters were also received by Company Founder and Yueting Jia and Jerry Wang in their individual capacities. The letters further stated that they “must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff’s investigation.
Current wording
•In March 2026, the Company received a letter from the Division of Enforcement of the U.S. Securities and Exchange Commission stating that, based on the information available as of March 18, 2026, the staff did not intend to recommend an enforcement action against the Company. Similar letters were also received by Company Founder Yueting Jia and Jerry Wang in their individual capacities. The letters further stated that they “must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff’s investigation.
Previous wording
•In March 2026, the Company received a notice from Nasdaq indicating that it was not in compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2), because the closing bid price of its Class A common stock remained below $1.00 per share for 30 consecutive trading days. The Company has until September 16, 2026 to regain compliance, and its Class A common stock will continue to trade on the Nasdaq Capital Market during the compliance period.
Current wording
•In March 2026, the Company received a notice from Nasdaq indicating that it was not in compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2), because the closing bid price of its Class A common stock remained below $1.00 per share for 30 consecutive trading days. The Company has until September 16, 2026 to regain compliance, and its Class A common stock will continue to trade on the Nasdaq Capital Market during the compliance period. On July 24, 2026, the Company effected a 1-for-150 reverse stock split to increase the per-share trading price of its Class A common stock and support its efforts to regain compliance with Nasdaq’s minimum bid price requirement. The reverse stock split reduced the number of issued and outstanding shares without changing the number of authorized shares. The reverse stock split does not ensure that the Company will regain or maintain compliance with Nasdaq’s continued listing standards.
Previous wording
•In April 2026, Matthias Aydt resigned from the Board of Directors for personal reasons, effective immediately, and informed the Board of his intention to resign as Global Co-Chief Executive Officer at such time as the Board deems fit. Jie (Jay) Sheng also resigned from the Board, effective immediately, and Chui Tin Mok resigned from the Board following his previously disclosed notice of intent to resign, while continuing in his role as an executive officer and Head of FF Middle East. The Company also announced that FF Top nominated Xiao (Lucky) Jiang and Kevin Chen to the Board, and the Board appointed Jiawei (Jerry) Wang, Xiao (Lucky) Jiang and Kevin Chen as directors. Kevin Chen is expected to be appointed to the Audit, Compensation, and Nominating and Corporate Governance Committees, and Jerry Wang was appointed to the Finance and Investment Committee.
Current wording
•In April 2026, Matthias Aydt resigned from the Board of Directors for personal reasons, effective immediately. Jie (Jay) Sheng also resigned from the Board, effective immediately, and Chui Tin Mok resigned from the Board following his previously disclosed notice of intent to resign, while continuing in his role as an executive officer and Head of FF Middle East. The Company also announced that FF Top nominated Xiao (Lucky) Jiang and Kevin Chen to the Board, and the Board appointed Jiawei (Jerry) Wang, Xiao (Lucky) Jiang and Kevin Chen as directors. Jerry Wang was appointed to the Finance and Investment Committee.
Previous wording
•In May 2026, the Board of Directors accepted the resignation of Matthias Aydt from his position as Global co-CEO. With the resignation of Mr. Aydt, the Board of Directors acknowledged Mr. Yueting Jia as the sole Global CEO of the Company.
Current wording
•In May 2026, the Board of Directors accepted the resignation of Matthias Aydt from his position as Global Co-Chief Executive Officer. With the resignation of Mr. Aydt, the Board of Directors acknowledged Mr. Yueting Jia as the sole Global Chief Executive Officer of the Company. The Company also appointed Jiawei (Jerry) Wang as Global Executive Chairman and Todd Harrington as General Counsel and Board Secretary.
Previous wording
We have three operating segments—AI Electric Vehicle (“AIEV”), Robotics. and AIXC —each of which meets the criteria for separate reporting under ASC 280. Our CEOs acting as our Co-Chief Operating Decision Makers (“CODMs”), regularly evaluated the financial performance using consolidated financial information at the total-company level including consolidated loss from operations, cash flows, liquidity, and strategic initiatives.
Current wording
We have three operating segments—AI Electric Vehicle (“AIEV”), Robotics. and AIXC —each of which meets the criteria for separate reporting under ASC 280. Our Global Chief Executive Officer (“CEO”) serves as our Chief Operating Decision Maker (“CODM”) and regularly evaluates our financial performance using consolidated and segment-level financial information, including consolidated loss from operations, cash flows, liquidity, and strategic initiatives. The AIXC segment is focused on developing programmable systems at the intersection of real-world asset (“RWA”) tokenization and Embodied Artificial Intelligence (“EAI”), including blockchain-enabled infrastructure for traditional assets and AI-enabled physical systems.
Previous wording
Management has identified Loss from operations, as presented in our Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss, as the primary measure used by the CODM to evaluate the performance of the business and allocate resources. Loss from operations is the measure of segment profit or loss that is most consistent with the measurement principles used in measuring the corresponding amounts in our unaudited condensed consolidated financial statements. This measure reflects our focus on managing operating performance, cash outflows, and liquidity, particularly given that the timing of cash inflows is influenced by external financing activities. We define “significant segment expense” as controllable operating costs that are regularly provided to and reviewed by management, which include the expenses presented in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss as Cost of revenue, Research and development, Sales and marketing, and General and administrative.
Current wording
Management has identified Loss from operations, as presented in our Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss, as the primary measure used by the CODM to evaluate the performance of the business and allocate resources. Loss from operations is the measure of segment profit or loss that is most consistent with the measurement principles used in measuring the corresponding amounts in our unaudited condensed consolidated financial statements. This measure reflects our focus on managing operating performance, cash outflows, and liquidity, particularly given that the timing of cash inflows is influenced by external financing activities. We define “significant segment expense” as controllable operating costs that are regularly provided to and reviewed by management, which include the expenses presented in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss as Cost of revenue, Research and development, Sales and marketing, and General and administrative. Refer to Note 17, Segment Information, for further detail on the components of loss from operations and the additional Robotics gross profit measure reviewed by the CODM.
Previous wording
Management closely tracks its expenditure on these key expense categories through regular reviews of cash balances, near‑term cash flow projections, monthly management reports, and project management reports. The CODM, works in close collaboration with our business leaders to establish critical operational targets, set project timelines, and adjust spending plans. These leaders are responsible for implementing its strategic plans and revising targets and deadlines based on continuous internal communications and review meetings, thereby ensuring that any deviations from target spending or project timelines are promptly addressed.
Current wording
Management closely tracks expenditures on these key expense categories through regular reviews of cash balances, near‑term cash flow projections, monthly management reports, and project management reports. The CODM, works in close collaboration with our business leaders to establish critical operational targets, set project timelines, and adjust spending plans. These leaders are responsible for implementing its strategic plans and revising targets and deadlines based on continuous internal communications and review meetings, thereby ensuring that any deviations from target spending or project timelines are promptly addressed.
Previous wording
While loss from operations is the primary measure used to evaluate overall performance and allocate resources across segments, we also evaluate the Robotics segment using gross profit as an additional performance measure, as this segment is in the early stages of commercialization and focuses on product-level profitability. Gross profit is defined as revenue less cost of revenues. At this time, General and administrative, Research and development, and Sales and marketing expenses are not allocated to the Robotics segment. Gross profit is not used as the primary measure of segment profit or loss for AIEV or AIXC.
Current wording
While loss from operations is the primary measure used to evaluate our overall performance and allocate resources across segments, we also evaluate the Robotics segment using gross profit as an additional performance measure, as this segment is in the early stages of commercialization and focuses on product-level profitability. Gross profit is defined as revenue less cost of revenues. At this time, General and administrative, Research and development, and Sales and marketing expenses are not allocated to the Robotics segment. These costs continue to be managed on a consolidated basis and are primarily reflected within the AIEV segment. Gross profit is not used as the primary measure of segment profit or loss for AIEV or AIXC.
Previous wording
This oversight supports our strategic objectives to prioritize the commercialization of the FX Series vehicles and Robotics products, while continuing to support production, sales, and leasing activities for our FF 91 vehicles, the planned FF 92 upgrade program, and the development of our AI, blockchain-based platform, and related crypto service initiatives through AIXC.
Current wording
This oversight supports our strategic objectives to prioritize the commercialization of the FX Series vehicles and Robotics products, while continuing to support production, sales, and leasing activities for our FF 91 vehicles, the planned FF 92 upgrade program, and AIXC’s development of RWA tokenization and EAI infrastructure initiatives.
Previous wording
During the three months ended March 31, 2026 the Company began the rollout of its new FX Super One model in the U.A.E.
Current wording
During the six months ended June 30, 2026 the Company began the rollout of its new FX Super One model in the U.A.E.
Previous wording
In certain circumstances, we provide customers with a residual value guarantee which may or may not be exercised in the future. The impact of such residual value guarantees was immaterial to our Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for thethree months ended March 31, 2026.
Current wording
In certain circumstances, we provide customers with a residual value guarantee which may or may not be exercised in the future. The impact of such residual value guarantees was immaterial to our Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for thethree and six months ended June 30, 2026, and 2025.
Previous wording
Our customers may reserve a vehicle and Robotics product preorder certain services by making a customer deposit, which is fully refundable at any time. Refundable deposits, for vehicle reservations and services, received from customers prior to an executed vehicle purchase agreement are recorded as customer deposits (Accrued expenses and other current liabilities). Customer deposits were$4.4 million and $4.4 million as of March 31, 2026 and December 31, 2025, respectively. When vehicle purchase agreements are executed, the consideration for the vehicle and any accompanying products and services must be paid in advance prior to our transfer of the products or services. Such advance payments are considered non-refundable, and we defer revenue related to any products or services that are not yet transferred.
Current wording
Certain consumer customers may reserve a vehicle or Robotics product preorder certain services by making a customer deposit, which is fully refundable at any time. Deposit terms for business-to-business customers are governed by the applicable contracts and may differ. Refundable deposits, for reservations and services, received from customers prior to an executed vehicle purchase agreement are recorded as customer deposits within Accrued expenses and other current liabilities). Customer deposits were $4.1 million and $4.4 million as of June 30, 2026 and December 31, 2025, respectively. When purchase agreements are executed, the consideration for the vehicle and any accompanying products and services must be paid in advance prior to our transfer of the products or services. Such advance payments are considered non-refundable, and we defer revenue related to any products or services that are not yet transferred.
Previous wording
Cost of automotive sales revenue includes direct and indirect materials, labor costs, manufacturing overhead, including depreciation costs of tooling and machinery, shipping and logistic costs, vehicle connectivity costs, and reserves for estimated warranty expenses. Cost of automotive sales revenues also includes adjustments to warranty expense.
Current wording
Cost of automotive sales revenue includes direct and indirect materials, labor costs, manufacturing overhead, including depreciation costs of tooling and machinery, shipping and logistic costs, vehicle connectivity costs, inventory reserve and reserves for estimated warranty expenses. Cost of automotive sales revenues also includes adjustments to warranty expense.
Previous wording
Cost of Robotics revenue includes product costs, freight, import fees, and warranty costs. Warranty costs related to Robotics revenue were insignificant for the three months ended March 31, 2026.
Current wording
Cost of Robotics revenue includes product costs, freight, import fees, and warranty costs. Warranty costs related to Robotics revenue were insignificant for the three and six months ended June 30, 2026. There were no Robotics sales or related warranty costs during the corresponding periods in 2025.
Previous wording
Research and development activities remain a significant part of our business. Our R&D efforts focus on the design and development of our electric vehicles and continue to prepare our prototype electric vehicles to exceed industry standards for compliance, innovation, and performance. R&D expenses consist of personnel-related costs (including salaries, bonuses, benefits, and stock-based compensation) for our employees focused on R&D activities, other related costs, depreciation, R&D services provided by co-creators, and an allocation of overhead. While we have substantially completed R&D activities related to the FF 91, we expect R&D expenses to increase in the near future due to increased R&D activities related to the FF 92 and FX series vehicles.
Current wording
Research and development activities remain a significant part of our business. Our R&D efforts focus on the design and development of our electric vehicles and Robotics products and continue to prepare our prototype electric vehicles and Robotics products to exceed industry standards for compliance, innovation, and performance. R&D expenses consist of personnel-related costs (including salaries, bonuses, benefits, and stock-based compensation) for our employees focused on R&D activities, other related costs, depreciation, R&D services provided by co-creators, and an allocation of overhead. While we have substantially completed R&D activities related to the FF 91, we expect R&D expenses to increase in the near future due to increased R&D activities related to the FF 92 and FX series vehicles.
Previous wording
Sales and marketing expenses consist primarily of personnel-related costs (including salaries, bonuses, benefits, and stock-based compensation) for our employees focused on sales and marketing, costs associated with sales and marketing activities, marketing services provided by co-creators, and an allocation of overhead. Marketing activities are those related to introducing our brand, our electric vehicles, and our electric vehicle prototypes to the market. We expect Sales and marketing expenses to continue to increase as we bring our electric vehicles (in particular, FX Super One and FF 92) to market and seek to generate additional sales.
Current wording
Sales and marketing expenses consist primarily of personnel-related costs (including salaries, bonuses, benefits, and stock-based compensation) for our employees focused on sales and marketing, costs associated with sales and marketing activities, marketing services provided by co-creators, and an allocation of overhead. Marketing activities are those related to introducing our brand, our electric vehicles, our electric vehicle prototypes, and our Robotics products to the market. We expect Sales and marketing expenses to continue to increase as we bring our electric vehicles (in particular, FX Super One and FF 92) and Robotics products to market and seek to generate additional sales.
Previous wording
Loss on disposal of property, plant, and equipment relates to the write-off or abandonment of assets no longer expected to provide future economic benefit, including construction in progress, vendor tooling, machinery and equipment. These disposals may result from changes in business plans, product design, production requirements, or cost reduction initiatives. Charges associated with disposals are recognized within operating expenses in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.
Current wording
Loss (Gain) on disposal of property, plant, and equipment relates to the write-off or abandonment of assets no longer expected to provide future economic benefit, including construction in progress, vendor tooling, machinery and equipment. These disposals may result from changes in business plans, product design, production requirements, or cost reduction initiatives. Charges associated with disposals are recognized within operating expenses in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.
Previous wording
Other income, net consists of foreign currency transaction gains and losses and other expenses such as bank fees and late charges. Foreign currency transaction gains and losses are generated by revaluation of debt and the settlements of invoices denominated in currencies other than the functional currency. We expect other income (expense) to fluctuate as we continue to transact internationally.
Current wording
Other income (expense), net consists of primarily of gains recognized from negotiated settlements and the resolution of aged accounts payable balances through the Company’s liability management initiatives, including its net equity improvement initiative. Other income (expense), net also includes foreign currency transaction gains and losses and other expenses, such as bank fees and late charges. Foreign currency transaction gains and losses result from the remeasurement of debt and the settlement of invoices denominated in currencies other than the functional currency. We expect other income (expense), net to fluctuate as we continue to transact internationally and pursue liability management initiatives.
Previous wording
Revenue from FF vehicles was$16 thousand for thethree months ended March 31, 2026, consisting of operating lease revenue, compared to$316 thousand for the same period in 2025, consisting of$265 thousandof operating lease revenue and$51 thousand of sales-type lease revenue. The Company did not recognize FF automotive sales revenue during either period.
Current wording
AIEV revenue was $207 thousand for the six months ended June 30, 2026, consisting of $179 thousand of automotive sales and $28 thousand sales-type lease revenue, compared to $370 thousand for the same period in 2025, consisting of $265 thousand of sales-type lease revenue and $105 thousand of operating lease revenue.
Previous wording
The co-creation fees recorded as a reduction of revenue under ASC 606 were$198 thousand for the three months ended March 31, 2026, compared to$263 thousand for the same period in 2025.
Current wording
The co-creation fees recorded as a reduction of revenue under ASC 606 were$220 thousand for thesix months ended June 30, 2026, compared to$263 thousand for the same period in 2025.
Previous wording
R&D expense increased by $0.6 million for the three months ended March 31, 2026, compared to the same period in 2025. The increase was primarily driven by $1.6 million increase in operating consumables and equipment rental—costs for prototype parts, vehicle purchases for testing, and services supporting development of the FX vehicle and Robotics platforms. These increases were partially offset by a $1.2 million reduction in wages and related benefit, including lower bonus expense.
Current wording
R&D expense decreased by $0.3 million for the six months ended June 30, 2026, compared to the same period in 2025. The decrease was primarily driven by a $2.2 million reduction in wages and related benefits, including lower bonus expense, partially offset by a $1.8 million increase in operating consumables and equipment rental costs associated with prototype parts, vehicle purchases for testing, and services supporting the development of the FX vehicle and Robotics platforms.
Previous wording
In the first quarter of 2026, the Company expanded its technology development initiatives to include robotics applications, leveraging its intelligent mobility platform and software capabilities to explore opportunities in advanced automation and AI-enabled systems. This initiative is intended to complement the Company’s broader intelligent vehicle strategy and support long-term technology diversification.
Current wording
During the six months ended June 30, 2026, the Company continued to advance its technology development initiatives across intelligent vehicles and Robotics applications. As part of its intelligent vehicle strategy, the Company announced plans either to upgrade the FX Super One from the originally contemplated 400-volt architecture to an 800-volt architecture, which it believes would improve product competitiveness and user value, or, alternatively, to accelerate the development of the AIHER hybrid project. The Company also expanded its technology development initiatives to include Robotics applications, leveraging its intelligent mobility platform and software capabilities to explore opportunities in advanced automation and AI-enabled systems. These initiatives are intended to complement the Company’s broader intelligent vehicle strategy and support long-term technology diversification.
Previous wording
As the Company transitions from an R&D-intensive phase toward commercial production, resources are being strategically reallocated to manufacturing engineering, quality validation, and process optimization. Current R&D initiatives remain focused on vehicle performance, safety system enhancements, software refinement platform development, in collaboration with key technology and supply-chain partners to support scalable FX Series production readiness. During the period, the Company entered into a strategic mass-production engineering services agreement with a major global automotive manufacturer to support manufacturing engineering, validation, and production ramp-up activities for the FX Super One. Activities under this agreement are expected to facilitate commercial production readiness, with associated costs incurred primarily as development and engineering expenditures.
Current wording
As the Company transitions from an R&D-intensive phase toward commercial production, resources are being reallocated to manufacturing engineering, quality validation, and process optimization. Current R&D initiatives remain focused on vehicle performance, safety system enhancements, software refinement, and Robotics platform development and are being conducted in collaboration with key technology and supply-chain partners to support production readiness for the FX Series and Robotics products. During the period, the Company through GlobeX AI Hong Kong Holding Limited, eentered into a mass-production engineering services agreement with its bridge strategy partner to support development, testing and engineering activities for the FX Super One. In April 2026, the parties entered into a supplemental agreement to suspend further performance of the development, testing and engineering services under that agreement. Separately, GlobeX AI entered into a non-binding letter of intent with the bridge strategy partner to explore the development of a Super One 800V EV product, with the scope, responsibilities, costs and other terms of the proposed project subject to negotiation and execution of definitive agreements. Costs incurred under the engineering services agreement primarily relate to development and engineering activities.
Previous wording
Sales and marketing expense increased by $2.3 million for the three months ended March 31, 2026, compared to the same period in 2025. The increase was primarily driven by a $1.2 million rise in marketing expenses related to the launch and promotion of the FX Super One, including digital campaigns, content development, influencer engagement, and event activations. Additional costs were incurred from expanded marketing activities in the Middle East to support brand visibility in international markets. These increases also include $0.7 million increase in rent and related expense and a $0.3 million increase in wages and related benefits costs.
Current wording
Sales and marketing expense increased by $3.2 million for the six months ended June 30, 2026, compared to the same period in 2025. The increase was primarily driven by a $1.4 million increase in marketing expenses related to the launch and promotion of the FX Super One, including digital campaigns, content development, influencer engagement, and event activations. The increase was also driven by a $1.9 million increase in wages and related benefits, reflecting higher headcount in 2026 and a bonus accrual adjustment in 2025.
Previous wording
General and administrative expense decreased by $4.5 million for the three months ended March 31, 2026, compared to the same period in 2025. The decrease was primarily driven by a $7.0 million decrease in professional fees, reflecting reimbursements of legal expenses. These decreases were partially offset by $2.3 million increase due to higher payroll costs.
Current wording
General and administrative expense decreased by $4.3 million for the six months ended June 30, 2026, compared to the same period in 2025. The decrease was primarily driven by a $7.8 million, decrease in professional fees, reflecting reimbursements of legal expenses. These decreases were partially offset by $4.2 million increase due to higher payroll costs.
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Current report — wording carried from elsewhere
•In April 2026, the Company entered into a $2.0 million unsecured loan agreement with Gold King Arthur Holding
Current report — wording carried from elsewhere
(i) eliminated the previous designation of one share of FFAI Series A Preferred Stock from the charter, and (ii) caused such share of FFAI Series A Preferred Stock to resume its status as an authorized but unissued and non-designated share of preferred stock.
Current report — wording carried from elsewhere
The gain from change in fair value of notes payable, warrant liabilities, and derivative call options decreased by$1.3 million period over period. The decrease was primarily due to larger fair value remeasurement gains recognized in the prior-year period, compared to more limited fair value gains in the current period due to reduced sensitivity of the instruments to equity price movements.
Current report — wording carried from elsewhere
During the six months ended June 30, 2025 , we experienced higher per-dollar losses on extinguishment as our stock price traded materially above the conversion price floors across all convertible instruments. As a result, the notes were deeply in-the-money at the time of conversion, with shares issued at fair values significantly in excess of the carrying value of the debt extinguished. This resulted an average loss rate of 70% of principal converted..
Current report — wording carried from elsewhere
During the six months ended June 30, 2026, the Company recorded a net loss on digital assets of $2.9 million related to digital assets held by AIXC. The loss reflected realized losses from digital asset transactions and unrealized gains and losses from changes in the fair value of digital assets held as of June 30, 2026. There was no comparable consolidated net loss on digital assets in the prior-year period, as AIXC was acquired by the Company in the third quarter of 2025 and did not hold digital assets within the Company’s consolidated results during the six months ended June 30, 2025.
Current report — wording carried from elsewhere
During the six months ended June 30, 2026, the only related party instruments measured at fair value that remained outstanding were derivative call options, as the related party notes payable accounted for under the fair value option and the related party warrants had been settled or extinguished in prior periods. The gain recognized during the period was driven by a decrease in the fair value of the derivative call options, primarily during the first quarter of 2026, as the decline in the Company’s stock price reduced the probability of economically favorable exercise. Fair value fluctuations were substantially more limited during the second quarter as the derivative call options became less sensitive to further stock price movements. In the absence of new issuances during the period, the full effect of favorable remeasurement was reflected in earnings. In the absence of new issuances during the period, the full effect of favorable remeasurement was reflected in earnings.
Current report — wording carried from elsewhere
In contrast, during the six months ended June 30, 2026, our stock price declined to levels at or near the contractual conversion price floors across the portfolio, which substantially reduced the in-the-money spread on conversions. As a result, the average loss rate decreased to approximately 35% of principal converted. Total principal converted decreased to $46.1 million in 2026 from $54.8 million 2025, the lower loss rate and lower conversion volume, resulting in an overall decrease in loss on extinguishment for the period. The lower loss rate and lower conversion volume resulted in an overall decrease in loss on extinguishment for the period.
Current report — wording carried from elsewhere
Sales and marketing expense increased by $0.7 million for the six months ended June 30, 2026, compared to the same period in 2025. The increase was due to the marketing expenses in sales and marketing activity at AIXC, which had no comparable consolidated amount in the prior-year period because AIXC was acquired in the third quarter of 2025. The impact on consolidated results was immaterial.
Current report — wording carried from elsewhere
General and administrative expense increased by $6.4 million for the six months ended June 30, 2026, compared to the same period in 2025. The increase reflects AIXC’s current-period operating activity following its acquisition, primarily driven by approximately $3.1 million of professional-service costs, including legal, accounting, consulting, investor relations, and director-related costs; approximately $0.6 million of master service fees charged by the Company’s AIEV reporting segment; approximately $1.9 million of personnel-related costs; and approximately $0.5 million of insurance expense. Because AIXC was acquired in the third quarter of 2025, there was no comparable consolidated amount in the prior-year period.
Current report — wording carried from elsewhere
The change in fair value of financial instruments was $85 thousand for the six months ended June 30, 2026, reflecting the period-end remeasurement of AIXC’s single fair value–measured instrument following its acquisition. There were no comparable amounts in the prior year as AIXC was acquired by the Company in the third quarter of 2025.
Current report — wording carried from elsewhere
Other income, net increased by $0.4 million for the six months ended June 30, 2026, compared to the same period in 2025. The increase was primarily driven by interest and investment income from AIXC, including interest income on the Marizyme Notes and income earned on money market investments. Because AIXC was acquired in the third quarter of 2025, there was no comparable consolidated amount in the prior-year period.
Current report — wording carried from elsewhere
$106.0 million was funded, $33.5 million was unfunded, and $4.8 million in principal was outstanding. Remaining unfunded amounts are subject to closing conditions, including minimum share price and trading volume requirements.
Rearranged previous paragraphs (9)
Previous report — wording carried elsewhere
•In March 2026, the Company provided an update on its EAI EV strategy, stating that the FX Super One had advanced into engineering validation, homologation and production system refinement following the roll-off of the first pre-production vehicle at its Hanford, California facility in December 2025. The Company also stated that it continued to advance U.S. production readiness, including localized certification work related to Federal Motor Vehicle Safety Standards (“FMVSS”) requirements, and remained focused on phased delivery of the FX Super One.
Previous report — wording carried elsewhere
Robotics - Strategic Operations and Product Development
Previous report — wording carried elsewhere
Consolidated - Change in Fair Value of Related Party Notes Payable and Related Party Warrant Liabilities
Previous report — wording carried elsewhere
Consolidated - Loss on Settlement of Related Party Notes Payable
Previous report — wording carried elsewhere
Consolidated - Loss on Digital Assets, net
Previous report — wording carried elsewhere
General and administrative expense decreased by $8.0 million for the three months ended March 31, 2026, compared to the same period in 2025. The decrease was primarily driven by a $8.7 million decrease in professional fees, reflecting reimbursements of legal expenses. These decreases were partially offset by $1.6 million increase due to higher payroll costs.
Previous report — wording carried elsewhere
Loss on disposal of property, plant, and equipment increased by approximately $0.3 million for the three months ended March 31, 2026, compared to the same period in 2025. We dispose of equipment when the assets become obsolete, costly to maintain, or are replaced by more efficient technologies.
Previous report — wording carried elsewhere
AIEV - Change in Fair Value of Related Party Notes Payable and Related Party Warrant Liabilities
Previous report — wording carried elsewhere
AIEV - Loss on Settlement of Related Party Notes Payable