Faraday Future Files 10-Q for Q1 2024
Ticker: FFAIW · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 1805521
Sentiment: neutral
Topics: 10-Q, electric-vehicles, financials
TL;DR
FFIE 10-Q filed for Q1 2024. Financials and operations detailed.
AI Summary
Faraday Future Intelligent Electric Inc. filed its 10-Q for the period ending March 31, 2024. The filing details financial information and operational updates for the company, which is involved in the automotive industry, specifically electric vehicles. Key financial figures and disclosures relevant to investors are presented in this report.
Why It Matters
This 10-Q filing provides crucial financial and operational insights into Faraday Future's performance and current standing, which is vital for investors to assess the company's health and future prospects.
Risk Assessment
Risk Level: high — The company operates in a highly competitive and capital-intensive industry, and its financial performance and operational execution are subject to significant risks.
Key Numbers
- 0.0125 — Common Class A Share Price (Indicates a very low share price as of the reporting period.)
- 0.333 — Common Class B Share Price (Indicates a low share price for Class B shares.)
Key Players & Entities
- FARADAY FUTURE INTELLIGENT ELECTRIC INC. (company) — Filer of the 10-Q
- Property Solutions Acquisition Corp. (company) — Former name of the company
- 20240331 (date) — End of the reporting period
- 20240730 (date) — Filing date
FAQ
What was the total number of shares of common stock outstanding as of March 31, 2024?
The filing indicates that as of March 31, 2024, there were 1,037,550,000 shares of Class A common stock outstanding and 10,000,000 shares of Class B common stock outstanding.
What is the company's primary business activity?
The company's Standard Industrial Classification is 'MOTOR VEHICLES & PASSENGER CAR BODIES [3711]', indicating its focus on manufacturing vehicles.
When did the company change its name from Property Solutions Acquisition Corp.?
The date of the name change from Property Solutions Acquisition Corp. to Faraday Future Intelligent Electric Inc. was March 4, 2020.
What is the fiscal year end for Faraday Future Intelligent Electric Inc.?
The fiscal year end for the company is December 31.
What is the business address listed in the filing?
The business address listed is 654 MADISON AVENUE, SUITE 1009, NEW YORK, NY 10065.
Filing Stats: 4,542 words · 18 min read · ~15 pages · Grade level 18 · Accepted 2024-07-30 17:25:46
Key Financial Figures
- $0.0001 — stered Class A common stock, par value $0.0001 per share FFIE The Nasdaq Stock Market
- $2,760.00 — A common stock at an exercise price of $2,760.00 per share FFIEW The Nasdaq Stock Marke
Filing Documents
- ffie-20240331.htm (10-Q) — 1463KB
- exhibit311q12024-ceo.htm (EX-31.1) — 11KB
- exhibit312q12024-cfo.htm (EX-31.2) — 11KB
- exhibit321q12024-ceo.htm (EX-32.1) — 6KB
- exhibit322q12024-cfo.htm (EX-32.2) — 6KB
- 0001628280-24-033559.txt ( ) — 8754KB
- ffie-20240331.xsd (EX-101.SCH) — 73KB
- ffie-20240331_cal.xml (EX-101.CAL) — 68KB
- ffie-20240331_def.xml (EX-101.DEF) — 474KB
- ffie-20240331_lab.xml (EX-101.LAB) — 764KB
- ffie-20240331_pre.xml (EX-101.PRE) — 598KB
- ffie-20240331_htm.xml (XML) — 1101KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 5 Condensed Consolidated Statements of Cash Flows (Unaudited) 7 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 59 Item 4.
Controls and Procedures
Controls and Procedures 59
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 63 Item 1A.
Risk Factors
Risk Factors 63 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 65 Item 3. Defaults Upon Senior Securities 65 Item 4. Mine Safety Disclosures 65 Item 5. Other Information 65 Item 6. Exhibits 67
Signatures
Signatures 68 2 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Faraday Future Intelligent Electric Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) March 31, 2024 (Unaudited) December 31, 2023 Assets Current assets: Cash $ 407 $ 1,898 Restricted cash 898 2,127 Accounts receivable 7 7 Inventory 29,425 34,229 Deposits 27,124 31,382 Other current assets 24,875 21,721 Total current assets: 82,736 91,364 Property, plant and equipment, net 397,432 417,812 Operating lease right-of-use assets 15,766 16,486 Other non-current assets 4,007 4,877 Total assets: $ 499,941 $ 530,539 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 96,625 $ 93,170 Accrued expenses and other current liabilities 61,065 62,391 Related party accrued interest 17,439 753 Warrant liabilities 100 285 Accrued interest 25 25 Related party warrant liabilities 3 21 Operating lease liabilities, current portion 3,135 3,621 Related party notes payable 14,829 9,760 Notes payable 63,769 91,150 Total current liabilities: 256,990 261,176 Financial obligations on sale and lease back transaction 26,234 25,483 Operating lease liabilities, less current portion 13,860 14,306 Other liabilities 1,338 1,338 Total liabilities: 298,422 302,303 Commitments and contingencies (Note 9) Stockholders' equity Class A Common Stock, $ 0.0001 par value; 443,625,000 and 49,291,667 shares authorized; 159,390,384 and 42,433,025 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 16 4 Class B Common Stock, $ 0.0001 par value; 19,687,500 and 2,187,500 shares authorized; 266,670 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — — Preferred Stock, $ 0.0001 par value, 10,000,000 shares authorized, zero share issued and outstanding as of March 31, 2024 and December 31, 2023 — — Additional paid-in capital 4,202,125 4,180,869 Accumulated other comprehensive income 6,094 5,862 Accumulated def