Faraday Future Reports Q4 2024 and Full-Year Financial Results

The company announced that it has secured over $70 million in committed financing for its Faraday Future (FF) and FX brands during the fourth quarter of 2024 and for the full year. The funding will be used to support the strategic development of both FF and FX.

Significant progress was made on FX product development, with plans for the first-ever FX Super One product launch scheduled for June 2025. The company also aims to put its first production car on the market by the end of 2025, with pre-orders expected to commence in the summer.

Fourth Quarter 2024 Financial Results

The company reported a net loss of $30.3 million, down 55.3% from $17.68 million in the same quarter last year. Operating cash outlays amounted to $70.2 million, down 75% from $2.782 billion in the same period last year. Despite this, financing inflows of $2.5 million exceeded operating cash outlays.

The company's overall financial stability has significantly improved compared to mid-2024, as evidenced by its more conservative outlook.

Full-Year 2024 Financial Results

The company reported a net loss of $35.58 billion, with 58.0% ($20.64 billion) coming from non-operating losses and non-cash expenses. Operating losses were $1.497 billion, down 47.7% from $2.861 billion in the same period last year. Operating cash outlays remained at $70.2 million, still down 75% from $2.782 billion in the same period last year.

The company's operating costs increased by $4140 million compared to the same period last year, largely due to the acquisition of new production equipment and associated depreciation charges.

Research and Development Expenses

Reduced by $1.068 billion compared to the same period last year, mainly due to cost savings from employee salary and resource optimization totaling $5360 million, as well as a decrease in engineering, design, and testing expenses of $3520 million. The company also reached an agreement with Palantir to cancel previously agreed-upon research and development costs of 1490 million.

Sales and Marketing Expenses

Reduced by $1360 million compared to the same period last year, primarily due to a decrease in employee salaries. General and advertising expenses combined were reduced by 530 million dollars.

General and Administrative Expenses

Decreased by $3970 million from the same period last year, mainly due to a reduction in professional services fees of $2320 million and insurance costs for directors and senior executives of $1070 million.

Non-Operating Losses

Totaling $2.064 billion, primarily caused by accounting misinterpretation and adjustments made to existing convertible bonds and warrants. The company confirmed losses of 1.883 billion, mostly sourced from valuation changes. Interest expenses of 660 million was incurred during the year.