Faraday Future generated revenue for the first time in the third quarter and plans to produce 1,000 cars next year

News from this site on November 14, Faraday Future (FF) announced its third quarter financial report today, achieved revenue generation for the first time - through convertible notes, equity line of credit (ELOC) and ATM financing. Received US$61.8 million (note from this site: currently approximately RMB 451 million).

In addition to the equity financing, FF successfully conducted asset financing through the sale and leaseback of its manufacturing facility in Hanford, California. With this transaction, FF releases up to $12 million of non-dilutive equity earmarked for significant improvements and fundamental development of the plant.

Since the successful launch of the second phase of co-creation delivery on August 12, 2023, FF aims to expand the production scale of FF 91 and The third phase of delivery will begin at the end of the first quarter of 2024, that is, the full delivery of vehicles to users. Based on the company's current factory improvement and ramp-up plan, the company aims to achieve production of approximately 1,000 vehicles next year.

Financial Summary:

• ##Cost of sales was $16.1 million. Of that amount, $10.4 million was tool and equipment depreciation. Most of the remainder is manufacturing overhead, followed by labor and material costs. The higher cost of sales stems from natural inefficiencies in early vehicle production – namely, higher component costs due to initial manufacturing inefficiencies and lower volumes.

• Operating loss was $66.4 million, compared with a loss of $80 million in the same period last year. The narrowing of operating losses was mainly due to lower research and development expenditures, followed by improvements in administrative expenses.

• Net loss was $78 million, compared with a net loss of $119.9 million in the same period last year. The narrower net loss was primarily due to lower operating expenses and gains on changes in the fair value of notes payable and warrant liabilities, offset by the non-cash settlement of convertible notes recorded during the quarter.

• From January to September this year,

  operating activities generated net cash outflows of US$240.4 million, compared with US$355.1 million in the same period last year; capital expenditures were US$10.8 million , compared with US$112.1 million in the same period last year; Net cash inflow from financing activities was US$237.6 million, compared with US$40.9 million in the same period last year.

• The company's cash balance is $8.6 million, including $1.9 million in restricted cash.

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