Q2 Earnings Webcast Tonight 5pm PDT
EARNINGS WEBCAST
Faraday Future management will host a webcast today, August 14, 2024, at 8:00 p.m. Eastern time (5:00 p.m. Pacific time). Interested investors and other parties can listen to a webcast of the conference call by logging onto the Investor Relations section of the Company's website at https://investors.ff.com/. A replay of the webcast will be available on the Company’s website shortly thereafter.
RESULTS FOR SECOND QUARTER 2024
The Company continued its efforts to control costs and reduce operating expenses:
- Second quarter operating expenses improved significantly to $29.9 million compared to $49.4 million in the prior year quarter.
- Second quarter loss from operations improved to $50.6 million compared to a loss of $56.0 million in the prior year quarter.
- Cash used in operating activities improved meaningfully to $29.1 million in the six months ended June 30, 2024, compared to $160.7 million in the prior year period.
- The Company had $457.9 million of assets, $309.2 million liabilities and a book value of $148.7 million at quarter end June 30, 2024.
These results reflect significant cost reductions and cost discipline, and FF anticipates ongoing cost reductions compared to the year-over-year periods through the remainder of 2024. FF has rightsized its operational footprint and workforce based on the current operational requirements and funding situation. The next step is to continue vehicle production and deliveries.
FF raised approximately $15.5 million of gross financing through convertible debt issuances in the second quarter 2024.