News
Faraday Future Announces Fiscal Fourth Quarter and Full Year 2023 Financial Results
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The company has transformed the business into production and revenue generation with FF 91 2.0 EV in 2023.
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Realized revenue for 2023 and reduced operating loss, cash used in operating activities, while improving balance sheet composition compared to FY 2022.
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Company Committed to increasing production and deliveries, maintaining financial discipline.
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The search continues for significant additional strategic investors to drive future growth.
LOS ANGELES, May 28, 2024–(BUSINESS WIRE)–Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”, “Faraday Future” or “Company”), a global shared intelligent electric mobility ecosystem company headquartered in California, today announced its financial results for its fourth quarter and fiscal year ending December 31, 2023.
RESULTS FOR THE FOURTH QUARTER OF 2023 AND THE FULL YEAR OF 2023
For FY 2023, FF produced its first year of revenue, as well as a reduction in operating losses and cash used in operating activities, while improving the composition of its balance sheet, compared to FY 2022. These results were achieved through major cost reductions and cost discipline.
FF reported revenue of $0.8 million in 2023 and cost of goods sold of $43 million, compared to no revenue and cost of goods sold in 2022. This reflects that the company only began delivering vehicles in the third quarter 2023. The operating loss was US$286 million. for 2023, compared to an operating loss of US$437 million in 2022. The change was due to a significant reduction in operating expenses which recorded US$244 million in 2023 compared to US$437 million in 2022. The improvement in expenses Operating expenses for the year were primarily due to lower research and development expenses as the Company completed product development and transitioned to sales fulfillment through manufacturing and production. Net loss improved to $432 million in 2023 compared to $602 million in 2022.
Total assets as of December 31, 2023 were $531 million, compared to $529 million as of December 31, 2022. Total liabilities were $302 million, compared to $328 million as of December 31, 2022. 2022.
Net cash used in operating activities in 2023 was $278 million, compared to $383 million in 2022. Capital expenditures were $31 million in 2023, compared to $123 million in 2022.
The cash balance as of December 31, 2023 was $4 million, including restricted cash of $2 million. This compares to cash of $17 million as of December 31, 2022. As of May 23, 2024, the Company’s cash position was approximately $5 million, which includes restricted cash of $2 million.
The story continues
To support future growth, the Company continues to seek significant additional strategic investors to support future growth. It is also considering financing backed by equipment and intellectual property to potentially reduce reliance on dilutive financing. The Company does not plan to issue additional shares unless and until the Company receives shareholder approval to increase the total authorized share count.
“2023 was a landmark year for FF. We transitioned into a growth phase that focuses on production and revenue generation, establishing FF’s position in the high-performance, ultra-luxury electric vehicle market,” said Matthias Aydt, Global CEO of Faraday Future. “Looking ahead, I am excited about the future as we remain steadfast in our pursuit of growth through efficiency and the new markets we enter in 2023. We remain dedicated to elevating the strength of our products and shareholder value. “
MAIN COMPANY HIGHLIGHTS DURING 2023
FF launched a leasing program with Luxury Lease Partners, obtained a license from the Bureau of Automotive Repair, activated a home charging facility program and launched a public charging program. These initiatives are designed to provide a seamless, customer-focused experience for our users.
The Company also announced potential entry into the Middle East market late last year. This included strategic cooperation agreements with Master Investment Group and Siraj Holding LLC. Entry into the Middle East would add a third stage to the Company’s geographic strategy, which includes the US and China.
FF has also agreed to a collaboration with the Abu Dhabi Investment Office (ADIO) to bring generative AI and advanced smart electric vehicle capabilities to the UAE’s Autonomous and Intelligent Vehicle Industry (SAVI) cluster.
PANORAMA
Given current market conditions and current funding levels, the Company is withdrawing its 2024 production target guidance.
EARNINGS WEBCAST
Faraday Future management will host a webcast today, May 28, 2024, at 8:00 PM Eastern Time (5:00 PM PT). Interested investors and other parties may listen to the webcast of the conference call by accessing the Investor Relations section of the Company’s website at https://investors.ff.com/.
ABOUT THE FUTURE FARADAY
FF is the pioneer of the Ultimate Intelligent TechLuxury ultra-pinnacle market in the smart EV era and a disruptor of the traditional ultra-luxury car civilization. FF is not only an EV company, but also a software-driven company of intelligent Internet AI products.
FORWARD-LOOKING STATEMENTS
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates”, “projected “, “expects”, “anticipates”, “predicts”, “plans”, “intends”, “believes”, “seeks”, “may”, “will”, “should”, “future”, “propose” and Variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements about the Company’s planned financings, growth strategy in the US, China and the Middle East, and the Company’s leasing program, are not guarantees of future performance, conditions or results and involve a number of information known. and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or results include, but are not limited to: the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations; the Company’s ability to remedy its material weaknesses in internal control over financial reporting and risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute its plans for the development and commercialization of its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and the cost of bringing those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and safety of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds, satisfy conditions precedent and close the various financings described elsewhere by the Company; the outcome of future financing efforts, the failure of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s debt; the Company’s ability to cover future warranty claims; the Company’s ability to use its program “in the market”; Insurance coverage; general economic and market conditions that impact demand for the Company’s products; potential negative impacts of a reverse stock split; potential actions to reduce costs, number of employees and salaries may not be sufficient or may not achieve expected results; circumstances beyond the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks and civil unrest; risks related to the Company’s operations in China; the success of the Company’s corrective measures taken in response to the Special Committee’s findings; the Company’s dependence on its suppliers and contract manufacturers; the Company’s ability to develop and protect its technologies; the Company’s ability to protect itself against cybersecurity risks; and the Company’s ability to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings and volatility of the Company’s stock price. You should carefully consider the above factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on May 28, 2024 and other documents filed by the Company from time to time with the SEC. Investors (English): ir@faradayfuture.com
View the original version on businesswire.com: https://www.businesswire.com/news/home/20240528134731/en/
Contacts
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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News / Business / Latest Business News Live Updates Today, July 11, 2024
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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