Shulou(Shulou.com)11/24 Report--

CTOnews.com, November 14 (Xinhua)-- Faraday Future (FF) today reported third-quarter results, generating revenue for the first time-raising a total of $61.8 million through convertible notes, equity credit lines (ELOC) and ATM financing (CTOnews.com Note: currently about 451 million yuan).

In addition to equity financing, FF successfully raised assets by selling and leasing back its manufacturing plant in Hanford, California. Through the deal, FF freed up up to $12 million in non-dilutive equity and was designated for significant improvements to the plant and basic development.

Since the successful launch of the second phase of co-creation delivery on August 12, 2023, FF aims to expand the production scale of the FF 91 and begin the third phase of delivery, that is, full delivery of vehicles to users, by the end of the first quarter of 2024. According to the company's current factory improvement and climbing plans, the company aims to achieve production of about 1000 cars next year.

Financial summary:

The cost of sales is $16.1 million. Of this amount, $10.4 million is depreciation of tools and equipment. Most of the rest are manufacturing overhead costs, followed by labor and material costs. The higher cost of sales stems from the natural inefficiency of early vehicle production-that is, the higher cost of spare parts caused by inefficient initial manufacturing and low production.

The operating loss was $66.4 million, compared with $80 million in the same period last year. The narrowing of operating loss is mainly due to the reduction of R & D expenditure, followed by the improvement of management expenses.

The net loss was $78 million, compared with a net loss of $119.9 million in the same period last year. The narrowing of the net loss was mainly due to lower operating expenses and changes in the fair value of notes payable and warrants liabilities, offset by the non-cash settlement of convertible notes recorded in the quarter.

From January to September this year, net cash outflows from operating activities were $240.4 million, compared with $355.1 million in the same period last year; capital expenditure was $10.8 million, compared with $112.1 million in the same period last year; and net cash inflows from financing activities were $237.6 million, compared with $4090 in the same period last year.

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

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