Written by Cláudio Afonso | info@claudio-afonso.com
Faraday Future ($FFIE) announced on Friday the financial results for Q3 2021. On March 15, the California-based company confirmed that the Nasdaq had granted Faraday Future an extension until May 6, 2022, to file its Q3 2021 Quarterly Report.
With the third quarter of 2021 results now reported, the EV maker avoids the risk of being delisted by Nasdaq. The Company plans to host a conference call open to investors after it files its Q1 2022 results in mid-May.
Q3 2021 Financial Results
Operating expenses for the third quarter ended September 30, 2021, were $186 million compared to $18 million for the three months ended September 30, 2020. The increase is primarily due to an acceleration of costs to bring the Hanford manufacturing facility to full commercial production.
Net loss was $304 million for the third quarter ended September 30, 2021, compared to a net loss of $33 million in the prior-year period. The increase in net loss is attributable to the significant increase in operating expenses, the loss relating to fair value measurement of related party notes payable, notes payable which the Company elected to account for using the fair value option, warrant liabilities, as well as loss on settlement of related party notes payable, notes payable, and vendor payables in trust.
Cash and cash equivalents were $666 million as of September 30, 2021. The cash balance as of March 31, 2022 was $276 million, which includes the repayment of a $97 million note and accrued interest on schedule.
“The third quarter of 2021 was eventful for Faraday Future as we completed our merger with PSAC and became a public company, ending the quarter well-capitalized with a strong balance sheet,” said Global CEO of Faraday Future Dr. Carsten Breitfeld. “We made strong progress building out the Hanford manufacturing facility and production area construction is advancing on schedule. We continued to make excellent progress with our supply chain partners in a challenging supply-chain environment. We significantly bolstered our management team with key hires who will help us navigate the challenging logistics climate, and strengthened other key areas in manufacturing, development, finance, and elsewhere.”
Dr. Breitfeld continued, “After quarter end, we marked our first four milestones toward SOP at the Hanford manufacturing facility. We remain confident that we will launch the FF 91 in the third quarter of 2022 and believe that Faraday Future is positioned to redefine the state-of-the-art in intelligent electrified mobility.”
Recently, the EV maker announced that its FF91 Model will use Brembo as a supplier to the brake technology, as the main supplier of full brake caliper assembly. Brembo will provide a specialized caliper assembly for the FF 91. This includes assembly, pistons, calipers, and pads, along with the electronic parking brake — the company said.
The company also unveiled recently that will partner with Meta System to become the supplier of on-board power management module products. FF 91 EV and the upcoming FF 81 vehicles will be equipped with Meta System’s onboard battery charger. The system will feature 15.2 kW AC charging capability.
Recently, Faraday Future launched its “Born in California, Global DNA” brand campaign showcasing the company’s global partners for its flagship vehicle, FF 91. The FF 91 is designed and built in California and is “on track” to be launched in Q3 2022.
Written by Cláudio Afonso | info@claudio-afonso.com