Summary by Futu AI
Faraday Future Intelligent Electric Inc. (FFIE), a California-based electric vehicle company, reported its financial performance for the quarter ended March 31, 2024. The company, which trades under the ticker symbols 'FFIE' for its Class A Common Stock and 'FFIEW' for its Public Warrants, has faced significant challenges, including a substantial doubt about its ability to continue as a going concern. FFIE has incurred cumulative losses and negative cash flows from operations since inception, with an accumulated deficit of $4,006.7 million and an unrestricted cash balance of only $0.4 million as of March 31, 2024. The company's working capital position is negative at $175.2 million, excluding restricted cash. During the quarter, FFIE sold a total of four vehicles and leased six, requiring substantial additional capital to...Show More