Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) shares are trading higher Wednesday. The company provided a business update and regained compliance with Nasdaq timely reporting requirements.
The Details:
Faraday Future said its loss from operations in the first quarter was $43.6 million compared to a loss of $95.8 million in the same prior year quarter, and cash from operating activities improved to a loss of $14.7 million compared to a loss of $103.0 million in the first quarter of 2023.
The company said operating expenses declined to $22.9 million in the first quarter compared to $95.8 million in the same quarter last year.
"The start of 2024 marked a transformative period for the Company," said Matthias Aydt, Global CEO of Faraday Future.
"Our new China-U.S. Automotive Bridge Strategy positions us to leverage our cutting-edge AI and software technologies across multiple market segments, potentially accelerating our mass-market entry while maintaining our ultra-luxury offering. Coupled with our fundraising efforts, Nasdaq compliance efforts, and the success of our first Investor Community Day held recently, these developments underscore our commitment to innovation, sustainable growth, and stockholder value."
According to data from Benzinga Pro, Faraday Future shares are climbing on heavy volume Wednesday following the business update.
How To Buy FFIE Stock:
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
FFIE Price Action: According to Benzinga Pro, Faraday Future Intelligent Electric shares are up 18.8% at 38 cents at the time of publication Wednesday.
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Image: Courtesy of Faraday Future Intelligent Electric, Inc.