Faraday Future Intelligent Electric Inc. reported Q1 2024 financial results with minimal revenue of $2,000 and a net loss of $48.2 million, significantly improved from a $145 million loss in Q1 2023. Cost of revenues was $20.7 million, while operating expenses decreased 76% to $22.9 million, primarily due to reduced R&D and G&A costs as the company completed FF 91 development.The company continues to face substantial liquidity challenges with only $0.4 million in unrestricted cash and a $175.2 million negative working capital position as of March 31, 2024. Management concluded there is substantial doubt about the company's ability to continue as a going concern. FF is in default on several financing agreements and requires significant additional capital to fund operations and production ramp-up.FF is pursuing various funding alternatives while implementing cost reduction measures. The company announced a new "Bridge Strategy" to potentially accelerate mass-market vehicle development through partnerships with Chinese OEMs. However, FF faces delisting risk from Nasdaq due to minimum bid price and filing delinquency issues, though it has received an extension until August 31, 2024 to regain compliance.

Faraday Future Intelligent Electric Inc. reported Q1 2024 financial results with minimal revenue of $2,000 and a net loss of $48.2 million, significantly improved from a $145 million loss in Q1 2023. Cost of revenues was $20.7 million, while operating expenses decreased 76% to $22.9 million, primarily due to reduced R&D and G&A costs as the company completed FF 91 development.The company continues to face substantial liquidity challenges with only $0.4 million in unrestricted cash and a $175.2 million negative working capital position as of March 31, 2024. Management concluded there is substantial doubt about the company's ability to continue as a going concern. FF is in default on several financing agreements and requires significant additional capital to fund operations and production ramp-up.FF is pursuing various funding alternatives while implementing cost reduction measures. The company announced a new "Bridge Strategy" to potentially accelerate mass-market vehicle development through partnerships with Chinese OEMs. However, FF faces delisting risk from Nasdaq due to minimum bid price and filing delinquency issues, though it has received an extension until August 31, 2024 to regain compliance.