IT House May 7 news, today, Faraday Future (Faraday Future) announced its financial results for the third quarter ended September 30, 2021. The financial results were delayed due to the special committee’s previously announced investigative work.
“The third quarter of 2021 is significant for Faraday Future as we complete the merger with PSAC and become a public company with sufficient capital and a strong balance sheet at the end of the third quarter,” said Faraday Future’s global CEO Bi Fukang. “Still confident to deliver FF 91 in Q3 2022. “
IT House understands that the financial report shows that Faraday Future’s revenue as of September 30, 2021Operating expenses in the third quarter were $186 million, while operating expenses for the three months ended September 30, 2020 were $18 million. Operating expenses increased significantly, primarily due to increased spending at the Hanford manufacturing facility in preparation for full commercial production.
Faraday Future as of September 30, 2021Third-quarter net loss of $304 million, a net loss of $33 million in the same period last year. Faraday Future said that the increase in net loss was mainly due to a significant increase in operating expenses, related party bills payable, bills payable at fair value, losses from changes in fair value of warrant liabilities, and the processing of bills payable to related parties, bills payable and payable to suppliers. resulting losses.
As of September 30, 2021, Faraday Future’s cash and cash equivalents balance was $666 million.As of March 31, 2022Cash balance of $276 millionwhich includes planned repayments of $97 million in notes and accrued interest.
In addition, Faraday Future plans to hold a conference call open to investors after it presents its first-quarter 2022 results in mid-May.
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