Faraday Future (FF) Discloses 2023 Financial Results
TapTechNews May 29th news, Faraday Future (FF) disclosed its 4th quarter and full-year financial results as of December 31st, 2023. The report shows that the full-year revenue in 2023 is $800,000 (TapTechNews note: currently about 5.8 million yuan), and the cost of sales is $43 million.
The report stated that there was no revenue and cost of sales in 2022, reflecting that the company started delivering vehicles only in the 3rd quarter of 2023. The operating loss in 2023 is $286 million, while the operating loss in 2022 is $437 million.
The narrowing of operating losses is mainly through a significant reduction in operating expenses. The operating expenses in 2023 is $244 million, while in 2022 it is $437 million. The net loss in 2023 is $432 million, while in 2022 it is $602 million.
The total assets as of December 31st, 2023 is $531 million, while on December 31st, 2022 it is $529 million; the total liabilities is $302 million, while on December 31st, 2022 it is $328 million.
The net cash used in operating activities in 2023 is $278 million, while in 2022 it is $383 million. The capital expenditure in 2023 is $31 million, while in 2022 it is $123 million.
The cash balance as of December 31st, 2023 is $400,000, including $200,000 of restricted cash; while the cash balance on December 31st, 2022 is $1.7 million. As of May 23rd, 2024, the company's cash position is approximately $500,000, including $200,000 of restricted cash.
Faraday Future believes that the company will have unforeseen expenses in the future, and there may be difficulties and delays when delivering the FF91 series, so it may never be able to generate enough revenue to maintain its own operations.
After Faraday Future disclosed its financial report, TapTechNews queried the current stock price information, which is $1.17, an increase of 0.86%.
The company said: We started production of the FF91 Futurist in March 2023 and began delivering to customers in August 2023. As of December 31st, 2023, we have sold 4 vehicles and leased 6 vehicles.
