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Faraday Future Intelligent Electric Inc. (FFAI-8.88%) has submitted its Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing details the company's financial performance, reporting a net loss of $355.8 million for 2024, compared to a net loss of $431.7 million in 2023. The decrease in net loss is attributed to reductions in research and development expenses and general and administrative costs.
Revenue for 2024 was $539,000, down from $784,000 in 2023. This decline is primarily due to a decrease in automotive sales revenue, with six vehicles delivered in 2024 compared to ten in 2023.
Cost of revenue increased significantly to $84 million in 2024 from $42.6 million in 2023, driven by higher depreciation expenses and increased corporate cost absorption.
Research and development expenses decreased substantially by $106.8 million to $25.2 million in 2024, reflecting a shift in focus from R&D to production resources.
Sales and marketing expenses were reduced by $13.6 million to $9.3 million in 2024, as the company leveraged its Co-Creation strategy to optimize marketing reach.
General and administrative expenses decreased by $39.7 million to $43.2 million in 2024, due to cost-cutting initiatives and reduced professional service fees.
The company recognized a $14.9 million gain from the settlement of previously accrued R&D expenses, resolving disputes over unpaid invoices with Palantir.
Faraday Future continues to face liquidity challenges, with an unrestricted cash balance of $7.2 million and a negative working capital position of $120.9 million as of December 31, 2024.
The company is actively seeking additional capital to continue operations and support production, with substantial doubt about its ability to continue as a going concern for the next year.
Faraday Future's strategic initiatives include the launch of its FX Series of vehicles and expansion into the UAE market, which are expected to generate new revenue streams.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Faraday Future Intelligent Electric Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.