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Faraday Future Intelligent Electric Inc. (FFIE+5.60%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenue to $0.01 million for the quarter, compared to $0.6 million in the same quarter of the previous year, as no new vehicles were sold and only two vehicles were leased.
Cost of revenues increased to $21.5 million from $16.1 million in the same quarter of the previous year, primarily due to higher depreciation expenses and increased corporate cost absorption.
Research and development expenses decreased significantly to $5.2 million from $21.6 million, reflecting headcount reductions and a shift in focus from R&D to production roles.
Sales and marketing expenses decreased to $2.6 million from $5.3 million, attributed to reduced compensation and advertising costs.
General and administrative expenses decreased to $8.3 million from $24.0 million, driven by reductions in professional service fees and general expenses.
A gain of $14.9 million was recorded from the settlement of previously accrued research and development expenses with Palantir Technologies Inc. (PLTR+1.65%)
Loss on disposal of property, plant, and equipment was $2.6 million, attributed to the abandonment of certain assets.
Change in fair value of notes payable and warrant liabilities resulted in a gain of $8.3 million, compared to a gain of $17.6 million in the previous year.
Loss on settlement of notes payable increased to $59.1 million from $21.4 million, due to an increase in the conversion of notes payable.
Interest expense and related party interest expense increased to $1.4 million and $1.2 million, respectively, primarily due to financial obligations and default interest rates.
Other income was $0.4 million, compared to other expense of $1.6 million in the previous year, primarily due to foreign currency transaction gains.
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. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.