Analyst Summary:
California-based global shared intelligent electric company Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) recently announced its Q4 and full-year financial results, ending December 31, 2022. Operating expenses for the year were $451.0 million, compared to $354.1 million for the previous year. Despite this, Q4 2022 saw improvement in operating expenses, mainly due to timing as significant costs were incurred in the first nine months. The net loss was $552.1 million for 2022 compared to $516.5 million in the prior-year period, primarily due to the increase in engineering, design and testing costs. As of March 3, 2023, the company had cash and restricted cash of approximately $37.2 million. The Company’s CEO, Xuefeng (“XF”) Chen, expects all available resources to be utilized to deliver the car to the customers before the end of April. Faraday Future has been completing its testing and validation of the FF 91 Futurist through the Product and Technology Generation 2.0 program (PT Gen 2.0). They are targeting a SOP date on March 30, 2023, assuming timely receipt of funds from the company’s suppliers meeting their supply chain requirements.