NEWS
Faraday Future Announces Fiscal Fourth Quarter and Full Year 2023 Financial Results
Positive
First-year revenue: $0.8 million in 2023.
Operating losses reduced to $286 million from $437 million in 2022.
Operating expenses significantly reduced to $244 million from $437 million.
Net loss improved to $432 million from $602 million.
Total assets increased to $531 million from $529 million.
Total liabilities reduced to $302 million from $328 million.
Net cash used in operating activities decreased to $278 million from $383 million.
Capital expenditures down to $31 million from $123 million.
Pursuit of additional strategic investors to support future growth.
Negative
Revenue of only $0.8 million compared to $43 million cost of goods sold.
Cash balance dropped to $4 million from $17 million.
Withdrawing production target guidance for 2024.
Net loss remains high at $432 million.
Cash position remains weak at approximately $5 million as of May 23, 2024.
First-year revenue: $0.8 million in 2023.
Operating losses reduced to $286 million from $437 million in 2022.
Operating expenses significantly reduced to $244 million from $437 million.
Net loss improved to $432 million from $602 million.
Total assets increased to $531 million from $529 million.
Total liabilities reduced to $302 million from $328 million.
Net cash used in operating activities decreased to $278 million from $383 million.
Capital expenditures down to $31 million from $123 million.
Pursuit of additional strategic investors to support future growth.
Negative
Revenue of only $0.8 million compared to $43 million cost of goods sold.
Cash balance dropped to $4 million from $17 million.
Withdrawing production target guidance for 2024.
Net loss remains high at $432 million.
Cash position remains weak at approximately $5 million as of May 23, 2024.
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