NEWS ER
Faraday Future Reports Financial Results for Second Quarter 2024 and Announces Timing for Earnings Call
Positive
Operating expenses decreased to $29.9 million from $49.4 million year-over-year
Positive
Operating expenses decreased to $29.9 million from $49.4 million year-over-year
Loss from operations improved to $50.6 million from $56.0 million year-over-year
Cash used in operating activities reduced to $29.1 million in H1 2024 from $160.7 million in the prior year period
Raised approximately $15.5 million through convertible debt issuances
Introduced China-U.S. Automotive Bridge Strategy to potentially accelerate mass-market entry
Building FF 91 vehicle bodies in-house for significant cost savings
Established Middle East sales entity in Dubai for expansion
Negative
Company still operating at a loss of $50.6 million in Q2 2024
Ongoing need for strategic financing to support production and strategy implementation
Risk of delisting from Nasdaq if minimum bid price requirement not met by August 31, 2024
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