Faraday Future reported Q3 2024 revenue of $9,000, down 98% from $551,000 in Q3 2023, while net loss narrowed to $77.7 million from $78.0 million year-over-year. Cost of revenues increased 33% to $21.5 million due to higher depreciation expenses and corporate cost absorption. The company had an unrestricted cash balance of $7.3 million as of September 30, 2024.Operating expenses decreased significantly to $3.8 million from $50.9 million in Q3 2023, driven by reduced R&D, sales and marketing, and general administrative costs. The company recognized a $14.9 million gain from settling previously accrued R&D expenses with Palantir. Management continues implementing cost-cutting initiatives while transitioning production capabilities to include both luxury and affordable electric vehicles.The company faces substantial doubt about its ability to continue as a going concern, with negative working capital of $168.3 million. To address liquidity needs, Faraday Future secured $30 million in commitments through a Junior Secured SPA in September 2024 and continues exploring various funding alternatives. The company has defaulted on certain debt obligations and requires substantial additional capital to fund operations and support FF 91 production.

Faraday Future reported Q3 2024 revenue of $9,000, down 98% from $551,000 in Q3 2023, while net loss narrowed to $77.7 million from $78.0 million year-over-year. Cost of revenues increased 33% to $21.5 million due to higher depreciation expenses and corporate cost absorption. The company had an unrestricted cash balance of $7.3 million as of September 30, 2024.Operating expenses decreased significantly to $3.8 million from $50.9 million in Q3 2023, driven by reduced R&D, sales and marketing, and general administrative costs. The company recognized a $14.9 million gain from settling previously accrued R&D expenses with Palantir. Management continues implementing cost-cutting initiatives while transitioning production capabilities to include both luxury and affordable electric vehicles.The company faces substantial doubt about its ability to continue as a going concern, with negative working capital of $168.3 million. To address liquidity needs, Faraday Future secured $30 million in commitments through a Junior Secured SPA in September 2024 and continues exploring various funding alternatives. The company has defaulted on certain debt obligations and requires substantial additional capital to fund operations and support FF 91 production.