July 31, 2024 - $Faraday Future Intelligent Electric Inc. (FFIE.US)$shares surged 31.87% to $0.4167 in pre-market trading on Wednesday. Faraday Future has released a business update, detailing pivotal strategic advancements and significant operational headway. Notably, the company has restored its adherence to NASDAQ's stringent regulations for the prompt submission of financial disclosures.
Nasdaq Listing Compliance
FF received approval for continued listing from the Nasdaq Hearings Panel, subject to compliance deadlines. FF successfully met one compliance deadline with the filing today of its Form 10-Q for the quarter ended March 31, 2024.
Financial Update – First Quarter 2024
The Company continued its efforts to control costs and reduce operating expenses:
Operating expenses declined significantly to $22.9 million compared to $95.8 million in the same prior year quarter.Loss from operations declined to $43.6 million compared to a loss of $95.8 million in same prior year quarter.
Cash from operating activities improved meaningfully to a loss of $14.7 million compared to negative $103.0 million in first quarter 2023.
The Company had $499.9 million of assets, $298.4 million liabilities and a book value of $201.5 million at quarter end March 31, 2024.
Shares of Class A common stock outstanding on July 30, 2024 were 441.3 million, as compared to Class A shares outstanding on May 17, 2024 of 439.7 million.
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV company, but also a software-driven intelligent internet company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by a pursuit of intelligent and AI-driven mobility.
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