Faraday Future Reports Financial Results for Second Quarter 2024 and Announces Timing for Earnings Call

Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF,” “Faraday Future,” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced its financial results for its second quarter 2024 and is scheduled to have an earnings call on these results after market close on Wednesday, August 14, 2024 at 5:00 p.m. Pacific Time (8:00 p.m. Eastern Time).

RESULTS FOR SECOND QUARTER 2024

The Company continued its efforts to control costs and reduce operating expenses:

• Second quarter operating expenses improved significantly to $29.9 million compared to $49.4 million in the prior year quarter.
• Second quarter loss from operations improved to $50.6 million compared to a loss of $56.0 million in the prior year quarter.
• Cash used in operating activities improved meaningfully to $29.1 million in the six months ended June 30, 2024, compared to $160.7 million in the prior year period.
• The Company had $457.9 million of assets, $309.2 million liabilities and a book value of $148.7 million at quarter end June 30, 2024.

These results reflect significant cost reductions and cost discipline, and FF anticipates ongoing cost reductions compared to the year-over-year periods through the remainder of 2024. FF has rightsized its operational footprint and workforce based on the current operational requirements and funding situation. The next step is to continue vehicle production and deliveries.

FF raised approximately $15.5 million of gross financing through convertible debt issuances in the second quarter 2024.

KEY COMPANY HIGHLIGHTS

The start of 2024 marked a transformative period for the Company. The Company’s new China-U.S. Automotive Bridge Strategy positions FF to leverage cutting-edge AI and software technologies across multiple market segments, potentially accelerating FF’s mass-market entry while maintaining FF’s ultra-luxury offering. The Company remains focused on executing its global strategy and bringing its unique vision of intelligent electric mobility to a broader audience. In addition, FF recently held its first Investor Community Day to highlight the Company’s technology, its leadership team and the developments that underscore its commitment to innovation and sustainable growth.