Written by Cláudio Afonso | LinkedIn | X
The EV startup Faraday Future published on Tuesday its 2023 10-K form reporting a total of 6 FF91 EV models sold and six leased for the full year of 2023. The startup recorded a revenue of $0.784 million in that period.
“We began the production of our FF 91 Futurist in March 2023 and started making deliveries to customers in August 2023 and have sold four and leased six vehicles for the year ended December 31, 2023,” the company stated.
“Automotive sales revenue was $0.8 million for the year ended December 31, 2023. We started vehicle delivery to our customers during the third quarter of 2023 and this amount is primarily driven by the four cars that were sold through December 31, 2023. There was no sales revenue for the year ended December 31, 2022,” the company stated.
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Research and development expenses in 2023 were $132,021,000 substantially lower than $299,989,000 in the previous year. The company justified the decrease by saying that the reduction is primarily related less activities around engineering, design, and testing services as they were completed in 2022.
“The decrease in R&D expense is primarily due to the reduction in engineering, design, and testing services of $125.9 million as we substantially completed R&D activities related to the FF 91 Futurist vehicle in 2022,” the startup explained.
“Further, as we started production in March 2023, certain costs were recognized as cost of revenue and certain materials purchases were capitalized to inventory versus all being recognized as R&D expense. In addition, there was a decrease in personnel and compensation expenses of $20.2 million due to a decrease in headcount and a decrease in professional services of $15.1 million as part of cost saving measures implemented by us in light of our financial position,” Faraday added.
The company announced on Tuesday that Nasdaq granted an extended stay of the suspension pending a hearing with Nasdaq’s Hearings Panel.
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The company has been confronting the possibility of being delisted from Nasdaq due to ongoing non-compliance with several key listing requirements. Over the past six months, the company has received multiple notifications from Nasdaq, highlighting critical issues that threaten its status on the exchange.
Earlier this year, Faraday Future conducted a second reverse stock split in five months to regain compliance with Nasdaq listing requirements.
The company has faced repeated warnings from Nasdaq regarding bid price non-compliance and delays in filing its 2023 10-K form. The company’s securities will remain listed as it seeks an extended stay of the suspension pending a hearing with Nasdaq’s Hearings Panel.
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Written by Cláudio Afonso | LinkedIn | X
The post Faraday Future Reports 4 Vehicles Sold, 6 Leased For the Full Year of 2023 first appeared on EV.