Faraday Future Financial Report: Faraday Future's operating loss in Q1 2022 was approximately US$149 million, and FF91 pre-orders were 401 vehicles

According to recent news, Faraday Future (FF) official microblog released its first quarter financial report for 2022. The financial report shows that FF's operating loss in the first quarter was about 149 million US dollars, and the operating loss in the same period last year was about 19 million US dollars.

The increase in losses was primarily due to an increase in engineering, design and testing (“ED&T”) services as the Company reengaged suppliers and made significant purchases of ED&T services to advance the FF 91 program; a significant increase in headcount and employee-related expenses; and an increase in professional services primarily related to the Special Committee’s investigation.

FF's net loss in the first quarter was approximately $153 million, while the net loss for the three months ended March 31, 2021 was approximately $76 million. The main reason for the increase in net loss in the first quarter was operating losses.

As of March 31, 2022, FF had total assets of approximately $706 million, including $276 million in cash. The decrease in cash between December 31, 2021 and March 31, 2022 was due in part to the scheduled repayment of $97 million of notes and accrued interest thereon. Total liabilities as of March 31, 2022 were approximately $271 million, compared to approximately $340 million as of December 31, 2021.

FF said that since its inception, the company has been operating at a cumulative loss, with negative cash flow from operating activities, and as of March 31, 2022, the company has accumulated losses of approximately US$3 billion. In the foreseeable future, the company expects to continue to incur large operating losses as the company will continue to incur expenses before generating substantial revenue.

The financial report shows that FF's first FF 91 quasi-production car has been completed, with 401 car reservations as of March 31, 2022.

From TechWeb