24/7 MN – Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) stock is moving up more than 20% on increasing trading volume.
| Faraday Future Intelligent Electric Inc.Consolidated Balance Sheets – (Unaudited)December 31, 2021 and 2020(in thousands, except share and per share data) | |||||||
| 2021 | 2020 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 505,091 | $ | 1,124 | |||
| Restricted cash | 25,386 | 703 | |||||
| Deposits | 63,370 | 6,412 | |||||
| Other current assets | 13,410 | 6,200 | |||||
| Total current assets | 607,257 | 14,439 | |||||
| Property and equipment, net | 293,135 | 293,933 | |||||
| Other non-current assets | 7,040 | 8,010 | |||||
| Total assets | $ | 907,432 | $ | 316,382 | |||
| Liabilities and stockholders’ equity (deficit) | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 37,773 | $ | 86,601 | |||
| Accrued expenses and other current liabilities | 90,512 | 52,382 | |||||
| Related party accrued interest | 11,231 | 82,260 | |||||
| Accrued interest | 8,263 | 36,030 | |||||
| Related party notes payable | 13,655 | 332,355 | |||||
| Notes payable, current portion | 132,372 | 149,199 | |||||
| Vendor payables in trust | — | 110,224 | |||||
| Total current liabilities | 293,806 | 849,051 | |||||
| Capital leases, less current portion | 7,570 | 36,501 | |||||
| Other liabilities, less current portion | 3,720 | 1,000 | |||||
| Notes payable, less current portion | 34,682 | 9,168 | |||||
| Total liabilities | 339,778 | 895,720 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity (deficit) | |||||||
| Class A Common Stock, $0.0001 par value; 750,000,000 shares authorized; 168,693,323 and 93,099,596 shares issued and outstanding as of December 31, 2021 and 2020, respectively | 17 | 9 | |||||
| Class B Common Stock, $0.0001 par value; 75,000,000 shares authorized as of December 31, 2021 and 2020; no shares and 64,000,588 shares issued and outstanding as of December 31, 2021 and 2020, respectively | — | 6 | |||||
| Additional paid-in capital | 3,482,226 | 1,817,760 | |||||
| Accumulated other comprehensive loss | (6,945 | ) | (5,974 | ) | |||
| Accumulated deficit | (2,907,644 | ) | (2,391,139 | ) | |||
| Total stockholders’ equity (deficit) | 567,654 | (579,338 | ) | ||||
| Total liabilities and stockholders’ equity (deficit) | $ | 907,432 | $ | 316,382 | |||
| Faraday Future Intelligent Electric Inc.Consolidated Statements of Operations– (Unaudited)Years Ended December 31, 2021 and 2020(in thousands, except share and per share data) | |||||||
| 2021 | 2020 | ||||||
| Operating expenses | |||||||
| Research and development | $ | 174,935 | $ | 20,186 | |||
| Sales and marketing | 17,118 | 3,672 | |||||
| General and administrative | 97,905 | 41,071 | |||||
| Loss on disposal of property and equipment | 64,191 | 10 | |||||
| Total operating expenses | 354,149 | 64,939 | |||||
| Loss from operations | (354,149 | ) | (64,939 | ) | |||
| Change in fair value measurements | (22,700 | ) | (5,076 | ) | |||
| Interest expense | (30,181 | ) | (32,173 | ) | |||
| Related party interest expense | (16,663 | ) | (41,546 | ) | |||
| Other expense, net | (5,668 | ) | (5,455 | ) | |||
| (Loss) gain at settlement of related party notes payable, notes payable, and vendor payables in trust, net | (86,904 | ) | 2,107 | ||||
| Loss before income taxes | (516,265 | ) | (147,082 | ) | |||
| Income tax provision | (240 | ) | (3 | ) | |||
| Net loss | $ | (516,505 | ) | $ | (147,085 | ) | |
| Per share information: | |||||||
| Net loss per Common Stock – Class A and Class B – basic and diluted | $ | (2.21 | ) | $ | (0.94 | ) | |
| Weighted average Common Stock outstanding – Class A and Class B – basic and diluted | 233,390,675 | 157,063,103 | |||||
| Total comprehensive loss | |||||||
| Net loss | $ | (516,505 | ) | $ | (147,085 | ) | |
| Change in foreign currency translation adjustment | (971 | ) | (2,690 | ) | |||
| Total comprehensive loss | $ | (517,476 | ) | $ | (149,775 | ) | |
| Faraday Future Intelligent Electric Inc.Consolidated Statements of Cash Flows – (Unaudited)Years Ended December 31, 2021 and 2020(in thousands) | ||||||||
| 2021 | 2020 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (516,505 | ) | $ | (147,085 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
| Depreciation and amortization expense | 8,158 | 3,517 | ||||||
| Stock-based compensation | 11,345 | 9,505 | ||||||
| Vesting of restricted stock awards for employee bonus | 18,617 | — | ||||||
| Loss on disposal of property and equipment | 64,191 | 10 | ||||||
| Change in fair value measurements | 22,700 | 5,076 | ||||||
| Loss upon cancellation of a lease | — | 206 | ||||||
| (Gain) loss on foreign exchange | (845 | ) | 4,108 | |||||
| Gain on forgiveness of accounts payable and loss on write-off of vendor deposits, net | (7,005 | ) | — | |||||
| Non-cash interest expense | 41,014 | 66,020 | ||||||
| Loss (gain) at settlement of related party notes payable, notes payable, and vendor payables in trust, net | 86,904 | (2,107 | ) | |||||
| Gain on forgiveness of vendor payables in trust | (1,731 | ) | — | |||||
| Reserve for unrecoverable value added taxes | 6,404 | — | ||||||
| Other | 842 | — | ||||||
| Changes in operating assets and liabilities | ||||||||
| Deposits | (48,503 | ) | — | |||||
| Other current and non-current assets | (21,717 | ) | (3,347 | ) | ||||
| Accounts payable | (36,625 | ) | 11,500 | |||||
| Accrued expenses and other current liabilities | 31,824 | 11,606 | ||||||
| Transfers between vendor payables in trust and accounts payable | 1,167 | (174 | ) | |||||
| Net cash used in operating activities | (339,765 | ) | (41,165 | ) | ||||
| Cash flows from investing activities | ||||||||
| Payments for property and equipment | (95,681 | ) | (607 | ) | ||||
| Proceeds from payments on notes receivable | — | 3,600 | ||||||
| Net cash (used in) provided by investing activities | (95,681 | ) | 2,993 | |||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of Class A Common Stock in the Business Combination | 229,583 | — | ||||||
| Proceeds from issuance of Class A Common Stock pursuant to the PIPE Financing | 761,400 | — | ||||||
| Transaction costs paid in connection with the Business Combination | (23,148 | ) | — | |||||
| Transaction costs paid in connection with the PIPE Financing | (61,130 | ) | — | |||||
| Proceeds from related party notes payable | 200 | 10,556 | ||||||
| Proceeds from notes payable, net of original issuance discount | 172,031 | 40,595 | ||||||
| Payments of related party notes payable | (38,217 | ) | (3,589 | ) | ||||
| Payments of notes payable, including liquidation premiums | (48,210 | ) | (32 | ) | ||||
| Payments of notes payable issuance costs | (3,355 | ) | (4,562 | ) | ||||
| Payment of payables in vendor payables in trust | (27,722 | ) | (4,500 | ) | ||||
| Transfers between vendor payables in trust and accounts payable | (1,167 | ) | 174 | |||||
| Payments of capital lease obligations | (3,212 | ) | (1,926 | ) | ||||
| Proceeds from exercise of stock options | 10,587 | 115 | ||||||
| Payments of stock issuance costs | (1,071 | ) | — | |||||
| Net cash provided by financing activities | 966,569 | 36,831 | ||||||
| Effect of exchange rate changes on cash and restricted cash | (2,473 | ) | (186 | ) | ||||
| Net increase (decrease) in cash and restricted cash | 528,650 | (1,527 | ) | |||||
| Cash and restricted cash, beginning of period | 1,827 | 3,354 | ||||||
| Cash and restricted cash, end of period | $ | 530,477 | $ | 1,827 | ||||
| Faraday Future Intelligent Electric Inc.Consolidated Statements of Cash Flows — (Unaudited)Years Ended December 31, 2021 and 2020(in thousands) | ||||||
| The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that aggregate to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: | ||||||
| 2021 | 2020 | |||||
| Cash | $ | 1,124 | $ | 2,221 | ||
| Restricted cash | 703 | 1,133 | ||||
| Total cash and restricted cash, beginning of period | $ | 1,827 | $ | 3,354 | ||
| Cash | $ | 505,091 | $ | 1,124 | ||
| Restricted cash | 25,386 | 703 | ||||
| Total cash and restricted cash, end of period | $ | 530,477 | $ | 1,827 | ||
| Supplemental disclosure of noncash investing and financing activities | ||||||
| Conversion of related party notes payable and related party accrued interest to Class A Common Stock | $ | 294,796 | $ | — | ||
| Conversion of notes payable and accrued interest to Class A Common Stock | 98,375 | — | ||||
| Issuance of warrants | 17,596 | 490 | ||||
| Conversion of assumed convertible and promissory notes payable to Class A Common Stock and Private Warrants | 1,080 | — | ||||
| Conversion of The9 Conditional Obligation to Class A Common Stock | 2,863 | — | ||||
| Additions of property and equipment included in accounts payable and accrued expenses | 863 | 3,817 | ||||
| Conversion of related party customer deposit to related party notes payable | — | 11,635 | ||||
| Supplemental disclosure of noncash investing and financing activities related to the Business Combination | ||||||
| Exchange of Legacy FF redeemable preference stock for a commitment to issue Class A Common Stock | $ | 859,182 | $ | — | ||
| Exchange of Legacy FF convertible preferred stock for a commitment to issue Class B Common Stock | 697,611 | — | ||||
| Settlement of notes payable and accrued interest for a commitment to issue Class A Common Stock | 68,541 | — | ||||
| Settlement of related party notes payable and related party accrued interest for a commitment to issue Class A Common Stock | 69,218 | — | ||||
| Settlement of vendor payable in trust to a commitment to issue Class A Common Stock | 96,186 | — | ||||
| Reclassification of deferred transaction costs paid in prior periods against the proceeds received in the Business Combination | 7,865 | — | ||||
| Supplemental disclosure of cash flow information | ||||||
| Cash paid for interest | $ | 6,317 | $ | 3,137 |
Contacts
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
John Schilling
Media: media@faradayfuture.com