FF Announces Fourth Quarter and Full Year 2025 Financial Results: Stockholders’ Equity Turns Positive; First Month of EAI Robotics Delivery Beats Target with Positive Product Gross Margin
LOS ANGELES--( BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (Nasdaq: FFAI) ("FF", "Faraday Future", or the "Company"), a California-based global Embodied AI (EAI) ecosystem company, today announced financial results for its fourth quarter and full year ended December 31, 2025, and provided key operational and strategic updates.
During the fourth quarter, FF achieved a major production milestone with the official roll-off of the first FX Super One pre-production vehicle at its Hanford, California AI-Factory. The Company also formally launched its FF EAI Ecosystem Strategy, a three-in-one framework comprising EAI hardware, the EAI Brain and Open-Source Platform, and the EAI Centralized & Decentralized Data Factory, designed to establish an open and closed-loop EAI ecosystem. Initial deliveries are already underway, further strengthening the Company’s intelligent ecosystem platform.
FOURTH QUARTER 2025 HIGHLIGHTS & SUBSEQUENT UPDATES
Transition from EAI strategy to execution:
During the fourth quarter of 2025 and into early 2026, the Company achieved several key milestones across its EV business, advancing both product development and commercial execution.
The announcement of the EAI Ecosystem strategy marked another key milestone in the Company’s AI-driven mobility roadmap, expanding its vision into a broader intelligent ecosystem platform.
FF makes upgrades to the FFAI technology stack:
These are not isolated features — they form the foundation of a scalable, cross-terminal intelligence system.
Strengthening AI System, Governance, and Leadership:
Governance, compliance, and organizational capabilities were further strengthened during the quarter as the Company continued to enhance its leadership team, internal controls, and operational foundation in support of commercialization.
Separately, the Company continued to advance its broader ecosystem strategy through its investment in Qualigen Therapeutics, which was later renamed AIxCrypto Holdings Inc. (NASDAQ: AIXC), and through a February 2026 share purchase agreement with a third party designated by AIXC that secured $10 million in pure equity financing. According to AIXC’s plan, the FF common stock to be acquired is expected to support the launch of a real-world asset (RWA) business, while FF intends to explore stock tokenization cooperation with AIXC as part of its efforts to expand brand exposure and develop additional financing channels. Although the third party provided the Company with the full funding needed to close the transaction, it has not yet been consummated. The Company currently has an insufficient number of authorized but unissued and unreserved shares to close under the terms of the purchase agreement.
RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2025
CAPITAL FINANCING
2026 OUTLOOK
“We achieved important milestones across our EV and robotics businesses that further strengthened our foundation for growth, including progress toward FX Super One production, expanded commercial engagement, and the launch of our EAI Robotics products,” said Matthias Aydt, Global Co-CEO of Faraday Future. “We are entering 2026 with clear execution priorities and strong conviction in our dual-track strategy, as we work to scale deliveries, broaden commercialization, and position the Company for long-term value creation.”
EARNINGS WEBCAST
Faraday Future management will host a webcast today, March 31, 2026, at 7:30 p.m. Eastern time (4:30 p.m. Pacific time). Interested investors and other parties can listen to a webcast of the conference call by logging onto the Investor Relations section of the Company's website at https://investors.ff.com/. A replay of the webcast will be available on the Company's website shortly thereafter. More detail on FF’s 2025 Q4 and full year, when filed, can be found in our SEC filings and online at https://investors.ff.com/financial-information/sec-filings.
ABOUT FARADAY FUTURE
Faraday Future is a California-based global Embodied AI (EAI) ecosystem Company founded in 2014 and is dedicated to reshaping the future of mobility through vehicle electrification, intelligent technologies, and AI innovation. Its flagship vehicle, the FF 91, began deliveries in 2023 and reflects the brand’s pursuit of ultra-luxury, cutting-edge technology, and high performance. FF’s second brand, FX, targets the high-volume mainstream vehicle market. Its first model, Super One, is positioned as a first-class EAI-MPV, with deliveries planned to begin in 2026. FF recently announced its entry into the Embodied AI Robotics business with sales beginning this year, connecting its future strategy of bringing a new era of EAI vehicles and EAI robotics. For more information, please visit https://www.ff.com/
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “plan to,” “can,” “will,” “should,” “future,” “potential,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding FF’s entry into the embodied AI robotics market, involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
Important factors, that may affect actual results or outcomes include, among others: the Company’s ability to maintain its listing on Nasdaq; the Company’s ability to timely regain compliance with Nasdaq’s minimum bid requirement; the Company’s common stock will be suspended from trading on Nasdaq if it’s closing price is $0.10 or less for 10 consecutive trading days; the availability of sufficient share capital to execute on its strategy, which the Company currently lacks; the agreement of stockholders to substantially increase the Company’s share capital, which could result in substantial additional dilution; the Company's ability to homologate FX vehicles for sale; the Company’s ability to secure the necessary funding to execute on the FX strategy, which will be substantial; demand for our robotics products; the Company’s ability to secure contracts with the appropriate suppliers to execute on the FX strategy; competition in the robotics industry, which includes companies with far superior experience, funding and name recognition; our reliance on a single OEM for robotics products; our ability to get the planned robotics products to comply with all applicable U.S. rules and regulations; the ability of the robotics OEM to timely supply robotics to the Company; tariff uncertainty for imported products, particularly China; the ability of the U.S. Department of Commerce to review, condition, or prohibit robotics‑related transactions with a China OEM; demand from automobile dealers for robotics products; the Company’s ability to secure an occupancy certificate for its Hanford facility; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on March 31, 2025, and Form 10-Qs for the quarters ended June 30, 2025 and September 30, 2025 filed with the SEC on May 9, 2025, August 19, 2025 and November 21, 2025, respectively, and other documents filed by the Company from time to time with the SEC.
Appendix Financial Statements
Faraday Future Intelligent Electric Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
December 31, 2025
December 31, 2024
Assets
Current assets
Cash and cash equivalents
$
34,927
$
7,144
Restricted cash
27
30
Digital assets
10,250
—
Accounts receivable
257
—
Notes receivable, net of allowance for credit losses of $4,555 at December 31, 2025
343
—
Inventory, net (see Note 4)
3,258
27,486
Deposits (see Note 5)
10,499
31,094
Other current assets (see Note 5)
8,963
6,127
Total current assets
68,524
71,881
Property, plant and equipment, net
155,303
348,587
Operating lease right-of-use assets, net
4,950
1,761
Intangible assets, net
4,639
1,042
Goodwill
25,764
—
Other non-current assets (see Notes 4 and 5)
18,682
2,129
Total assets
$
277,862
$
425,400
Liabilities and stockholders’ equity
Current liabilities
Accounts payable
$
57,277
$
71,414
Accrued expenses and other current liabilities
45,499
45,677
Related party accrued expenses and other current liabilities
13,179
11,077
Warrant liabilities
1,950
28,864
Accrued interest
—
25
Related party accrued interest
19,933
23,227
Other financing liabilities, current portion
951
761
Operating lease liabilities, current portion
1,443
2,128
Notes payable, current portion
4,432
4,224
Related party notes payable
3,507
5,310
Total current liabilities
148,171
192,707
Other financing liabilities, long term portion
46,867
38,698
Operating lease liabilities, long term portion
3,471
14
Notes payable, long term portion
56,234
45,264
Related party notes payable, long term portion
772
2,754
Derivative call options
10,042
29,709
Related party derivative call options
2,504
—
Other liabilities
2,042
1,287
Total liabilities
270,103
310,433
Commitments and Contingencies (Note 12)
Stockholders equity (deficit)
Class A Common Stock, 0.0001 par value; 228,041,297 and 99,815,625 shares authorized; 199,130,727 and 65,919,127 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
21
6
Class B Common Stock, 0.0001 par value; 4,429,688 shares authorized; 6,667 shares issued and outstanding as of December 31, 2025 and December 31, 2024
—
—
Preferred Stock, 0.0001 par value; 5,931,000 and 10,000,000 shares authorized as of December 31, 2025 and December 31, 2024 respectively; one and zero shares issued and outstanding as of December 31, 2025 and December 31, 2024 respectively
—
—
Series B Preferred Stock, $0.0001 par value; 12,000,000 and zero shares authorized as of December 31, 2025 and December 31, 2024 respectively; 7,184,760 and zero shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
—
—
Additional paid-in capital
4,673,866
4,421,563
Accumulated other comprehensive income
3,817
7,744
Accumulated deficit
(4,705,042
)
(4,314,346
)
Total stockholders’ equity (deficit) attributable to the Company
(27,338
)
114,967
Noncontrolling interest
35,097
—
Total stockholders' equity (deficit)
7,759
114,967
Total liabilities and stockholders’ equity (deficit)
$
277,862
$
425,400
Faraday Future Intelligent Electric Inc.
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
2025
2024
Revenue
$
536
$
539
Cost of revenue
98,302
84,029
Gross profit
(97,766
)
(83,490
)
Operating expenses
Research and development
16,603
25,227
Settlement on accrued research and development expenses
—
(14,935
)
Sales and marketing
12,310
9,278
General and administrative
55,733
43,164
Loss on disposal of property, plant, and equipment
2,459
1,667
Impairment of long-lived assets and deposits
137,435
1,847
Impairment of goodwill
4,450
—
Credit loss expense - short-term note receivable
4,294
—
Total operating expenses
233,284
66,248
Loss from operations
(331,050
)
(149,738
)
Change in fair value of notes payable, warrant liabilities, and derivative call options
49,093
(12,556
)
Change in fair value of related party notes payable, warrant liabilities, and derivative call options
(1,627
)
253
Loss on settlement of notes payable
(100,524
)
(161,725
)
Loss on settlement of related party notes payable
(5,128
)
(14,295
)
Interest expense
(8,649
)
(7,895
)
Related party interest expense
—
(8,710
)
Net loss on digital assets
(4,117
)
—
Other (loss) income, net
4,983
(1,448
)
Loss before income taxes
(397,019
)
(356,114
)
Income tax (expense) benefit
(63
)
267
Net loss
$
(397,082
)
$
(355,847
)
Less: Net Loss attributable to noncontrolling interest
6,386
—
Net Loss attributable to Faraday Future Intelligent Electric Inc.
$
(390,696
)
$
(355,847
)
Per share information (See Note 17):
Net loss per share of Class A and B Common Stock attributable to common stockholders:
Basic
$
(3.14
)
$
(19.61
)
Diluted
$
(3.14
)
$
(19.61
)
Weighted average common shares used in computing net loss per share of Class A and Class B Common Stock:
Basic
124,299,591
18,529,525
Diluted
124,299,591
18,529,525
Total comprehensive loss
Net loss
$
(397,082
)
$
(355,847
)
Foreign currency translation adjustment
(3,927
)
1,882
Total comprehensive loss
$
(401,009
)
$
(353,965
)
Faraday Future Intelligent Electric Inc.
Consolidated Statements of Cash Flows
(in thousands)
2025
2024
Cash flows from operating activities
Net loss
$
(397,082
)
$
(355,847
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense
64,807
71,442
Amortization of operating lease right-of-use assets
3,032
2,588
Non-cash interest expense
4,870
1,929
Loss (gain) on digital assets, net
4,117
—
Loss (gain) on disposal of property and equipment, net
2,459
1,667
Asset impairment
137,435
1,847
Goodwill impairment
4,450
—
Stock-based compensation
3,150
8,382
Reserve on inventory
17,829
476
Credit loss expense
4,294
—
Accrued interest on short-term note receivable
(189
)
—
Loss on settlement of notes payable
100,524
161,725
Loss on settlement of related party notes payable
5,128
14,295
H.S.L. SRL. settlement adjustment
(295
)
—
Settlement on accrued research and development expenses
—
(14,935
)
Change in fair value of notes payable, warrant liabilities, and derivative liabilities
(49,093
)
15,058
Change in fair value of related party notes payable, warrant liabilities, and derivative
1,627
(253
)
Other
55
963
Changes in operating assets and liabilities
Accounts receivables
(257
)
—
Inventory
706
6,267
Deposits
(376
)
(706
)
Accounts payable
(15,843
)
(8,804
)
Accrued expenses and other current liabilities
4,069
16,907
Related party accrued expenses and other current and non-current liabilities
1,667
(1,573
)
Related party accrued interest expense
—
8,710
Operating lease liabilities
(3,572
)
—
Financing lease liabilities
—
2,876
Other current and non-current assets
(1,088
)
(3,200
)
Net cash used in operating activities
(107,576
)
(70,186
)
Cash flows from investing activities
Acquisition of AIXC, net of cash acquired
(1,121
)
—
Proceeds from sale of equipment
32
198
Purchase of digital assets
(27,000
)
—
Sale of digital assets
12,632
—
Payments for property and equipment
(7,644
)
(7,580
)
Purchase of short-term note receivable
(100
)
—
Additions to intangible assets
(256
)
—
Net cash used in investing activities
(23,457
)
(7,382
)
Cash flows from financing activities
Proceeds from AIXC follow-on capital contribution, net of issuance costs
9,899
—
Payments of notes payable issuance costs
(2,540
)
(2,087
)
Payments of related party notes payable issuance costs
(4,017
)
—
Payments of notes payable and other financing obligations
(4,932
)
(428
)
Capital contributions
—
250
Proceeds from notes payable, net of original issuance discount
151,739
68,111
Proceeds from related party notes payable, net of original issuance discount
4,731
3,075
Proceeds from other financial obligations
5,081
11,812
Proceeds from exercise of warrants
1,441
—
Net cash provided by financing activities
161,402
80,733
Effect of exchange rate changes on cash and restricted cash
(2,589
)
(16
)
Net increase in cash and restricted cash
27,780
3,149
Cash and restricted cash, beginning of period
7,174
4,025
Cash and restricted cash, end of period
$
34,954
$
7,174