After the U.S. stock market closed on May 28 local time, Faraday Future (FF) released its delayed 2023 annual report.
The annual report shows that in 2023, Faraday Future had revenue of $800,000 and a cost of sales of $43 million, both of which were zero in the same period of the previous year. The net loss was $432 million, compared to a net loss of $602 million in 2022.
Faraday Future stated in its financial report that the company may incur unforeseen expenses or encounter difficulties and delays when delivering the FF 91 series, and therefore may never generate enough revenue to sustain its operations. Although the FF 91 series has already begun delivery, due to insufficient demand for the FF 91 series and its related services, vehicle service and warranty costs, increased competition, macroeconomic challenges, regulatory changes, and other risks, FF may never be able to achieve or maintain profitability.
Recently, Faraday Future’s stock price has skyrocketed. Without any positive news, from May 13 to May 17, Faraday Future’s stock price rose from $0.048 per share to a high of $3.9 per share, an increase of 8380%. Even considering the correction over the past week, as of the close of the U.S. stock market on May 28, Faraday Future’s stock price has increased by more than 2500% since May. Previously, Nasdaq has made several decisions to delist the company due to delayed annual reports and low stock prices.
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