Faraday Future Reports 3Q Results Delayed by Special Committee Review

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By Stephen Nakrosis

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Electric vehicle maker Faraday Future Intelligent Electric Inc. on Friday released third-quarter financial results for the period ended September 30, 2021, which had been delayed as a result of a previously announced special committee review.

For the quarter, Faraday Future reported a net loss per share of $1.06. In the prior-year period, the company reported a net loss per share of 21 cents.
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Faraday also said it had operating expenses for the third quarter of $186 million, compared to $18 million in the year-ago period. “The increase is primarily due to an acceleration of costs to bring the Hanford manufacturing facility to full commercial production,” the company said.

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Faraday also said Friday it expects to launch production of its flagship FF 91 vehicle in the third quarter of this year.

In February, Faraday said a special committee of independent company directors completed an investigation whose focus included “allegations of inaccurate disclosures, including claims contained in a short seller report issued during October 2021.”

Faraday Future said the committee found statements leading up to a business combination with special purpose acquisition company Property Solutions Acquisition Corp. that it received more than 14,000 reservations for the FF 91 vehicle were “potentially misleading.” According to the company, “Only several hundred of those reservations were paid, while the others (totaling 14,000) were unpaid indications of interest.”

Among other findings were that the company’s corporate culture failed to sufficiently prioritize compliance, and that its internal controls over financial accounting and reporting require an upgrade in personnel and systems, Faraday Future said.

On Friday, Carsten Breitfield, global chief executive of Faraday Future, said, “The board accepted the findings and implementation of remediation actions is well underway.”

Write to Stephen Nakrosis at [email protected]

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Credit: www.marketwatch.com /

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