Faraday Future Intelligent Electric Inc. (FFIE) Finally Releases Q3 2021 Financials; Stock Soars After Hours

Related Topics


Following the numerous missed deadlines, extensions and a delisting warning, Faraday Future Intelligent Electric Inc. (FFIE) released its Q3 2021 earnings on May 6, 2022. Consequently, the stock surged by 10.55% in the after-hours session to trade at a price of $2.62 per share. This came after an increase of 3.04% in the prior session which had the stock valued at $2.37 a share.

Source: Commetric

FFIE’s Long-Awaited Earnings

For the third quarter of 2021, which ended on September 30, the company reported a net loss of $304 million, against $33 million in the comparable period. The reason for the huge net loss was an increase in operating expenses as well as expenses, costs, and payments related to its notes.

The company’s operating expenses shot up from just $18 million in Q3 2020 to $186 million in Q3 2021. This huge upsurge in the expenses resulted from the acceleration of the Hanford manufacturing facility to bring it to full commercial production.

While FFIE ended the September quarter with cash and cash equivalents of $666 million, the cash balance has reduced since and was $276 million on March 31, 2022. The latest cash balance included the repayment of a $97 million note and accrued interest on schedule.

Moreover, an earnings conference call for investors is expected to be held in mid-May after the company files its Q1 2022 financial results.

Why the Delay?

Last year, the luxury EV maker fell under scrutiny for having misled investors after it became public. A short-selling research firm claimed that the start-up misrepresented the number of pre-orders for its FF 91luxury SUV following its SPAC merger. This led to the launch of an internal probe in the company to deal with the allegations of inaccurate company disclosures. FFIE formed a special committee of independent directors to carry out the investigation and help it implement the remedial actions. Hence, due to the ongoing investigation, the company faced a delay in filing its financial statements. Thus, due to the delay, it had received several extensions for filing the statements and was lastly given the deadline of 6th May 2022. In the latest notice, Nasdaq had advised the company to better file the financial statements on or before May 6 or be ready for receiving a delisting notice.

Therefore, FFIE finally released its earnings on Friday and said that the remedial actions are well underway.


On Friday, the luxury EV start-up posted its earnings after a long delay due to its ongoing internal independent investigation. Investors celebrated FFIE’s financial statements filing on the given deadline from Nasdaq.

Leave a Comment

Your email address will not be published. Required fields are marked *


Related Videos

Latest Posts