Faraday Future Intelligent Electric Inc. Q4 FY2025 earnings call

2025 marked a fundamental transition for Faraday Future from strategy to execution. Entering early commercialization across EV and Robotics businesses. EAI strategy and EAI industry Bridge Strategy are core strategies. In fourth quarter 2025, first FX Super One preproduction vehicle rolled off California AI factory, mass production preparation on track, cumulative non-binding pre-orders for FX Super One over 11,000 units by end of 2025. Middle East transitioned to early commercial validation. FF 91 flagship had targeted delivery, FX 4 redesign sketches released. FFAI technology stack had upgrades like over 50 languages support, technical improvements. FF EAI Robotics launched in February 2026, deliveries commenced, cumulative shipments over 22 units, pre-orders over 1,200 units. Upgraded cooperation with bridge strategic partners in February 2026. Fourth quarter 2025, entered into agreements with warrant holders to terminate warrants. March 2026, SEC investigation concluded with no enforcement action. March 20, received NASDAQ notice for 180-day compliance period for share price listing requirement. Launched updated pronged transformation initiative.

For the full year 2025, revenue was essentially flat year-over-year. Loss from operations was $32.3 million for the 3 months ending December 31, 2025, and $331 million for the full year 2025, primarily reflecting R&D investments, headcount growth and select asset-related adjustments. Excluding onetime impairments or losses, the operating loss was $185 million. Operating cash outflow was $107.5 million for the full year 2025. Financing cash inflow was $161.4 million for the full year 2025. Stockholders' equity was $7.7 million at the end of 2025.

In 2026, Robotics division has cumulative shipment volume target of over 1,000 units by end of 2026. Expect to generate software-related revenue within 2026. Objectives for 2026 include regaining compliance with NASDAQ's minimum bid price requirement within 100-day period, introducing strategic investments from top-tier global investment institutions. Establishing advanced governance system with AI governance.

Today's discussion includes forward-looking statements involving risks and uncertainties that could cause actual results to differ materially. Historical constraints and destabilizing factors from SEC investigation hindered company's development. Need to meet NASDAQ share price listing requirement within 180 days.

Q: Who is buying the robotic products today? And what are the primary use cases driving that demand?

A: Our Robotics business has 3 core layers. Robot sales are part of strategic architecture. Target customers span wide industries like high-end hospitality, automotive, security, etc. Data factory business has entered execution. EAI Brain and open-source, open platform have made progress.

Q: How does your B2B2C model translate into actual revenue generation?

A: B2B2C model is FF working with partners to serve end consumers. Works with real estate agencies, etc., to reach high net worth individuals, generates revenue from car sales and recurring revenue from value-added services.

Q: Following the approval to increase authorized shares, how are you balancing funding needs with dilution sensitivity? What principles are guiding capital allocation?

A: Increase in authorized shares provides flexibility. Capital deployment is milestone-driven. EAI Robotics business is more capital-efficient, has demonstrated revenue and positive margin.

Q: What are the next steps for the EAI Brain and open-source, open platform and the data factory?

A: FF EAI brain will evolve into general purpose AI. Open-source, open platform will enable more developers to connect. Plan to enter AI infrastructure space, establish partnerships.

Q: What measures will the company take to ensure compliance with share price requirements within 180 days?

A: Rebuild investor confidence through operating performance, optimize cost structure, repurchase shares, strengthen information disclosure, take legal actions against malicious manipulation.