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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission file number 001-39395
Faraday Future Intelligent Electric Inc.
(Exact name of registrant as specified in its charter)
Delaware
84-4720320
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
18455 S. Figueroa Street,
Gardena, CA

90248
(Address of Principal Executive Offices)
(Zip Code)
(310) 415-4807
Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.0001 per shareFFIEThe Nasdaq Stock Market LLC
Redeemable warrants, exercisable for shares of Class A common stock at an exercise price of $11.50 per shareFFIEWThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes   ☐     No  

The registrant had outstanding 238,275,864 shares of Class A common stock and 64,000,588 shares of Class B common stock as of May 2, 2022.


Table of Contents
Table of Contents
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Pages
FARADAY FUTURE INTELLIGENT ELECTRIC INC.
5

2

Table of Contents
Part I - Financial Information
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Faraday Future Intelligent Electric Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(Unaudited)
September 30, 2021December 31, 2020
Assets
Current assets
Cash and cash equivalents$666,061 $1,124 
Restricted cash25,083 703 
Deposits50,221 6,412 
Other current assets13,246 6,200 
Total current assets754,611 14,439 
Property and equipment, net261,562 293,933 
Other non-current assets7,287 8,010 
Total assets$1,023,460 $316,382 
Liabilities and stockholders’ equity (deficit)
Current liabilities
Accounts payable$36,180 $86,601 
Accrued expenses and other current liabilities47,343 52,382 
Related party accrued interest10,140 82,260 
Accrued interest5,062 36,030 
Related party notes payable13,463 332,355 
Notes payable, current portion103,505 149,199 
Obligation to issue registered shares of Class A Common Stock22,511  
Vendor payables in trust 110,224 
Total current liabilities238,204 849,051 
Capital leases, less current portion35,988 36,501 
Other liabilities, less current portion4,129 1,000 
Notes payable, less current portion99,618 9,168 
Total liabilities377,939 895,720 
Commitments and contingencies (Note 12)
Stockholders’ equity (deficit)
Class A Common Stock, $0.0001 par value; 750,000,000 shares authorized; 134,795,128 and 93,099,596 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
13 9 
Class B Common Stock, $0.0001 par value; 75,000,000 shares authorized; no shares and 64,000,588 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
 6 
Additional paid-in capital3,475,314 1,817,760 
Accumulated other comprehensive loss(6,461)(5,974)
Accumulated deficit(2,823,345)(2,391,139)
Total stockholders’ equity (deficit)645,521 (579,338)
Total liabilities and stockholders’ equity (deficit)$1,023,460 $316,382 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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Faraday Future Intelligent Electric Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Operating expenses
Research and development$79,757 $3,520 $94,506 $14,704 
Sales and marketing6,832 221 11,099 1,691 
General and administrative36,725 13,806 64,148 32,538 
Loss on disposal of property and equipment62,342  62,987  
Total operating expenses185,656 17,547 232,740 48,933 
Loss from operations(185,656)(17,547)(232,740)(48,933)
Change in fair value measurements(22,747)1,394 (60,394)10,056 
Interest expense(296)(8,505)(26,550)(22,955)
Related party interest expense(1,597)(7,030)(15,765)(24,902)
Other income (expense), net1,117 (2,260)(718)(2,697)
(Loss)/gain on settlement of related party notes payable, notes payable and vendor payables in trust, net(94,727)609 (96,036)295 
Loss before income taxes(303,906)(33,339)(432,203)(89,136)
Income tax provision  (3) 
Net loss$(303,906)$(33,339)$(432,206)$(89,136)
Per share information:
Net loss per Common Stock – Class A and Class B – basic and diluted$(1.06)$(0.21)$(2.12)$(0.57)
Weighted average Common Stock outstanding – Class A and Class B – basic and diluted287,951,929 157,060,201 203,686,758 157,055,242 
Total comprehensive loss:
Net loss$(303,906)$(33,339)$(432,206)$(89,136)
Change in foreign currency translation adjustment189 (3,169)(487)(1,392)
Total comprehensive loss$(303,717)$(36,508)$(432,693)$(90,528)
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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Faraday Future Intelligent Electric Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(in thousands, except share and per share data)
(Unaudited)
Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated DeficitTotal Stockholders’ Equity (Deficit)
Class AClass B
Shares(1)
Amount
Shares(1)
Amount
Balance as of June 30, 2021, as recast107,659,654 $10 64,000,588 $6 $1,973,314 $(6,650)$(2,519,439)$(552,759)
Conversion of related party notes payable into Class A Common Stock (see Note 9)11,566,196 1 — — 160,436 — — 160,437 
Conversion of notes payable into Class A Common Stock (see Note 10)7,688,153 1 — — 98,374 — — 98,375 
Issuance of Class A Common Stock in the Business Combination, net of transaction costs (see Note 3)27,798,411 3 — — 170,111 — — 170,114 
Conversion of assumed PSAC convertible and promissory notes payable into Class A Common Stock (see Note 9)80,000 — — — 790 — — 790 
Conversion of liabilities into Class A Common Stock in the Business Combination (see Note 3)20,666,825 2 — — 285,335 — — 285,337 
Conversion of liabilities into the commitment to issue Class A Common Stock in the Business Combination (see Note 3)— — — — 52,338 — — 52,338 
Legacy FF Ordinary Stock exchanged in the Business Combination for a commitment to issue Class A and Class B Common Stock(117,839,510)(12)(64,000,588)(6)18 — —  
Issuance of Class A Common Stock in the PIPE Financing, net of transaction costs (see Note 3)76,140,000 8 — — 692,397 — — 692,405 
Settlement of lawsuit with issuance of vested stock options (see Note 12)— — — — 8,459 — — 8,459 
Settlement of accrued rent with issuance of vested stock options— — — — 951 — — 951 
Vesting of restricted stock award for employee bonus
— — — — 14,620 — — 14,620 
Stock-based compensation— — — — 5,053 — — 5,053 
Exercise of stock options1,078,495 — — — 2,740 — — 2,740 
Settlement of receivables through receipt of Class A Common Stock(43,096)— — — (105)— — (105)
Issuance of warrants— — — — 10,483 — — 10,483 
Foreign currency translation
adjustment
— — — — — 189 — 189 
Net loss— — — — — — (303,906)(303,906)
Balance as of September 30, 2021134,795,128 $13  $ $3,475,314 $(6,461)$(2,823,345)$645,521 
(1) The shares of the Company’s common stock prior to the Business Combination (as defined in Note 1) have been retrospectively recast to reflect the change in the capital structure as a result of the Business Combination as described in Note 3.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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Faraday Future Intelligent Electric Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(in thousands, except share and per share data)
(Unaudited)
Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated DeficitTotal Stockholders’ Equity (Deficit)
Class AClass B
Shares(1)
Amount
Shares(1)
Amount
Balance as of December 31, 2020, as recast
93,099,596 $9 64,000,588 $6 $1,817,760 $(5,974)$(2,391,139)$(579,338)
Conversion of The9 Conditional Obligation423,053 —  — 2,863 — — 2,863 
Conversion of related party notes payable into Class A Common Stock (see Note 9)22,454,776 2 — — 294,794 — — 294,796 
Conversion of notes payable into Class A Common Stock (see Note 10)7,688,153 1 — — 98,374 — — 98,375 
Issuance of Class A Common Stock in the Business Combination, net of transaction costs (see Note 3)27,798,411 3 — — 170,111 — — 170,114 
Conversion of assumed PSAC convertible and promissory notes payable into Class A Common Stock (see Note 9)80,000 — — — 790 — — 790 
Conversion of liabilities into Class A Common Stock in the Business Combination (see Note 3)20,666,825 2 — — 285,335 — — 285,337 
Conversion of liabilities into the commitment to issue Class A Common Stock in the Business Combination (see Note 3)— — — — 52,338 — — 52,338 
Legacy FF Ordinary Stock exchanged in the Business Combination for a commitment to issue Class A and Class B Common Stock(117,839,510)(12)(64,000,588)(6)18 — —  
Issuance of Class A Common Stock in the PIPE Financing, net of transaction costs (see Note 3)76,140,000 8 — — 692,397 — — 692,405 
Settlement of lawsuit with issuance of vested stock options (see Note 12)— — — — 8,459 — — 8,459 
Settlement of accrued rent with issuance of vested stock options— — — — 951 — — 951 
Vesting of restricted stock award for employee bonus
 — — — 14,620 — — 14,620 
Stock-based compensation— — — — 8,521 — — 8,521 
Exercise of stock options4,326,920 — — — 10,492 — — 10,492 
Settlement of receivables through receipt of Class A Common Stock(43,096)— — — (105)— — (105)
Issuance of warrants— — — — 17,596 — — 17,596 
Foreign currency translation
adjustment
— — — — — (487)— (487)
Net loss— — — — — — (432,206)(432,206)
Balance as of September 30, 2021
134,795,128 $13  $ $3,475,314 $(6,461)$(2,823,345)$645,521 
(1) The shares of the Company’s common stock prior to the Business Combination (as defined in Note 1) have been retrospectively recast to reflect the change in the capital structure as a result of the Business Combination as described in Note 3.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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Faraday Future Intelligent Electric Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(in thousands, except share and per share data)
(Unaudited)
Convertible Preferred StockOrdinary StockCommon StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated DeficitTotal Stockholders’
Equity (Deficit)
Redeemable
 Preference
Class BClass AClass AClass B
Shares(1)
Amount
Shares(1)
Amount
Shares(1)
Amount
Shares(1)
Amount
Shares(1)
Amount
Balance as of June 30, 2020, as recast $  $  $ 72,275,052 $7 84,780,000 $8 $1,811,320 $(1,507)$(2,299,851)$(490,023)
Stock-based compensation— — — — — — — — — — 3,415 — — 3,415 
Exercise of stock options— — — — — — 10,972 — — — 23 — — 23 
Issuance of warrants— — — — — — — — — — 490 — — 490 
Foreign currency translation adjustment— — — — — — — — — — — (3,169)— (3,169)
Net loss— — — — — — — — — — — — (33,339)(33,339)
Balance as of September 30, 2020
 $  $  $ 72,286,024 $7 84,780,000 $8 $1,815,248 $(4,676)$(2,333,190)$(522,603)
Convertible Preferred StockOrdinary StockCommon StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated DeficitTotal Stockholders’
Equity (Deficit)
Redeemable
 Preference
Class BClass AClass AClass B
Shares(1)
Amount
Shares(1)
Amount
Shares(1)
Amount
Shares(1)
Amount
Shares(1)
Amount
Balance as of December 31, 2019 (as previously reported)
470,588,235 $724,823 600,000,000 $924,149 40,879,124 $  $  $ $158,704 $(3,284)$(2,244,054)$(2,088,634)
Retroactive application of recapitalization (recast) (Note 3)(470,588,235)(724,823)(600,000,000)(924,149)(40,879,124) 72,269,976 7 84,780,000 8 1,648,957   1,648,972 
Balance as of December 31, 2019, effect of reverse capitalization (see Note 3)      72,269,976 7 84,780,000 8 1,807,661 (3,284)(2,244,054)(439,662)
Stock-based compensation— — — — — — — — — 7,066 — — 7,066 
Exercise of stock options— — — — — 16,048 — — — 31 — — 31 
Issuance of warrants— — — — — — — — — 490 — — 490 
Foreign currency translation adjustment— — — — — — — — — — (1,392)— (1,392)
Net loss— — — — — — — — — — — (