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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, 2022
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)
(424) 276-7616
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



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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 386,256,244 shares of Class A common stock and 64,000,588 shares of Class B common stock as of November 17, 2022.


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INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Pages
FARADAY FUTURE INTELLIGENT ELECTRIC INC.
Condensed Consolidated Statements of Commitment to Issue Class A Common Stock and Stockholders’ Equity (Deficit) for the Three and Nine Months Ended September 30, 2022 and 2021
5

2

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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, 2022December 31, 2021
Assets
Current assets
Cash$31,766 $505,091 
Restricted cash2,162 25,386 
Deposits44,530 63,370 
Other current assets23,759 13,410 
Total current assets102,217 607,257 
Property and equipment, net411,657 293,135 
Right of use assets20,202  
Other non-current assets6,608 7,040 
Total assets$540,684 $907,432 
Liabilities and stockholders’ equity
Current liabilities
Accounts payable65,239 37,773 
Accrued payroll and benefits31,124 21,752 
Accrued expenses and other current liabilities46,104 68,760 
Related party accrued interest12,760 11,231 
Accrued interest541 8,263 
Operating lease liabilities, current portion2,487  
Finance lease liabilities, current portion1,807  
Related party notes payable12,253 13,655 
Notes payable, current portion5,008 132,372 
Total current liabilities177,323 293,806 
Operating lease liabilities, less current portion18,640  
Finance lease liabilities, less current portion6,917 7,570 
Other liabilities, less current portion3,531 3,720 
Notes payable, less current portion46,950 34,682 
Total liabilities253,361 339,778 
Commitments and contingencies (Note 11)
Stockholders’ equity
Class A Common Stock, $0.0001 par value; 750,000,000 shares authorized; 345,794,368 and 168,693,323 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
31 17 
Class B Common Stock, $0.0001 par value; 75,000,000 shares authorized; 64,000,588 and no shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
6  
Additional paid-in capital3,603,368 3,482,226 
Accumulated other comprehensive gain (loss)6,603 (6,945)
Accumulated deficit(3,322,685)(2,907,644)
Total stockholders’ equity287,323 567,654 
Total liabilities and stockholders’ equity$540,684 $907,432 
The accompanying notes are an integral part of these unaudited 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,
2022202120222021
Operating expenses
Research and development$48,062 $79,757 $260,221 $94,506 
Sales and marketing3,888 6,832 16,272 11,099 
General and administrative28,655 36,725 89,173 64,148 
Loss on disposal of property and equipment 62,342 1,407 62,987 
Total operating expenses80,605 185,656 367,073 232,740 
Loss from operations(80,605)(185,656)(367,073)(232,740)
Change in fair value measurements(6,966)(22,747)(622)(60,394)
Interest expense(663)(296)(5,537)(26,550)
Related party interest expense(996)(1,597)(2,931)(15,765)
Other (expense) income, net(6,457)1,117 (14,307)(718)
Loss on extinguishment or settlement of related party notes payable, notes payable and vendor payables in trust, net(7,690)(94,727)(7,690)(96,036)
Loss before income taxes(103,377)(303,906)(398,160)(432,203)
Income tax provision  (9)(3)
Net loss$(103,377)$(303,906)$(398,169)$(432,206)
Per share information:
Net loss per Common Stock – Class A and Class B – basic and diluted$(0.30)$(1.06)$(1.20)$(2.12)
Weighted average Common shares outstanding – Class A and Class B – basic and diluted346,575,508 287,951,929 330,878,677 203,686,758 
Total comprehensive loss:
Net loss$(103,377)$(303,906)$(398,169)$(432,206)
Change in foreign currency translation adjustment9,864 189 13,548 (487)
Total comprehensive loss$(93,513)$(303,717)$(384,621)$(432,693)
The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
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Faraday Future Intelligent Electric Inc.
Condensed Consolidated Statements of Commitment to Issue Class A Common Stock and Stockholders’ Equity (Deficit)
(in thousands, except share and per share data)
(Unaudited)
Commitment to Issue Class A Common StockCommon StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive Gain
(Loss)
Accumulated DeficitTotal Stockholders’ Equity (Deficit)
Class AClass B
SharesAmountSharesAmountSharesAmount
Balance as of June 30, 2022 $32,900 238,543,475 $24 64,000,588 $6 $3,491,041 $(3,261)$(3,219,308)$268,502 
Issuance of shares pursuant to the commitment to issue Class A and Class B Common Stock— — 20,264,715 — — — — — — — 
Transfer of private warrants to unaffiliated parties— — — — — — 186 — — 186 
Amendment of ATW NPA Warrants (Note 12)— — — — — — 1,238 — — 1,238 
Issuance pursuant to commitment to issue registered shares— (32,900)2,387,500 — — — 32,900 — — 32,900 
Conversion of notes payable into class A common stock— — 64,843,850 6 — — 67,212 — — 67,218 
Stock-based compensation— — — — — — 3,319 — — 3,319 
Exercise of stock options— — 3,137,272 — — — 7,181 — — 7,181 
Repurchase of common stock— — (96,759)— — — (767)— — (767)
Receipt of class A common stock in consideration of exercises of options— — (311,878)— — — (669)— — (669)
Exercise of warrants— — 17,026,193 1 — — 1,727 — — 1,728 
Foreign currency translation adjustment— — — — — — — 9,864 — 9,864 
Net loss— — — — — — — — (103,377)(103,377)
Balance as of September 30, 2022
 $ 345,794,368 $31 64,000,588 $6 $3,603,368 $6,603 $(3,322,685)$287,323 
The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.





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Table of Contents
Faraday Future Intelligent Electric Inc.
Condensed Consolidated Statements of Commitment to Issue Class A Common Stock and Stockholders’ Equity (Deficit)
(in thousands, except share and per share data)
(Unaudited)

Commitment to Issue Class A Common StockCommon StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive Gain
(Loss)
Accumulated DeficitTotal Stockholders’ Equity (Deficit)
Class AClass B
SharesAmountSharesAmountSharesAmount
Balance as of December 31, 2021
 $ 168,693,323 $17  $ $3,482,226 $(6,945)$(2,907,644)$567,654 
Reclassification of obligation to issue registered shares of Class A Common Stock upon adoption of ASU 2020-06— 32,900 — — — — — — (20,265)(20,265)
Transfer of private warrants to unaffiliated parties— — — — — — 186 — — 186 
Amended Exercise price of ATW NPA warrants (Note 12)— — — — — — 1,238 — — 1,238 
Reclassification of deferred gain upon adoption of ASC 842— — — — — — — — 3,393 3,393 
Issuance of shares pursuant to the commitment to issue Class A and Class B Common Stock— — 89,152,131 7 64,000,588 6 (13)— —  
Issuance pursuant to commitment to issue registered shares— (32,900)2,387,500 — — — 32,900 — — 32,900 
Conversion of notes payable into class A common stock— — 64,843,850 6 — — 67,212 — — 67,218 
Stock-based compensation— — — — — — 9,793 — — 9,793 
Exercise of stock options— — 4,100,008 — — — 9,535 — — 9,535 
Repurchase of common stock— — (96,759)— — — (767)— — (767)
Receipt of class A common stock in consideration of exercises of options— — (311,878)— — — (669)— — (669)
Exercise of warrants— — 17,026,193 1 — — 1,727 — — 1,728 
Foreign currency translation adjustment— — — — — — — 13,548 — 13,548 
Net loss— — — — — — — — (398,169)(398,169)
Balance as of September 30, 2022
 $ 345,794,368 $31 64,000,588 $6 $3,603,368 $6,603 $(3,322,685)$287,323 
    
The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
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Table of Contents
Faraday Future Intelligent Electric Inc.
Condensed Consolidated Statements of Commitment to Issue Class A Common Stock and Stockholders’ Equity (Deficit)
(in thousands, except share and per share data)
(Unaudited)
Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Gain (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 unaudited Condensed Consolidated Financial Statements.
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Table of Contents
Faraday Future Intelligent Electric Inc.
Condensed Consolidated Statements of Commitment to Issue Class A Common Stock and Stockholders’ Equity (Deficit)
(in thousands, except share and per share data)
(Unaudited)
Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Gain (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