Faraday Future said in its latest quarterly report that its losses have narrowed and that it has entered the stage of revenue generation.
The company’s loss in the second quarter ended June 30 was US$124.9 million, or 10 cents per share, compared with a loss of US$141.7 million, or 10 cents per share, in the same period last year. 44 cents per share.
Faraday Future did not report any revenue during the quarter. Total operating expenses decreased from $137.5 million to $49.4 million, primarily due to lower R&D and administrative expenses.
Faraday Future said in a letter to investors that the company plans to triple its manufacturing team in the coming months and add a second shift to support the increase in production. “Looking ahead to the third quarter, we expect to generate cash from vehicle sales and financing from existing commitments and valid registration statements to help meet our cash needs as we ramp up vehicle production,” Faraday Future said, adding that is exploring strategic financing and asset-based debt financing opportunities.
Faraday Future reiterated its goal to achieve a profitable business with operating cash flow break-even by 2025.
