Faraday Future’s Q4 Results Expected Today as Investors Eye Update
Written by Cláudio Afonso | LinkedIn | X
California-based electric vehicle startup Faraday Future is set to announce its Q4 2023 financial results later today, as shareholders await updates on additional investments and 2024 production guidance. The announcement is critical as the company fights to avoid delisting from the Nasdaq.
Stock Performance and Trading Update
As of this morning, Faraday Future‘s stock is trading 5.17 percent higher at $1.22 during premarket trading. Shares of the startup have recently surged to a new six-month peak, extending a rally of over 5,700 percent, before closing 37.58 percent lower at $1.03 per share.
Despite a year-to-date surge of 291.21 percent, the stock remains 94.93 percent lower compared to last year. The company is currently contesting a delisting notice from Nasdaq after shares traded below $0.10 for ten consecutive days. An appeal initiated in early May prompted a temporary suspension of its securities, which ended on May 16.
Earnings Call and CEO’s Update
Faraday Future‘s financial results will be followed by a conference call at 8:00 pm Eastern Time. In the previous call last February, CEO Matthias Aydt highlighted that the company has filed or issued 660 utility and design patents related to EV and AI technology.
Over $200 million has been invested in the Hanford, California manufacturing facility, with an anticipated annual production capacity of 10,000 units.
Aydt had previously stated the company aims to ramp up production to 10,000 units per year by the end of this year.
Initially, a shortened assembly line will provide a capacity of 2,500 units, with plans to achieve 10,000 units annually by the end of this year, operating at two jobs per hour in three shifts, according to the CEO.
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Production and Compliance Challenges
Faraday Future has faced significant production challenges, including delays in setting up a fully automated paint facility. CEO Aydt mentioned that the company is in the final steps of fine-tuning production processes and stabilizing material flow and quality inflow to achieve an interim production rate of 0.5 jobs per hour by mid-2024.
Product and Market Developments
The FF 91 2.0 Futurist Alliance, with an estimated range of 381 miles and a top speed of 155 mph, is currently available for pre-order in the U.S. at a base price of $309,000. The company recently onboarded Werner Wilhelm as Executive Launch Director, who has successfully managed the launch of car models at Audi AG, Volkswagen AG, and Magna Steyr.
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Nasdaq Compliance and Financial Maneuvers
Earlier this year, Faraday Future conducted a second reverse stock split in five months to regain compliance with Nasdaq listing requirements. The company has faced repeated warnings from Nasdaq regarding bid price non-compliance and delays in filing its 2023 10-K form.
The company’s securities will remain listed as it seeks an extended stay of the suspension pending a hearing with Nasdaq’s Hearings Panel.
Faraday Future‘s upcoming financial report and subsequent conference call are pivotal as the company navigates financial and operational challenges while striving to maintain its Nasdaq listing. Shareholders and industry observers will closely monitor the announcements for insights into the company’s future direction and stability.
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Written by Cláudio Afonso | LinkedIn | X
