Faraday Future (FFAI) Q4 2025 Earnings Transcript

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DATE

Thursday, May 14, 2026 at 7:30 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Matthias Aydt
• Chief Financial Officer — Koti Meka
• Global President — Jerry Wang
• VP, Investor Relations & Corporate Communications — John Schilling

TAKEAWAYS

• Revenue -- Full year was flat, reflecting the company’s early commercialization stage.
• Operating Loss -- $32.3 million for the quarter and $331 million for the year, largely due to R&D, workforce expansion, and asset-related factors.
• Excluding onetime items -- Operating loss was $185 million, indicating cost optimization effects.
• Asset impairment -- Driven by transition from FF 91 to FF 92 and retooling for FX Super One; affected assets are expected to be reused with minimal additional investment.
• Operating cash outflow -- $107.5 million for the year, mainly due to working capital changes and the FX production ramp-up.
• Financing cash inflow -- $161.4 million, a 100% increase from the prior year.
• Stockholders' equity -- $7.7 million at year-end, impacted by manufacturing optimization, convertible notes fair value changes, and impairments.
• Warrant cancellation -- 44.5 million warrants cancelled to simplify the capital structure and reduce future dilution.
• SEC investigation -- Formally closed in March 2026 with “no enforcement or legal action against the company, YT, Jerry or others.”
• NASDAQ notice -- Received 180-day period to regain minimum share price compliance, with the stated intent to avoid a reverse stock split.
• FX Super One production -- First preproduction unit rolled off the California AI factory line; mass production preparations, certifications, and initial parts procurement completed.
• FX Super One pre-orders -- Over 11,000 cumulative non-binding, non-refundable pre-orders by year-end.
• Robotics shipments -- 22 FF EAI Robotics units delivered including predeliveries, surpassing preset internal targets.
• Robotics gross margin -- Robotics sales began generating positive gross margin in the first quarter after launch.
• Robotics pre-orders -- More than 1,200 cumulative non-binding, non-refundable pre-orders for EAI Robotics at launch event.
• Capital raising activities -- Company engaged over 30 investment institutions during a Hong Kong event to promote its EAI Bridge Strategy roadmap.
• Strategy execution -- Dual engine model (EAI EV plus EAI Robotics) declared as the core growth and ecosystem strategy.
• 2026 robotics target -- Shipment goal of more than 1,000 units, with continued positive gross margin and production ramp-up.
• Software revenue -- Management expects initial revenue generation from the EAI technology platform within the current year.

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RISKS

• Share price compliance -- Received NASDAQ notice requiring the company to regain minimum share price compliance within 180 days, or face delisting.
• Stockholders' equity -- Ended at $7.7 million, driven by impairments and fair value changes, signaling limited capital cushion.
• Operating cash flow -- Outflow of $107.5 million persists alongside early-stage revenue and ongoing investment requirements.

SUMMARY

Faraday Future Intelligent Electric (NASDAQ:FFAI) reported a pivotal transition year featuring the launch of commercial sales and the operational ramp-up of both its EV and robotics businesses. The company highlighted cancellation of 44.5 million outstanding warrants to address capital structure simplification and minimize future dilution risk. Management stated the SEC investigation was formally closed with no enforcement action, eliminating a multi-year regulatory overhang. The leadership discussed steps to regain NASDAQ listing compliance, pursue strategic investments, and advance toward positive operating cash flow and sustainable gross margins, especially within robotics. Corporate governance enhancements and headquarters relocation to Silicon Beach were initiatives aimed at supporting expansion and elevating talent acquisition prospects.

• The company presented the EAI dual-engine model and ecosystem strategy as a shift from a traditional EV company to a broader EAI-driven platform, with the CEO stating, "this is the first time in 12 years from company inception that we can expect to generate revenue with a positive margin."
• Management expects to introduce EAI technology-driven software revenue and aims for broader commercial scaling over the coming year through the FX Super One and robotics lines.
• Collaboration through B2B2C and open-source partnerships is being leveraged to accelerate revenue and recurring service streams, supporting faster transition to profitability.
• The company outlined its cost structure, financing expansion, and share repurchase initiative among active measures designed to restore investor confidence following compliance warnings.

INDUSTRY GLOSSARY

• EAI: Embodied Artificial Intelligence — integration of physical devices (vehicles, robots), AI software, and data infrastructure for multi-device deployment and learning.
• FX Super One: The company’s next-generation multi-purpose vehicle designed to launch the EAI platform, targeted for broad market adaptation.
• B2B2C: Business-to-business-to-consumer sales model, where commercial partners facilitate direct sales to end users.

Full Conference Call Transcript

Matthias Aydt: Thank you, John, and thank you to everyone who is joining us today. 2025 marked a fundamental transition for Faraday Future from strategy to execution. We are now entering early commercialization across both our EV and Robotics businesses, supported by growing demand signals and early validation of our gross margin profile. This is the first time in 12 years from company inception that we can expect to generate revenue with a positive margin. Most importantly, we are evolving beyond the traditional EV company into an embodied EAI ecosystem platform powered by a dual engine model of EAI EV plus EAI Robotics. The EAI strategy and the EAI industry Bridge Strategy are our core strategies.

The EAI strategy is a 3-in-1 EAI ecosystem strategy driven by the EAI technology platform consisting of EAI devices, the EAI Brain and open-source, open platform and the EAI decentralized and centralized data factory, forming an open closed-loop EAI ecosystem. The EAI upgrade builds upon the IP and technology foundation of FF's original vehicle business. FF holds over 660 patents. The team is currently reviewing these existing patents to align with the EAI strategy. First, the devices under the EAI strategy, scalable embodied EAI devices for delivery include vehicles and robots.

Second, the EAI Brain and open-source, open platform, this creates general purpose, Brain for multimodal embodied AI consisting of the EAI Brain, cerebellum and neural hub powered by EAI foundation models, EAI agents and skill technologies. Through an open-source, open platform we can unite the entire industry, empower each other and unlock massive value. Third, the EAI decentralized, centralized data factory. But on a multimodal all scenario common data infrastructure, this establishes a decentralized and centralized network ecosystem that integrates Web2 data monetization with Web3 data assetization, creating a new data business model.

As the first U.S. listed company to achieve scale delivery of both humanoid and biomimetic EAI robot devices, FF not only has a unique first-mover advantage, but can potentially generate a series of chain reactions through this closed-loop ecosystem, internal ecosystem. The 3 businesses, devices, brain and data mutually fuel each other's growth. Mass delivery and adaptation of devices generate vast amounts of data, which enhance the EAI Brain's capabilities which in turn improves EAI terminal products and drives even larger sales, forming a close product technology loop. At the same time, this can reinforce the EAI business and accelerate the realization of fundamental value for the FFAI business.

External ecosystem by open-sourcing FF's technology and platform and opening up protocol standards, FF can connect with industry partners and developers while organically linking shareholders, investors and users, creating synergies and co-creating shared value. Bridge strategy. With FF as the industry's bridge, the strategy can integrate global hardware strength with North American AI, R&D advantages, supports localized production and delivers affordable, high-performance intelligent products to target market users. Entering the U.S. Blue Motion market with a relatively asset-light fast iteration approach. The strength of this strategy lies in industrial efficiency and marginal cost benefits driven by deep synergies. Let me now walk through our business update.

In the fourth quarter, we continued to move the reservation, production and delivery of EAI devices, highlights in the fourth quarter 2025, reached 2025's most significant milestone, the first FX Super One preproduction vehicle successfully rolled off the company's California AI factory, validating FF's ability to integrate resources across regions, industry and ecosystems, achieved a broad product competitiveness of Super One, a first-class MPV with 130 inches wheel-based flat floor, flexible zero gravity rear seats, FF EAI architecture and the world's first Super EAI F.A.C.E. System, emotional grill interface to be available in pure electric or AI hybrid extended range power options covering both urban and long-distance travel. Mass production preparation is on track as scheduled.

A series of certification-related activities proceeded as planned. Additionally, purchase agreements for the first batch of FX Super One parts were signed in October. The final assembly line was completed in December. On the commercial front, we are building a 4-pillar sales architecture covering community, partner, B2B and third-party e-commerce channels. The B2B2C co-creation ecosystem expanded to 6 U.S. states. The cumulative non-binding, non-refundable pre-orders for the FX Super One reached over 11,000 units by the end of 2025. In the Middle East, the region transitioned from initial market entry to early commercial validation following the official launch of the FX Super One on October 28.

Football legend, Andrés Iniesta became the world's first owner and co-creation officer in November, helping to strengthen regional influence. We are currently prioritizing deliveries to high-quality co-creation partners including local government entities while establishing operational foundation in Ras Al Khaimah. To support these global efforts, Faraday Finance, Inc. was established in October to provide diversified financing solutions. An application has been filed with the relevant order finance license with the California Department of Financial and Protection and Innovation. Meanwhile, the ultra-luxury FF 91 flagship continues its niche presence with a targeted delivery, and the company has released redesign sketches for our planned FX 4, which is positioned as the RAV 4 Disruptor in the AIEV Era.

We also have amazing upgrades on the FFAI technology stack. The system now natively supports over 50 languages and includes real-time web searches with voice synthesis and RAG knowledge-based support. Technical improvements also include an AEC upgrade to support seamless conversation, interruption and the successful migration of end-to-end autonomous driving model. We have developed vision-based 3D object detection and a scalable automated labeling algorithm alongside the implementation of gesture-controlled door entry using the DinoV3 vision model. These are not isolated features. They form the foundation of a scalable cross-terminal intelligence system. Furthermore, FF has submitted a patent for a blockchain and Web3-based vehicle sharing system that allows for one-click sharing, automated credit verification and revenue distribution.

Qualigen Therapeutics Inc., an independently operated company strategically invested in and controlled by FF was renamed AIxCrypto Holdings, Inc. NASDAQ AIXC. In November, FF expects to expand brand exposure and low-cost financing channels through potential cooperations with AIXC. Highlights of subsequent events, FF EAI Robotics was launched on February 4, and the deliveries officially commenced in late February. FF became the first listed company in the U.S. to deliver humanoid and bionic robots by March 2026, cumulative shipments of FF EAI Robotics, including predeliveries, reached 22 units, exceeding preset target, accompanied by the start of robot sales revenue and positive product gross margin in the first quarter.

As of the launch event, total non-binding, non-refundable pre-orders of FF EAI Robotics reached over 1,200 units. FF EAI robots focus on education, home security and entertainment scenarios to drive product deployment and market awareness. By expanding the existing automotive sales system to include both EAI vehicles and EAI robots, we are maximizing our reach with limited incremental investment. Following the NADA Dealer Summit in January 2026, several memorandums of understanding have been signed with U.S. dealerships. By February 2026, the company upgraded cooperation with its bridge strategic partners, signing agreements for mass production component procurement and engineering services as it enters the final sprint towards full-scale production.

In the U.S. market, 800-volt high-voltage drive systems are becoming a core label defining the product strength and technological leadership of high-end electric vehicles. We have already started work on product-related research and development. FFAI has achieved cross-platform sharing EAI vehicles and EAI robotics such as voice dialogue capabilities and multimodal interaction capabilities. Model training platforms and tool chains as well as multimodal environmental perception models have also been shared. Part 3, system building. Now let's discuss our recent progress on system building.

Our update in the fourth quarter 2025 focuses on the reinforcement of our internal management systems, talent acquisition and regulatory framework, helping us transition toward AI-driven corporate management, effectively transforming our internal company processes through the integration of advanced AI technologies. We introduced the overall PPTIA governance methodology and implemented it across FFAI. To drive operational efficiency and strategic growth, Faraday Future continues to invest in world-class leadership and infrastructure. On the regulatory and governmental front, our leadership remains proactive in securing the company's position with the domestic policy landscape. FF and FX executives held a series of constructive meetings in Washington, D.C. with several U.S. members of Congress and government officials.

These dialogues are essential as we continue to refine our corporate governance and ensure our strategic initiatives are well understood by key stakeholders. A major milestone was reached with the conclusion of the SEC investigation in March 2026, a result that we believe validates the significant reinforcement of our legal and compliance system. In March, our headquarters relocated to Silicon Beach, a strategic move that has significantly enhanced our ability to attract top-tier senior talent in the heart of major technology hub. By combining a validated compliance framework with a high-caliber talented pool and AI enhanced management tools, we have established a resilient organizational foundation to support the next phase of our global expansion.

Now I will turn the call over to Koti Meka to discuss the fourth quarter and full year financial updates.

Koti Meka: Thank you, Matthias. For the full year 2025, revenue was essentially flat year-over-year. This reflects early-stage commercialization with stable market engagement as we continue to refine our plan. 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, reflecting the company's cost optimization efforts. The onetime asset impairment in 2025 resulted from the strategic shift from the FF 91 program to the planned FF 92 upgrade, along with reorganization and retooling for the FX Super One commercial production.

The impaired assets are expected to be redeployed with limited additional investment in retrofitting and upgrades. Operating cash outflow was $107.5 million for the full year 2025, primarily driven by changes in working capital and the operational ramp-up of the FX platform. Financing cash inflow was $161.4 million for the full year 2025, a 100% increase from $80.7 million in 2024. Stockholders' equity was $7.7 million at the end of 2025, primarily impacted by manufacturing optimization expenses, fair value adjustments related to our convertible notes and impairment provisions for certain assets. As a reminder, our capital structure includes equity-linked instruments and as a result, reported figures may experience meaningful noncash volatility period-to-period.

I will now turn the call over to Jerry Wang, our Global President, to discuss capital markets updates.

Jerry Wang: Thanks, Koti. In 2025, we remain focused on aligning capital deployment with key milestones while maintaining flexibility to support execution and long-term growth. The company achieved a net financing inflow of $161.4 million, demonstrating an ability to raise capital despite a cooling electric vehicle financing environment. Throughout the fourth quarter, leadership maintained close communication with capital markets, participating in multiple conferences and roadshows to enhance visibility and active pursue analyst coverage. This momentum carried into February 2026 when the company successfully hosted an investor event in Hong Kong.

During this event, we engaged with over 30 investment institutions to deeply record the result and future road map of the EAI Bridge Strategy, highlighting how the EAI EV plus EAI Robotics Dual Engine approach is driving a significant reevaluation of the company's market worth. We believe the market is beginning to recognize FF not as a traditional EV company, but as an EAI-driven ecosystem platform with a newly launched Robotic business. To optimize the capital structure, the company entered into agreements with several warrant holders in the fourth quarter 2025 to terminate and cancel a total of 44.5 million warrants previously issued under various of security purchase agreements.

This decisive move aims to simplify the company's capital structure and reduce potential future share dilution. These structural improvements are being paired with aggressive measures to protect stockholders and investors. In March 2026, the company received a letter from U.S. SEC stating that the SEC has formally closed its investigation, which lasted more than 4 years and decides not to take any enforcement or legal action against the company, YT, Jerry or others. This removes the historical constraints and destabilizing factors that have hindered the company's development and stands as the most powerful and definitive response to illegal short sellers.

The company will immediately launch an updated version of its [ term ] pronged transformation initiative to swiftly and cost effectively achieve 4 phased goals: short term, 180 days, mid- to short term, 1 year, midterm, 3 years and long term, 5 years. We will go all out to build sustainable and growing positive cash flow, rebuild market confidence and deliver returns to our shareholders and investors. In addition, on March 20, the company received a notice from NASDAQ regarding a 180-day compliance period to meet its share price listing requirement. We'll do our utmost to regain compliance without resorting to a reverse stock split.

We have launched a collective share purchase plan by executives and employees and initiated steps towards legal action against potential illegal short selling as well as the dissemination of false and misleading information intended to manipulate the market and obtain improper gains. This collective action serves as a clear signal of our belief in the company's trajectory and our commitment to actively protecting the interest of the company and all stockholders. I will now hand the call over to Matthias to discuss our 2026 outlook.

Matthias Aydt: Thank you, Jerry. Looking ahead to 2026, Faraday Future is focused on deepening strategic execution aimed at driving continuous growth of business and deliveries. In our Robotics division, we have set a clear trajectory for the year with cumulative shipment volume target of over 1,000 units by the end of 2026. Throughout this period, we will continue to ensure the positive product gross margin and ramp up production to prepare for high-volume delivery in the following years. For the FX Super One, our priority remains the enhancement of overall product competitiveness with stable cash flow as a prerequisite.

With the initial deployment of the technology-driven ecosystem strategy and deeper open-sourcing of the EAI Brain and technology platform, we expect to generate software-related revenue within 2026. Considering EAI robotics to require considerably less investment than EAI vehicle, we expect the limited additional investment and the positive product gross margin of EAI robotics will improve our 2026 operating cash flow. On the capital and regulatory front, our objectives for 2026 are focused on restoring market confidence and ensuring long-term stability. This includes working towards regaining compliance with NASDAQ's minimum bid price requirement within the applicable 100-day compliance period and actively introducing strategic investments from top-tier global investment institutions.

Our systems and corporate governance will undergo a major transformation to support the scale. We are establishing an advanced governance system aimed at maximizing the interest of stockholders and investors while embedding AI governance into our very core. By achieving the systemization and automation of AI governance, including risk identification, compliance control and token cost management, we will enable dynamic monitoring and intelligent optimization of our EV and robotics operations. This AI governance system is designed to achieve cross-regional compliance and optimal resource allocation, effectively transforming our operational capabilities into a core corporate competitiveness and strategic advantage.

Simultaneously, we remain in continuous dialogue with government departments regarding the bridge strategy and tariffs to secure policy support and create value by bringing global supply chain capabilities back to the United States. Through these efforts, we are building an ecosystem supporting long-term valuation enhancement and our participation in the formulation of industry standards. In summary, Faraday Future has entered a new phase in 2026 from concept to execution, from single business to dual engine growth, from EV company to EAI ecosystem platform. We are approaching an inflection point toward a positive gross margin of robotics delivery and commercialization scale with continued creation of long-term value.

We believe this transition positions us for long-term value creation and a potential re-rating of our market valuation. Thank you. To conclude, I will now hand the call over to John for the Q&A.

John Schilling: Thank you to everyone who presented today. As we wrap up, I would like to briefly highlight the materials included in the appendix. In the appendix, you'll find our unaudited balance sheet and financial statements as of and for the 3 months and full year ended December 31, 2025, providing additional detail on our financial position. These materials offer helpful context to supporting everything we have shared today.

John Schilling: With that, we would now like to open the floor for Q&A. Question one. Who is buying the robotic products today? And what are the primary use cases driving that demand?

Matthias Aydt: Our Robotics business is structured across 3 core layers: robotic device deployment and decentralized data factory as well as the EAI Brain and open-source, open platform. In this context, robot sales represent only one component of our broader strategic architecture, albeit an important or complementary one. The robotic hardware deployment layer encompasses not only direct sales and rental, but also a full suite of user operation services, including aftersales support, spare parts, ecosystem products and financial services. Our goal is to become a U.S.-based leader in early-stage robotics deployment in North America, establishing a strong market presence and defensible moat.

In terms of use case scenarios, our target customers span a wide range of industries, including high-end hospitality and vacation rentals, automotive dealership, showrooms, security and patrol, education, entertainment and life performance, agricultural harvesting and research laboratories. We have already achieved early deployment in several of these verticals. Our data factory business has completed its strategic planning and has now entered execution. Within the embodied AI industry, real-world robotic data collection and training serve as a critical complement to simulation-based data and are essential for validation. This creates a closed-loop system between sim to real and real to sim. Our data collection solution is already capable of seamless integration with the NVIDIA Isaac ecosystem.

As our robot fleet continues to scale, it will become a key source of high-value data generation. In parallel, we are integrating this capability with AIXC's on-chain infrastructure, creating a differentiated and competitive advantage. On the EAI Brain and open developer platform, we have already made meaningful progress and plan to move into the implementation phase in the near term.

John Schilling: Question two. How does your B2B2C model translate into actual revenue generation?

Matthias Aydt: The so-called B2B2C model refers to FF working in collaboration with FF partners on the sales side to jointly engage and serve end consumers [ C-end ] users. FF's B2B2C model mainly relies on cooperation with various [ B-side ] commercial partners to convert high-end customers' resources into actual sales revenue. The company works with real estate agencies, high-end clubs, corporate clients, dealers and other partners to reach high net worth individuals through their channels, then completes vehicle sales and delivery to generate direct revenue from car sales.

At the same time, the company incentivizes partners to acquire customers through reasonable commission and profit sharing arrangements, which not only lowers its own customer acquisition costs, but also quickly expands order volume. In addition to car sales, the company will also generate recurring revenue through value-added services such as aftersales maintenance, connected car services and automotive financing programs. This light asset model rapidly expands channels, targets high-volume customers and shortens the sales cycle, allowing orders to be converted into cash flow and revenue more quickly.

As partner channels expand and delivery efficiency improves, valid orders driven by [ B-side ] referrals will keep growing, serving as an important pillar for the company to improve operating cash flow and restore market confidence.

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

Matthias Aydt: The increase in authorized shares provides us with additional flexibility, but it does not alter our disciplined approach to capital allocation. Our capital deployment remains milestone-driven and sequenced around clear value inflection points. We prioritize return potential, capital efficiency and importantly, the preservation of long-term shareholder value. Importantly, within our business mix, the EAI Robotics business represents a more capital-efficient growth engine compared to the EEI Vehicle business. It operates under a relatively light-asset model, requires less incremental capital and therefore, inherently carries lower dilution risk when funded. In addition, the Robotics business has already demonstrated revenue generation and positive product gross margin.

This not only supports internal cash flow dynamics, but also contributes to expanding the company's valuation foundation, enabling the market to more appropriately reflect the intrinsic value of FFAI over time.

John Schilling: Question four. What are the next steps for the EAI Brain and open-source, open platform and the data factory?

Matthias Aydt: A good question. The FF EAI brain will evolve into a general purpose AI capability that can be migrated and reused across multiple scenarios, multiple tasks and multiple terminal devices, supporting the continuous evolution of vehicles and robots in different applications. Through open-source mechanism, open interfaces and ecosystem collaboration mechanisms, the open-source, open platform will potentially enable more developers, partners and various types of hardware to connect and co-build. By continuously accumulating high-quality scenario data and behavioral data, we will gradually build data commercialization capabilities for model training, capability optimization and industry applications. We plan to enter the AI infrastructure space, secure our first customer and generate revenue.

In addition, we plan to actively establish broad partnership with data companies and AI enterprises to jointly promote data circulation, model coke construction and the deployment of scenario-specific capabilities.

John Schilling: Question five. What measures will the company take to ensure compliance with share price requirements within 180 days?

Matthias Aydt: One of the company's top priorities during the rectification period is to restore compliance with the minimum share price requirement to the greatest extent possible without conducting a reverse stock split. Firstly, the fundamental measure is to rebuild investor confidence through sustained improvement in the company's operating performance. FF Robotic has now commenced deliveries and started generating revenue with positive gross margins, making a positive signal for the company's fundamental operating performance and operating cash flow. We are focusing our strategy on business that enable rapid delivery and quick cash flow generation with a clear and progressively achievable path to profitability. Second, further optimize the company's cost structure and emphasize return on investment.

Third, repurchase shares on the open market to signal internal confidence and better balance financing needs and equity dilution through strategic focus. Fourth, continue to strengthen information disclosure to stabilize market expectations and take legal actions against alleged rumor monitoring deformation and malicious stock price manipulation. Suffice it to say, our confidence is stronger today than it was a year ago. We look forward to restoring market confidence through consistent delivery positive margin products.

John Schilling: Thank you for your time. This concludes our investor Q&A session. We appreciate all the questions submitted and apologize if we couldn't get to all of them today. We remain committed to maintaining open communication with our investors. That concludes today's conference call. Thank you for all of your participation.

Operator: This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation.

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