Faraday Future Intelligent Electric Inc. (Nasdaq: FFAI) (“FF,” “Faraday Future,” or the “Company”), a California-based global Embodied AI (“EAI”) ecosystem company, today announced financial results for its fourth quarter and full year ended December 31, 2025, and provided key operational and strategic updates.
During the fourth quarter, FF achieved an important production milestone with the roll-off of the first FX Super One pre-production vehicle at its Hanford, California AI-Factory, marking progress toward engineering validation, homologation, and production system refinement. The Company also formally launched its FF EAI Ecosystem Strategy, a three-in-one framework integrating EAI hardware, the EAI Brain and Open-Source Platform, and a Centralized & Decentralized Data Factory to support a scalable intelligent ecosystem.
Fourth Quarter 2025 Highlights and Subsequent Updates
During the fourth quarter of 2025 and into early 2026, FF continued advancing execution across both its EAI EV and EAI Robotics businesses.
On the EV side, the Company continued progressing toward U.S. production readiness for the FX Super One, including FMVSS-related certification work, supply chain development, and strategic procurement and engineering agreements to support the next phase of mass-production preparation. FF 91 remains the Company’s ultra-luxury flagship, while the Company also continued expanding its FX product roadmap, including FX 4, positioned as the “RAV 4 Disruptor in the AIEV Era.” Development of 800V high-voltage drive systems is also underway.
Commercially, FF continued expanding its Co-Creation Ecosystem B2B2C model. By the end of 2025, cumulative non-binding, non-refundable paid pre-orders for the FX Super One exceeded 11,000 units across multiple U.S. states and industries. The Company also continued building its Four-Pillar Sales Architecture, including community sales, partner sales, B2B sales, and third-party e-commerce. In early 2026, FF further strengthened its operating capabilities by expanding its dealership network, broadening its sales system to support both EAI EVs and EAI robots, and exploring diversified sales models such as customized leasing programs. Following its participation in the NADA Dealer Summit, FF signed memorandums of understanding with several major U.S. mainstream dealerships covering both the Super One and EAI robots.
FF also continued advancing its global co-creation strategy. Following the FX Super One launch on October 28, football legend Andrés Iniesta joined in November as the world’s first owner and Co-Creation Officer. Deliveries are being prioritized for key co-creation partners, including local government entities, with operations taking shape in Ras Al Khaimah. To support diversified financing solutions, Faraday Finance Inc. was established in October, and an application has been filed for the relevant California auto finance license.
In robotics, FF formally launched three series of Embodied AI robotics products, Futurist, Master, and Aegis, on February 4, 2026, initially targeting education, home security, and entertainment/performance use cases. At launch, total non-binding, non-refundable paid pre-orders exceeded 1,200 units. Deliveries began in late February, making FF the earliest U.S. company to begin scaled delivery of both humanoid and bionic EAI robotic devices. By the end of March 2026, cumulative shipments reached 22 units, exceeding the preset target. FF also began recognizing robot sales revenue and achieved positive product gross margin in the first quarter, supporting near-term cash flow while reinforcing its long-term ecosystem strategy.
FF also continued upgrading its FFAI technology stack. The system now supports more than 50 languages and includes real-time web search, voice synthesis, and RAG knowledge base support. Additional improvements include AEC upgrades for seamless conversation interruption, migration of an end-to-end autonomous driving model, vision-based 3D object detection, scalable automated labeling algorithms, and gesture-controlled door entry using the DinoV3 vision model. FF has also submitted a patent related to a blockchain and Web3-based vehicle-sharing system enabling one-click sharing, automated credit verification, and revenue distribution.
Governance, compliance, and organizational capabilities were further strengthened during the quarter. FF introduced and implemented its PPTIA governance methodology across the Company. FF and FX executives also held meetings in Washington, D.C. with U.S. lawmakers and officials regarding manufacturing, policy, and industry priorities. In March 2026, the SEC investigation concluded with no enforcement or other action taken against the Company or related parties, removing a significant regulatory overhang and supporting FF’s continued re-engagement with capital markets. During the same month, the Company relocated its headquarters to Silicon Beach in El Segundo, California to strengthen talent attraction and support the next phase of growth.
FF also continued advancing its broader ecosystem strategy through its investment in Qualigen Therapeutics, later renamed AIxCrypto Holdings Inc. (Nasdaq: AIXC), and through a February 2026 share purchase agreement involving $10 million in pure equity financing. The transaction has not yet closed because the Company currently lacks a sufficient number of authorized but unissued and unreserved shares to consummate the purchase agreement.
Financial Results for Fourth Quarter and Full Year 2025
For full year 2025, revenue was essentially flat year-over-year, reflecting early-stage commercialization and continued market engagement. Loss from operations was $32.3 million for the three months ended December 31, 2025, and $331 million for the full year, primarily reflecting asset impairments, cost of revenue, and G&A. Excluding one-time impairments or losses, operating loss was $185 million, reflecting cost-optimization efforts. The one-time impairment primarily resulted from the strategic shift from the FF 91 program to the planned FF 92 upgrade, as well as reorganization and retooling for FX Super One commercial production. These impaired assets are expected to be redeployed with limited additional investment.
Operating cash outflow for 2025 was $107.5 million, primarily driven by working capital changes and the operational ramp-up of the FX platform. Financing cash inflow was $161.4 million for the year, compared to $80.7 million in 2024. Stockholders’ equity was $7.7 million at year-end 2025. Due to the Company’s capital structure and equity-linked instruments, reported figures may experience meaningful non-cash volatility from period to period.
Capital Financing
In 2025, FF generated $161.4 million in net financing inflow, demonstrating continued access to capital in a challenging EV financing environment. The Company remains focused on securing additional external financing, including from strategic investors in 2026, to support both its EAI Automotive and Robotics businesses. During Q4, FF also entered agreements to cancel approximately 44.6 million outstanding warrants, reducing potential future dilution.
On March 20, 2026, FF received a Nasdaq deficiency notice related to the minimum bid price requirement and was granted 180 days to regain compliance. The Company plans to take all necessary actions within the prescribed period. FF also initiated action regarding potential illegal short selling and market manipulation while continuing evidence collection. Separately, it launched a collective stock purchase plan for executives and employees to acquire approximately $500,000 of FFAI common stock around May 2026, subject to regulatory requirements.
2026 Outlook
Looking ahead, FF is focused on deepening execution, scaling deliveries, and broadening commercialization. The EAI Robotics division is targeting cumulative shipments of more than 1,000 units by the end of 2026 while maintaining positive product gross margin. At the same time, FF remains focused on phased delivery of the FX Super One, with product competitiveness and stable cash flow as priorities.
FF is also advancing the build-out of its EAI Brain and open-source developer platform through joint development initiatives with research labs at leading U.S. universities and plans to establish a centralized data training center at its headquarters by the third quarter of 2026. The Company expects to generate software-related revenue beyond device sales within 2026.
With robotics requiring considerably less investment than EAI EVs, FF believes this differentiated growth model can support near-term cash flow generation while expanding the broader ecosystem over the long term. On the capital and regulatory front, FF’s 2026 priorities include regaining compliance with Nasdaq’s bid price requirement, improving financing efficiency and dilution, strengthening operational fundamentals, enhancing transparency, and actively protecting stockholders’ interests.
“We achieved important milestones across our EV and robotics businesses that further strengthened our foundation for growth, including progress toward FX Super One production, expanded commercial engagement, and the launch of our EAI Robotics products,” said Matthias Aydt, Global Co-CEO of Faraday Future. “We are entering 2026 with clear execution priorities and strong conviction in our dual-track strategy, as we work to scale deliveries, broaden commercialization, and position the Company for long-term value creation.”
About Faraday Future
Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the company’s mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future’s flagship model, the FF 91, exemplifies its vision for luxury, innovation, and performance. The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. FF is committed to redefining mobility through AI innovation. Join us in shaping the future of intelligent transportation. For more information, please visit www.ff.com.
Media Contact
John Schilling
john.schilling@ff.com
