Faraday Future loses $125 million in second quarter, but still sticks to profit target by 2025

According to this website’s news on August 22, Faraday Future stated in its latest quarterly report that its losses have narrowed, and stated that it has entered the revenue generation stage.

The company’s loss in the second quarter ended June 30 was US$124.9 million (Note from this site: Currently about 9.13 billion), or 10 cents per share, compared with a loss of $141.7 million, or 44 cents per share, in the same period last year.

During the quarter, Faraday Future did not report any revenue. Total operating expenses fell to $49.4 million from $137.5 million, primarily due to reductions in research and development and administrative expenses

Faraday Future said in a letter to investors that the company plans to Triple the size of its manufacturing team and add a second shift to support increased production. Faraday Future said: "Looking ahead to the third quarter, we expect to generate cash from vehicle sales and obtain financing from existing commitments and active registration statements to help meet our cash needs as we ramp up vehicle production." The company added , is exploring strategic financing and asset-based debt financing opportunities.

Faraday Future reiterates their goal to become profitable and break even with operating cash flow by 2025

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