On May 24, the official wechat of Faraday future (FF) released its financial report for the first quarter of 2022 today According to the financial report, FF's operating loss in the first quarter was about $149 million, and its operating loss in the same period last year was about $19 million
The increase in loss was mainly due to the increase in engineering, design and testing ("ed & amp; t") services as the Company re hired suppliers and provided services for ED & amp; T services has made a large number of purchases to promote FF 91 project; The number of employees and employee related expenses increased significantly; And an increase in professional services mainly related to the investigations of the special committee.
FF had a net loss of approximately $153 million in the first quarter, compared with a net loss of approximately $76 million for the three months ended March 31, 2021. The increase in net loss in the first quarter was mainly due to operating losses.
As of March 31, 2022, FF had total assets of about $706 million, including cash of $276 million. The decrease in cash between December 31, 2021 and March 31, 2022 was due in part to the planned repayment of $97 million in notes and accrued interest. Total liabilities as of March 31, 2022 were approximately $271 million, while total liabilities as of December 31, 2021 were approximately $340 million.
FF said that since its establishment, the company has accumulated losses from operating activities and negative cash flow from operating activities. As of March 31, 2022, the company had accumulated losses of about US $3 billion. In the foreseeable future, the company is expected to continue to incur large operating losses, because the company will continue to incur expenses before generating considerable income.
According to the financial report, the first FF 91 quasi mass production vehicle of FF has been completed, and the car reservation volume as of March 31, 2022 is 401.
