FFIE - Is Faraday Future Meme Stock Material? Reddit Army Charges In As EV Maker Faces SEC Heat Reveals Bleak Results: 'Hold The Fort! Don't Panic!' | Benzinga
Shares of Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) fell in after-hours trading on Tuesday, even as Redditors evidently tried to give them a meme stock-like boost, dragged by the EV startup’s disappointing financial results and a warning letter from the SEC.
What Happened: Faraday Future’s annual report for fiscal year 2023 showed a revenue of $0.8 million, significantly below analyst estimates of $2.59 million. While the net loss narrowed from $602 million in 2022 to $432 million in 2023, it still paints a concerning financial picture.
The company also reported selling only four of its FF 91 Futurist EVs since production began in March 2023, with an additional six leased. It attributed this to “current inclement market conditions” and withdrew its 2024 production guidance.
Cash reserves dropped to $4 million at the end of last year, including $2 million in restricted cash, a sharp dip from the $17 million Faraday had at the end of 2022.