Faraday for the next quarter: net income of $6.5 million, compared with a loss of $153.1 million in the same period last year

Thanks to CTOnews.com netizens Wu Yanzu in South China for the delivery of clues! CTOnews.com News on May 12, Faraday Future released its first quarter 2023 results after the market closed on May 11 and held an earnings call at 7:30 on May 12, Beijing time.

CTOnews.com reported that Faraday's net income for the next quarter was $6.5 million, compared with a loss of $153.1 million for the quarter ended March 31, 2022, mainly due to changes in operating expenses and income of $94.9 million.

The company's operating expenses were $83 million, compared with $149 million in the same period last year; net cash used for operating activities was $103.2 million, compared with $122.4 million in the same period last year; capital expenditure was $16.9 million, compared with $44.4 million in the same period last year; net cash inflows from financing activities were $1.344, compared with $8570 in the same period last year, and had cash of $3300, including $1.5 million in restricted cash.

Faraday is expected to use some of its initial production for sales and marketing activities in the future, with the goal of becoming a profitable company and achieving operating cash flow balance by 2025.

In a letter to shareholders, Faraday said the company had made initial progress and began production of its flagship FF 91 vehicle in March as planned. The goal remains to begin the first phase of FF 91 delivery by the end of May, as previously announced. Compliance certification for FF 91 is proceeding as planned. Most of the FMVSS tests have been completed successfully.