Pre-market surges 35%! Faraday Future Intelligent Electric meets Nasdaq financial reporting compliance requirements again
Faraday Future Intelligent Electric has released the latest business updates, focusing on the company's significant progress in strategic development and operations, especially in meeting Nasdaq's timely reporting requirements. In the first quarter of 2024, Faraday Future achieved significant financial improvements, with operating expenses and losses greatly reduced. The company has successfully submitted quarterly reports, demonstrating positive progress in financial management and compliance. Currently, Faraday Future's stock price has surged 35% in pre-market trading
According to the Zhitong Finance and Economics APP, on July 31st, Faraday Future Intelligent Electric (FFIE.US) released the latest updates on its business, focusing on the significant progress the company has made in strategic development and operations, especially in meeting Nasdaq's timely reporting requirements.
In the first quarter of 2024, Faraday Future continued to focus on cost control and reducing operating expenses. The company's operating expenses decreased significantly from $95.8 million in the same period last year to $22.9 million, and operating losses decreased from $95.8 million in the same period last year to $43.6 million. The cash flow from operating activities improved significantly, with losses reduced to $14.7 million, a substantial decrease compared to the $103 million loss in the first quarter of 2023.
As of March 31, 2024, the company's total assets were $499.9 million, liabilities were $298.4 million, and book value reached $201.5 million. In addition, as of July 30, 2024, the company's outstanding Class A common shares in circulation were 441.3 million shares, slightly higher than the 439.7 million shares on May 17.
Faraday Future has received approval from the Nasdaq Hearings Panel to continue its listing, but it must comply with certain compliance deadlines. The company has successfully submitted its 10-Q quarterly report as of March 31, 2024, meeting one of the important compliance deadline requirements.
Through these measures and achievements, Faraday Future has demonstrated positive progress in financial management and compliance. As of the time of publication, Faraday Future's pre-market trading surged over 35%, reaching $0.42