The company continues to struggle with a structural margin deficit, reporting a gross margin of -22.2% in 2026Q1 as production costs consistently exceed revenue.
| Sales/Revenue | 732K | 536K | 539K | 784K | 0 | 0 | 0 | 0 |
| Revenue Growth % | -14.19% | -0.56% | -31.25% | - | - | - | - | - |
| Cost of Goods Sold | 88.81M | 98.3M | 84.03M | 42.61M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 18339.93% | 15589.8% | 5434.57% | - | - | - | - |
| Gross Profit | -88.08M | -97.77M | -83.49M | -41.82M | 0 | 0 | 0 | 0 |
| Gross Margin % | -12032.65% | -18239.93% | -15489.8% | -5334.57% | - | - | - | - |
| Gross Profit Growth % | - | -17.1% | -99.63% | - | - | - | - | - |
| Operating Expenses | 83.72M | 84.65M | 62.73M | 237.75M | 437.14M | 354.15M | 64.93M | 110.26M |
| OpEx % of Revenue | - | 15792.16% | 11638.96% | 30324.62% | - | - | - | - |
| Selling, General & Admin | 66.55M | 68.04M | 52.44M | 105.72M | 134.46M | 115.02M | 44.74M | 76.46M |
| SG&A % of Revenue | - | 12694.59% | 9729.5% | 13485.2% | - | - | - | - |
| Research & Development | 17.17M | 16.6M | 10.29M | 132.02M | 299.99M | 166.78M | 16.67M | 28.28M |
| R&D % of Revenue | - | 3097.57% | 1909.46% | 16839.41% | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 2.69M | 64.19M | -3.35M | 5.51M |
| Operating Income | -171.8M | -182.41M | -146.22M | -279.57M | -437.14M | -354.15M | -64.94M | -110.26M |
| Operating Margin % | -23470.49% | -34032.09% | -27128.76% | -35659.18% | - | - | - | - |
| Operating Income Growth % | - | -24.75% | 47.7% | 36.05% | -23.44% | -445.36% | 41.1% | - |
| EBITDA | -112.95M | -114.57M | -72.19M | -234.1M | -431.65M | -350.8M | -61.42M | -105.07M |
| EBITDA Margin % | -15430.87% | -21375.56% | -13394.06% | -29860.08% | - | - | - | - |
| EBITDA Growth % | -40.64% | -58.7% | 69.16% | 45.77% | -23.05% | -471.13% | 41.54% | - |
| D&A (Non-Cash Add-back) | 58.85M | 67.84M | 74.03M | 45.47M | 5.5M | 3.35M | 3.52M | 5.19M |
| EBIT | -420.22M | -388.37M | -339.51M | -428.59M | -592.74M | -469.42M | 0 | -104.74M |
| Net Interest Income | -8.82M | -8.65M | -16.61M | -3.04M | -9.44M | -46.84M | -73.72M | -59.99M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 59.99M |
| Interest Expense | 8.82M | 8.65M | 16.61M | 3.04M | 9.44M | 46.84M | 73.72M | 0 |
| Other Income/Expense | -257.25M | -214.61M | -209.89M | -152.07M | -165.03M | -162.12M | -8.43M | -31.94M |
| Pretax Income | -429.05M | -397.02M | -356.11M | -431.63M | -602.18M | -516.26M | -147.08M | -142.19M |
| Pretax Margin % | -58613.25% | -74070.71% | -66069.39% | -55055.48% | - | - | - | - |
| Income Tax | 72K | 63K | -267K | 109K | 61K | 240K | 3K | 3K |
| Effective Tax Rate % | -0.02% | -0.02% | 0.07% | -0.03% | -0.01% | -0.05% | -0% | -0% |
| Net Income | -419.27M | -390.7M | -355.85M | -431.74M | -602.24M | -516.5M | -147.09M | -143.19M |
| Net Margin % | -57277.87% | -72891.04% | -66019.85% | -55069.39% | - | - | - | - |
| Net Income Growth % | -31.89% | -9.79% | 17.58% | 28.31% | -16.6% | -251.16% | -2.72% | - |
| Net Income (Continuing) | -429.12M | -397.08M | -355.85M | -431.74M | -602.24M | -516.5M | -147.09M | -142.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 31.64M | 35.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.95 | -3.14 | -19.61 | -1792.44 | -15742.40 | -21244.86 | -8989.98 | -8752.57 |
| EPS Growth % | 80.29% | 83.99% | 98.91% | 88.61% | 25.9% | -136.32% | -2.71% | - |
| EPS (Basic) | - | -3.14 | -19.61 | -1792.44 | -15742.34 | -21244.86 | -8989.98 | -8752.57 |
| Diluted Shares Outstanding | 214.5M | 124.3M | 18.53M | 240.87K | 38.26K | 24.31K | 16.36K | 16.36K |
| Basic Shares Outstanding | 214.5M | 124.3M | 18.53M | 240.87K | 38.26K | 24.31K | 16.36K | 16.36K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Existential liquidity and solvency
According to the provided quarterly income statements, Faraday Future's revenue remains highly volatile and negligible, with the most recent 2026Q1 figure of $512,000 failing to demonstrate a consistent upward trajectory, suggesting that the company has yet to achieve a repeatable or sustainable commercial sales model.
The revenue fluctuations appear to be driven by sporadic, low-volume vehicle deliveries rather than organic market demand. Investors should monitor whether these figures represent genuine customer adoption or internal transactions, as the current top-line performance does not support the company's stated manufacturing ambitions.
As reported in financial statements, the company's gross margins, which reached -22.2% in 2026Q1, highlight a profound structural mismatch where the cost of goods sold consistently dwarfs revenue, indicating that the current production throughput is insufficient to absorb the high fixed costs of the Hanford facility.
The persistent negative gross margins suggest that each unit produced is sold at a significant loss, which may indicate a lack of pricing power or an inability to achieve necessary economies of scale. This margin profile appears unsustainable without a fundamental shift in production volume or a drastic reduction in the underlying cost base.
Based on the income statement data, operating losses remain substantial, with 2026Q1 operating income at -$33.2 million, demonstrating that the company has failed to achieve operating leverage as SG&A and R&D expenses continue to outpace the minimal gross profit generated by current vehicle delivery levels.
The inability to scale operating income relative to revenue suggests that the company's overhead structure is currently misaligned with its commercial output. This trend warrants further investigation into whether management can effectively control discretionary spending while simultaneously attempting to ramp up production capacity.
Analysis of the historical income statements reveals that the company's reliance on recurring bridge financing and the persistent net losses, such as the -$38.9 million reported in 2026Q1, suggest that the primary risk is not operational execution but rather the potential for total insolvency.
Short-sellers would likely focus on the company's inability to maintain a positive cash flow trajectory and the recurring need for dilutive capital raises to fund operations. The ongoing 'going concern' risks appear to be the most significant factor influencing the company's valuation, potentially outweighing any theoretical value in its proprietary technology.
Quick answers to the most common questions about buying FFAIW stock.
For fiscal year 2025, Faraday Future Intelligent Electric Inc. (FFAIW) reported total revenue of $0.5M.
Faraday Future Intelligent Electric Inc. (FFAIW) reported a net loss of $390.7M for the fiscal year ending 2025.
Faraday Future Intelligent Electric Inc. (FFAIW) reported an operating income of $-182.4M, resulting in an operating profit margin of -34032.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Faraday Future Intelligent Electric Inc. (FFAIW) generated $-97.8M in gross profit for the year, representing a gross profit margin of -18239.9%. This demonstrates the company's core pricing power and production efficiency.