Faraday Future stock steadies amid narrower losses, promise of revenue coming soon
Last updated: 05:25 22 Aug 2023 EDT, First published: 17:22 21 Aug 2023 EDT
Faraday Future Intelligent Electric (NYSE:NASDAQ) stock stopped falling and is slightly higher in premarket deals after the EV-challenger last night announced a narrower second-quarter loss.
Having fallen 17% in the hours running up to the results, the stock steadied and was up 2.93% in early premarket deals.
In the period ended June 30, the Gardena, California company posted a loss of $124.9 million, $0.10 per share, compared to $141.7 million, or $0.44 per share, a year earlier.
Faraday Future generated no revenue, but the company says that’s about to change.
"Looking forward in the third quarter, we expect to have cash from vehicle sales, as well as financing from existing commitments and effective registration statements to help fund cash needs as we ramp up vehicle production," the company said in a statement.
Faraday also plans to triple the size of its manufacturing team in the coming months and add a second production shift to increase volume.
Shares of Faraday tumbled more than 17% in advance of the announcement but have recovered a modest 0.5% after hours to $0.21.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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