Faraday Future Intelligent Electric Inc Aktie

Greetings. Welcome to Faraday Future First Quarter 2026 Earnings Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to John Schilling, Director of Public Relations and Communications. Thank you. You may begin.

Good evening, everyone, and thank you for joining Faraday Future's First Quarter 2026 Earnings Call. My name is John Schilling, Global Director of Public Relations, Communications and Government Affairs here at Faraday Future. Today, I am joined by our Global CEO, YT Jia.

Before we begin, please note that today's discussion will include forward-looking statements based on current expectations and assumptions. These statements involve risks and uncertainties that could cause actual results to differ materially. We encourage you to review our SEC filings for a detailed discussion of these risks. We undertake no obligation to update forward-looking statements, except as required by law.

Following prepared remarks, we will address a selection of stockholder questions submitted in advance.

And with that, I'll turn the call over to YT, our Founder and Global CEO.

Thank you, John, and thank you to those joining us here today. I would like to thank the company and the Board for their trust in acknowledging and appointing me as Global CEO.

In today's call, I will provide an update on FF's first quarter 2026 results, key progress from the first quarter through today and our outlook for the next stage of growth. FF will officially evolve into a U.S.-based physical AI ecosystem company focusing on 2 product engines within its EAI robotics business, EAI humanoid and bionic robots, and EAI automotive robots, committed to an AI-first philosophy. By building a 3-in-1 ecosystem, consisting of device, brain and open source and open developer platform and data. FF aims to create an evolutionary flywheel of scaled device delivery, data collection and training, continued evolution of the EAI Brain, stronger product capability and larger-scale delivery with the goal of maximizing commercial value.

In terms of business model, FF generates platform revenue through agent skill revenue sharing, platform service fees, and enterprise solutions. At the same time, through EAI brand licensing, FF can extend its general intelligence capabilities to more robots and intelligent devices, creating scalable licensing revenue. More importantly, every skill call, agent operation and device deployment will continuously accumulate real-world data, which will flow back to the EAI Brain through the data factory. This creates an evolutionary flywheel and builds EAI ecosystem infrastructure that will be difficult to replicate in the physical AI era.

From a strategic execution standpoint, our first phase will focus primarily on humanoid and bionic robotics with EAI automotive robotics serving as a complementary business. And I also want to reiterate something very clearly regarding our vehicle robotics business. We will only fully launch that business once we have secured strategic or long-term investment and sufficient funding to support scaled production and delivery. Until then, we will continue moving forward in a disciplined way with low cost, low capital intensity, low risk and a strong focus on maximizing stockholder value.

Let me now walk through our business update. The first quarter of 2026 was a pivotal period for our robotics business. As our 3-in-1 EAI ecosystem strategy began forming a tangible commercial closed loop, EAI device update. Devices serve as a physical gateway to our strategy. We're accelerating deployment of FF robotics devices across vertical use cases, capitalizing on our first-mover advantage as the first U.S. company to deliver humanoid and bionic robots. On February 4, we officially released 3 series of EAI robot products, Futurist, Master and Aegis. During the event, the company announced a cumulative nonbinding nonrefundable paid preorders for our robot products of over 1,200 units. The delivery of our EAI robots started in late February with positive product gross margins.

The total shipments have reached 68 units by the end of April. This provides a new asset-light, high-margin revenue source that is expected to support short-term cash flow while reinforcing our long-term ecosystem strategy. We are also actively expanding our dealer network in robot sales, and we continue to explore diversified sales models, including customized leasing programs.

EAI Brain and open source and open developer platform update. Brain smarts our products, leveraging an open-source foundation model and our data factory. We are building a proprietary EAI Brain that bridges simulation and real-robot data training. This creates a close loop of efficient Sim2Sim and Sim2Real deployment, and continuous model self-evolution, targeting manipulation autonomy by year-end. To date, we have successfully built a cross-platform architecture for our self-developed EAI interactive brain with commercial demos now running across multiple sectors.

Our proprietary data portal, cloud platform and a robot management backend V1.0 are live, laying the smart management groundwork for large-scale operations. Open source and open developer platform is enabling system for our strategy. By opening our platform to global developers, we significantly expand the value and diversity of our ecosystem, speed up the flywheel and establish 1 of FF's most important levers for creating a differentiated competitive moat. We held our EAI and developer platform strategy launch in San Francisco, officially initiating the era of EAI robotics education tailored for AI native. We achieved the first practical application of open claw on our robots and are successfully testing its expansion across various scenarios.

Data factory update. Data fuels our strategy. As the first U.S. company to deliver humanoid and bionic robots, we are moving aggressively to build a first-mover advantage in the data business with the goal of fully commercializing our data factory to close the loop. We closed the R&D to sales loop in just 2 months after we launched our 3-in-1 strategy in February. Our data factory powered by our proprietary data OS replaces the costly custom-built data collection model, and we've signed and begun delivery on our first sales order within 2 months of launch.

The data factory consists of 2 components: centralized and decentralized. For Centralized Data Factory, we developed a full stack in-house software suite covering collection, validation, upload and conversion on par with industry benchmark tools and with the core tool chain fully under our control. The first centralized supermarket shelf scenario is deployed at our L.A. headquarters and our teleoperation data business is in active market outreach.

For Decentralized Data Factory, we built our own data collection software, eliminating the need to purchase costly third-party robot hardware just to access basic software licenses. The full pipeline from collection and processing to FF cloud upload is up and running, and we've collected the first batch of pilot real-world data across our EAI devices. We have signed MOU with Boston International Business School to jointly establish the BBSI FF AI Robotics Institute, the first industry-driven physical AI and robotics institute in the U.S.

Now let's dive into the first quarter of 2026 financial results. Robotics emerged as the company's new revenue engine in its inaugural quarter of deliveries. For the first quarter of 2026, the company generated revenue of $512,000, representing a 62% increase from $316,000 in the same period last year, which itself nearly matches full year 2025 revenue of $536,000. This includes both device sales and ecosystem revenue with ecosystem revenue, including skilled software capability packs, et cetera, accounting for 26% of total revenue. The continuous delivery of robots is a pivotal milestone, allowing the company to begin realizing positive product gross profit.

Please note that some in-transit robots are not yet included in this first quarter revenue. The income and corresponding costs for these units will be recognized when they have been officially delivered.

Our loss from operations narrowed 18% year-over-year from $43.8 million in Q1 2025 to $35.9 million in Q1 2026, of which approximately $11 million consisted of noncash items, including depreciation, amortization, goodwill impairment and share-based compensation. After adjusting for noncash items and working capital movements, net cash used in operating activities, the company's actual operating cash burn was $31.5 million for the quarter. G&A expenses declined 33% year-over-year from $13.7 million in Q1 2025 to $9.2 million in Q1 2026, primarily driven by a substantial reduction in professional fees, reflecting the company's continued discipline in optimizing its cost structure.

Turning to our balance sheet. Our stockholders' equity grew 148% quarter-over-quarter, standing at $19.2 million at the end of Q1 2026, making the second consecutive quarter of positive equity growth. Q3 2025, large asset impairment was a noncash accounting adjustment. Since that trough, equity has rebounded for 2 consecutive quarters from negative $39.5 million to $19.2 million, a $59 million improvement over 6 months, driven by debt-to-equity conversion, vendor sentiment and voluntary warrant termination. We believe FF is one of the few U.S. listed companies to engineer a return to positive stockholders' equity with continued growth within just 2 quarters of a major strategic impairment.

Now let's discuss capital markets update. In the first quarter and subsequent weeks of 2026, the company secured critical funding and made strategic adjustments to our capital structure to support our EAI vision. In April 2026, we amended and upsized our existing share purchase agreement with a third party designated by AIxCrypto, bringing total committed equity financing to $12 million. The amendment replaced antidilution provisions with fixed warrants tied to operational milestones, a structure we believe better serves both the company and our existing stockholders while injecting meaningful capital to support continued execution of our EAI strategy. In April, the company successfully received $45 million in new financing from American institutional investors.

Given EAI Robotics asset-light operating model and a relatively modest near-term capital requirements, we are deploying these funds to build a differentiated growth model, supporting short-term cash flow generation with limited additional investment while reinforcing the long-term expansion of our EAI ecosystem. This financing provides a solid financial foundation for supporting the initial production ramp-up from the EAI Robotics strategy, while preserving optionality for further capital structure optimization and strategic investment in subsequent phases.

On the regulatory front, we reached a major milestone on March 18 when the SEC formally concluded its investigation of over 4 years. The SEC decided not to take any punishment or legal action against the company or leadership. The investigation has constrained our development and its conclusion serves as a powerful counterattack against illegal short sellers.

Regarding our listing status, we received a notice from NASDAQ on March 20 regarding a 180-day remediation period to satisfy stock price compliance. To get there, we are accelerating business execution, advancing strategic initiatives and fighting illegal short selling. To restore market confidence and protect stockholders' interest, we have launched a collective stockholding plan for executives and employees and initiated legal action against illegal short selling and the dissemination of false misleading information.

We have also maintained high frequency engagement with the capital markets including a New York institutional investor meeting and a series of capital and industry conferences.

Now let's discuss our recent progress on system building. We are fundamentally transforming our AI system by upgrading our governance concept from PPTIA to AI-PPTI. We have also introduced the overarching governance philosophy of AI first. Through this new management concept and an upgraded AI talent organization system, AI is transitioning from a simple auxiliary tool into a key infrastructure that drives business growth and decision optimization. Our corporate governance system is also undergoing major changes, specifically by strengthening our closed-loop management from financing to performance. To maintain strategic continuity, take better responsibility for investors, investment results and enhance internal and external trust and cohesion.

Another exciting event came from our government affairs. FF Robotics business has received support from both the state of California and the local city government where FF is headquartered. California State Treasurer, Fiona Ma, expressed strong support for multiple areas of collaboration including the inclusion of FF products in California's GSA government procurement list, the EAI transformation of K-12 and higher education and the integration of EAI industry chain resources.

2026 outlook. With the SEC's 4-year investigation officially concluded, we believe we are entering a fundamentally new stage of development. This new chapter is defined by greater strategic clarity, improved operational flexibility and renewed momentum across our entire business. The renewal of this long-standing external overhang allows us to fully focus on execution, innovation and long-term value creation. As we move forward, management is undertaking a comprehensive 5 key transformation initiative across our strategy, business, system, finance and capital. We will fully implement the EAI 3-in-1 strategy and our industrial bridge strategy.

Our near-term focus will be on building a robotic ecosystem-driven revenue base and achieving a clear path towards sustainable profitability, which lays a solid foundation for the long-term value realization of the 3-in-1 strategy. At the same time, through continuous AI system level transformation, we aim to further enhance operational efficiency and overall business performance, ultimately, prioritizing stockholder value creation. Together, these initiatives are designed to strengthen our foundation, accelerate the commercialization of our AI and mobility ecosystem, enhanced financial discipline and rebuild long-term market confidence.

In the following sections, I will discuss in greater detail our strategic outlook and these 5 key transformation initiatives. First, our outlook on EAI strategy. At the core of this next chapter in our strategy evolution, the company is evolving from a traditional capital-driven growth model towards a more disciplined and sustainable framework centered on revenue validation and long-term ecosystem development. The large-scale deployment of positive gross margin robotics products is positioned as our primary growth engine, while we continue to advance our long-term ecosystem of EAI devices, the EAI brain and open source platform and the EAI centralized and decentralized data factory.

Looking ahead, under the guidance of our 3-in-1 strategy, we intend to firmly focus on scaling robotics deployment and monetization with positive gross margins while advancing our AI EV initiatives with a disciplined and cost-efficient approach. Our overall business model is shifting towards revenue generation, operational efficiency and ecosystem expansion with robotics serving as the first major growth driver.

In the near term, we plan to focus on achieving commercial breakthroughs, expanding user adoption and building a broader ecosystem around its EAI Brain, developer platform and data infrastructure. As deployment volumes increase, we expect to establish a scalable growth flywheel driven by recurring revenue generation and the initial maturation of its integrated 3-in-1 business model. Over time, we aim to build diversified monetization channels across products, platforms, software and data services.

Second, on our product, technology and business outlook. In the near term, by 2026, we intend to streamline our product portfolio and prioritize robotics products with clear commercialization potential and positive monetization opportunities. With a growing demand across our 4 major product lines and key use cases, including education, security and inspection, reception and guidance, performances and university research together with the upcoming launch and delivery of our new K-12 education products, we have officially raised our 2026 annual shipping target to 1,500 units and will host our Educational Ecology (sic) [ Ecosystem ] & Product Launch conference in early June.

FF believes that robotics education will become the largest use case in the first phase of the robotics industry's B2C market. We are building the first large-scale EAI Robotics education system in the U.S., and we aim to be a major force in the very first year of America's EAI Robotics education ecosystem.

In terms of product, we expect to initially focus on humanoid robotics while progressively expanding into additional categories, including quadruped robotics and other intelligent form factors. We believe this phased approach will allow us to refine products within specific use cases, establish repeatable deployment models and develop standardized scalable solutions over time.

Third, looking at our systems and organization. As previously discussed, we are advancing a comprehensive AI-driven transformation aimed at upgrading our governance philosophy, operational infrastructure and organizational capabilities. Under this AI-PPTI framework, AI is no longer viewed as a stand-alone tool, but at the core operating capability embedded across the organization. At the policy level, we are strengthening governance mechanisms around data management, AI usage standards, information security, compliance and model oversight to support scalable and responsible AI adoption.

At the process level, we are redesigning workflows to enable more standardized, intelligent and automated operations allowing AI to play a larger role in analysis, coordination and execution across key business functions. At the tools and information technology levels, we are building a more unified AI native operating environment, including enterprise AI platforms, cloud infrastructure, data systems and intelligent collaboration tools. At the same time, we are evolving our organizational structure and talent strategy to better align technical capabilities with business execution. We are investing in multidisciplinary talent and strengthening collaboration between operations and technical teams to support long-term AI integration across the enterprise.

Fourth, our financial outlook. On the financial front, we are strengthening our strategic finance function. This year, we started building an AI-powered finance system not only to improve data accuracy and timeliness, but more importantly, to roll out financial guidance in a planned step-by-step manner.

We will build strategic financial empowerment on 3 levels. Mindset Shift, moved from business recording to business collaboration and value co-creation and from data provision to information analysis and decision guidance. AI Empowerment, embed AI brain into accounting and core finance functions. Process redesign under the new AI + human management model, redesign the financial management and operational analysis processes to match the new model and keep them dynamically optimized.

By the end of 2026, we expect to achieve the following financial goals improvement across the 3 financial statements with a steadily improving balance sheet structure, scaled revenue from the derived business and the closed loop revenue model for the brain and data businesses, delivering positive unit gross margin for devices and high-margin ecosystem revenue and a safe and stable cash flow.

Financial information disclosed in a timely consistent manner, fully meeting SEC compliance requirements. Our financial analysis system tailored to FF's EAI business providing real-time guidance for decisions.

Finally, our capital outlook. From a capital perspective, we are shifting to a long-term value-oriented capital structure. At the initial stage of this transformation, we will rely on internally generated revenue and operating cash flow as our primary financial foundation. We will strengthen investor communication to help stabilize market sentiment and rebuild long-term investor confidence. Meanwhile, we plan to upgrade our financing approach by gradually reducing dependence on high cost short-term debt. We continue to optimize its capital structure and is currently actively engaging with strategic investors and long-term capital to secure the remaining funding required for the mass production of the FX Super One.

We are also committed to regaining stock price compliance within NASDAQ's compliance period. Our preferred approach is to let the price recover naturally through operational improvements.

Conclusion, at a high level, we are positioning Faraday Future for a new phase driven by internally generated growth, stronger strategic partnerships and a significantly upgraded AI-driven technology ecosystem. We strongly believe that the 5 key transformations will materially improve execution and competitiveness while decisively realigning the company's market valuation with a long-term intrinsic value of its technology platform and future business opportunities.

To conclude, I will now hand the call over to John for the Q&A.

Thank you, YT. As we wrap up, I would like to briefly highlight the materials included in the appendix. In the appendix, you'll find our unaudited balance sheets and financial statements as of, and for the 3 months ended March 31, 2026, providing additional detail on our financial position. These materials offer helpful context to support everything we have shared today.

With that, we would now like to open the floor up for Q&A.

Question. During your 2025 earnings call in April, you set a 2026 robot shipment target of 1,000 units. Now you've raised it to 1,500 units. What gives you the confidence to hit this new target?

First, we are the first U.S. company to deliver both humanoid and bionic robots. That's a meaningful first-mover position in the blue ocean market. Our product lines already cover the most important use cases, EAI education, security patrolling, reception and performance applications and university research. Second, the numbers are tracking well. We've shipped 68 robots as of April 30, and we are progressing toward our 200 unit delivery target by the end of Q2. That gives us strong visibility into the full year end. Third, demand is broadening, especially in EAI education. With our K-12 education product launching shortly, we expect a meaningful new pool on top of what's already there. Also in early June, we will host FF education ecosystem and product launch event. We are building the first large-scale EAI Robotics education system in the U.S. and we aim to be a major force in the very first year of America's EAI Robotics education ecosystem.

Question. Will FF still execute its vehicle delivery plan this year?

Yes. Vehicles remain a core part of FF's strategy. What we've adjusted is the timing. Today, we have 2 core embodied AI product engines, humanoid and bionic robots, and EAI vehicles as robots. In Phase I, robotics is a priority with vehicles playing a supporting role. Why this sequence? Robotics require far less capital than vehicles, generates revenue and gross margin faster, and plays directly to FF's existing strength in AI and integrated hardware software capabilities.

For FX Super One specifically, full-scale mass production and delivery will begin once we secure strategic or long-term investor funding sufficient to support the ramp. Until then, we will proceed prudently, minimizing cost and investment, prioritizing safety and maximizing stockholder value. This does shift the Super One delivery timeline. The updated plan is once funding is in place, the Super One 800-volt BEV is expected to reach its first, second and the third phases of delivery within 6 to 9 months, 12 to 15 months, and 21 to 24 months, respectively.

The AIHER hybrid model is expected to reach its 3 delivery phases within 9 to 12 months, 21 to 24 months, and 24 to 28 months. This adjustment gives us several very real benefits. We can concentrate resources on robotics during its critical ramp-up, substantially reduced near-term cash outflows and accelerate the formation of an operational closed loop and significantly lower our financial risk.

Question. You announced on May 10 that YT Jia has been appointed Sole Global CEO, and Jerry Wang as Global Executive Chairman and that Matthias Aydt has resigned. What does this transition mean for the company's strategic direction and why now?

Thank you for the question. This transition is really about getting FF into the best shape we can. Clear alignment, sharper accountability, faster execution, which sets us up for the next phase of our EAI strategy.

Let me be very clear, our strategic direction is not changing. We continue evolving into a U.S.-based physical AI ecosystem company with EAI Robotics as a priority business in the first phase. We shipped 68 robots as of April 30, with positive contribution margins, and we've raised our 2026 shipping target to 1,500 units.

In the new organizational structure, Jerry oversee finance, legal, government affairs and strategic cooperation and risk management. I oversee product EAI R&D, supply chain, manufacturing, quality, UES and VLE, and we jointly lead the strategy, capital market and the corporate operations. This transition creates a tight close loop from how we raise capital all the way to how we deliver business results.

Capital strategy and real-world business performance are now directly linked. It strengthens our execution at exactly the moment FF need it most, and it directly reflects our commitment to putting stockholders first.

I also want to take a moment to personally thank Matthias for his leadership as co-CEO. With more than 4 decades of automotive industry experience, he played a central role in moving the FX Super One program forward, strengthening our manufacturing foundation and executing the bridge strategy with global partners. Through some of the most transformative moments in this company's journey, he has been a steady and trusted partner. I look forward to his continued contributions to FF in the next phase.

Question. Revenue for Q1 2026 was $512,000, how should investors think about your revenue trajectory for the rest of the year, given how early stage this commercialization is?

This is a fair question. I'd answer it in 3 parts. First, Q1 is the starting point, not a baseline. In Q1, we began generating robotic sales revenue with positive product gross margin but our full year 2026 target is cumulative shipments of more than 1,500 EAI robots, and we are tracking towards 200 cumulative units by the end of Q2. That gives investors clear visibility on the shape of the ramp through the rest of the year. Revenue contribution will scale meaningfully as deliveries accelerate.

Second, investors should track several leading indicators alongside absolute revenue: one, cumulative shipment growth quarter-over-quarter; two, product gross margin stability and improvement; three, preorder momentum, which we have 1,200 paid preorders on launch day; and four, new revenue lines coming online, for example, our data factory just signed its first sales order, opening up a high-margin, asset-light repeat purchase data business on top of hardware sales.

Third, at the strategic level, Q1 marks the start of our device data brain flywheel, that's why FF should be understood, not as a hardware company, but as a 3-in-1 EAI ecosystem platform, and we believe this is only the beginning of the long-term value creation curve for our EAI ecosystem.

Thank you, YT, and thank you, everyone, for your time. This concludes our investors Q&A session. We appreciate all the questions submitted and apologize if we couldn't get to all of them today. We remain committed to maintaining open communication with our investors. That concludes today's conference call. Thank you for your participation.

Thank you. This does conclude the conference. You may now disconnect.

Greetings, and welcome to the Faraday Future Intelligent Electric Full Year 2025 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, John Schilling, Director of PR and Communications. Thank you, John. You may begin.

Good afternoon, everyone, and thank you for joining Faraday Futures' Fourth Quarter and Full Year 2025 Earnings Call. My name is John Schilling, Global Director of Public Relations and Government Affairs here at Faraday Future. Joining me today are our Global Co-CEO, Matthias Aydt; our Global President, Jerry Wang; and our Chief Financial Officer, Koti Meka.

Before we begin, please note that today's discussion will include forward-looking statements based on current expectations and assumptions. These statements involve risks and uncertainties that could cause actual results to differ materially. We encourage you to review our SEC filings for a detailed discussion of these risks. We undertake no obligation to update forward-looking statements, except as required by law. Following these prepared remarks, we will address a selection of stockholder questions submitted in advance.

With that, I'll turn the call over to Matthias.

Thank you, John, and thank you to everyone who is joining us today. 2025 marked a fundamental transition for Faraday Future from strategy to execution. We are now entering early commercialization across both our EV and Robotics businesses, supported by growing demand signals and early validation of our gross margin profile. This is the first time in 12 years from company inception that we can expect to generate revenue with a positive margin.

Most importantly, we are evolving beyond the traditional EV company into an embodied EAI ecosystem platform powered by a dual engine model of EAI EV plus EAI Robotics. The EAI strategy and the EAI industry Bridge Strategy are our core strategies. The EAI strategy is a 3-in-1 EAI ecosystem strategy driven by the EAI technology platform consisting of EAI devices, the EAI Brain and open-source, open platform and the EAI decentralized and centralized data factory, forming an open closed-loop EAI ecosystem. The EAI upgrade builds upon the IP and technology foundation of FF's original vehicle business. FF holds over 660 patents. The team is currently reviewing these existing patents to align with the EAI strategy.

First, the devices under the EAI strategy, scalable embodied EAI devices for delivery include vehicles and robots. Second, the EAI Brain and open-source, open platform, this creates general purpose, Brain for multimodal embodied AI consisting of the EAI Brain, cerebellum and neural hub powered by EAI foundation models, EAI agents and skill technologies. Through an open-source, open platform we can unite the entire industry, empower each other and unlock massive value. Third, the EAI decentralized, centralized data factory. But on a multimodal all scenario common data infrastructure, this establishes a decentralized and centralized network ecosystem that integrates Web2 data monetization with Web3 data assetization, creating a new data business model.

As the first U.S. listed company to achieve scale delivery of both humanoid and biomimetic EAI robot devices, FF not only has a unique first-mover advantage, but can potentially generate a series of chain reactions through this closed-loop ecosystem, internal ecosystem. The 3 businesses, devices, brain and data mutually fuel each other's growth. Mass delivery and adaptation of devices generate vast amounts of data, which enhance the EAI Brain's capabilities which in turn improves EAI terminal products and drives even larger sales, forming a close product technology loop.

At the same time, this can reinforce the EAI business and accelerate the realization of fundamental value for the FFAI business. External ecosystem by open-sourcing FF's technology and platform and opening up protocol standards, FF can connect with industry partners and developers while organically linking shareholders, investors and users, creating synergies and co-creating shared value. Bridge strategy. With FF as the industry's bridge, the strategy can integrate global hardware strength with North American AI, R&D advantages, supports localized production and delivers affordable, high-performance intelligent products to target market users. Entering the U.S. Blue Motion market with a relatively asset-light fast iteration approach. The strength of this strategy lies in industrial efficiency and marginal cost benefits driven by deep synergies.

Let me now walk through our business update. In the fourth quarter, we continued to move the reservation, production and delivery of EAI devices, highlights in the fourth quarter 2025, reached 2025's most significant milestone, the first FX Super One preproduction vehicle successfully rolled off the company's California AI factory, validating FF's ability to integrate resources across regions, industry and ecosystems, achieved a broad product competitiveness of Super One, a first-class MPV with 130 inches wheel-based flat floor, flexible zero gravity rear seats, FF EAI architecture and the world's first Super EAI F.A.C.E. System, emotional grill interface to be available in pure electric or AI hybrid extended range power options covering both urban and long-distance travel. Mass production preparation is on track as scheduled. A series of certification-related activities proceeded as planned. Additionally, purchase agreements for the first batch of FX Super One parts were signed in October. The final assembly line was completed in December.

On the commercial front, we are building a 4-pillar sales architecture covering community, partner, B2B and third-party e-commerce channels. The B2B2C co-creation ecosystem expanded to 6 U.S. states. The cumulative non-binding, non-refundable pre-orders for the FX Super One reached over 11,000 units by the end of 2025. In the Middle East, the region transitioned from initial market entry to early commercial validation following the official launch of the FX Super One on October 28. Football legend, Andrés Iniesta became the world's first owner and co-creation officer in November, helping to strengthen regional influence. We are currently prioritizing deliveries to high-quality co-creation partners including local government entities while establishing operational foundation in Ras Al Khaimah.

To support these global efforts, Faraday Finance, Inc. was established in October to provide diversified financing solutions. An application has been filed with the relevant order finance license with the California Department of Financial and Protection and Innovation. Meanwhile, the ultra-luxury FF 91 flagship continues its niche presence with a targeted delivery, and the company has released redesign sketches for our planned FX 4, which is positioned as the RAV 4 Disruptor in the AIEV Era. We also have amazing upgrades on the FFAI technology stack. The system now natively supports over 50 languages and includes real-time web searches with voice synthesis and RAG knowledge-based support. Technical improvements also include an AEC upgrade to support seamless conversation, interruption and the successful migration of end-to-end autonomous driving model.

We have developed vision-based 3D object detection and a scalable automated labeling algorithm alongside the implementation of gesture-controlled door entry using the DinoV3 vision model. These are not isolated features. They form the foundation of a scalable cross-terminal intelligence system. Furthermore, FF has submitted a patent for a blockchain and Web3-based vehicle sharing system that allows for one-click sharing, automated credit verification and revenue distribution. Qualigen Therapeutics Inc., an independently operated company strategically invested in and controlled by FF was renamed AIxCrypto Holdings, Inc. NASDAQ AIXC. In November, FF expects to expand brand exposure and low-cost financing channels through potential cooperations with AIXC.

Highlights of subsequent events, FF EAI Robotics was launched on February 4, and the deliveries officially commenced in late February. FF became the first listed company in the U.S. to deliver humanoid and bionic robots by March 2026, cumulative shipments of FF EAI Robotics, including predeliveries, reached 22 units, exceeding preset target, accompanied by the start of robot sales revenue and positive product gross margin in the first quarter. As of the launch event, total non-binding, non-refundable pre-orders of FF EAI Robotics reached over 1,200 units. FF EAI robots focus on education, home security and entertainment scenarios to drive product deployment and market awareness. By expanding the existing automotive sales system to include both EAI vehicles and EAI robots, we are maximizing our reach with limited incremental investment.

Following the NADA Dealer Summit in January 2026, several memorandums of understanding have been signed with U.S. dealerships. By February 2026, the company upgraded cooperation with its bridge strategic partners, signing agreements for mass production component procurement and engineering services as it enters the final sprint towards full-scale production. In the U.S. market, 800-volt high-voltage drive systems are becoming a core label defining the product strength and technological leadership of high-end electric vehicles. We have already started work on product-related research and development. FFAI has achieved cross-platform sharing EAI vehicles and EAI robotics such as voice dialogue capabilities and multimodal interaction capabilities. Model training platforms and tool chains as well as multimodal environmental perception models have also been shared.

Part 3, system building. Now let's discuss our recent progress on system building. Our update in the fourth quarter 2025 focuses on the reinforcement of our internal management systems, talent acquisition and regulatory framework, helping us transition toward AI-driven corporate management, effectively transforming our internal company processes through the integration of advanced AI technologies. We introduced the overall PPTIA governance methodology and implemented it across FFAI. To drive operational efficiency and strategic growth, Faraday Future continues to invest in world-class leadership and infrastructure.

On the regulatory and governmental front, our leadership remains proactive in securing the company's position with the domestic policy landscape. FF and FX executives held a series of constructive meetings in Washington, D.C. with several U.S. members of Congress and government officials. These dialogues are essential as we continue to refine our corporate governance and ensure our strategic initiatives are well understood by key stakeholders.

A major milestone was reached with the conclusion of the SEC investigation in March 2026, a result that we believe validates the significant reinforcement of our legal and compliance system. In March, our headquarters relocated to Silicon Beach, a strategic move that has significantly enhanced our ability to attract top-tier senior talent in the heart of major technology hub. By combining a validated compliance framework with a high-caliber talented pool and AI enhanced management tools, we have established a resilient organizational foundation to support the next phase of our global expansion.

Now I will turn the call over to Koti Meka to discuss the fourth quarter and full year financial updates.

Thank you, Matthias. For the full year 2025, revenue was essentially flat year-over-year. This reflects early-stage commercialization with stable market engagement as we continue to refine our plan. Loss from operations was $32.3 million for the 3 months ending December 31, 2025, and $331 million for the full year 2025, primarily reflecting R&D investments, headcount growth and select asset-related adjustments.

Excluding onetime impairments or losses, the operating loss was $185 million, reflecting the company's cost optimization efforts.

The onetime asset impairment in 2025 resulted from the strategic shift from the FF 91 program to the planned FF 92 upgrade, along with reorganization and retooling for the FX Super One commercial production. The impaired assets are expected to be redeployed with limited additional investment in retrofitting and upgrades.

Operating cash outflow was $107.5 million for the full year 2025, primarily driven by changes in working capital and the operational ramp-up of the FX platform. Financing cash inflow was $161.4 million for the full year 2025, a 100% increase from $80.7 million in 2024. Stockholders' equity was $7.7 million at the end of 2025, primarily impacted by manufacturing optimization expenses, fair value adjustments related to our convertible notes and impairment provisions for certain assets. As a reminder, our capital structure includes equity-linked instruments and as a result, reported figures may experience meaningful noncash volatility period-to-period.

I will now turn the call over to Jerry Wang, our Global President, to discuss capital markets updates.

Thanks, Koti. In 2025, we remain focused on aligning capital deployment with key milestones while maintaining flexibility to support execution and long-term growth. The company achieved a net financing inflow of $161.4 million, demonstrating an ability to raise capital despite a cooling electric vehicle financing environment. Throughout the fourth quarter, leadership maintained close communication with capital markets, participating in multiple conferences and roadshows to enhance visibility and active pursue analyst coverage. This momentum carried into February 2026 when the company successfully hosted an investor event in Hong Kong.

During this event, we engaged with over 30 investment institutions to deeply record the result and future road map of the EAI Bridge Strategy, highlighting how the EAI EV plus EAI Robotics Dual Engine approach is driving a significant reevaluation of the company's market worth. We believe the market is beginning to recognize FF not as a traditional EV company, but as an EAI-driven ecosystem platform with a newly launched Robotic business.

To optimize the capital structure, the company entered into agreements with several warrant holders in the fourth quarter 2025 to terminate and cancel a total of 44.5 million warrants previously issued under various of security purchase agreements. This decisive move aims to simplify the company's capital structure and reduce potential future share dilution. These structural improvements are being paired with aggressive measures to protect stockholders and investors.

In March 2026, the company received a letter from U.S. SEC stating that the SEC has formally closed its investigation, which lasted more than 4 years and decides not to take any enforcement or legal action against the company, YT, Jerry or others. This removes the historical constraints and destabilizing factors that have hindered the company's development and stands as the most powerful and definitive response to illegal short sellers.

The company will immediately launch an updated version of its [ term ] pronged transformation initiative to swiftly and cost effectively achieve 4 phased goals: short term, 180 days, mid- to short term, 1 year, midterm, 3 years and long term, 5 years. We will go all out to build sustainable and growing positive cash flow, rebuild market confidence and deliver returns to our shareholders and investors. In addition, on March 20, the company received a notice from NASDAQ regarding a 180-day compliance period to meet its share price listing requirement. We'll do our utmost to regain compliance without resorting to a reverse stock split.

We have launched a collective share purchase plan by executives and employees and initiated steps towards legal action against potential illegal short selling as well as the dissemination of false and misleading information intended to manipulate the market and obtain improper gains. This collective action serves as a clear signal of our belief in the company's trajectory and our commitment to actively protecting the interest of the company and all stockholders.

I will now hand the call over to Matthias to discuss our 2026 outlook.

Thank you, Jerry. Looking ahead to 2026, Faraday Future is focused on deepening strategic execution aimed at driving continuous growth of business and deliveries.

In our Robotics division, we have set a clear trajectory for the year with cumulative shipment volume target of over 1,000 units by the end of 2026. Throughout this period, we will continue to ensure the positive product gross margin and ramp up production to prepare for high-volume delivery in the following years. For the FX Super One, our priority remains the enhancement of overall product competitiveness with stable cash flow as a prerequisite. With the initial deployment of the technology-driven ecosystem strategy and deeper open-sourcing of the EAI Brain and technology platform, we expect to generate software-related revenue within 2026. Considering EAI robotics to require considerably less investment than EAI vehicle, we expect the limited additional investment and the positive product gross margin of EAI robotics will improve our 2026 operating cash flow.

On the capital and regulatory front, our objectives for 2026 are focused on restoring market confidence and ensuring long-term stability. This includes working towards regaining compliance with NASDAQ's minimum bid price requirement within the applicable 100-day compliance period and actively introducing strategic investments from top-tier global investment institutions. Our systems and corporate governance will undergo a major transformation to support the scale. We are establishing an advanced governance system aimed at maximizing the interest of stockholders and investors while embedding AI governance into our very core. By achieving the systemization and automation of AI governance, including risk identification, compliance control and token cost management, we will enable dynamic monitoring and intelligent optimization of our EV and robotics operations.

This AI governance system is designed to achieve cross-regional compliance and optimal resource allocation, effectively transforming our operational capabilities into a core corporate competitiveness and strategic advantage. Simultaneously, we remain in continuous dialogue with government departments regarding the bridge strategy and tariffs to secure policy support and create value by bringing global supply chain capabilities back to the United States. Through these efforts, we are building an ecosystem supporting long-term valuation enhancement and our participation in the formulation of industry standards.

In summary, Faraday Future has entered a new phase in 2026 from concept to execution, from single business to dual engine growth, from EV company to EAI ecosystem platform. We are approaching an inflection point toward a positive gross margin of robotics delivery and commercialization scale with continued creation of long-term value. We believe this transition positions us for long-term value creation and a potential re-rating of our market valuation.

Thank you. To conclude, I will now hand the call over to John for the Q&A.

Thank you to everyone who presented today. As we wrap up, I would like to briefly highlight the materials included in the appendix. In the appendix, you'll find our unaudited balance sheet and financial statements as of and for the 3 months and full year ended December 31, 2025, providing additional detail on our financial position. These materials offer helpful context to supporting everything we have shared today.

With that, we would now like to open the floor for Q&A. Question one. Who is buying the robotic products today? And what are the primary use cases driving that demand?

Our Robotics business is structured across 3 core layers: robotic device deployment and decentralized data factory as well as the EAI Brain and open-source, open platform. In this context, robot sales represent only one component of our broader strategic architecture, albeit an important or complementary one. The robotic hardware deployment layer encompasses not only direct sales and rental, but also a full suite of user operation services, including aftersales support, spare parts, ecosystem products and financial services. Our goal is to become a U.S.-based leader in early-stage robotics deployment in North America, establishing a strong market presence and defensible moat.

In terms of use case scenarios, our target customers span a wide range of industries, including high-end hospitality and vacation rentals, automotive dealership, showrooms, security and patrol, education, entertainment and life performance, agricultural harvesting and research laboratories. We have already achieved early deployment in several of these verticals. Our data factory business has completed its strategic planning and has now entered execution. Within the embodied AI industry, real-world robotic data collection and training serve as a critical complement to simulation-based data and are essential for validation. This creates a closed-loop system between sim to real and real to sim. Our data collection solution is already capable of seamless integration with the NVIDIA Isaac ecosystem. As our robot fleet continues to scale, it will become a key source of high-value data generation.

In parallel, we are integrating this capability with AIXC's on-chain infrastructure, creating a differentiated and competitive advantage. On the EAI Brain and open developer platform, we have already made meaningful progress and plan to move into the implementation phase in the near term.

Question two. How does your B2B2C model translate into actual revenue generation?

The so-called B2B2C model refers to FF working in collaboration with FF partners on the sales side to jointly engage and serve end consumers [ C-end ] users. FF's B2B2C model mainly relies on cooperation with various [ B-side ] commercial partners to convert high-end customers' resources into actual sales revenue. The company works with real estate agencies, high-end clubs, corporate clients, dealers and other partners to reach high net worth individuals through their channels, then completes vehicle sales and delivery to generate direct revenue from car sales.

At the same time, the company incentivizes partners to acquire customers through reasonable commission and profit sharing arrangements, which not only lowers its own customer acquisition costs, but also quickly expands order volume. In addition to car sales, the company will also generate recurring revenue through value-added services such as aftersales maintenance, connected car services and automotive financing programs. This light asset model rapidly expands channels, targets high-volume customers and shortens the sales cycle, allowing orders to be converted into cash flow and revenue more quickly. As partner channels expand and delivery efficiency improves, valid orders driven by [ B-side ] referrals will keep growing, serving as an important pillar for the company to improve operating cash flow and restore market confidence.

Question three. Following the approval to increase authorized shares, how are you balancing funding needs with dilution sensitivity? What principles are guiding capital allocation?

The increase in authorized shares provides us with additional flexibility, but it does not alter our disciplined approach to capital allocation. Our capital deployment remains milestone-driven and sequenced around clear value inflection points. We prioritize return potential, capital efficiency and importantly, the preservation of long-term shareholder value.

Importantly, within our business mix, the EAI Robotics business represents a more capital-efficient growth engine compared to the EEI Vehicle business. It operates under a relatively light-asset model, requires less incremental capital and therefore, inherently carries lower dilution risk when funded. In addition, the Robotics business has already demonstrated revenue generation and positive product gross margin. This not only supports internal cash flow dynamics, but also contributes to expanding the company's valuation foundation, enabling the market to more appropriately reflect the intrinsic value of FFAI over time.

Question four. What are the next steps for the EAI Brain and open-source, open platform and the data factory?

A good question. The FF EAI brain will evolve into a general purpose AI capability that can be migrated and reused across multiple scenarios, multiple tasks and multiple terminal devices, supporting the continuous evolution of vehicles and robots in different applications. Through open-source mechanism, open interfaces and ecosystem collaboration mechanisms, the open-source, open platform will potentially enable more developers, partners and various types of hardware to connect and co-build. By continuously accumulating high-quality scenario data and behavioral data, we will gradually build data commercialization capabilities for model training, capability optimization and industry applications. We plan to enter the AI infrastructure space, secure our first customer and generate revenue.

In addition, we plan to actively establish broad partnership with data companies and AI enterprises to jointly promote data circulation, model coke construction and the deployment of scenario-specific capabilities.

Question five. What measures will the company take to ensure compliance with share price requirements within 180 days?

One of the company's top priorities during the rectification period is to restore compliance with the minimum share price requirement to the greatest extent possible without conducting a reverse stock split.

Firstly, the fundamental measure is to rebuild investor confidence through sustained improvement in the company's operating performance. FF Robotic has now commenced deliveries and started generating revenue with positive gross margins, making a positive signal for the company's fundamental operating performance and operating cash flow. We are focusing our strategy on business that enable rapid delivery and quick cash flow generation with a clear and progressively achievable path to profitability.

Second, further optimize the company's cost structure and emphasize return on investment. Third, repurchase shares on the open market to signal internal confidence and better balance financing needs and equity dilution through strategic focus. Fourth, continue to strengthen information disclosure to stabilize market expectations and take legal actions against alleged rumor monitoring deformation and malicious stock price manipulation. Suffice it to say, our confidence is stronger today than it was a year ago. We look forward to restoring market confidence through consistent delivery positive margin products.

Thank you for your time. This concludes our investor Q&A session. We appreciate all the questions submitted and apologize if we couldn't get to all of them today. We remain committed to maintaining open communication with our investors.

That concludes today's conference call. Thank you for all of your participation.

This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation.

Hello. Welcome, everybody. I want to welcome you to our Stockholder's Day here in Las Vegas. I'm so glad you could all join us today to hear about some truly groundbreaking updates from Faraday Future. I'm John Schilling, Director of Communications and Government Affairs here at Faraday Future.

Before we begin, please take a moment to note the forward-looking statement shown on the screen. For more information on factors that may influence our business and financial results, we invite you to visit the Investor Relations section on ff.com or review our filings with the SEC. The slides being shown today are also available on the Investor Relations section of our website.

We have a number of exciting topics to announce today, including for the first time in 2026, we will systematically and comprehensively share the information many of you care about most including updates on the complete FX Super One road map covering production, sales, delivery, service and capacity ramp-up details. We'll announce the upgrade to the bridge strategy to the EAI industry bridge, an exclusive preview of new product categories and an update on the execution road map of the company's 5-year business plan. We will also have time at the end of the presentation for you to ask questions and also have an opportunity to engage directly with company leadership.

Today, I'm joined by a number of our FF and FX leadership teams, including Matthias Aydt, our Global Co-CEO of Faraday Future; Max Ma, our Global CEO of our FX brand; Jerry Wang, President of Faraday Future; Koti Meka, our CFO; and our founder and Global Co-CEO, YT Jia.

Now to kick off today's presentation, I want to draw your attention to the video from Matthias Aydt, as he could not join us in person today due to his travels in the Middle East. Here is his video.

[Presentation]

And as John said, I'm sorry, I could not join you in person today as I'm currently traveling in the Middle East. So we're seeing our ongoing operations here in this region. First and foremost, I want to thank all of you for taking the time today to hear from myself and other members of our leadership team.

We've said it before, but I want to say it again today. This event and all of our forward-facing communications to our stockholders reflects Faraday Future's commitment to transparency, stockholder engagement and long-term value creation as the company accelerates toward its mission of revolutionizing intelligent electric vehicle space. I want to give you all a quick recap of major highlights on what the FF and the FX brands accomplished in 2025.

And as long as I'm in the Middle East, I'd like to share some updates from this region first. FF and RAK Digital Assets Oasis, also known as RAK Innovation City, recently entered into a strategic MOU to collaborate across 3 key areas: AI, Web3 and Embodied Intelligence. We also delivered the FX Super One to RAK Innovation City, the second FX Super One delivery in the UAE. The first FX Super One user in the UAE was global football legend, Andrés Iniesta. FF currently operates a regional facility and the operation center in Ras Al Khaimah covering approximately 108,000 square feet, including office space, production workshops and an operational hub through a combination of technology enablement and localized manufacturing FF continues to promote the development of a new energy vehicle ecosystem across the Middle East.

Now to the U.S. market, we announced the establishment of our second brand, Faraday X or FX as we call it, in late 2024. To support FX product development, we kicked off U.S. homologation and road testing for the FX Super One in early 2025, to keep us on track towards regulatory and production milestones. FF 91 deliveries continued throughout the year, expanding our regional footprint beyond California. Our most recent delivery happened with Hebron Sher, CEO of ZEVO on December 22, 2025 with the delivery ceremony to be held later this month.

On July 17, 2025, we hosted the global initial launch of the FX Super One NPV in Los Angeles. We have received nonbinding and nonrefundable B2B preorders for more than 10,000 units of our FX Super One, which keeps increasing since the launch event. Also in July, we hosted a successful reception at the Capitol Hill Club in Washington. The event included private meetings with over a dozen U.S. lawmakers focused on tariffs, technology and American manufacturing. We were honored by the strong turnout and interest in FX's role in advancing domestic EV production. In addition, Darnell Trump Jr. expressed support for our commitment to U.S. manufacturing and assembly, recognizing FF's role in advancing innovation, creating jobs and supporting America's economic comeback.

On August 16 at Pebble Beach, FF unveiled its EAI and Crypto Dual Flywheel and Dual Bridge Echo strategy. Only 3 months later, our majority-owned NASDAQ-listed company, Qualigen Therapeutics, Inc. completed its name and ticker change to AIxCrypto Holdings, Inc. and AIXC, respectively, representing an important step in advancing the FFAI and AIXC dual flywheel, dual bridge and dual-listed company framework and supports the ongoing development of EAI and crypto initiatives aimed at bridging Web2 and Web3.

And that's how Faraday Future ended 2025, riding the wave of America's come back. Thank you. Now Max will talk about the key...

Good afternoon. I'm Max Ma. I'm the Global CEO of FX. So at FX, my core responsibility is very clear: to design, implement and execute the FX bridge strategy, and also to turn it into a scalable, repeatable industrial system that enables Faraday Future and Faraday X to produce the embodied AI vehicles in the U.S. and also to serve U.S. and other key markets, with a faster, smarter and of course, fundamentally lower risk.

Well, today, I will focus on how we are executing that strategy, starting with what matters most for 2026, we see the first key results of FX EAI bridge strategy. And also, that is the FX Super One. Well, last month, we achieved a major milestone. Our first U.S. preproduction FX Super One rolled off the line at our FFAI factory in Hanford, California. This was not simply a vehicle milestone. It marked a strategic inflection point of FX and for the bridge strategy because for the first time, we completed initial closure of the FX bridge loop in the U.S. We covered the global supply chain integration, localized testing and homologation, customs and regulatory clearance, industrialization and final assembly and the U.S.-based operational deployment. This means the bridge strategy is no longer a concept, it is now a working industrial system.

Well, besides the expertise of FF reflected in the FF 91 2.0, the cars you have seen, based on our 10-year development and manufacturing experience, this upgraded system proves further 4 critical capabilities of FX. Well, the #1 is a proven path to navigate tariffs, ICT compliance and regulatory requirements. The second is a closed-loop synergy between the engineering, supply chain and high-volume manufacturing in the U.S. The third one is a repeatable mass production framework to further to future FX vehicles. And the last one is basically a scalable channel to unlock global automotive innovation into the world's highest value market, which is the U.S. And this is exactly what FX is created to do. Well, again, simply put, FF created the basic FF as a company, we created and realized the end-to-end course from 0 to 1, with deeply accumulate expertise for car making and AI for the premium market. The FX stands at the shoulder of the giant and further unlock the resources from the industry and aims for mass volume and bring the best product to home market users.

So now let's focus on the Super One. The FX Super One is not just a new MPV. It is the first mass volume first-class embodied AI MPV designed for the U.S. market. It is our first large-scale carrier of FX automotive EAI platform where intelligence space, AI interaction, sensing, computing and power and of course, extended range capability, all come together in a single mass market platform. So Super One is the vehicle through which FX will validate our product system, our bridge system, our manufacturing system and our EAI deployment system.

Well, since the product is now very clear, let's talk about the U.S. production and delivery road map, I think this is most interested point of this session. Our U.S. delivery plan is structured into 3 delivery phases, driven by accelerated deployment development and integration activities, compliance discipline and user value creation. Well, Phase 1 will be Q2 this year with the initial deliveries to the FX Par co-creation partners. This phase prioritizes deep user engagement, system validation and experience refinements. Well, after the Phase II to be -- after that, the Phase II aims to be the Q3 this year. So during this phase, we plan to have a controlled and limited deliveries to industry leaders and B2B partners alongside controlled production ramp up.

And finally, the Phase III which is planned to be the Q4 this year or Q1 next year, depends on the execution and transition status into a full-scale U.S. market delivery, the structure is designed, not for speed alone but also for quality, user feedback, reliability and long-term scalability. But to support this, our U.S. after sales and charging ecosystem are targeted to be completed in Q2. Also a very important side note, starting from 2026, FF and FX vehicles will have direct access to Tesla's super charger network. While people might know why we have such a timing plan, I think it is important to point out the U.S. regulatory requirements and homologation is one of the highest standards and the most critical execution pillars of the bridge strategy.

While leveraging the experience built through the FF 91, FX Super One certification is progressing according to the plan. Component level certification are well underway in this respective stage. And the full vehicle EPA, CARB and FMVSS, homologation will formally launch in April. The overall bridge strategy has basically been conceptualized for mass success, utilizing our key markets globally. While the FX Super One is already being delivered in the Middle East, as we know, there, we are using the region as a co-creation and early deployment environment. While accelerating localized ramp-up, this dual market execution further validates the global flexibility of the FX bridge strategy system and also provides great training for the U.S. market.

While the FX Super One is our absolute strategic and operational focus, FX is not a single vehicle brand. Behind Super One, we are already conducting preliminary planning and feasibility study for our next major product platform, the FX 4. The FX 4 will extend FX into a new high-volume segment and become a second large-scale carrier of FX automotive EAI architecture. While more information will be provided later. And at this stage, actually, I'm very much looking forward to an exciting year of 2026. And then FX Super One is the starting point. It is where the bridge strategy becomes real. It is where automotive EAI moves from vision to mass deployment. This is also where FX begins its volume journey. The U.S. market has waited a long time for truly intelligent versatile first-class MPV, and now it is here.

All right. Thank you, everyone. Now let's welcome Jerry Wang on the stage.

Thank you, Max. My name is Jerry Wang. I'm the President of Faraday Future and Co-CEO of AIXC. Faraday Future has 4 major competitive advantages that make the business model unique and defensive. First of all, the unique Light 4, Swift 4, Focused 5 and Empowering 5 model of FF's global automotive industry bridge strategy. We can adopt a very lightweight model, enabling us to quickly achieve product testing, validation, mass production, sales and delivery with relatively limited investment.

Second, the expectation of support from our S-Tier 1 bridge strategy suppliers has been instrumental to our progress, leveraging partnerships with S-Tier 1 OEM suppliers, while performing final assembly in our Hanford manufacturing facility positions FX uniquely well to realize significant tariff effectiveness.

The third competitive advantage is on the regulatory requirements for the software based on the ICTS regulations. Because FF created the software from the ground up in the United States for the FF 91 including application, middleware, and operating system, we could empower the mass market FX vehicles with much of the core technology, software and AI capability of the 300,000 FF 91. For instance, the FF AI 2.0 system will also be deployed for the potential FX lineup in the future.

Lastly, FF is also building a network of FX Par in the United States to showcase the vehicles in person and provide aftermarket services. As Matthias and Max have shared, FF is delivering vehicles to the UAE and successfully completed preproduction vehicle coming off July in the United States, less than a month ago. And we believe this presents an attractive risk-reward opportunity for investors.

Faraday Future operates under 2 main brands, the FF and the FX. FF 91 2.0 is a niche ultra-luxury flagship model benchmarked against brands such as Bentley and Rolls-Royce. It is currently in limited delivery stage, exclusively serving the spire community that includes celebrities, stars and leading entrepreneurs. The FX is targeted for the mass market. We completed the launch of the FX Super One in the UAE and the vehicle competes with Cadillac Escalade and is priced around 84,000 in the UAE market. There will be additional vehicles under this brand, including the FX 4 and another vehicle is in the works. FX Super One is designed as a mass market volume model, targeting a much broader audience. FF's 5-year cumulative production and sales target is around 400,000 to 500,000 vehicles, primarily driven by FX Super One, FX 4 and future vehicle models. Key target markets, including the United States, supported by strong interest and momentum in the Middle East. Other high-value markets and additional model under the FX brand are also currently under consideration.

Based on our business plan, the company expects to produce and sell 250 units in 2026, 4,900 units in 2027 and 22,000 in 2028, 130,000 in 2029 and 250,000 by 2030, aligned with our model introductions and production volumes in our base case. We also aim to achieve positive EBITDA, which is earnings before interest, tax, depreciation and amortization or profitability within 3 years with an estimated target contribution margin rates of more than 20% aligned with our production volumes.

Just to summarize and highlight key points in our 5-year business plan. We have a co-creation vehicle online direct sale system and an R&D strategy with an AI-focused underpinning the EAI ecosystem. Our business plan execution will focus on reshoring our supply chain in conjunction with efficiently managing our manufacturing capability. We will continue work to strengthen our government affairs efforts. Our confidence is underpinned by strong market demand and a proven platform that can scale with our OEM partnerships.

In addition, we have made substantial progress across operational and regulatory milestones. This also includes advanced engagement and readiness with key suppliers, meaningful completion of homologation activities and significant progress at our Hanford manufacturing facility, encompassing final assembly readiness, engineering validation, crash testing, battery safety certification, software compliance and other regulatory requirements. We recognize that execution risk is inherent in any business plan.

Accordingly, we have rigorously evaluated a range of scenarios across production pacing, cost management and capital expenditure deployment. Over the next 12 months, our primary focus will be disciplined execution and timely delivery of vehicles to our consumers while maintaining flexibility. We believe this approach positions us to mitigate risk and advance steady towards the objectives outlined in our 5-year business outlook. We continue to uphold the stockholders' first principle by fully optimizing the capital structure and minimizing overall financing cost. We aim to attract institutional investors, and while maintaining necessary flexibility, we remain firmly guided by core strategy and long-term growth.

We believe we manage capital efficiently and need much less additional funding to reach breakeven compared to our peers. We believe that the successful validation of our business model through scale production volumes will enable further improvements in operational efficiency, accessing diversified funding sources and the development of additional strategic partnerships to support long-term growth.

With that, I'd like to welcome our CFO, Koti, to discuss more about financials. Thank you.

Hi, everyone. Let me start by walking you through the slide on market capitalization. So this shows the market cap of major auto manufacturers. And on the far left, you see Faraday Future with a market cap around $200 million. All the other automakers market caps are an order of magnitude higher, which we believe presents significant upside opportunity as FF executes on this business plan. If you take a closer look at electric vehicle makers in the U.S. such as Lucid and Rivian and their market caps, they are nearly 20x to 100x higher. The markets have already embedded risks associated with FF, which we think represents a favorable risk-reward opportunity especially as funding and liquidity improves based on the execution of our asset-light business model.

Now turning to the baseline scenario. The slide shows FFAI current metrics versus projected year 3 of the business plan. We expect market capitalization, revenue EBITDA or profitability and cash flow to improve significantly over the next 3 years. And finally, this compares FF year 3 business plan with the Lucid's trailing 12-month EBITDA and cash flow for more of an apples-to-apples comparison. This represents a similar time frame in the life cycle. EBITDA is expected to turn positive earlier in the life cycle and FF's projected cash flow from operations shown side-by-side with Lucid demonstrates that FF business model is vastly different and more efficient by utilizing a proven platform and leveraging economies of scale with our OEM partner.

Now let's welcome our Founder and Co-CEO, YT, for more highlights and our new strategy announcement. Thank you.

Yes. Distinguished investors and our FF supporters joining us via live stream, welcome. Today, we mark Faraday Future's first ever Stockholders' Day here in Las Vegas. It is also the first time we are systematically and comprehensively sharing what our investors are most interested in. 4 milestones for FF Super One, along with our 5-year business execution plan.

More importantly, today, we will witness another truly exciting moment together, the unveiling of a new product category and our upgraded global EAI industry bridge strategy. This expansion will not only further solidify the foundation of FF EAI ecosystem, but also significantly raises our long-term growth ceiling over the next decade, creating greater value for our stockholders. And Max and Jerry shared FX Super One now has a global plan covering mass production sales, deliveries, service and capacity ramp up.

In the U.S. market, we aim to complete the Phase 1 delivery, primarily targeting FX Super One partners and cap at 50 units. By the second quarter of the year, this will allow us to quickly gather real-world user feedback on Super One and to get co-creation greater value. In the third quarter, we plan to enter Phase II delivery with limited deliveries to industry leaders and B2B partners and its data capacity ramp up. Deliveries in this phase are planned to be capped at 200 units. And we are targeting positive contribution margin at this stage.

From 2027 onwards, our target for Super One will include both BEV and HEREV models, driving our volume to about 4,900 units in 2027, 18,000 units in 2028, 38,000 units in 2029 and 55,000 units in 2030. Regulatory and compliance certifications for Super One are also progressing smoothly and on schedule. Key component certification has almost been completed, laying out a solid foundation for full vehicle certification.

Next, we will complete vehicle level, EPA, CARB and FMVSS related communication as planned ensuring readiness for Phase II delivery in the third quarter. In the fourth quarter of this year or the first quarter of next year, we aim to begin Phase III full-scale delivery that is open to everyone, bringing first-class EAI MPVs on the streets across the United States while continuing to ensure positive contribution margins. At the same time, we plan to host the final launch of FX Super One in the second quarter.

Alongside the full build-out of our U.S. after sales and charging service network, we have already secured access to Tesla Supercharger network in the U.S., Canada, Japan and South Korea, positioning us well for large-scale reputation-driven delivery. In the Middle East, deliveries are continuing and we move toward capacity ramp-ups with priority given the high-value-added co-creation partners, including local government related partners.

In December of last year, with the support of the Board of Directors, we reached alignment on Faraday Future's 5-year business plan. This is critically important for accelerating execution, enhancing transparency and maximizing value for stockholders. According to the business plan, the company's overall 5-year production and sales target of 400,000 to 500,000 cumulative units mainly driven by Super One, FF 4 and other planned models.

Market coverage will continue to expand with the U.S. and the Middle East as a core market, while selectively entering additional high-value regions. If everything goes smoothly, we hope to follow the model we use in Middle East to deliver even earlier. From a financial perspective and sales revenue growth, our goal is to use about a period of 3 years through high-quality mass production and delivery of Super One and FX 4 to achieve positive operating cash flow with gross margins of about 20%, forming virtuous cycle between scale and profitability.

After introducing our EAI vehicle strategy, we now come to another truly exciting moment. Now I officially announce that after a long period of development behind the scenes, our global EAI industry bridge strategy is launching a new EAI product category, Embodied AI robotics. Wait, there's more. We aim to take the lead in opening a new $1 trillion AI frontier starting in the United States. Our goal is clear: to become the first company in the U.S. to deliver humanoid robotic product to the market and one of the leading U.S.-based AI robotics companies. The dual-track growth model driven by both EAI vehicle and EAI Robotics could define a brand new growth curve for Faraday Future over the next years.

So why are we choosing now to officially unveil this critical strategy to the world? And why can FF succeed in the robotics space? I will explain in detail in the dual public company structure weekly report this week. Over the past 2 days, we hosted a private preview and the experience sessions for our first batch of FF embodied AI Robotics products. Invited guests had an early look at the initial results of this strategy. And we are waiting for the official launch. We welcome our guests to the set on stage to connect with our team after the event to arrange a private preview and experience.

But before we share more, someone wants to say hello to his new friends.

I am FF Robot. Hope to meet you later.

Incredible, isn't it? It's only a sneak peek of what's coming. And that brings me to the next big announcement on February 4, once again here in Las Vegas. We will hold FF AI Robotics Product final launch at the National Automobile Dealers Association NADA Show. We will unveil our first embedded AI robot products, open public product experience and we begin sales at the same time.

During the NADA show, we will also host the first FX Par summit. This will give partners the opportunity not only to join the FX vehicle sales and the co-creation network, but also to become an early FX Par partner of FFAI Robotics. We welcome dealers from the automotive and the technology industries to register for the event and join our FF Par network. And we work together to open the grand future for EAI EV and AI robotics, sharing these meaningful milestones with our stockholders at the very beginning of 2026 makes this moment especially significant for the EAI flywheel FFAI.

We hope 2026 is the year when years of accumulation turn into results; it's a year of delivering, a year of expected revenue growth and margin expansion. And a year when we intend to make a real push toward our profitability inflection point, we will fight relentlessly for delivery, we will honor our commitment with action and we will earn back even greater trust and confidence.

For the full New York outlook, please check out the weekly report this week. For our crypto flywheel in 2026, AIC note it will drive systematic execution around 3 driving force businesses: RWA and EAI Ecosystem Development, BesTrade AI Agent & Web3 AI Devices and Crypto Assets AI Management & ETF. The goal is to complete the transition to infrastructure build-out to profitable commercialization. This will help complete the mutual empowerment between our EAI plus crypto flywheel dual bridge and the dual public company structure.

Particularly, this could deeply empower and enable delivery and the ramp-up of FF's EAI EV product and the EAI robotics products. In 2026, the year of the horse, we will move forward like a powerful horse and strive to victory. In the days ahead, we will always uphold our principle to stockholder first. And we will move forward together with you. And together, we will witness Faraday Future grow into a truly great company. Thank you all.

Thanks, YT, and the rest of the leadership team who presented. We're not finished. So I'm going to ask the group to come up the leadership team, and we're going to take a quick photo. And then we're going to do a Q&A session with the group. So come on up, guys.

Thank you. All right. Give us a second. We're going to get set up, and then we will do a Q&A session.

Greetings, and welcome to Faraday Future Intelligent Electric Inc. Third Quarter 2025 Earnings Call.

[Operator Instructions]

Please note, this conference is being recorded. I will now turn the conference over to John Schilling. Thank you, John. You may begin.

Welcome, everyone, to Faraday Future's Third Quarter 2025 Earnings Call. This is John Schilling, Director of PR and Communications at FF. Today, I'm joined by a few members of our leadership team, including our global Co-CEO, Matthias Aydt; our CFO, Koti Meka, and our Global FF President, Jerry Wang.

Today, we will be sharing details from our third quarter 2025 results. The press release as well as today's presentation will be available in the Investor Relations section of our website at investors.ff.com. A replay of this call will also be posted there later today.

Please note that on the call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today, should not be relied upon as representative of views as of any subsequent date, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

For further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC. In today's call, we will be covering the following topics: the third quarter overview and financial highlights; our development progress, together with our fourth quarter and 2026 outlook. At the conclusion of the overview, the management team will also address questions from our shareholders submitted electronically in advance of the call.

With that, I will now turn the call over to Matthias. Thank you.

Thank you, John. Hi, everyone. This is Matthias, Global Co-CEO of Faraday Future. I am pleased to share our key developments for the third quarter of 2025 through today structured around our 7 Tier 1 strategic goals and pillars from S1 to S7, highlighting meaningful progress in operations, improvements in our business and financial fundamentals and continued strategic execution across our AI-driven mobility road map.

For S1, our user ecosystem at the global launch of the FX Super One NPV in L.A. on July 17, we unveiled 3 groundbreaking innovations, the FX Super One EAI-MPV, the FF Super EAI F.A.C.E. System and the FF EAI Embodied AI Agent 6x4 Architecture. The event drew major attention across the U.S. and China, further elevating the FX brand.

As of the launch, FX has secured over 11,000 paid nonbinding Super One preorders. Faraday Future also finalized the U.S. production assembly plan for the FX Super One. The company's bridge partners and supply chain collaborators will commence component supply for the production assembly phase. FX has also rolled out national co-creation and sales events across 8 major U.S. states receiving enthusiastic feedback in New York, Boston and L.A. The FX Super One continues to build strong momentum, reflecting the growing success of our co-creation ecosystem online direct sales model.

In the third quarter, we have signed a 100-unit nonbinding and nonrefundable FX Super One deposit agreement with Ariana Motors, one of the largest independent dealerships in Las Vegas. We also expanded our co-creation network through new nonbinding and nonrefundable deposits with the ALPS, a leading global MCN agency and a key TikTok partner managing over 3,000 influencers, Space Auto of Beverly Hills-based luxury auto dealer, strengthening our reach across Southern California's ultra-luxury market and both auto, one of Boston's largest independent dealerships through a 100-unit preorder agreement that marks our entry into the Massachusetts market.

In October, we also signed a nonbinding 1,000-unit preorder agreement with ZEVO, the U.S. Pioneer and peer-to-peer EV sharing platforms. In total, we have more than 11,000 B2B nonbinding preorders for the FX Super One. These will help FX expand into new markets and represent innovative steps in our B2B2C sales model. With their preorders and rising brand visibility, FX Super One is strengthening its position as the leading AI-driven ultra-luxury mobility brand.

Moving to S2 and S3 product and technology. Building on last quarter's progress, we continue advancing both FF 91 and FX Super One. One exciting update is coming to the B-pillar AI system, which will soon include intuitive gesture control powered by AI, allowing users to open and close doors with simple hand gestures, completely touch-free. On FX, more than half of the Federal Motor Vehicle Safety Standards, FMVSS, 201U test points have been completed.

Full vehicle safety testing have also delivered interim results. The series of assessment tests continues at MGA Research, keeping the vehicle on track for development and validation after multiple rounds of discussion and alignment, we have finalized the U.S. assembly plant for FX Super One. Our bridge partners and supply chain collaborators are now supplying components for the production assembly phase as the team pushes towards the milestone of rolling the first preproduction U.S. version FX Super One off the line. With more than $3.5 billion invested in our EAI EV strategy, FF has built a complete ecosystem, spanning R&D, manufacturing sales and aftersales. Operating FF as ultimate AI tech luxury and FX for broader markets, we continue to strengthen our foundation for sustainable long-term growth in the AI-driven ultra-luxury mobility space.

This quarter, we released version 2.00.58 of the FF 91 operating system software delivered via OTA. This version enhances software stability and user experience and includes the latest FFAI 2.0 FS, proprietary next-generation voice assistant and ecosystem service platform, powered by large language models and generative AI. These advancements mark an important step forward in our long-term platform strategy. Lastly, the patent application for the Super One EAI phase product has been submitted.

Shifting to S4, our progress on supply chain, industrialization and delivery. The FX Super One entered the trial preproduction phase at our facility in Hanford, California. We are progressing with process planning and validation, defining manufacturing processes, refining work procedures, establishing quality standards and ramping up training for engineers and production teams. FX also signed a procurement agreement for the first batch of complete parts with our supply chain partner with shipments scheduled to begin soon.

The next focus will be accelerating logistics and supply chain efforts to ensure timely arrival of this first batch of parts at Hanford. Meanwhile, construction at our Ras Al Khaimah facility in the U.A.E. is progressing positioning us to begin our first few regional deliveries as early as this month.

Regarding S5, our financial strategy and capital markets activity, Jerry, our Global President, will provide details shortly. Our efforts in the Middle East and China under S6, we continue to advance our three-pole strategy within FS global expansion. At the Sustainability and Clean Energy Conference in Dubai, FF 91 2.0 and FX Super One were showcased and received high praise and strong interest from members of the U.A.E. and Dubai royal families and senior government offices. The event highlighted not only our vehicles but also our solutions for future mobility, energy and sustainability, marking an important step forward in the region.

The Middle East final launch of the FX Super One took place on October 28 at the Armani Hotel of Burj Khalifa, Dubai and was a tremendous success. The launch featured the debut of the first-class EAI MPV in the region, the release of the FX Super One price point, starting at approximately $85,000 and announced the first global FX Super One to Andres Ingesta, which will make him the vehicles' inaugural global owner. This event reflects the strong traction of our co-creation ecosystem in the region and demonstrates FX Super One appeal among high-net-worth and influential customers. On the event, we received nonbinding nonrefundable paid preorders from 3 B2C customers for more than 200 total units within 48 hours after this event.

Finally, let's look at S7 operations system buildup. A key milestone this quarter was FF strategic investment in Collagen Therapeutics. This investment underpins FF's dual flywheel and dual bridge ecosystem. The transaction strengthens the synergy between our EAI EV platform, and our fast-moving AI, crypto and digital asset initiatives. The dual flywheel strategy can help drive growth by combining long-term value and building through the EAI EV ecosystem with immediate impact opportunities in the crypto and digital space. Jerry will discuss more details of the investment during his coverage of our third quarter capital markets activities.

We also made significant strides in the system buildup and leadership expansion. This quarter, we welcomed George Lee as Head of FF and FX Global Supply Chain, and he also serves as FF-China Chief Strategic Cooperation and Business Growth Officer. George's extensive experience in other EV companies will strengthen our global supply chain ecosystem. We also added 3 new senior leaders, Todd Harrington, Deputy General Counsel; Steven Park, Head of Investor Relations; and Kevin Wong, Treasurer, further enhancing our capabilities in legal affairs, investor relations and financial management.

Faraday Future continues to expand government affairs and policy engagement efforts, enhancing our presence in key policy discussions and supporting U.S. innovations and clean energy priorities. I would like to announce that Chris Nixon Cox, grandson of former U.S. President, Richard Nixon and Board member of the Nixon Foundation has been engaged as a strategic adviser, providing support with investors, high-level government officials and industrial partnerships. In this role, Mr. Cox will introduce potential global strategic investors, enhanced government engagement and policy communications and expand cross-border industrial cooperation on behalf of FF.

In addition, Shahryar Oveissi was engaged as Global Strategic Advisor, focusing on Investor Relations and government affairs in the Middle East with extensive experience in business development and operations consulting. Heath Shuler, former U.S. representative at NFL, star has also been engaged as a senior adviser to the company to help support government affairs and offer strategic counsel to FF leadership regarding federal and state legislative regulatory and policy developments.

Now, let's welcome Koti Meka, our CFO, to walk through the financial results for the third quarter.

Thank you, Matthias. Hello, everyone. I will walk you through some key metrics that highlight both our operational execution and improving financial position in Q3 2025. For the quarter, our loss from operations was $206.8 million compared to $25.2 million in the same period in 2024. These changes reflect our investment in engineering, talent expansion, strategic initiatives and alignment of the value of our assets related to manufacturing. For the 9 months ended September 30, 2025, operating cash outflow totaled $79.2 million compared to $51.8 million for the same period in 2024. This increase was primarily driven by changes in working capital and the operational ramp-up of the FX platform. The increase in operating cash usage reflects our ongoing investments in product development and strategic execution as we position the company for growth.

Our financing activities generated $135.8 million in net cash inflows during the 9 months ended September 30, 2025, a 144% increase from $55.7 million in the same period of the prior year. In Q3, we received approximately $132.4 million in net financing proceeds from third parties, substantially exceeding $54 million from the same period last year. Notably, Q3 2025 marks the sixth consecutive quarter, in which financing inflows outpaced operating outflows, reinforcing a sustained trend that supports our operating runway and FX platform execution.

Turning to our balance sheet, which now includes investment in Qualigen. Our net assets decreased compared to the year-end on December 31, 2024, primarily reflecting a realignment of asset values based on the updated operational plans and near-term production forecasts, while total liabilities grew by approximately $47.2 million over the 9-month period, a material portion of that increase reflects mark-to-market changes in existing convertible instruments. These dynamics underscore the sensitivity of our balance sheet to equity-linked valuation movements under fair value accounting.

In summary, our Q3 performance reflects meaningful progress, and we remain focused on executing strategic investments aligned with our road map while optimizing capital deployment and driving toward long-term sustainable growth. I will now invite Jerry Wang, Global President of FF to provide some comments.

Thank you, Koti. This is Jerry Wang, the Global President of Faraday Future. I will now share our progress with capital financing in the third quarter. First, we remain grounded in our stockholder-first philosophy. During the quarter, we continued our stock purchase program, which offers exclusive benefits for verified stockholders and eligible retail investors who participate in our ecosystem and preorder channels.

Turning to liquidity and financing. We previously announced approximately $136 million in financing commitments to support our growth strategy, FX Super One launch readiness, and our position in the AI EV market. As of the end of the third quarter, we have received approximately $82 million, with the remaining amount subject to closing conditions and timing. We continue to manage deployment carefully and evaluate additional financing opportunities as needed to prudently support commercialization and ecosystem execution.

Turning to corporate compliance and governance. In September, we successfully completed the NASDAQ 1-year compliance monitor period, returning to fully normalized normal listed company status. In addition, our management continued to demonstrate alignment with stockholders through Rule 10b5-1 stock purchase plans. Founder and Global CEO -- Co-CEO, YT Jia completed approximately 560,000 in purchases of FFAI common stock under a previously announced plan as of September 8, 2025.

These purchases underscore management's long-term confidence and commitment to create shareholder value. We announced, and subsequently closed an approximately 41 million strategic investment in Qualigen Therapeutics, Inc., a NASDAQ-listed company including $30 million invested directly by Faraday Future and a $4 million personal investment from our founder and Global Co-CEO, YT Jia. This investment is intended to accelerate deployment of a crypto flywheel business and further advance the dual flywheel and dual bridge strategy. Qualigen's future financing will be conducted through a new entity without diluting FFAI's share capital.

In summary, our capital markets efforts during the third quarter centered on 3 priorities: securing and prudently developing capital to support commercialization; building new digital asset financing platforms that completed building new digital asset financial platforms that complement our mobility business; and reinforcing strong compliance and investor alignment. We believe these initiatives position Faraday Future to execute the milestones ahead while maintaining strategic flexibility.

I will now turn the call over to Matthias for the fourth and next year's outlook.

Thank you, Jerry. I will now walk you through our key updates with the primary focus on Q4 and next year also structured across the S1 to S7 framework. For S1 user ecosystem, we will be focusing on multiple areas on the user acquisition side. We continue to drive the FF 91 2.0 Futurist Alliance deliveries and FX Super One preorders. We are on track to deliver an additional FF 91 2.0 Futurist Alliance unit in December. For FX, we have now established FX Pars, our preorder holders in California, New York, Massachusetts, Texas and Nevada.

The next phase of expansion will target New Jersey, Florida and Washington, where we are seeing strong signs of demand. We believe this expansion will support incremental preorder volume and broaden our FX Pars network. In parallel, we are making steady progress and tasks required to support vehicle deliveries, including sales operation, aftersales and service capability, auto finance and compliance.

In addition, we continue to build the organization's execution capability through targeted hiring. Lastly, we are focused on enhancing our customers' user experience. On FF 91 2.0, we continue to upgrade our third AI space experience and specifically for the FX Super One, we will collaborate with content and application partners, including live sports, streaming, and in-vehicle entertainment to broaden our third AI space strategy.

We also expect continued improvements in the experience and performance of the EAI space as part of this road map. Now shifting to S2 and S3 with product technology. We will continue to focus on building a robust internal R&D capability in software and AI while accelerating the transfer of core technologies from our flagship FF 91 into the FX product line to deliver a deeply interactive user ecosystem across all our vehicles.

On the regulatory front, we expect to complete a series of Federal Motor Vehicle Safety Standards Assessment Tests at MGA, paving the way for further engineering development to ensure full compliance, enable the rollout of the first U.S. version FX Super One. From there, let's look at S4 where we will cover progress on supply chain, industrialization and delivery. Following the launch event of the FX Super One in the U.S. and U.A.E. in July and October, respectively, we have been accelerating our logistics and supply chain initiatives, enhancing training and strengthening our qualified team metrics management.

We will release the first version of the manufacturing management system. For our second plant FX model, FX 4, we plan to show it's redesign rendering during the time period of Los Angeles Auto Show in November, subject to securing the necessary agreements. We also reaffirm our plan to introduce a series of models over the next 5 years, covering 4 major segments in the U.S. market. We do look forward to sharing more updates.

Shifting to S5, we will focus on increasing our stockholders' base and additional outreach to investors and bank relationships with global efforts. We will be opportunistic in our fundraising efforts and evaluating various funding channels.

Now to S6, our efforts in the Middle East and China. Our other key markets beyond the U.S., following a successful Super One product final launch event in Dubai, the preparatory work related to the delivery for the Middle East has officially been completed. The first Super One is scheduled to be delivered in November. We believe that high-net-worth users and investors in this region will strongly support our international expansion.

Finally, let's close with S7 system development and strategic growth with new leadership recently joining FF, we are strengthening our expertise in legal affairs, capital markets and communications, financial management and government affairs. We are solidifying compliance. We will also continue improving operational efficiency and cost control across all entities, reinforcing our corporate goal of putting stockholder-first.

Looking to the future, we expect to achieve a key milestone with the delivery of the first FX Super One vehicles in the U.S. and the Middle East making the beginning of a full-scale effort to strengthen FF's global delivery capabilities to support future rollouts.

Now let's turn back to John for Q&A.

Thank you, Matthias, and thank you to everyone who presented here today. With that, we'd now like to open the floor to Q&A.

The first question, what are the key features of FX Super One?

FX Super One is more than an MPV. It's the world's leading EAI MPV, a truly AI-driven luxury cabin that intelligently adapts to your lifestyle. Powered by the super EAI FACE system, it transforms your relationship with the vehicle into something far more engaging and human. AI tech luxury and comfort, this FX Super One blends artistry and intelligence to craft an atmosphere of tranquil indulgence. It's zero gravity NAPPA leather seats with 10-point massage deliver effortless serenity and a purification system, antibacterial intelligence and super-quiet acoustic engineering create an environment of calm purity.

FX Super One delivers a luxurious, comfortable, healthy, and private experience across all scenarios, turning every journey into a first-class experience for both body and mind. Dual power options AI HER, and AI EV engineered for effortless strength, composure and precision, the FX Super One introduces a new generation of intelligent power, AIHER hybrid extended range and AI EV battery electric systems, both paired with standard intelligent all-wheel drive.

The result is best-in-class efficiency across all conditions and a seamless human machine connection that inspires confidence in every drive. Expansive and adaptive design with a commanding 213-inch overall length, 150.5-inch interior space and a 72.6-inch shared track layout for the second and third rows, the FX Super One creates an open, flexible environment that adapts to every lifestyle.

Every detail has been sculpted for balance, comfort and ease, ensuring that every passenger enjoys true VIP serenity within this executive class EAI MPV. Truly perceptive EAI agent equipped with the world's first FF Super EAI FACE System and the EAI space, the FX Super One offers an ultra-clear, immersive multiscreen and multimodal interactive experience.

It becomes the embodied AI agent, an intelligent life form that perceives things, communicates and grows. It understands you better than you do and reshapes the bond between you and your vehicle, 360 degrees intelligent safety. Built upon a high-strength steel cage body with extended full-length side curtain airbags, protecting all 3 rows and 4 longitudinal, 7 transversal multi-beam architecture, the FF Super One delivers next-generation safety intelligence. Through dual core protection, structure and algorithm, it fuses predictive sensing with physical resilience to create a truly holistic intelligent safety ecosystem.

Question number two, how many preorders has the company received to date? And when will they turn into firm orders?

As of October 28, the company has secured nonrefundable deposits, nonbinding B2B reservation orders for more than 11,000 FX Super One units and approximately 250 refundable nonbinding B2C preorders. We continue to expand our market through the co-creation ecosystem, direct online sales and FX Par partnership models. Partners do not only reserve vehicles, but also responsible for off-line operations and services in specific regions, sharing in the revenue. Preorders will convert to binding sales orders ahead of vehicle availability.

The third question, update on tariff impact. How much will it increase costs for next year? How are you mitigating it?

We see tariffs as something that affects the entire U.S. auto industry, not just one company. In many ways, tariff policy is part of a broader industrial strategy. It can help drive more local production, innovation and supply chain resilience, which ultimately strengthens the competitiveness of U.S. brands. The recent progress in U.S.-China trade discussions is encouraging. A more stable and predictable tariff environment benefits everyone. It reduces uncertainty for manufacturers and helps keep costs manageable for consumers. At FF, we operate our own factory in Hanford, California, with an annual SKD capacity of up to 30,000 vehicles as production of both the FF and FX brands scales up and more components are localized, we expect to rely less on imports and contribute even more to U.S. advanced manufacturing.

At the same time, with the FX Super One model entering mass production in 2026 and gradually ramping up capacity, we expect the impact of tariffs on our cost over the next 12 months to remain manageable. While tariffs on Chinese-made EVs could reach up to 100% under certain policies, their main goal is to balance global competition and boost domestic capability. In that context, our FX bridge strategy becomes even more important. It helps connect global supply strengths with the U.S. innovation and efficiency. We've also been in active and constructive dialogue with policymakers to ensure tariff measures, support innovation, sustainability and affordability. So the entire industry can continue to grow in a healthy way.

Question number four. Following the UAE launch, what initial reservation volumes have you seen? And what is your business strategy in the UAE?

We have received B2B preorders for more than 200 Super One units in the UAE. We have strong support from high-value co-creators including government officers and potential investors. We can also ramp up crypto-related business more quickly due to government support. Following the official launch of the FX Super One in the UAE, we have opened preorders through our local partner network and have seen strong early interest from both private buyers and institutional customers.

Thank you for your time. This concludes our investor Q&A session. We appreciate all the questions submitted and apologize if we couldn't get to all of them today. We remain committed to maintaining open communication with our investors. That concludes today's conference call. Thank you for your participation.

Thank you. And with that, this does conclude today's teleconference. We thank you for your participation, you may now disconnect your lines at this time, and have a wonderful day.

Ladies and gentlemen, and welcome to the FX Super One Middle East launch event held right here at the heart of Dubai at the world's first Armani Hotel in the one and only Burj Khalifa. Now ladies and gentlemen, we are truly honored to celebrate this milestone moment with you all. And now let us take a moment to welcome our distinguished guests including Mr. Nadhal, representing the Office of His Highness Sheikh Hashar Al Maktoum Mohamed, also Sheikh Rashid bin Nasser Al Nuaimi, member of the Ajman Royal Family; representatives of the Qatari Government, Mr. Majdi, Mr. Ehab and Mr. Mohammad; FF Investors and MIG Investment Group CEO, Sheikh Abdullah as well as Omar Abdullah Al Nuaimi from RAK Motors; and Mr. Hebron Sher, CEO of ZEVO Inc. (USA), representing FF and FX partners.

FF executives, including Global co-CEO, Mr. Matthias Aydt; also the CEO of the FX brand Mr. Max Ma; and the Head of FF Middle East, Mr. Tin Mok; and the Head of UES and Government Affairs for FF Middle East, Mr. Morris Gao.

And now ladies and gentlemen, before we begin, please take a moment to note the forward-looking statement shown on the screen for more information on factors that may influence our business and financial results. We invite you to visit the Investor Relations section for -- on ff.com or review our filings with the SEC.

And now ladies and gentlemen, we are truly honored to welcome to the stage, the global Co-CEO of Faraday Future. Please help me with a warm round of applause and welcome Mr. Matthias Aydt.

Gentlemen, I'm Matthias Aydt. It's a great honor and an immense pleasure to be here again in the UAE, a place that truly embodies progress, innovation, ambition and working together toward a brighter future. 2 years ago, we committed to come to the UAE, open an operation here and contribute to the country. Our operation is still small, but performing and we are here to share a big achievement.

Today, with the launch of the FX Super One, we are opening a new chapter in our global journey right here with all of you. To begin, please join me in watching our founder and Global Co-CEO, Mr. YT Jia, who will share his vision in this special video message.

[Presentation]

So coming back to our event, let me take you through our journey referring to the most important steps. FF's journey began with the bold vision to redefine what intelligent mobility means for the world. From the birth of FF in 2014 to the unveiling of FF91 and our NASDAQ listing in 2021, Faraday has stood as 1 of only 4 next-generation EV makers in the United States. With the delivery of the FF91 2.0, the launch of our second brand FX and the global debut of FX Super One in Los Angeles, we progressed our endeavor with the focus on the mobility side of our business. From this August, we launched our dual flywheel dual bridge strategy to enter into the Web3 field to round up the build-out of our ecosystem, which also progressed quite fast in the past months. Faraday Future is the first U.S. electric vehicle company to set up a presence in the UAE. Beyond advancing our global strategy, we actively align with the UAE 2031 and UAE's net zero 2050 initiative.

The Middle East, particularly the UAE plays a strategic role in FF's global road map. We will continue to deepen local innovation, collaboration and market expansion to shape the next era of smart mobility together and would like to be an agent to attract and help partners to settle in the region as well. In just 2 years, FF has transformed its Middle Eastern vision into a concrete reality.

In November 2023, we officially announced our entry into the Middle East. April 2024, we set up our Middle Eastern sales entity. Then in October 2024, we signed strategic agreements with Ras Al-Khaimah to develop our local operations facility, a key step forward in industrial collaboration.

May 2025, the facility handover was completed. And today, we proudly marked another milestone. The Middle East final launch of FX Super One with expected delivery of first vehicles in this November. Now to unveil this groundbreaking vehicle and share more about its features and technology, please join me in welcoming Max Ma, CEO of Faraday X.

Thank you, Matthias. Good evening, everyone. Dear friends. I'm Max Ma. I had a -- it's a great honor to be here in the UAE, bring the most exciting technology and products in this glorious land. Well, in September 2024, we officially launched Faraday X, the second global brand of Faraday Future. While the FF stands for the pinnacle of intelligent luxury, the FX represents inclusivity, co-creation and global collaboration. While FX is not just a new brand, it's a new movement, a movement to unite, to innovate and then reshape the global mobility landscape.

When looking at the Middle Eastern MPV market, it's still in an early growth stage. More and more premium business users and family travelers are basically looking for intelligent, comfortable and also reliable mobility solutions.

While the infrastructure continued to improve, the charging and electrification ecosystem is still evolving, creating both a challenge and an opportunity. The users here value energy accessibility, reliability under extreme conditions and the sense of luxury and privacy that matches lifestyle. So tonight, from California to the Gulf, a new symbol of intelligent luxury has arrived. Ladies and gentlemen, your Highness and friends, this is the FX Super One. The FX Super One is the first class embodied AI MPV. So I'm super happy to announce here. So it stands as a true game changer to vehicles, including so far popular local MPV model like Mercedes Benz V-Class or a full-size SUVs like the Cadillac Escalade and the Nissan Patrol. So it sets a new standard for the era of the AI-driven mobility.

So as it enters in the Middle East, we believe the FX Super One will not only become a new icon of AI-powered intelligent luxury, but also a co-creator in the region's journey towards green and sustainability. So when we look at the numbers side by side, so here's the benchmark, the difference is clear. It's a larger, it's more spacious, is a far more powerful. Well, and inside, you will basically find the next-generation luxury. So from a power to intelligence, from a comfort to safety, the FX Super One doesn't just compete, well, it dominates. So what does make the dominance to happen? Well, one of the answers is the FF EAI embodied AI agent 6x4 architecture. This is our technological architecture. It transforms AI from something that you use into something you experience.

So for me, the Super One is a true palace of intelligence. It's a moving sanctuary where power miss wisdom and luxury miss empathy and intelligence comes to life. So you see here 5 pillars, and each pillar defines a new dimension of what EAI MPV can be. And next, we'll explore them one by one.

So let's start with the power. The Super One has a 1.5 turbo engine with the dual motors. With that, we proudly announced basically AIHER 1.0 for tonight. As a result, you can see here, as this is a big MPV car from 0 to 100 in only 5.7 seconds, and a range is a remarkably 963 kilometers, almost 1,000 kilometers. So this kind of performance you expect from a high-end sports Sedan, not an MPV typically. So not only the performance, we're also making sure the FX Super One is the only MPV in the UAE equipped with the standard all-wheel drive across the planned entire lineup, a perfect match for the Middle East diverse terrains.

So with the max torque of 644 newton meter and system output of 337 kilowatt, it delivers power instantly. And it's a precision torque control and intelligent terrain algorithms will adapt to any surface, any surface from desert dunes to city streets. So when we look at this car, especially when you get in, you will understand why we think it's a grand hall of possibilities.

It's a space that's inspired by openness and hospitality of a [ Majlis ]. With a 5.4 meter long, it stands as the longest-in-class MPV in the UAE market. The wheel base has -- is a 3.275 meters and interior net height is about 1.3 meters. So it also creates a spacious open environment, well, because you have the 3.8-meter effective cabin length that ensures every row enjoys the generous legroom and comfort. So with these key perimeters, it's the most spacious MPVs. Of course, it's excluding the commercial transportation models, but it's really -- it's the most spacious one in the market.

So it offers a 2+2+2 adaptive seating layout that flex effortlessly for every occasion, while from business gathering to family journeys. What also amazes me is the incredible cargo space. Let's take a look at it. It goes all the way up to almost 2,000 liters. So you will see it later and an extra wide sliding door. So every entrance feel grand and every movement inside feels effortless. So the FX Super One isn't just build to carry people. Of course, it is designed to carry possibilities. It's just like a modern [ Majlis ] on wheels.

Now let's get surprised by the AI luxury chamber. So it feels again is so comfortable, it's quiet and spacious. It offers the quietness first-class cabin on wheels. Actually, when you drive it to 120-kilometers per hour, it is only about 62.5 dB inside. So the zero-gravity seat first-class seat with massage, leg support and memory eases you into calm. The dual layer acoustic and privacy glass how should the world outside. And of course, the privacy curtain for row 2 and 3 create your own private sanctuary.

Well, now let's come to the highlight, the intelligence piece. The intelligent comfort meets the seamless connection, every detail from dual touch screens to all temperature smart refrigeration is crafted for effortless comfort. We have 23 speakers as is the most in this class. Every note surrounds you in immersive high-res personalized sound.

So with multifunction table and multi-charging ports and a dual power outlet -- output inside and out, you can work, you can play, you can recharge, all from the most luxury and a capable palace on the wheels.

Safety, elevated by intelligence. This is one of the most important import portion as well. The full-cabin airbag coverage and covering all 3 rows, a strong and high strength cage body and over 80% and high-strength steel form a fortress around you. And we got a 3.3 meter side curtain airbag shields every seat. Our AI active risk prediction system anticipates danger before it happens, and of course, a quad-layer battery protection down below, safeguards the energy core. Since we are sure now with the safety, let's take a look at the world's first super EAI F.A.C.E., which is one of the very unique feature that we have. It's not just a super LED display for the front facia. Super One is your EAI avatar, an embodied copilot that truly understands you. So trust me, you'll be surprised with joy, and of course, with the multimodal interaction, voice, gesture, touch, it responds instantly and anticipates what you need, offering proactively suggestions and real-time assistance.

So as you can see, the FX Super One is more than a vehicle, is a palace of intelligence in motion. It delivers balanced power, majestic space, and also first-class AI luxury, intelligent safety and an EAI copilot. Every pillar represents our vision of future mobility, where intelligence, comfort and human connection come together in a perfect harmony. So that's all from me for now. Before I invite the next speaker, Morris. Let's watch a video first.

[Presentation]

Okay. Good evening, ladies and gentlemen. I'm Morris Gao. After introducing the product features, I would like to go further to explore how FX Super One is all-scenario intelligence luxury MPV. So FX Super One delivers 8 signature user values. For noble people, it's born for prestige and presents for the sports cars, it helps you to recover even between cities, tournament after tournament. For influencers, it's is a mobile live stream studio, the perfect stage for co-creators. For the business world, Super One becomes a mobile AI office, turn every trip into productivity. It's a private AI club house, a quiet space to host and meet clients. It's also a golfers car, bring your friends together with the gears and go for the [ screen ]. For families, it's a mobile mansion, offering comfort and safety to every generations on board. And when the adventure calls, it's your campers car. Your luxury is home in the world. The FX Super One is crafted for those who live, inspire and redefine the future from noble people to visionaries, from global celebrities to distinguished executives, every detail of intelligent palace is designed to match their statures and vision.

It also perfectly serves families who demand high standards of safety, comfort and sophistication. Our first eco hub will open in Ras Al-Khaimah in 2025 year-end with RAK Motors, a one-stop center integrating product display, test drive, new car display and after-sale service. And to give even every owner lasting confidence, FX Super One warranty policy includes up to 8 years, 200,000 kilometers of coverage, plus 24/7 road-side assistance for 6 years.

Now please join me welcoming one of the greatest of all time, a true football legend, our co-creation officer, Andrés Iniesta.

Hi, everyone. Good night. Thank you so much. I'm really happy to be here with you. So excited.

Yes. After [ Lisa Nouli ], party, FX's visions, missions, product features.

No. For me, after hiring the FX team vision. I know that this car is more than just a car. It feels like a space that understand you. It's quiet, it's calm, it's very comfortable.

So through all your life, you are purchasing perfections on the green. So now what do you feel about driving?

No, for me, is the balance between the performance and caliber. After so many years of cost and motion, I appreciate the space that you have when you are driving. And for me, when I have to drive, it's like a dream with this car.

Yes. How is your life in UAE?

UAE is amazing for me, for my family. We are really happy here. And we can -- we have to enjoy, we have spent the time here -- and I think, for a long time.

So you can use the car for school, commuting, weekend family events.

Yes. As you know, we have 5 kids.

Yes, I know.

You can imagine when we are in the car, sometimes it is a difficult moment, but -- for that, I think, with this car and the kids, is the perfect combination.

Yes. Thank you, Andrés.

Welcome. Thank you.

And now ladies and gentlemen, it is that moment to that we have all been waiting for. And together with Andrés, we are about to reveal the price of the FX Super One.

Andrés, so we do it together?

Let's do it.

Okay. So ladies and gentlemen, the price of FX Super One model, AIHER Max edition, in the UAE is AED 309,000. And here, we are also very excited to announce that we have -- now we are opening the sales channels officially. You can reserve the car by screening the QR code on the screen, and you will have a surprise. You have a forecast journey in the future. And also in UAE, we'll be accepting stable coins. And moving forward, we will also accept C10 [ crypto currencies ] as payment method for vehicles purchased through our local partner, Near3.

So FX Super One is planned to come into two powertrain options. One is AIHER Hybrid, and the later BEV electric version. Each is planned to offer four editions: GOAT, which is a bespoke version, and then Max, Pro and standard. Now we are seeing the Max version.

So Andrés, we have something special for you. Max, Tin and Matthias?

Okay. So well, I'll just show you here. So -- it's a very exciting moment because you are actually our global first owner of the Faraday FX Super One. So really, really happy to have you here and then becoming our first owner. And then this is actually like the memorable plate. That's something we would like to have when you receive the car. And yes, this is for you as a gift.

Thank you so much.

And [indiscernible] visions again. We'd like to have a photo with you. You're also using the capacity of the FX Super One to the full extend to having a family of seven.

That's for sure. Absolutely.

And I think it's also very important because you're being a GOAT of the soccer world. And then now we're having you -- you kind of kick off as the first owner. Next year will be the World Cup 2026. I think this car really have an opportunity to become the soccer champion car, and then I think this is -- we also would like to have a lot more next year because it's going to be in the U.S. as well. So we hope that with you we can do more in the soccer field and also we're going to have more friends from your soccer world and altogether, and we can achieve more next year, 2026.

Thank you so much. It's an honor for me. I stay with you, with all the team. It's a pleasure.

Thank you, Andrés. Hopefully you enjoy the car with your family. And share your nice experience with us. Thank you.

Thank you.

See you later.

So next, I will invite Tin on the stage to give everybody a wrap up. Thank you, Tin.

Thank you, Morris and Iniesta. I'm Tin Mok, I'm the Head of the Middle East. In the UAE, we'll be viewing a long-term ecosystem that connect intelligence, innovations and mobility. Next month, we will begin vehicle delivery for the FX Super One in the Ras Al Khaimah. Next, we will expand our local operations to strengthen production capacity and establish an EAI and R&D center in the UAE. We are also promising localizations of the new energy vehicle value chains and build a complete AI mobility ecosystem through the technology transfers and the local manufacturing.

And finally, our next potential FX model is FX4, a medium-sized SUV, is already under development. We will be sharing the latest updates later.

Now let's turn to another key part of our ecosystem, is our crypto flywheel. The UAE has become one of the world's most promoting hubs for the ReFi and digital assets innovation with open finance environments, forward thinking regulations and strong capital support. Cities like Dubai, Abu Dhabi, Ras Al Khaimah with a very clear framework, providing the foundations we need for the compliance and scalable innovations. And in terms of the progress, we have completed a strategic investment in the listed and established company, QLGN, launching a new chapter of crypto and ReFi business initiative.

Qualigen has announced that following its Shareholder Meeting on November 12, Qualigen will be official, we named it AI by crypto. As we move forward, the crypto flywheel continue to gain momentum and here's what's next in the near term. According to the QLGN, first Qualigen assets under management is targeting $50 million in the coming months.

Next, AI-RWA utility token projects white paper is expected to release this November. The growth of the Faraday Future and the QLGN in the region would not be possible without the strong support of the UAE government and our valued local partner.

Now we are honestly to hold a strategic cooperation signing ceremony with one of our very important partner, Ras Al Khaimah Innovation City. Let's witness this important moment together.

And now ladies and gentlemen, please help me welcome to the stage with a warm round of applause the Executive Director and Chief Commercial Officer, of RAK Innovation City, ladies and gentlemen, Mr. Nabil Arnous.

Thank you. It's a great honor to be here to experience this beautiful event of the final launch of Faraday, a brand that really speaks the very core of technology, a brand that embodies every single aspect of technology of innovation and future mobility.

At Innovation City, Ras Al Khaimah, we are a free zone, a licensing authority, which acts like no other. It's a hub that connects innovative brands. Ras Al Khaimah empowers the assembling side as well, not only the technology. And that's how we help with the vision of the ruler, His Highness Sheikh Saud, by transforming Ras Al Khaimah into a launch pad for all innovators and company builders.

Faraday vision of AI empowerment and blockchain integrations matches perfectly with our vision to be a free zone of the future, for companies of the future. Once again, we are proud to have you as our licensing partner, and best of luck. Thank you.

Ladies and gentlemen, this will be our first signing ceremony between Mr. Tin and Mr. Arnous, an absolutely historical moment for Faraday Future. And once again, congratulations and thank you to Mr. Nabil Arnous, the Executive Director and Chief Commercial Officer of RAK Innovation City.

And now moving on, please help me welcome to the stage, representatives from our corporate partner, for the signing of the FX Super One enterprise preorders. Please join us to the stage.

Now I'd like to call to the stage for the signing of the preorder, the global co-CEO, Mr. Matthias Aydt; also the CEO of the FX brand, Mr. Max Ma; the Head of FF Middle East, Mr. Tin Mok; and the Head of UES and Government Affairs for FF Middle East, Mr. Morris Gao.

If may I ask Mr. Matthias, and Mr. Max, and Mr. Tin, can you please stand behind the signing desk, gentlemen for the photo?

All right. And now for one final memorable group photo.

We would like to ask Mr. Matthias, Mr. Max, and Mr. Tin to invite your team for one final group photo on the stage.

Ladies and gentlemen, this is a historical and memorable moment and the amazing journey of Faraday Future once again happening right here in the heart of Dubai, at the one and only Burj Khalifa. I would like to take a moment to thank each and every one of you for joining us on this very special evening. As without you all, this simply would not be possible nor would it be complete. I would also like to take a moment to thank all of our distinguished and special guests for joining us here on this historic evening.

Ladies and gentlemen, if I may ask from everybody here on this very memorable evening for Faraday Future, on the count of three, can we please get one round of applause, 1, 2, 3, let's hear it, ladies and gentlemen. Once again, we would like to thank you all for being a part of this special journey for Faraday Future.

Greetings, and welcome to the Faraday Future Intelligent Electric Inc. Second Quarter 2025 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to John Schilling, Director of PR and Communications. Please go ahead, sir.

Welcome, everyone, to Faraday Future's Second Quarter 2025 Earnings Call. This is John Schilling, Director of PR and Communications at FF. Today, I'm joined by a few members of our leadership team, including our Global Co-CEO, Matthias Aydt; Global President, Jerry Wang; and our CFO, Koti Meka.

Today, we will be sharing details from our second quarter 2025 results. The press release as well as today's presentation will be available in the Investor Relations section of our website at investors.ff.com. A replay of this call will also be posted there later today.

Please note that on the call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today, should not be relied upon as representative of views as of any subsequent date, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC.

In today's call, we will be covering the following topics: the second quarter overview and financial highlights, our development progress, together with our third quarter and full year outlook. The management team will also address questions from our shareholders submitted electronically in advance of this call.

With that, I will now turn over the call to Matthias.

Thank you, John. Hi, everyone. This is Matthias, the Global Co-CEO of Faraday Future. I'm pleased to share our key developments for the second quarter of 2025 through today, structured around our 7 Tier 1 strategic goals and pillars from S1 to S7, highlighting meaningful progress in operations, improvements in our business and financial fundamentals and continued strategic execution across our AI-driven mobility road map.

The FX Super One launch campaign has demonstrated tangible commercial impact, underscoring the effectiveness of our influencer-led marketing strategy. In Q2, we received over 4,000 FX Super One nonbinding nonrefundable preorders from both B2B and B2C channels. By July 31, 2025, we received total nonbinding nonrefundable preorders exceeding 10,000 units. The campaign's reach was amplified through coordinated digital content and endorsement from high-profile co-creation participants, resulting in broad social media visibility and accelerated customer engagement across both institutional and consumer segments.

FX continues to build strong momentum with its innovative B2B and B2C sales model. We have confidence that we will further strengthen our preorder pipeline. By far, FX B2B strategy has covered multiple key FF partners. We are confident that our innovative B2B, B2C co-creation model will further strengthen our preorder pipeline.

On July 17, 2025, we hosted the global initial launch of the FX Super One MPV in Los Angeles, where we unveiled 2 groundbreaking global-first products, the FX Super One EAI EV MPV and the FF Super EAI F.A.C.E. System, alongside the FF EAI Embodied AI Agent 6x4 Architecture. The launch event was live-streamed to a global audience and attended by hundreds of guests. It was a tremendous success generating a sensational impact in both the United States and China and powerfully promoting the FX brand and the FX Super One product.

One more significant achievement of our delivery in the second quarter is that Mariah Carey, award-winning best-selling female artist of all time and global top music legend, features prominently the FF 91 2.0 Futurist Alliance in her new music video Type Dangerous, alongside the FFZERO1. This reflects a new phase of global cultural co-creation for FF, attracting top-tier celebrities and reinforcing FF's identity as a true ultimate AI tech luxury brand.

Moving to S2 and S3 product technology. This quarter, we have officially released software version 2.00.58 for FF 91 delivered via OTA. This version improves software stability and user experience and features the latest FF AI 2.0. Additionally, FF's proprietary next-generation voice assistant and ecosystem service platform, powered by large language models, LLM, and generative AI, GAI, was set to launch via imminent OTA update.

Our technological advancement is a key driver for our long-term platform strategy. Regarding regulatory compliance, the FMVSS, Federal Motor Vehicle Safety Standards, validation and pre-verification testing for FX have been in progress. Additionally, we have officially submitted a patent application for our Super One EAI-Face product.

Shifting to S4, our progress on supply chain, industrialization and delivery. The Hanford plant has completed production and delivery of the FF91 P20 model and continues to produce subsequent vehicles. We also proactively prepared to produce the FX Super One. As of today, we have completed initial preparation for production, including layout planning, equipment procurement and installation, process documentation, personnel planning and training and the development of quality and logistics standards. FX Super One has officially entered the parts procurement and production preparation phase at our Hanford factory.

Moving into trial production. Internally, we have kicked off the final countdown targeting the first vehicle to roll off the line by year-end.

Regarding S5, our financial strategy and capital markets activity, Jerry, our Global President, will provide details shortly.

Our efforts in the Middle East and China and S6 made us progress this quarter in our key markets beyond the U.S. As part of our third pole strategy, within our broader global expansion road map, we achieved a key milestone in the Middle East during the second quarter. We formally signed lease and received the keys to our new facility in Ras Al Khaimah Economic Zone. With the handover complete, site preparation is now underway, and our local team is preparing to assume operational responsibilities. The RAKEZ facility is expected to support future regional vehicle, customization and potential SKD, semi-knocked-down, or CKD, complete knocked-down, assembly operations, strategies that enable cost-effective local assembly accessibility. This progress further advances our presence across the Middle East and North Africa region and reinforces our dual-home-plus-third-pole operating model.

Finally, let's look at S7. On the operations front, we were pleased to welcome back our founder, YT Jia, who rejoined the company as a Co-CEO alongside me this past quarter. Since he joined the company, we have achieved a major leap in both operational and capital fundamentals, market confidence has rebounded significantly, and the company's market capitalization has increased nearly 300%.

Our operations team continued to advance the corporate comprehensive compliance road map, ensuring full compliance across all areas, from company-level governance to facility operations and product standards.

On the system side, we implemented the PPTIA framework across the company. The fundamental framework has achieved significant results in cost reduction, efficiency improvement and streamlined operations. We continue to strengthen our government relationships. We've received strong endorsements from California political leaders and positive comments from members of Congress in Washington, D.C. for the Bridge Strategy.

We participated in several high-profile events this quarter to showcase our vehicles and highlighted our global engagement, including a business roundtable at the White House. In July, we hosted a successful reception at the Capitol Hill Club where we showcased the FX Super One and the FF 91. The event included private meetings with over a dozen U.S. lawmakers focused on terrorist technology and American manufacturing. We were honored by the strong turnout and interest in FF's role in advancing domestic EV production.

In addition, our global Bridge Strategy was backed by Donald Trump, Jr., who expressed support for our commitment to U.S. manufacturing, recognizing FF's role in advancing innovation, creating jobs and supporting America's economic comeback.

On August 16 at Pebble Beach, FF unveiled its EAI + Crypto Dual-Flywheel & Dual-Bridge Eco-Strategy and officially launched the C10 Treasury plan, the first C10 Treasury product based on the top 10 crypto asset basket indexed by a U.S.-listed company, along with the release of the C10 Index. The C10 Treasury will accumulate and compound a portfolio of the world's top 10 crypto assets with the goal of becoming the top treasury for the C10 basket. Phase 1 targets purchase totaling $500 million to $1 billion, subject to securing necessary funding, starting with an initial $30 million purchase.

By building an independently operating, mutually empowering Web2 plus Web3 dual-engine growth system, we aim to accelerate the execution of our EAI crypto strategy and maximize value for our stockholders.

Now let's welcome Koti Meka, our CFO, to walk through the financial results for the quarter.

Thank you, Matthias. Hello, everyone. I'll walk you through several key metrics that highlight both our operational execution and improving financial position in Q2 2025.

For the quarter, our net loss from operations was $48.1 million compared to $50.6 million in the same period in 2024. Excluding depreciation, amortization and stock-based compensation, the adjusted operating loss stood at approximately $27.4 million, made up of $7.3 million in cost of revenue, $4.8 million in R&D, $1.9 million in sales and marketing and $13.4 million in G&A. The monthly operating loss is approximately $9 million during this quarter. These numbers reflect our disciplined cost management even as we continue to invest in FX-related engineering, talent expansion and strategic ramp-up initiatives.

For the 6 months ended June 30, 2025, operating cash outflow totaled $43.6 million, a 50% increase from $29.1 million for the same period in 2024. This increase was primarily driven by timing of the payments and the operational ramp-up of the FX platform. The increase in operating cash usage reflects our ongoing investments in product development, strategic execution and cost discipline as we position the company for growth.

Our financing activities generated $55.1 million in net cash inflows during the 6 months ended June 30, 2025, a 106% increase from $26.7 million in the same period of the prior year. As of August 12, subsequent to Q2's end, we received an additional $45.7 million in financing. Our financing efforts have meaningfully bolstered our liquidity with quarter end cash position reaching an 18-month high. This improvement reflects our ability to secure capital despite the constrained macroeconomic environment. While total liabilities grew by approximately $29.4 million over the 6-month period, much was due to mark-to-market adjustments rather than new financing, highlighting the balance sheet sensitivity to equity-linked valuation changes under fair value accounting.

In summary, our Q2 performance reflects meaningful progress across both capital liquidity and operational fronts. We remain focused on executing strategic investments aligned with our core road map while optimizing capital deployment and driving toward long-term sustainable growth.

I will now invite Jerry Wang, Global President of FF, to provide some comments.

Thank you, Koti. This is Jerry Wang, the Global President of Faraday Future. I will now share our progress with capital financing in the second quarter.

In Q2, FFAI was officially added to the Russell 3000 Index, a key milestone that enhances our visibility and credibility among institutional investors, analysts and the broader market. Externally, top-tier international fund managers, including Vanguard and BlackRock, continued to increase their holdings in FFAI. Vanguard currently holds 5.24 million shares and has increased by 500% compared to Q4 2024.

BlackRock has increased its holdings in FFAI for 4 consecutive quarters, boosting its position nearly sevenfold from the previous quarter. As of June 30, 2025, BlackRock reported that it holds approximately 5.39 million shares, up from just 780,000. Capital markets are recognizing and gaining confidence in FF's authentic value and long-term growth potential.

Internally, we launched our 10b5-1 executive stock purchase plans, which reflect FF executives' personal commitment to the company's future and aim to align their interests with those of the stockholders. Our Founder and Co-CEO, YT Jia; Global President, Jerry Wang, myself; FX CEO, Max Ma; FF CFO, Koti Meka; and several other executives have been officially approved and processed for these 10b5 purchase plans.

On the capital markets front, we actively participated in several investor conferences, forums and non-deal road shows to strengthen our engagement with the broader capital markets. I had the honor of delivering remarks at Keppel Bank's conference, and I just presented at JPMorgan 2025 Auto Conference in New York last week.

Stakeholder engagement remained a key focus in the second quarter. We hosted our first Annual Stockholders' Day where we provided in-depth FX product updates and deepen alignment with our retail investor community. We strategically collaborated with HabitTrade, a global multi-market brokerage and digital asset infrastructure platform, marking Faraday Future's first step into the Web3 financial ecosystem. We have also engaged a leading financial adviser to help advance global AI and AI EV M&A strategy.

Additionally, we recently announced $105 million in financing in July to fund our aggressive growth strategy. This fund will significantly strengthen the company's ability to launch FX Super One, scale up the production readiness as well as advance our position to be a leader in the AI EV market.

Now let's welcome back Matthias to discuss the outlook.

Thank you, Jerry. I will now walk you through our key updates with the primary focus on Q3, also structured across the S1 to S7 framework.

For S1, first of all, we continue to make strong progress in building our user ecosystem. On the FS 91 side, we expect more elite celebrities and public figures to join as FF 91 owners and co-creation officers. Their participation not only validates our brand but also helps amplify our co-creation vision through influence, innovation and community building.

On the FX side, momentum is accelerating. Our B2B and B2C sales channels have now expanded into the 8 U.S. states, and we have officially launched the FX Dream Partner Program, inviting leading players across various industries to join us in co-creating the next generation of mobility. We are also developing a comprehensive user engagement ecosystem that combines products, platforms and AI to deepen customer interaction.

In the meantime, our FX Service Par Program continues to grow as we expand partnerships with major service and aftermarket providers to establish a strong nationwide aftersales support network. In the near future, we are ramping up physical presence and visibility through a series of high-impact off-line activities for the FX Super One. This includes our participation in the LA Auto Conference.

Now shifting to S2 and S3 without -- or with product technology. We are doubling down on our AI product strategy. A core focus this year is building a robust internal R&D capability especially in software and AI. We are expanding the transfer of core technologies from our $300,000 flagship FF 91 into the FX product line.

In the second half of the year, our voice interaction system built on large language models will be deployed across FX Super One and other models. These models will connect seamlessly with the full FF ecosystem of intelligent services, delivering a deeply interactive user ecosystem.

From there, let's look at S4 where we will cover progress on supply chain, industrialization and delivery. We have launched the pilot production phase of the FX Super One, and equipment installation and commissioning are expected to be completed within the year to enable full vehicle manufacturing capability. In September 2024, the FF and FX dual-brand strategy was first announced. In 2025, we expect to complete the FX year-end off-line target.

Shifting to S5. We are continuously optimizing our capital and financing structure, including bringing in top-tier investment banks and large institutional investors. As always, we continue to uphold the shareholders-first philosophy by putting all of our efforts towards building trust with investors and fully regain their confidence.

Turning to S6, our efforts in the Middle East and China. The Middle East market has made positive progress in preparation, including financing, research and development and vehicle deliveries. It is expected that the preparatory work related to the delivery for the Middle East will be completed within Q3. Strong support from FF's partners and the smooth launch of the Middle East factory construction has greatly accelerated our ability to commence vehicle deliveries. We anticipate the first Super One will roll off the production line by the end of the year.

Finally, let's close with S7, system development and strategic growth. FF will continue to advance its EAI EV dual-brand strategy. Our first brand, FF will remain focused on the ultra-spire segment, maintain FF 91 deliveries to celebrities and stars and complete the model change and upgrades to FF 92. Our second brand, FX will leverage the Super One to open the blue ocean MPV market in the U.S. while rapidly initiating deliveries of several additional models.

We are continuing to improve operational efficiency through resource optimization, cost control and enhanced execution and tracking. Our strategic planning systems have undergone several rounds of iterative refinement, and we are beginning to see tangible results.

In addition, we are integrating AI and IT tools across our operations. The ongoing improvement of our IT General Controls framework is helping us increase the efficiency of quarterly and annual reporting. We believe FF, propelled by the EAI + Crypto Dual-Flywheel Dual-Bridge Eco-Strategy, could continue to optimize operations in line with our corporate goal, Stockholder First.

Thank you. Now let's turn it back to John for Q&A.

Thank you, Matthias, and thank you to everyone who presented today. As we wrap up, I'd like to briefly highlight the materials included in the appendix. In the appendix, you'll find our unaudited balance sheet and financial statements as of and for the 3 months ended June 30, 2025, providing additional detail on our financial position. These materials offer helpful context to support everything we've shared today.

With that, we'd now like to open up the floor for some Q&A.

Here are some selected questions from e-mails sent to us. One, what is the status of your U.S. production time line? Are you still on target for initial production by the end of this year?

We remain on track for the first FX Super One rollout in the U.S. by year-end. Recently, we have announced the FX Super One has commenced its trial production based at our Hanford factory. This procurement and installation work are in progress, and the Middle East deliveries are planned to start this year.

Two, are you going to be presenting at any upcoming investor conferences? And will they be webcast?

We are scheduled to participate in several investor conferences this fall, including the Deutsche Bank Car Conference in Germany on September 8 to 9, 2025, and LA Auto Conference from November 21 to 30. We plan to participate in additional investor conferences in the fourth quarter, and we'll keep the investor community updated.

Most of these conferences will be webcast or live stream, and we will publish the schedules and links on our Investor Relations website. Last week, I presented at the JPMorgan Auto Investor Conference in New York on August 12, 2025.

Three, what is your strategic plan in the Middle East market? Can you provide an update on the operations there?

The Middle East is the third major pillar, FF's global market strategy. Product and capital market of China and the U.S., we held a handover ceremony in Ras Al Khaimah, UAE for our regional factory and operations facility, a critical step forward. The plan for 2025 is to begin sales of the Super One model in the Middle East market, followed by sales in the U.S. market by the end of the year.

Four, do you have a list of future events where we might be able to see the vehicles and production facilities?

Yes, and we are ramping up physical presence and visibility through a series of high-impact off-line activities for the FX Super One. We officially unveiled and kicked off the second chapter of our Bridge Strategy over the weekend at our Pebble Beach event. We will also attend LA Auto Conference from November 21 to 30.

Five, with top funds like BlackRock and Vanguard increasing holdings, what themes have come up in your conversations with them?

We are glad to see capital markets are recognizing and gaining confidence in FF's authentic value and long-term growth potential. We've had constructive conversations with institutional holders around scalability, governance and capital efficiency. The increased holdings reflect confidence in our long-term potential, and we continue to work closely with these stakeholders to ensure alignment on strategy and transparency.

Six, how do you plan to achieve the same level of the user experience in human-machine interaction, high-level intelligent connectivity and precise autonomous driving that some of your peers have already accomplished?

We have already built a solid foundation in the area of in-vehicle systems particularly with extensive team experience in Internet services, AI applications and human-machine interaction. For the final FX product, we will incorporate these advanced technologies and features that have already been tested and validated in the FF 91. On the software platform and intelligent hardware front, we will collaborate with partners and fully leverage supplier capabilities to ensure that resource-intensive areas such as intelligent hardware and algorithms meet industry-leading standards. As for autonomous driving, which involves significant investments in regulations, infrastructure and data, we will implement it in phases based on technology and end consumers' demand.

Seven, your company's stock price has made significant progress since the second quarter. Could you briefly introduce what your company's most core value is?

FF is one of the only 4 U.S.-listed new energy EV companies to pass crash testing alongside Tesla, Lucid and Rivian and among the few that have successfully gone from concept to commercialization. We've invested nearly $4 billion and built a full closed-loop system in the United States, encompassing R&D, safety testing, certification, manufacturing, sales and aftersales service.

As a NASDAQ-listed company, FF benefits from strong liquidity, high visibility and a broad shareholder base. Our premium brand image is well established, and our FX series target the untapped blue ocean market in the United States. At our Hanford, California facility, we currently have an annual production capacity of 10,000 units, which can be scaled to 30,000 to 50,000 units for the production of FF and FX vehicles under certain conditions.

As an American company with deep Chinese roots, FF keep close contracts with top China OEMs and Tier 1 suppliers. We're leveraging global supply chain advantages, including cost, speed and scale to deliver greater efficiency to the United States market. This strategy is now in active execution.

Eight, besides the FX Super One, you've also mentioned developing a second FX model. How do you plan to achieve it?

Currently, aside from software, most of FX work focuses on engineering management. Therefore, many resources and capabilities can be reused and shared within the FX Super One project. Meanwhile, the second model will be managed with staggered resource allocation to better utilize existing resources.

Nine, which flagship FF 91 technologies are being integrated into the FX product line? How are you managing cost and complexity in that transfer?

The company's resource are mainly divided into 2 categories, platform-based and model-based. The platform-based category primarily revolves around FF's core AI software and the application of Internet technologies, which also benefits FX. This area represents the company's core competitiveness and will be the primary focus of investment. Model-based category includes vehicle programs since FF's production has already reached a relatively mature stage. Apart from the software portion, most of our investment in this area will focus on FX mass production, development and complete vehicle testing.

10, what is your monthly burn rate?

As we mentioned before, for Q2, our adjusted operating loss stood at $27.4 million. That translates to an average monthly operating loss of approximately $9 million, which includes expenses across cost of revenue, research and development, sales and marketing and general and administrative functions.

Thank you for your time. This concludes our investor Q&A session. We appreciate all the questions submitted and apologize if we couldn't get to all of them today. We remain committed to maintaining open communication with our investors.

That concludes today's conference call. Thank you for your participation.

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

This event is Pebble Beach set, I'm not trying to sell you a car. I'm not trying to sell you anything. We just happened here to have fun, right? And so we're about to have -- we have great wines here. We're here just to work park, but also owner of the house -- yes, thank you. And here, listen, Faraday Future with YT and Max it kind of makes it wild. I hosted a dinner for Michelle Earley to something available in the market so coming to what is needed in Asia. Of course, in Asia, I got my friends, they bring me with alpha and everything that they want to do something to better. But it's hard. It is hard. So anyways, I'm glad. New things I really -- former majority leader of the California State Assembly. Today as a Faraday Future Co-creation Officer, creator of California's blockchain working group and someone who in the future of work, it's an honor to be here with you today.

We also have the pleasure of being joined by 5 other speakers, YT, Founder and Co-CEO of Faraday Future, Jerry Web 3 key opinion leader; [ Brody Mullen ], Treasurer, Fiona Ma. If AI represents a new revolution in productivity, then Web 3 represents a revolution in the relations of production. The next is technology. AI and Web 3 aren't just buzzwords. They are reshaping industries, challenging institutions and unlocking possibilities we're only beginning to understand. The growth we're seeing in high-performance computing, large language models and blockchain ecosystems is no longer theoretical. It's real around the world from the Middle East and the fusion of Web 2 and Web 3 is shifting into high gear. Today, as we mark the launch of FFAI we're stepping into a version to create the next wave of economic transformation.

I care deeply about the future of California. Our state has always been a launchpad for bold ideas whether it's semiconductors in the 60s, the Internet in the '90s or AI and blockchain today. California has consistently -- that means fostering innovation, building modern infrastructure and crafting thoughtful policy that protects consumers while encouraging breakthroughs. I want to thank FF for inviting me and all of you take all of us, technologists, policymakers, entrepreneurs and citizens to shape what comes next. Thank you. I'd like to now play a special video message from California State Treasurer, Fiona Ma.

[Presentation]

Strategy and intelligent mobility and it isn't just the global hub has invested over $3 billion and [indiscernible] it also reflects today's launch a legit electric vehicle and technology and advanced sustainable development world wide. I look forward to seeing you continue to push boundaries and shape an even brighter future right here in California.

Thank you, Fiona. Thank you, Ian. [indiscernible] today we gather here again to witness another [indiscernible] for FF with AI [indiscernible] and the [indiscernible] this is the backdrop for FF's original [indiscernible].

You make a lot of money, that's all I want to say about that, all right.

[indiscernible] thank you. Now I will hand it over to Jerry Wang [indiscernible]. Thank you, everyone.

All right, thank you. Yes, hello again, everyone. Well, my name is Jerry Wang, the [ C10 ] Treasury Plan, which is built on the [indiscernible] Index we just unveiled. So [ C10 ] Treasury is FFAI's strategic crypto coin downside protection mechanisms. We intend to raise funds in phases to acquire and hold for the long term, the top 10 mainstream crypto funds by market capitalization. This strategy is designed to strengthen portfolio cash flow [indiscernible] the crypto flywheel is planned to be operated independently by a wholly owned subsidiary of FFAI. [indiscernible] we aim for capital operations groundwork for potential human strategy [indiscernible] will be including the C10 treasury [indiscernible] and the combined portfolio will be a flexible combination evaluated content [indiscernible] and [indiscernible] optimized ROI and fixed yield directly reflecting the FFAI treasury's annualized return to planning to start asset allocation for the strategy's execution.

On the asset under management and return, later phase, we will work hard to speed up scaling looking the long-term growth divided by mainstream assets while using dynamic rebalancing to capture 3 main reasons. First, more [indiscernible] in the top S&P in ETFs past 10 years as by back casting with annual compound [indiscernible], in both the cases a direct [indiscernible] with fair value changes in Q2 alone producing a TWD 14 billion unrealized gain. We believe in the potential for a decade-long crypto bull market ahead. Our goal is a treasury strategy with stable, stronger return and a new standard that can share the value and rewards of the crypto industry's growth in the next years. At the same time, by partnering with top custody platform in the industry, we expect to have sufficient prevention against extreme risk such as loss caused by capital. On the value return to FFAI on the vehicle side, the current industry average staking yield is 3% to 5%.

Based on this [indiscernible], we plan to allocate staking returns on a regular basis, proportionately to stockholding as follows: approximately 1/3 expansion, 1/3 for treasury reallocation and [indiscernible] driving compound interest coordinated growth in market value and business under the flying wheel model. 1/3 might be used for stock -- these crypto coins are not just reserves. They're also a flexible funding engine. In the context of a long-term bull market, income have potential to completely reshape FFAI's 3 financial statements. On the income statement side, it may substantial income for FFAI's [indiscernible] financial statements. On the income statement side, it may require substantial income for FFAI. On the balance sheet, holding crypto coins, we can improve the asset liability structure and build the potential for net asset growth and a very sustained operating cash flow, reducing reliance on higher cost finance. Now let's welcome [indiscernible] a leading [indiscernible] influencer and educator to share how the 2 businesses work together in [indiscernible]. Thank you.

[Presentation]

[indiscernible]. Next, please join me in welcoming [indiscernible] to the stage.

Thanks, [ Wendy ]. I'm [ Brody ]. Even though the dual flywheel will empower each other, the [indiscernible] EV business and the crypto business with 2 independent entities under the public listed company FFAI. The core principles will have separate legal entities, operations and eventually management. A separate account will be set up and asset transparency will be ensured. There will be no direct capital flows. Earnings from the crypto flywheel will not directly subsidize the EV business. If capital movement is required, it must go through the parent company, FFAI. There will be an independent operating structure crypto AI with its own Board of Directors and management team. There will be asset separation custody. Digital assets will be helped the separation mechanism not only ensures independent control over funds and risk, but enables industry and capital to work in concert, delivering safety, transparency, efficiency and long-term stability. Now let me hand it back to [ Ian ].

Thank you, [ Brody ], the flywheel and dual bridge strategy have born to life, marking the official launch of the second chapter of FF strategy, creating a new meta channel between Web 2 and Web 3. FF is pushing forward full speed in rolling out a brand-new growth model where real-world assets plus on-chain economies fuse, evolve and thrive. Right now, we stand at a singularity, a point where the walls between technology and business, industries and ecosystems shatter under the catalytic course of our dual flywheel dual bridge strategy. And in this moment of transformation, together with like-minded visionaries, FF is lighting the spark of a great change. One that redefines value, unleashes new productivity and reshapes the very fabric of production, Faraday Future. Drive the future best. Thank you.

Okay. Thank you for joining us for the next session. Happy to get going. Once again, I'm Ryan Brinkman, U.S. automotive equity research analyst at JPMorgan, with Yash Beswala on my team. And we're happy to welcome to the stage, Jerry Wang, the Global President of start-up battery electric vehicle manufacturer, Faraday Future Intelligent Electric. Jerry is going to walk us through a presentation, including some exciting videos, and then we'll engage in a chat. Thank you, Jerry, for coming to the conference.

Yes. Thank you very much, Ryan. Good afternoon, everyone. My name is Jerry. I'm the President of Faraday Future. We're a California electric vehicle company, and we're doing amazing cars, which I will share a little bit more detail. Let's start with two videos.

[Presentation]

This is our first flagship vehicle called FF 91, and we're introducing our second vehicle. So here are some more information.

[Presentation]

Yes. This is our second vehicle, FX Super One. A little bit on the company itself. We are founded in 2014 in California, Los Angeles by our founder, YT Jia, who is a very successful technology serious entrepreneur, who built the best-selling smartphone and smart TV in China. And he was thinking that if he can build the best-selling phone and best-selling TV, why not make a car smart. So he has this vision and founded Faraday Future.

We become a public company on NASDAQ starting 2021. Historically, we have raised more than $3 billion into this company and we spent most of the fund into the technology development of our vehicle as well as operating system. Our headquarter is in Los Angeles, and we have two brands. So basically, it's a dual brand strategy, similar to Volkswagen and Porsche, right? So it's under the same group, but one is more premium called Faraday Future or FF. And the second one is more mass volume, more like into the mainstream of the vehicle market, which we call it Faraday X or FX. We have more than 600 patents filed globally validated by Roland Berger. And we have a 1 million square foot manufacturing facility in Hanford, California.

This is the overall market segment and the opportunity that we're pursuing. As we can see here, for the first brand, Faraday Future, we are targeting the top of the pyramid covering from everything starting $100,000 all the way up to $300,000. And for the second brand, FX, we're covering more mass market volume, capture something starting with $20,000 to $25,000 all the way up to $100,000. This is the product portfolio under the Faraday Future, the first brand, there's only one car called FF 91. And for the second brand, we have a series of products, including Super One, FX 9, which will be a hypercar performance as well as future 8 or 7, which will be more SUV or sedan type of car, very -- on the affordable side.

This is FF 91, our flagship product. It's a very powerful car. As we can see, the horse power is 1,050, 0 to 60 is only 2.27 seconds, mileage per charge almost 400 miles per charge. It has a tri-motor powertrain system that can support the best vehicle performance. On the user experience side, it's pretty premium as well, very unique. For example, it has 60 reclining angle zero gravity seats. It has a 27 ultra-wide screen full HD. So basically, you can watch live sports, live game, live events, Netflix, ChatGPT, Zoom basically do whatever you want inside of the vehicle.

We can run ChatGPT. We're the first car who can support Zoom and ChatGPT. On the -- powered by our own AI technology, both on the computing system, hardware and the software and operating system. So for example, we have two Qualcomm 8155 chip and one NVIDIA Orin to support the autonomous driving. We're the first automotive company that partnering with NVIDIA to use their chip and to launch our autonomous driving function. The operation system is based on Android. We fully developed by ourselves, and we invest lots of money and spend lots of time to build everything by ourselves.

So the car is a pretty large vehicle on the more premium segment. The wheel base is 3.2 meter. The length is 5.3 meters, so basically slightly larger than a Rolls-Royce. And yes, it's selling between $100,000 entry level all the way up to $300,000. Here are some more photos and product features of the vehicle. This is the interior. We're quite proud. This is a very unique digital ecosystem, user experience here. So for example, there's a foldable -- 27-inch foldable display. You can enjoy all of your content since we do the operation system. So the car knows you very well. Basically, we -- if you are a sports fan, it will automatically recommend the game that you like. Or if you're a big movie guy, it will come up with the content favoring your preference.

This is some benchmark of the vehicle that we are competing with for our product. I will not go into detail, but basically, not only on the performance side, but also on the user experience, AI software, digital ecosystem, we are among the best. And competes with other electric vehicles, we're selling slightly higher price compared to some of them, but it's the same, no matter on the driving performance as well as the Internet connectivity ecosystem experience, we're among the best.

So we are -- who are the owners, right? We already sold approximately 20 of the vehicle. For example, we're co-creating who the owners are, including Chris Brown. We're partnering with Mariah Carey. We're partnering with Jason Oppenheim, Justin Bell, Kelvin Sherman. So basically, the top celebrities, they're kind of looking for a car that is unique, but also can meet their expectation or kind of a unique product that they are looking to purchase, right? So everyone has a Rolls-Royce, everyone has a Bentley, but what will be a unique vehicle that fits what they are looking for. So FF 91 really offers them this great and unique product experience.

This is our manufacturing facility in Hanford near Fresno. We invested over $300 million already. We outsourced stamping, but we have the full body shop, we have full paint shop, and we have the assembly line as well. This can support up to 10,000 annual capacity for FF 91 and up to 30,000 annual capacity for FX, the second vehicle.

This is the key leadership team. The Founder, YT, who is the Co-CEO. And we have another Co-CEO, Matthias Aydt. He has 40-year automotive industry experience coming previously from Porsche and Magna. And our CFO, Koti, have more than 20 years FP&A experience in Ford. And yes, most of the team here have been working together for around 10 years. So the team has been really, really robust, and it has great execution capability.

So some further insight. I just covered the first brand. But like all the vehicle companies for them to scale and create value, they have to go into mass volume market. Tesla did it. Tesla first introduced Roadster, then introduced Model S and Model X. But the high-volume vehicle that really gave them lots of revenue and profit are Model 3 and Model Y. Similar to us, we are introducing our second brand and the second vehicle, which is a more affordable mass market product, right? And we're doing it in a very, very efficient way, right?

So for example, this is the slide that I find very, very interesting. So basically, if we start from the right-hand side first, as we know, China is the largest automotive market globally, selling 25 million vehicles per year, right? And China has a very heavy competition automotive market as well. So for example, as we can see, Tesla, Model Y and Model 3, Tesla is the best-selling car, but there are other cars that are selling similar to Tesla volume. And you have multiple brands, for example, BYD. You have Xiaomi, Li Auto, NIO, XPeng. You have lots of players in this field that building great product that can compete with Tesla. So that's on the right-hand side, which is China market.

On the left-hand side is the United States market. As we can see, this is the second largest automotive market globally, selling 15 million vehicles per year. But actually, the electric vehicle penetration rate is very low, only 10%. And also, Tesla is the best-selling car, Model Y and Model 3. There are no other real competitors giving them challenge. So not on the -- not similar to the right-hand side.

So for example, those cars in the blue bar, 17 out of top 20 vehicles are not selling in the United States, right? So one obvious idea would be why not -- why need to reinvent the wheel? Why not partner with some of them, bring one or two products from this list to here? And because it's already proven in a mature or a heavy competition market and try to capture like 1% or even 0.1%, you will have 1% of the 15 million vehicle market will be 150,000. Even 0.1% is 15,000, it can create tremendous value. And that's what we are doing right now.

I will skip this slide. So basically, we are using this method, we're partnering with two very large China OEMs, and each of them are manufacturing millions of cars already. And we are tapping into the blue ocean market in the United States. For example, we're not only bringing the full electric vehicle, but also we're bringing the range extended hybrid vehicle. We're giving the best AI cabin experience on the digital ecosystem. We're targeting sub-$40,000 AIEVs. So basically, if you only have like $30,000 to $35,000 budget, there is no good vehicle -- electric vehicle that you can purchase inside of this market. And we're capturing the luxury MPV or luxury mini van market as well.

This is the FX Super One that we launched in several weeks ago, and we already received more than 10,000 paid reservations. The market love this product a lot. It competes with Cadillac Escalade and the selling price is only approximately half of the price. It's a full-size SUV, and we call it MPV, super comfortable, luxury, both interior and exterior, and giving a very good user experience. Those are the two editions of the vehicle.

Here are some more design. We're introducing a EAI Super F.A.C.E. Basically, you can choose to have it or not to have it, and you can demonstrate the video or any photo that you'd like since that's a very unique feature. This is the interior space. As you can see, there are 4-seater, 6-seater and 7-seater versions, and it can fit lots of user -- real case user need. And both the second row and the third row are captain chair. So very -- super comfortable and offer zero gravity function as well.

This is the production road map or the key milestones, what we are doing for the Super One. We are -- we have already received more than 10,000 reservations, and we plan to launch by the end of Q3 or early Q4 in UAE, in Middle East first, since that we have a manufacturing facility -- small manufacturing facility and their homologation requirement is more friendly compared to the United States. And by the end of this year, we're doing homologation already for this vehicle. We already get homologation complete for the first vehicle, FF 91, and we're doing it for the second vehicle, FX. And we plan to have the first vehicle roll off the manufacture facility by end of this year.

This is some financial slides. We are -- basically, we're still a very small company. Although the stock performance in the past few weeks has been pretty good, but we're still very small, only $250 million in market cap, not similar to other successful company at this slide. But one company that I'd like to highlight is Lucid. So if we're familiar with Lucid Financial, for example, last year, Lucid is selling less than 10,000 vehicles. They have an operating loss of $3 billion, and their valuation is still like having $6 billion to $7 billion. And the next similar company that we're familiar is Rivian, have a market cap of something around $15 billion to $20 billion, but Faraday only have $200 million, $250 million, right? So if we can successfully pull this one off and just capturing like 0.1% market share of the overall automotive market opportunity in the United States, we firmly believe that we can really create some significant value or at least offering some very unique product feature to the U.S. consumers.

We are running our business very efficient. This is the 12-month cash burn in the year of 2024. As we can see here, some of the vehicles are -- some of the company are no longer existing, but we are running our business very efficiently, burning only less than $80 million for the full year.

This is our stock performance. We are -- we have lots of retail following us. Last year, it was quite amazing experience. The stock was up 100x in like 10 trading days. And for this year, when we do the announcement as well as continue to introduce more development of the second brand or the second vehicle, the market reacts are very, very positive. And the volume is quite high. So the single daily trading -- peak trading volume was 3 billion. And right now, it's stable around like 50 million to 100 million per single trading day.

Yes, that's it on the company introduction. Happy to take questions. Thank you.

Thank you so much, Jerry. I'll start off with a few questions. But first of all, I think it's very interesting. And we've seen this over the past year or so, a lot of articles in the U.S. in mainstream publications saying the best EV that you cannot buy, right? And highlighting various different Chinese EVs and talking about the price points. And I think Americans who are aware have been sort of shocked that you can buy in China an EV that goes 500 miles and cost $30,000 and looks like a Ferrari. Maybe referring to Xiaomi SU7, YU7 now too.

And so I think it's interesting. And it seems to be contingent though upon the regulatory environment. And you and I were just chatting before you took the stage about the tariff rate that is applied to semi knocked down or completely knocked down vehicles coming from China because the tariff on Chinese vehicles wholly is 100%. And I think that would be untenable, I mean. And so maybe you can just talk about what's giving you the confidence. You say you're importing vehicles right now paying 25%. As your attention is raised, do you become a target? And what's sort of your confidence that you might be able to pay this reasonable rate?

Yes, that's a great question. Well, I think we are following the industrial development trend that is highly supportive by the current administration. So basically to promote the high-end manufacturing coming back to the United States. One of the largest high-end manufacturing industry is definitely automotive, building cars, right? So we're a California company. We're hiring hundreds of people, and we are expanding our facility to capture this great opportunity. So we are creating jobs. We're creating value. We are bringing like good, affordable products to the United States and make it available for consumers to choose, right?

So overall, we think that we are following the -- creating meaningful value and following the development direction that the current government is promoting. And actually, we had a quite successful event in D.C. several weeks ago. We met with like Congress members and introducing what we're doing, brought two vehicles there. And all of them are -- spoke highly of the business and really want us to expand more facility in their state. So in general, we feel that the tariff situation will be slightly eased. And -- but basically, the different rate from the complete vehicle and automotive parts will be there.

Yes. I think it's a strong argument. I just -- I think that the fair and logically sound argument does not always win the day when it comes to politics. And then I wanted to ask too on your willingness to potentially consider not branding the vehicle under your own brand. I imagine there might be some automakers in China that would like to sell their vehicles in the U.S., but maybe control the brand. So is that something that you would ever consider essentially being like a contract CKD assembler in a way that Magna Steyr is for complete vehicles?

Yes, that's a great question as well. I would slightly pivot that. We are definitely open for opportunities, that's for sure. But actually, when I introduced those vehicles are selling very well in China, but why not they're not able to bring it to here, at least three hurdles. They're not able to do it by themselves. They have lots of money. For example, BYD, they can open a facility, spend billions of dollars building in here and then bring vehicle in here. But why they're not doing it? The market is just great, right?

So there are at least three reasons really differentiate Faraday. So first, we already discussed, you need to have a manufactured facility. No matter how much or how less that you're doing manufactured, the car needs to build in here in order to enjoy a favorable tariff treatment. So that's one thing. It takes us 10 years, $300 million to build a facility in California. So it takes a lot of money and take a lot of time.

And second is on the vehicle software. So the current administration is banning China vehicle software starting from 2027, and all the players are trying to figure it out how to handle it. So my point is that even, for example, BYD build a facility, spend billions of dollars, they need to develop their own software all in the United States as well. So this will take them lots of time and lots of money to do so.

And the third, you captured it very right. It's a brand sale, after sale service and user operation, right? So for those large OEMs, they're coming into here, they want to capture -- definitely want to capture some meaningful volume. Then probably I mean, the best way of them doing it is to create their own brand instead of using their existing brand and introduce a China vehicle to United States, especially given the current political environment right now.

Would you say that you ironically benefit from the scrapping of the $7,500 U.S. federal consumer tax credit because that was widely seen as a nontariff trade barrier that you would not have qualified for even with playing field a bit, would you say?

Yes. So the $75,000 (sic) [ $7,500 ] as long as that you are building cars in here, you can enjoy half of that, and you are purchasing batteries from here, you can enjoy the other half of that.

Yes. I wanted to ask about homologation costs. Firstly, you have gotten one of your FX vehicles through homologation. So you should be familiar with this. And obviously, the more vehicles that you sell, the more you can amortize those homologation costs. But when people would push back, you really wouldn't be able to buy a $30,000 because of all the transportation costs, then you throw in the homologation. And one thing that I think your van offers that's very interesting is the zero gravity seat, which the American consumer does not have experience of. And it's like flying business class, but in your car. But there's some concern even in China about that meeting new regulations and whatnot. And some of our seating and airbag companies are working on solutions for that, but it's a little bit out and kind of expensive. And just curious if that would be possible to sell in the U.S. and what your discussions with the regulators around homologation for that vehicle with the zero gravity seats.

Absolutely. Yes. So first, the answer is yes. We are able to do it. And in fact, we are selling zero gravity seats in FF 91 as of now, and it's completely pass the homologation. So we already did it, and we understand how to do it. But that's an excellent question. Like passing homologation for zero gravity seats is very, very difficult. We spend lots of money, and we spend lots of time trying to get that down. So for example, not only the safety belt, but the buckle, like the structure that support the safety belt, we failed at the first time because of the crash test. And because of the unique design of the seat, the buckle would lose and then we're not -- we did not pass at the first time.

So we changed another design and fit in a stronger material in order to completely pass all the homologation requirement. And definitely, the homologation requirement under the U.S. is the most strict around global. But -- so it takes lots of effort and lots of know-how and knowledge to go through it. But basically, once you get it down, you know how to do it. And the more important thing is that this will offer consumers the most safest product and experience that they can have on driving the car. So it's definitely worth it.

One thing I kind of like about your business model is it -- is derisked in a way that Fisker was not. I mean they had all massive cost overruns. Lucid, you see they lose so much money. The vehicle cost is you know what it is. You know what, I'd say, Great Wall is charging you for this van and you know what the tariff costs are and the homologation, and you know what your assembly costs are in your market. What kind of -- starting with that $60,000 price and what the van would be sold to you for? And considering your semi-assembly fees, what kind of margin would you target there?

Yes, that's a great question. We're targeting something around 15% contribution margin, and we think it's definitely very much achievable. And here's why, right? So in general, for the same vehicle, the cost or the MSRP in China or the MSRP in U.S., kind of similar standard vehicle is double compared to the MSRP in China. That's how like strong competition China is, but that's how advanced the electric vehicle supply chain is, and cost efficient the manufacturing and supply chain is in China. So basically, you have 100% room for margin, right? If you take 25% off from the tariff on the automotive parts, you take another 25% off from the shipping, logistic costs, so on and so forth. And basically, your distribution and your dealer margin and so on and so forth is another 20%. So you still have a very healthy around 30% margin room for execution, right? And you're taking some of your marketing promotion, maintenance cost of, warranty cost of. So basically, a 15% gross contribution margin target is very much achievable under this model.

Now you said that you're working with two large Chinese OEMs. And you also said that they currently sell millions of vehicles. One we know to be Great Wall. The other is not Great Wall, Li Auto, which sells plug-in hybrids, does not sell millions of vehicles. There's a pretty short list here. And if you say you're going to sell for $40,000, if you're going to have a 15% gross margin, that means you need to buy -- your total cost needs to be about $35,000. And considering your -- that also includes the cost to assemble the vehicle, to transport the vehicle. So really, the purchase price from the Chinese automaker might be like $30,000. And I don't know, it sounds like a BYD vehicle to me. What kind of vehicle do you think -- or would it be reasonable to assume that this is? And that would -- what kind of volume potential would a vehicle like that have in the U.S., do you think?

Yes. Basically, it depends on the MSRP range. So for example, for the Super One, the large full-size SUV, we have like three versions. The entry level, let's say, the mainstream one as well as a more luxury one. So it's all combined, we're targeting of something around 50,000 to 100,000 volume. And we try to get there like step by step. So again, we're not trying to sell like millions of cars in the next 5 or 10 years and become second player following Tesla. That's not what we're trying to do. We wanted to be efficient. We wanted to making steady progress step by step. And gradually, we're going to get there, but using very light asset or light investment. So think of that, the vehicle has already been built, right? We're making it better by our software, by passing homologation and there's a lot of design engineering change. But the core product is already developed and they're manufacturing and selling millions of vehicles right now, right?

So by partnering with those great partners, not only that we can have a very robust product that is market proven, but also we can enjoy their supply chain cost, right? We can enjoy their purchase price. We can enjoy their manufacturing cost. We can enjoy their quality control, and by making this product better using the capability that we are adding, even the value that we're adding on to that. And actually, there is a like a supply chain tax rebate. So basically, there is a 12% value-added tax in China. So if you purchase from a local supplier and you sell the end product in China, they're paying 12%. But if the end product is not selling in China, you bring it outside, basically, there's a 12% tax rebate that the OEM can get.

So basically, that's a very -- even they're selling those parts at the same cost of their manufacturing, they're getting 12% pure margin, pure profit. So it's a very like interesting business model for them to consider and especially considering the heavy competition is going on in China like Xiaomi, Huawei, BYD. Everyone is launching their cars and all the cars -- products are amazing. So their margin is relatively low. By partnering with guys like us, they can enjoy basically 12% by almost doing nothing, right? They're manufacturing millions of vehicles already. So what does it make to manufacture another 50,000 or something, it's very efficient.

Yes. I wanted to ask you upon the UAE strategy that you laid out. Like is there any particular partner that you've tied up with? Is the plant over there similar to the California Hanford plant with the semi knocked down assembly? And are there any key advantages to choosing that market to go into first?

Of course, yes. So first of all, we are partnering with Ras Al Khaimah, so basically a smaller Emirates in UAE. And one of our strategic investors, Sheikh Abdullah Al Qasimi from the ruling family. And with his support, we already secured a manufacturer facility in Ras Al Khaimah Economic Development Zone. And as we know, the UAE are very much promoting manufacturing high-end AI technology automotive business there as well, right? So they're giving -- not only giving great incentives, great support, but also that they are slightly lowering the bar of the homologation requirement in that market.

So basically, if you're selling less than 100 vehicle, more or less -- around less than 100 vehicle per product, you're not needed -- as long as you manufacture in UAE, there's no or very light homologation requirement. But that product is a mature product. So we're going to make sure the quality is great and then we start to deliver. But the speed and execution of delivering in UAE is much faster and the certainty is significantly high compared to passing the whole homologation in the United States. We're able to make it. We will make it, but this takes slightly longer than starting manufacturing in UAE.

Are there any questions in the audience? One thing that's interesting about UAE is it's not very big. And so you can drive the vehicle from one part of the country to the other and find service. But in the United States, it's a big country, and you'd almost have to -- because of the fixed investment and the dealership distribution, you have to kind of limit yourself to a subgeography. How do you plan to handle the distribution and be able to scale it in an efficient way? And I almost wonder if a good alternative without investing in distribution would be to sell to fleet customers. And I don't know that a government would necessarily buy a Chinese-type rebranded vehicle, but a corporate, a rental, something like that, where they're taking care of the refueling and service and things of that sort.

Yes, definitely, that's a great question. I think the key is the product performance, right? Are you really offering a product that is reasonably priced, but also offer like premium, exclusive features and experience no matter from the driving side or from the seating side or from the digital ecosystem side. What kind of unique experience that you are offering with your product will determine on whether a customer would like to buy it or not. So again, we're targeting a 50 million market -- a 50 million vehicle market, which is a lot, right?

And on your sales and distribution, that's a great point as well. From our strategy, we're focusing mostly all the transactions are completely online. So we're building our online platform and doing all to facilitate all the vehicle transactions. On the offline, we just built a very handful -- a very few flagship stores, maybe two or three in the United States. We're not trying to create like hundreds of stores. It's very, very expensive, right? But how we capture the offline, for example, sales activities or sales and maintenance activities by -- we're partnering with offline institutions or offline stores. So giving them a product that they can have user to experience it, they can test drive, basically come and see. And wherever the order that we're getting online, for example, it has a ZIP code. And for some offline partners, we will direct those online interest to the region that you cover.

What kind of offline partners, would these be like franchise dealers for Faraday?

Yes, franchise dealers. Some of the large automotive no matter on the new car dealer or used car dealers. And some of them, for example, the first dealership that we signed or dealership partner that we signed in New York is a used car dealer. They have two stores. They're taking care of the maintenance as well. But also they signed for 1,000 FX vehicle. Also that they try to develop their own fleet. So they're saying that this product offers very, very unique seating experience that no other product -- similar product, at least similar to the price range can offer. So they're considering of purchasing like 500, 700 of them and applying to, for example, Uber Black or something. So it's a very healthy model that they can enjoy at slightly lower MSRP cost, but come with steady cash flow.

I did ride from the Shanghai Pudong Airport to the Shangri-La hotel in a Zeekr with a zero gravity seat, very silent and smooth, and very relaxing after my nonbusiness class flight into Shanghai. So that was definitely executive transport, absolutely.

Yes. And I mean, ordering premium vehicle experience in Uber is kind of expensive, like $100, $150, $200. So basically, as long as we can build the product and able to start delivering and gradually scale up, there's tremendous opportunity.

Well, very good. We are over time. So please join me in thanking Jerry for the great color and insight.

Thank you.