FFAI

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. 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 two 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 three-in-one 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, continuous 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 Brain 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. 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 Three-in-One 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's robotic 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 three series of EAI robot products: Futurist, Master, and Aegis. During the event, the company announced a cumulative non-binding, non-refundable paid pre-orders 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 to concurrently support the sales of both EAI EVs and EAI robots.

Following the NADA Dealer Summit, we signed MOUs with several mainstream U.S. dealerships for both FX Super One and 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 closed loop of efficient sim-to-sim and sim-to-real 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 the robot management backend V1.0 are live, laying the smart management groundwork for large scale operations.

Open source and open developer platform is the 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 one of FF's most important levers for creating a differentiated competitive moat. We held our EAI Developer Platform Strategy Launch in San Francisco, officially initiating the era of EAI robot education tailored for AI natives. We achieved the first practical application of OpenClaw 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 two months after we launched our Three-in-One 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 two months of launch. The data factory consists of two 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've signed MOU with Boston International Business School to jointly establish the BIBS-FF AI Robotics Institute, the first industry-driven physical AI and robotics institute in the U.S. 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 skills, 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 cost 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 non-cash items, including depreciation, amortization, goodwill impairment, and share-based compensation.

After adjusting for non-cash 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, marking the second consecutive quarter of positive equity growth.

Q3 2025's large asset impairment was a non-cash accounting adjustment. Since that trough, equity has rebounded for two consecutive quarters from -$39.5 million to $19.2 million, a $59 million improvement over six months, driven by debt to equity conversions, vendor settlement, 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 two quarters of a major strategic impairment. 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 anti-dilution 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 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 for 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 18th when the SEC formally concluded its investigation of over four 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 20th 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's 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 K12 and higher education, and the integration of EAI industry chain resources. 2026 Outlook. With the SEC's four-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 removal 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 Five Key Transformations initiative across our strategy, business, system, finance, and capital. We will fully implement the EAI Three-in-One strategy and our Industrial Bridge Strategy.

Our near-term focus will be on building a robotics 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 Three-in-One 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, enhance financial discipline, and rebuild long-term market confidence. In the following sections, I will discuss in greater detail our strategic outlook and these five 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 toward 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 Three-in-One strategy, we intend to firmly focus on scaling robotics deployment and monetization with positive gross margins while advancing our AIEV initiatives with a disciplined and cost-efficient approach. Our overall business model is shifting toward 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 three-in-one 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 the growing demand across our four 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 K12 education products, we have officially raised our 2026 annual shipping target to 1,500 units and will host our educational ecology and 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 products, 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 standalone tool, but as a 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 operation 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 three levels. Mindset shift. Move from business recording to business collaboration and value co-creation, and from data provision to information analysis and decision guidance. AI empowerment. Embed the AI brain into accounting and core finance functions. Process redesign. Under the new AI plus 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 three financial statements with a steadily improving balance sheet structure, scaled revenue from the device business, and a 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. A 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 Five Key Transformations will materially improve execution and competitiveness while decisively realigning the company's market valuation with the 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 three 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 a 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 30th, and we're progressing toward our 200 unit delivery target by the end of Q2. That gives us strong visibility into the full-year ramp. Third, demand is broadening, especially in EAI education. With our K-12 education product launching shortly, we expect a meaningful new pull on top of what's already there. Also, in early June, we will host FF's 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 two core embodied AI product engines, humanoid and bionic robots, and EAI vehicles as robots. In phase one, robotics is the priority, with vehicles playing a supporting role. Why this sequence? Robotics requires far less capital than vehicles, generates revenue and gross margin faster, and plays directly to FF's existing strengths 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 800V BEV is expected to reach its first, second, and the third phases of delivery within six to nine months, 12-15 months, and 21-24 months, respectively. The Future AI Hybrid Extended-Range model is expected to reach its three delivery phases within nine to 12 months, 21-24 months, and 24-28 months. This adjustment gives us several very real benefits. We can concentrate resources on robotics during its critical ramp up, substantially reduce near-term cash outflows, accelerate the formation of an operational closed loop, and significantly lower our financial risk.

Question. You announced on May 10th 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 US-based physical AI ecosystem company with EAI robotics as the priority business in the first phase. We've shipped 68 robots as of April 30th with positive contribution margins. We've raised our 2026 shipping target to 1,500 units. In the new organization structure, Jerry oversees finance, legal, government affairs, and strategic cooperation, and risk management. I oversee product, EAI R&D, supply chain, manufacturing, quality, UES, and VLE. We jointly lead strategy, capital market, and the corporate operations.

This transition creates a tight closed 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 needs 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 a co-CEO. With more than four decades of automotive industry experience, he played a central role in moving the FX Super One program forward, strengthening our Hanford 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 would answer it in three parts. First, Q1 is a starting point, not a baseline. In Q1, we began generating robotic sales revenue with positive product gross margin. Our full year 2026 target is cumulative shipments of more than 1,500 EAI robots, and we are tracking toward 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. Pre-order momentum, which we have 1,200 pad pre-orders on launch day. 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 three-in-one EAI ecosystem platform. 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.

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 Future's 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 growth 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 AI ecosystem platform powered by a dual-engine model of EAI EV + EAI robotics. The EAI strategy and the EAI industry bridge strategy are our core strategies.

The EAI strategy is a three-in-one AI 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 AI 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. Built 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 internal ecosystem. The three 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 closed product technology loop.

At the same time, this can reinforce the EAI business and accelerates the realization of fundamental value for the FF AI 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 Ocean 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 pre-production vehicle successfully rolled off the company's California AI factory, validating FF's ability to integrate resources across regions, industry, and ecosystems. Achieve the broad product competitiveness of Super One, a first-class MPV with 130 in wheelbase, flat floor, flexible zero gravity rear seats, FF EAI architecture, and the world's first Super EAI F.A.C.E. system, emotional grille 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 four-pillar sales architecture covering community, partner, B2B, and third-party e-commerce channels. The B2B2C co-creation ecosystem expanded to six 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 an 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 to the relevant auto finance license with the California Department of Financial Protection and Innovation. Meanwhile, the ultra-luxury FF 91 flagship continues its niche presence with a targeted delivery, and the company has released rear design sketches for our planned FX 4, which is positioned as the RAV4 disruptor in the AIEV era. We also have amazing upgrades on the FF EAI technology stack. The system now natively supports over 50 languages and includes real-time web searches with voice synthesis and RAG knowledge base support. Technical improvements also include an AEC upgrade to support seamless conversation, interruption, and a successful migration of an 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 pre-deliveries, 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 Show 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 toward 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 three, system building. Now let's discuss our recent progress in 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 a major technology hub. By combining a validated compliance framework with a high-caliber talent 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 three months ending December 31st, 2025, and $331 million for the full year 2025, primarily reflecting R&D investments, headcount growth, and select asset-related adjustments. Excluding one-time impairments or losses, the operating loss was $185 million, reflecting the company's cost optimization efforts. The one-time 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 non-cash 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 remained 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 actively 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 decode the results and future roadmap of the EAI Bridge Strategy, highlighting how the EAI EV + 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 robotics business. To optimize the capital structure, the company entered into agreements with several warrant holders in the fourth quarter of 2025 to terminate and cancel a total of 44.5 million warrants previously issued under various 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 four 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 had 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 10-pronged transformation initiative to swiftly and cost effectively achieve four-phased goals. Short term, 180 days, mid- to short term, one year, mid-term, three years, and long-term, five years. We'll 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 20th, 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 wrap up production to prepare for high volume delivery in the following years. For the FF 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 AI 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 180 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 this 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 cross 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 sheets and financial statements as of and for the three 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 three 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 after-sale 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 live 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 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 customer 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 after-sales 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 EAI 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 4, what are the next steps for the EAI Brain and open source open platform and the data factory?

A good question. The FFEAI 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 co-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 requirements 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 Robotics 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 mongering, defamation, 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 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 all of your participation.

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