Executive Summary

Q3 revenue remained de minimis at $0.04M while cost of revenue and a one-time asset impairment drove a sharp step-up in losses; Loss from Operations was $(206.8)M vs $(25.2)M in Q3’24, driven by investment in engineering, talent expansion, strategic initiatives, and a realignment of asset values tied to manufacturing .
The company highlighted 11,000+ non-binding U.S. FX Super One pre-orders and >200 non-binding UAE B2B pre-orders; first UAE delivery targeted in November and first U.S. pre-production FX Super One off-line by year-end, keeping industrialization milestones in focus .
Liquidity actions continued: ~$136M in financing commitments, ~$135.8M YTD financing inflows (sixth straight quarter where financing inflows exceeded operating outflows), and Q3-end cash of $62.9M (highest in >2 years) .
Versus S&P Global consensus, Q3 revenue missed ($0.04M actual vs $0.25M est.) and EPS likely missed (−$1.81 actual vs −$0.36 est.); coverage remains extremely thin (one estimate), and consensus will need to reset to reflect the greater impairment-driven loss and limited revenue ramp [Functions.GetEstimates; S&P Global].
Potential stock catalysts: first UAE deliveries (Nov), first U.S. pre-production FX off the line (year-end), completion of FMVSS safety tests, NACS Supercharger access pathway for future BEVs, and any incremental financing or strategic partnership updates .

What Went Well and What Went Wrong

What Went Well
- FX demand signals and channel build-out: 11,000+ U.S. non-binding pre-orders and >200 UAE non-binding B2B pre-orders; FX PARs established in CA/NY/MA/TX/NV with planned expansion to NJ/FL/WA .
- Liquidity trend: ~$136M financing commitments; financing inflows of $135.8M YTD and sixth consecutive quarter where financing inflows outpaced operating outflows; management reiterated prudent capital deployment .
- Strategic/technology updates: adoption path to NACS enabling access to 28,000+ Tesla Superchargers for future FF/FX BEVs; continued progress on AI stack (FFAI 2.0 voice assistant, gesture controls) and FX trial pre-production at Hanford .
- Quote: “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.” — CFO Koti Meka .
What Went Wrong
- Minimal revenue and negative unit economics: Q3 revenue was ~$0.04M with gross loss of $(34.2)M; cost of revenue dwarfed sales, reflecting very early commercialization and FF91/FX ramp timing .
- Large non-cash impairment and sharp OpEx: Q3 included ~$138.5M asset impairment tied to updated operational plans and a shift toward FF92 and FX Super One, pushing Loss from Operations to $(206.8)M .
- Execution/funding risk persists: management reiterated need for continued financing to execute FX, EREV, AI and market expansion strategies; multiple operational dependencies (homologation, permits, supply chain logistics) remain on the critical path .

Financial Results

Consolidated snapshot (USD Millions unless noted)

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue	$0.30	$0.05*	$0.04
Gross Profit	$(21.07)*	$(26.86)*	$(34.22)
Loss from Operations	$(43.8)	$(48.1)	$(206.8)
Net Loss	$(10.28)*	$(124.68)*	$(222.19)
Diluted EPS ($)	$(0.14)*	$(1.20)*	$(1.81)*

* Values retrieved from S&P Global.

Notes:

Q3 Statements of Operations (three months ended 9/30/25): Revenue $0.037M; Cost of revenue $34.256M; Gross loss $(34.219)M; Loss from operations $(206.807)M; Net loss $(222.187)M .
Q2 “Loss from Operations” disclosed at $(48.1)M; other Q2 line items not fully disclosed in the press release .

Year-over-year snapshot (Q3 2025 vs Q3 2024)

Metric	Q3 2024	Q3 2025
Revenue ($M)	$0.01	$0.04
Gross Profit ($M)	$(21.44)	$(34.22)
Loss from Operations ($M)	$(25.2)	$(206.8)
Net Loss ($M)	$(77.69)	$(222.19)

KPIs and Operating/Financial Items

KPI	Q3 2025
U.S. FX Super One pre-orders (non-binding)	11,000+
UAE B2B pre-orders (non-binding)	>200
B2C pre-orders (non-binding, refundable)	~250
FX Super One UAE price point (AIHER Max)	309,000 AED; UAE first deliveries expected Nov
U.S. FX Super One pre-production milestone	First U.S. pre-production FX off-line targeted by year-end
Q3-end Cash	$62.9M cash (balance sheet)
YTD Operating Cash Flow	$(79.17)M (nine months)
YTD Financing Cash Flow	$135.78M (nine months)
Financing commitments announced	~$136M
NACS (Tesla Supercharger) access pathway	Future FF/FX BEVs to access 28,000+ Superchargers across U.S., Canada, Japan, S. Korea

Segment reporting: Not disclosed; company reports as a single business with program updates across FF91 and FX Super One .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
FX first off-line (U.S.)	FY25	First FX off-line by end-2025	First U.S. pre-production FX off the line by year-end	Maintained/clarified milestone timing
FX UAE deliveries	Q4’25	First FX off-line in Middle East by year-end	First UAE delivery in November; ramp thereafter	Pulled forward specificity (Nov)
FF91 delivery	Q4’25	Not specified	On track to deliver an additional FF91 2.0 Futurist Alliance unit in December	New specific Q4 unit target
Safety/Regulatory	Q4’25	FX homologation and testing underway	Expect to complete a series of FMVSS tests at MGA “in the near future”	Continued progress
Charging infrastructure	2026+	Not addressed	Future FF/FX BEVs adopt NACS; Supercharger access	New strategic update

No quantitative revenue/margin guidance was provided; management focused on operational milestones and commercialization readiness .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
AI/Software	Q1: FF AI OS development; version 57 update . Q2: OTA 2.00.58 release .	FFAI 2.0 voice assistant, gesture-based controls; continued AI platform build .	Accelerating platform capability
Supply chain/industrialization	Q1: Hanford flexible line planning (30k capacity) . Q2: FX parts procurement/trial production .	FX trial pre-production at Hanford; procurement agreement; team training .	Progressing to pre-production
Product/market launches	Q2: U.S. FX launch (7/17); >10k non-binding pre-orders by 7/31 .	UAE final launch (10/28); >200 UAE B2B non-binding pre-orders; UAE deliveries Nov .	Broadening globally
Regulatory/safety	Q1: U.S. homologation/road testing initiated .	Additional FMVSS test completion near term .	Continued de-risking
Capital and financing	Q1: $20M received; $41M new financing . Q2: ~$105M commitments .	~$136M commitments; 6th straight quarter financing inflows > operating outflows .	Increasing access
Charging ecosystem	Not addressed previously	Future FF/FX BEVs to gain NACS Supercharger access .	Positive infrastructure development

Management Commentary

“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.” — CFO Koti Meka .
“We remain committed on the delivery of the FX Super One vehicles for the UAE.” — Global Co‑CEO Matthias Aydt .
“Access to public chargers… offering our users the convenience, reliability, speed, and ease of use that comes from Tesla’s Supercharging network…” — Global Co‑CEO Matthias Aydt on NACS .
Company highlighted realignment of manufacturing-related asset values as it shifts from FF91 activities toward retooling for FF92 and FX Super One .

Q&A Highlights

Product/features: Management emphasized the FX Super One’s EAI-driven luxury cabin, dual power options (AI HER range-extended and AI EV BEV), spacious/adaptive interior, and 360° intelligent safety, positioning it as a first-class EAI-MPV .
Pre-orders/conversion: >11,000 non-binding B2B pre-orders and ~250 B2C refundable pre-orders; plan is to convert to binding orders as availability nears via direct online and FX PAR channels .
Tariffs/costs: Management framed tariffs as an industry-wide factor; expects manageable impact over the next 12 months as localization improves and FX scales, with Hanford SKD capacity up to 30k vehicles and a “bridge strategy” to balance global supply strengths with U.S. manufacturing .
UAE strategy: >200 B2B pre-orders; local partnerships, initial deliveries in November; focus on high‑net‑worth customers and supportive policy environment .

Estimates Context

Q3 2025 S&P Global consensus: Revenue $0.25M vs actual $0.04M (miss); EPS −$0.36 vs actual −$1.81 (miss; limited coverage with one estimate) [Functions.GetEstimates; S&P Global].
FY 2025 and FY 2026 consensus (S&P Global): EPS −$1.89 (FY25) and −$1.34 (FY26); Revenue $0.66M (FY25) and $14.35M (FY26) [Functions.GetEstimates; S&P Global].
Given minimal current revenue and a large Q3 impairment, consensus likely needs to reset to reflect timing of FX deliveries and cadence of cost realignment.

Q3 2025 Actual vs Consensus

Metric	Actual	Consensus
Revenue ($M)	$0.04	$0.25 (S&P Global)
EPS ($)	$(1.81)*	$(0.36) (S&P Global)

* Value retrieved from S&P Global.

Key Takeaways for Investors

Execution remains milestone-driven: UAE first deliveries (Nov) and first U.S. pre-production FX off-line (year-end) are the next critical proof points for commercialization; successful delivery is likely a key stock catalyst .
Liquidity runway has improved but continued capital access is essential; management has lined up ~$136M commitments and maintained a trend of financing inflows exceeding operating outflows, yet large operating/investment needs persist .
Q3 loss profile was dominated by a ~$138.5M non-cash impairment amid program realignment; near-term P&L will likely remain volatile until FX volumes begin to scale .
Demand indicators are encouraging (11,000+ U.S. non-binding pre-orders, >200 UAE B2B) but conversion, homologation, financing availability, and supply chain execution will dictate the revenue ramp .
Infrastructure update is a positive LT signal: future NACS/ Supercharger access can reduce adoption friction for FF/FX BEVs .
Estimate risk is high given minimal analyst coverage (one estimate) and timing uncertainty; consensus likely requires further calibration post-Q3 miss and following any concrete delivery disclosures [Functions.GetEstimates; S&P Global].
Trading stance: near-term reactions likely hinge on delivery headlines (UAE Nov, U.S. pre-production), FMVSS progress, and financing updates; medium-term thesis depends on conversion of pre-orders into binding orders and a credible ramp with improving unit economics .

Appendix: Source Documents

Q3 2025 8‑K (Item 2.02) with Press Release, investor slides, and financial statements .
Q3 2025 earnings call transcript –.
Relevant Q3-period press releases: NACS adoption (Nov 12, 2025) ; UAE launch (Oct 28, 2025) .
Prior quarters: Q2 2025 press release (Aug 18, 2025) –; Q1 2025 press release (May 8, 2025) –.

Estimates and starred actuals retrieved from S&P Global (Capital IQ).

FARADAY FUTURE INTELLIGENT ELECTRIC INC. (FFAI)·Q3 2025 Earnings Summary