What changed in FARADAY FUTURE INTELLIGENT ELECTRIC INC.'s 10-K — 2024 vs 2025

Item 1. Financial Statements Faraday Future Intelligent Electric Inc.

Consolidated Balance Sheets (in thousands, except share and per share data) December 31, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 34,927 $ 7,144 Restricted cash 27 30 Digital assets 10,250 — Accounts receivable 257 — Notes receivable, net of allowance for credit losses of $4,555 at December 31, 2025 343 — Inventory, net (see Note 4) 3,258 27,486 Deposits (see Note 5) 10,499 31,094 Other current assets (see Note 5) 8,963 6,127 Total current assets 68,524 71,881 Property, plant and equipment, net 155,303 348,587 Operating lease right-of-use assets, net 4,950 1,761 Intangible assets, net 4,639 1,042 Goodwill 25,764 — Other non-current assets (see Notes 4 and 5) 18,682 2,129 Total assets $ 277,862 $ 425,400 Liabilities and stockholders’ equity Current liabilities Accounts payable $ 57,277 $ 71,414 Accrued expenses and other current liabilities 45,499 45,677 Related party accrued expenses and other current liabilities 13,179 11,077 Warrant liabilities 1,950 28,864 Accrued interest — 25 Related party accrued interest 19,933 23,227 Other financing liabilities, current portion 951 761 Operating lease liabilities, current portion 1,443 2,128 Notes payable, current portion 4,432 4,224 Related party notes payable 3,507 5,310 Total current liabilities 148,171 192,707 Other financing liabilities, long term portion 46,867 38,698 Operating lease liabilities, long term portion 3,471 14 Notes payable, long term portion 56,234 45,264 Related party notes payable, long term portion 772 2,754 Derivative call options 10,042 29,709 Related party derivative call options 2,504 — Other liabilities 2,042 1,287 Total liabilities 270,103 310,433 Commitments and Contingencies (Note 12) 147 Table of Contents Stockholders equity (deficit) Class A Common Stock, 0.0001 par value; 228,041,297 and 99,815,625 shares authorized; 199,130,727 and 65,919,127 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 21 6 Class B Common Stock, 0.0001 par value; 4,429,688 shares authorized; 6,667 shares issued and outstanding as of December 31, 2025 and December 31, 2024 — — Preferred Stock, 0.0001 par value; 5,931,000 and 10,000,000 shares authorized as of December 31, 2025 and December 31, 2024 respectively; one and zero shares issued and outstanding as of December 31, 2025 and December 31, 2024 respectively — — Series B Preferred Stock, $0.0001 par value; 12,000,000 and zero shares authorized as of December 31, 2025 and December 31, 2024 respectively; 7,184,760 and zero shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively — — Additional paid-in capital 4,673,866 4,421,563 Accumulated other comprehensive income 3,817 7,744 Accumulated deficit (4,705,042) (4,314,346) Total stockholders’ equity (deficit) attributable to the Company (27,338) 114,967 Noncontrolling interest 35,097 — Total stockholders' equity (deficit) 7,759 114,967 Total liabilities and stockholders’ equity (deficit) $ 277,862 $ 425,400 The accompanying notes are an integral part of these Consolidated Financial Statements. 148 Table of Contents Faraday Future Intelligent Electric Inc.

Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) 2025 2024 Revenue $ 536 $ 539 Cost of revenue 98,302 84,029 Gross profit (97,766) (83,490) Operating expenses Research and development 16,603 25,227 Settlement on accrued research and development expenses — (14,935) Sales and marketing 12,310 9,278 General and administrative 55,733 43,164 Loss on disposal of property, plant, and equipment 2,459 1,667 Impairment of long-lived assets and deposits 137,435 1,847 Impairment of goodwill 4,450 — Credit loss expense - short-term note receivable 4,294 — Total operating expenses 233,284 66,248 Loss from operations (331,050) (149,738) Change in fair value of notes payable, warrant liabilities, and derivative call options 49,093 (12,556) Change in fair value of related party notes payable, warrant liabilities, and derivative call options (1,627) 253 Loss on settlement of notes payable (100,524) (161,725) Loss on settlement of related party notes payable (5,128) (14,295) Interest expense (8,649) (7,895) Related party interest expense — (8,710) Net loss on digital assets (4,117) — Other (loss) income, net 4,983 (1,448) Loss before income taxes (397,019) (356,114) Income tax (expense) benefit (63) 267 Net loss $ (397,082) $ (355,847) Less: Net Loss attributable to noncontrolling interest 6,386 — Net Loss attributable to Faraday Future Intelligent Electric Inc. $ (390,696) $ (355,847) Per share information (See Note 17): Net loss per share of Class A and B Common Stock attributable to common stockholders: Basic $ (3.14) $ (19.61) Diluted $ (3.14) $ (19.61) Weighted average common shares used in computing net loss per share of Class A and Class B Common Stock: Basic 124,299,591 18,529,525 Diluted 124,299,591 18,529,525 Total comprehensive loss Net loss $ (397,082) $ (355,847) Foreign currency translation adjustment (3,927) 1,882 Total comprehensive loss $ (401,009) $ (353,965) The accompanying notes are an integral part of these Consolidated Financial Statements. 149 Table of Contents Faraday Future Intelligent Electric Inc.

Consolidated Statements of Stockholders’ Equity (Deficit) (in thousands, except share data) Common Stock Preferred Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity (Deficit) Attributable to the Company Noncontrolling Interests Total Stockholder’s Equity (Deficit) Class A Class B Series B Shares Amount Shares Amount Shares Amount Balance as of December 31, 2024 65,919,127 $ 6 6,667 $ — — $ — $ 4,421,563 $ 7,744 $ (4,314,346) $ 114,967 $ — $ 114,967 Conversion of notes payable and accrued interest into Class A Common Stock ( Note 8) 124,111,566 13 — — (7,536,154) — 189,949 — — 189,962 — 189,962 Issuance of preferred stock series B to SPA noteholders — — — — 14,720,914 — — — — — — — Reclassification of SPA warrants from liability to equity — — — — — — 7,134 — — 7,134 — 7,134 Settlements with issuance of Class A Common Stock (Note 13) 1,320,722 — — — — — 1,833 — — 1,833 — 1,833 Issuance of equity-classified warrants — — — — — — 1 — — 1 — 1 Related party debt restructuring — — — — — — 3,767 — — 3,767 — 3,767 Cancellation of warrants — — — — — — 27,407 — — 27,407 — 27,407 Stock-based compensation — — — — — — 447 — — 447 — 447 Exercise of warrants 7,516,026 2 — — — — 21,691 — — 21,693 — 21,693 Sell-to-cover tax withholding on equity awards 12,069 — — — — — — — — — — — Issuance of shares for RSU vesting net of tax withholdings 251,217 — — — — — 74 — — 74 — 74 Foreign currency translation adjustment — — — — — — — (3,927) — (3,927) — (3,927) Net loss — — — — — — — — (390,696) (390,696) (6,386) (397,082) Noncontrolling interest - business combination — — — — — — — — — — 31,584 31,584 Noncontrolling interest - capital contribution — — — — — — — — — — 9,899 9,899 Balance as of December 31, 2025 199,130,727 $ 21 6,667 $ — 7,184,760 $ — $ 4,673,866 $ 3,817 $ (4,705,042) $ (27,338) $ 35,097 $ 7,759 The accompanying notes are an integral part of these Consolidated Financial Statements. 150 Table of Contents Faraday Faraday Future Intelligent Electric Inc.

Consolidated Statements of Stockholders’ Equity (Deficit) (in thousands, except share data) Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Class A Class B Shares Amount Shares Amount Balance as of December 31, 2023 1,060,833 $ — 6,667 $ — $ 4,180,873 $ 5,862 $ (3,958,499) $ 228,236 Conversion of notes payable and accrued interest into Class A Common Stock (see Note 8) 62,101,798 6 — — 226,335 — — 226,341 Reclassification of SPA Warrants from liability to equity — — — — 160 — — 160 Issuance of common stock and warrants — — — — 10 — — 10 Settlement of Palantir dispute with issuance of Class A Common Stock (see Note 12) 1,080,294 — — — 4,800 — — 4,800 Purchase of Class A Common Stock under Salary Deduction and Stock Purchase Agreements (see Note 14) 49,659 — — — 102 — — 102 Grow Fandor Contribution — — — — 250 — — 250 Chongqing related party debt restructuring (see Note 9) — — — — 661 — — 661 Reverse stock split related round up share issuances 306,779 — — — — — — — Stock-based compensation — — — — 8,382 — — 8,382 Issuance of shares for RSU vesting net of tax withholdings 1,319,764 (10) (10) Foreign currency translation adjustment — — — — — 1,882 — 1,882 Net loss — — — — — — (355,847) (355,847) Balance as of December 31, 2024 65,919,127 $ 6 6,667 $ — $ 4,421,563 $ 7,744 $ (4,314,346) $ 114,967 The accompanying notes are an integral part of these Consolidated Financial Statements 151 Table of Contents Faraday Future Intelligent Electric Inc.

Consolidated Statements of Cash Flows (in thousands) 2025 2024 Cash flows from operating activities Net loss $ (397,082) $ (355,847) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 64,807 71,442 Amortization of operating lease right-of-use assets 3,032 2,588 Non-cash interest expense 4,870 1,929 Loss (gain) on digital assets, net 4,117 — Loss (gain) on disposal of property and equipment, net 2,459 1,667 Asset impairment 137,435 1,847 Goodwill impairment 4,450 — Stock-based compensation 3,150 8,382 Reserve on inventory 17,829 476 Credit loss expense 4,294 — Accrued interest on short-term note receivable (189) — Loss on settlement of notes payable 100,524 161,725 Loss on settlement of related party notes payable 5,128 14,295 H.S.L.

SRL. settlement adjustment (295) — Settlement on accrued research and development expenses — (14,935) Change in fair value of notes payable, warrant liabilities, and derivative liabilities (49,093) 15,058 Change in fair value of related party notes payable, warrant liabilities, and derivative liabilities 1,627 (253) Other 55 963 Changes in operating assets and liabilities Accounts receivables (257) — Inventory 706 6,267 Deposits (376) (706) Accounts payable (15,843) (8,804) Accrued expenses and other current liabilities 4,069 16,907 Related party accrued expenses and other current and non-current liabilities 1,667 (1,573) Related party accrued interest expense — 8,710 Operating lease liabilities (3,572) — Financing lease liabilities — 2,876 Other current and non-current assets (1,088) (3,200) Net cash used in operating activities (107,576) (70,186) Cash flows from investing activities Acquisition of AIXC, net of cash acquired (1,121) — Proceeds from sale of equipment 32 198 Purchase of digital assets (27,000) — Sale of digital assets 12,632 — Payments for property and equipment (7,644) (7,580) Purchase of short-term note receivable (100) — Additions to intangible assets (256) — Net cash used in investing activities (23,457) (7,382) Cash flows from financing activities Proceeds from AIXC follow-on capital contribution, net of issuance costs 9,899 — Payments of notes payable issuance costs (2,540) (2,087) Payments of related party notes payable issuance costs (4,017) — Payments of notes payable and other financing obligations (4,932) (428) Capital contributions — 250 Proceeds from notes payable, net of original issuance discount 151,739 68,111 Proceeds from related party notes payable, net of original issuance discount 4,731 3,075 Proceeds from other financial obligations 5,081 11,812 Proceeds from exercise of warrants 1,441 — Net cash provided by financing activities 161,402 80,733 Effect of exchange rate changes on cash and restricted cash (2,589) (16) 152 Table of Contents Faraday Future Intelligent Electric Inc.

Consolidated Statements of Cash Flows — (Continued) (in thousands) Net increase in cash and restricted cash 27,780 3,149 Cash and restricted cash, beginning of period 7,174 4,025 Cash and restricted cash, end of period $ 34,954 $ 7,174 The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that aggregate to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: 2025 2024 Cash and restricted cash Cash $ 34,927 $ 7,144 Restricted cash 27 30 $ 34,954 $ 7,174 2025 2024 Supplemental disclosure of cash flow information Cash paid for interest $ 6,180 $ 4,865 Cash paid for income taxes $ 14 $ — Supplemental disclosure of noncash investing and financing activities Reclass of warrants from liability to equity $ 7,134 $ — Conversion of notes payable and accrued interest into Class A Common Stock $ 84,310 $ 67,113 Issuance of warrants and related party warrants with the SPA Portfolio Notes $ 49,364 $ 34,440 Settlement of vendor liability in Class A Common Stock $ 1,833 $ — Non-cash warrant exercise activity and fair value reclassifications to equity $ 20,251 $ — Additions of property and equipment included in accounts payable and accrued expenses $ 40,002 $ 44,540 Shares withheld for RSU tax obligations $ — $ 10 Purchase of Class A Common Stock under the Salary Deduction and Stock Purchase Agreements $ — $ 102 De-recognition of right-of-use assets and lease liabilities due to lease modifications $ — $ 3,394 Cancellation of warrants $ 27,407 $ — Obtaining right-of-use asset in exchange for operating lease liabilities 6,206 30 Supplemental disclosure of noncash operating activities Settlement of Palantir dispute with issuance of Class A Common Stock $ — $ 4,800 The accompanying notes are an integral part of these Consolidated Financial Statements. 153 Table of Contents Faraday Future Intelligent Electric Inc.

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies Nature of Business and Organization Unless otherwise stated or the context requires otherwise, references herein to the “Company,” “FFIE,” “FFAI,” “Faraday”, “FF”, “we,” “us,” and “our” mean Faraday Future Intelligent Electric Inc. and its wholly-owned subsidiaries, and controlled and managed entities.

The Company is a holding company incorporated in the State of Delaware on February 11, 2020, conducts its operations through its subsidiaries and is headquartered in 18455 S. Figueroa Street, Gardena, CA 90248.

We have two operating segments—AI Electric Vehicle (“AIEV”), and digital assets — and both segment meet the criteria of reportable segment under ASC 280 for the year ended December 31, 2025. (For further information, see Note 18, Segments ).

The Company has created innovations in technology, products, and a user-centered business model that are being incorporated into its planned electric vehicle platform.

Principles of Consolidation The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company, its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest.

This includes any variable interest entities (“VIEs”) for which the Company is the primary beneficiary, in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). All intercompany transactions and balances have been eliminated in consolidation.

Basis of Presentation Use of Estimates and Judgments The preparation of the Company’s Consolidated Financial Statements in conformity with GAAP and in accordance with the rules and regulations of the SEC requires management to make estimates and assumptions which affect the reported amounts in the Consolidated Financial Statements.

Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis management evaluates its estimates, including those related to the long-lived asset impairment calculations.

Such estimates often require the selection of appropriate valuation methodologies and financial models and may involve significant judgment in evaluating ranges of assumptions and financial inputs. Actual results may differ from those estimates under different assumptions, financial inputs, or circumstances. Given the global economic climate, estimates are subject to additional volatility.

As of the date of filing the Company’s Consolidated Financial Statements on this Form 10-K with the SEC for the period ended December 31, 2025, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or to revise the carrying value of its assets or liabilities.

However, these estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s Consolidated Financial Statements in future periods. Actual results could differ from those estimates and any such differences may have a material impact on the Company’s Consolidated Financial Statements.

Foreign Currency The Company determines the functional and reporting currency of each of its international subsidiaries based on the primary currency of the economic environment in which each subsidiary operates. The functional currency of the Company’s foreign subsidiaries is their respective local currency, which in China and the United Arab Emirates (“U.A.E.”) is the Chinese Yuan (“CNY”) and the U.A.E.

Dirham (“AED”), respectively. 154 Table of Conten t s Faraday Future Intelligent Electric Inc. Notes to Consolidated Financial Statements For foreign subsidiaries where the functional currency is their local currency, assets and liabilities are translated into U.S.

Dollars at exchange rates in effect at the balance sheet date, stockholders’ equity (deficit) is translated at the applicable historical exchange rate, and expenses are translated using the average exchange rates during the period.

The effect of exchange rate changes resulting from the translation of the foreign subsidiary financial statements is accounted for as a component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. Concentration of Risk Financial instruments, which subject the Company to concentrations of credit risk, consist primarily of cash, restricted cash, and deposits.

Substantially all of the Company’s cash and restricted cash is held at financial institutions located in the United States of America and in the People’s Republic of China. The Company maintains its cash and restricted cash with major financial institutions.

At times, cash and restricted cash account balances with any one financial institution may exceed Federal Deposit Insurance Corporation insurance limits ($250 thousand per depositor per institution) and China Deposit Insurance Regulations limits (CNY 500 thousand per depositor per institution), and the U.A.E. deposit insurance framework (AED 100 thousand per depositor per institution), where applicable.

Management believes the financial institutions holding the Company’s cash and restricted cash are financially sound; accordingly, credit risk related to these balances is considered minimal. Cash and restricted cash held by the Company’s non-U.S. subsidiaries are subject to foreign currency fluctuations relative to the U.S. dollar.

If the U.S. dollar were to weaken significantly against the Chinese Yuan or the U.A.E. Dirham, the Company’s costs to develop its businesses in China and the U.A.E. could exceed original estimates. The Company sources certain components from sole suppliers. Due to the Company's pre-commercial production status, the volume of business transacted with these suppliers is not material.

However, as the Company advances its product pipeline toward production, its reliance on sole-source suppliers could materially impact its ability to scale productions and future operating results.

Fair Value Measurements The Company applies the provisions of ASC 820, Fair Value Measurement , which defines a single authoritative definition of fair value, sets out a framework for measuring fair value, and expands on required disclosures about fair value measurements.

The provisions of ASC 820 relate to financial assets and liabilities as well as other assets and liabilities carried at fair value on a recurring and nonrecurring basis.

The standard clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Company considers the principal or most advantageous market in which the Company would transact and assumptions that market participants would use when pricing the asset or liability.

The accounting guidance for fair value measurement requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value.

A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. 155 Table of Conten t s Faraday Future Intelligent Electric Inc.

Notes to Consolidated Financial Statements The fair value hierarchy is as follows: Level 1 Valuations for assets and liabilities traded in active exchange markets, or interest in open-end mutual funds that allow a company to sell its ownership interest back at net asset value on a daily basis.

Valuations are obtained from readily available pricing sources for market transactions involving identical assets, liabilities or funds. Level 2 Valuations for assets and liabilities traded in less active dealer, or broker markets, such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active.

Level 2 instruments typically include U.S. government and agency debt securities, and corporate obligations. Valuations are usually obtained through market data of the investment itself as well as market transactions involving comparable assets, liabilities or funds.

Level 3 Valuations for assets and liabilities that are derived from other valuation methodologies, such as option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.