• Litchfield Hills Research reiterates its Buy rating and 12-month price target of $66.00 per share and raises its 2026 revenue estimate to approximately $5.8 million from $4.5 million.
• In the second half of July, the Company began implementing adjustments to management compensation by reducing short-term cash compensation and introducing equity incentives linked to the Company’s long-term value. The adjustments are intended to optimize cash resource allocation, support core business operations and strengthen the long-term alignment of interests among management, employees, the Company and its stockholders.
• The Form 4 filings made on August 19 mark the first step in the disclosure process related to these management compensation adjustments. Based on information currently available to the Company, the relevant executives have not initiated discretionary open-market sales of FF shares for personal investment purposes. Future Form 4 filings may reflect shares withheld or sold solely to satisfy required tax withholding obligations arising upon the vesting or settlement of equity awards; such tax-driven transactions should not necessarily be interpreted as voluntary sales for personal investment purposes or as a change in the reporting person’s view of FF’s long-term value.

LOS ANGELES–(BUSINESS WIRE)–Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future,” “FF” or the “Company”), a U.S.-based Physical AI ecosystem company, today noted the publication of an updated research report by Litchfield Hills Research LLC covering FF’s second-quarter 2026 results and business progress. Separately, the Company provided an update on the management compensation adjustments it began implementing in the second half of July and additional context regarding related Form 4 disclosures.

Litchfield Hills Research

In the report, dated August 19, 2026, analyst Theodore R. O’Neill reiterates Litchfield Hills Research’s Buy rating and 12-month price target of $66.00 per share. The price target is based on the research firm’s discounted future earnings methodology.

Litchfield Hills Research states that FF continued positive execution in the rollout of its EAI robotics business during the second quarter of 2026. The report highlights cumulative revenue of approximately $1.35 million for the first half of 2026, compared with approximately $370,000 for the prior-year period, as well as positive product gross margins and the Company’s target of shipping 2,000 robots by the end of 2026.

The report also views the recent FCC policy on robotics compliance as a potential structural opportunity for FF to strengthen its U.S.-based manufacturing and supply chain. It notes FF’s continued efforts to connect intelligent mobility with its broader EAI ecosystem, including intelligent electric vehicles, robotics, AI-enabled technologies and related platform initiatives.

Following FF’s second-quarter results, Litchfield Hills Research raised its 2026 revenue estimate to approximately $5.8 million from $4.5 million. The firm also revised its estimated 2026 loss per share to $59.21 from $71.00.

Litchfield Hills Research notes that its 2026 revenue estimate only partially reflects the potential contribution from FF’s targeted full-year robotics deliveries. The report states that actual revenue could exceed the firm’s estimate if FF achieves its stated delivery target. This observation is an analyst view and is not Company guidance.

Disclosure: The report states that Litchfield Hills Research is not a U.S. broker-dealer registered with the SEC or a member of FINRA. It also states that the analyst owns no shares of FF and that the analyst and his family have no known material conflicts of interest in authoring the report. Litchfield Hills Research states that it has not received compensation from FF for advisory or investment-banking services during the preceding 12 months, but has received compensation from the Company for distribution and investor-targeting services.

Management Compensation Adjustments, Form 4 Filings and Long-Term Share Ownership

To further optimize the Company’s allocation of cash resources and strengthen the alignment of the management team’s long-term interests with those of the Company and all stockholders, the Company began adjusting management compensation in the second half of July, reducing short-term cash compensation while providing equity incentives linked to the Company’s long-term value.

This adjustment reflects the management team’s commitment to sharing the Company’s near-term operating pressures and remaining firmly committed to its long-term development.

The Form 4 filings made on August 19 mark the first step in the disclosure process related to the management compensation adjustments described above. As of the date of this release, and based on information currently available to the Company, the relevant executives have not initiated discretionary open-market sales of FF shares for personal investment purposes.

Through this arrangement, the Company aims to more closely align management’s personal rewards with the Company’s long-term operating performance and stockholder value. In the short term, the arrangement is intended to ease pressure on cash expenditures and allow more resources to be directed toward core business operations. Over the long term, it is intended to enable management, employees, the Company and its stockholders to create and share value together.

The Company also wishes to provide advance context regarding potential future Form 4 disclosures. As equity awards vest or settle, future Form 4 filings may reflect share dispositions or changes in holdings resulting from required tax withholding obligations. Depending on the applicable equity incentive plan, award agreement and administrative arrangements, the Company may withhold a portion of the shares otherwise deliverable, or shares may be sold through a broker-assisted transaction commonly referred to as “sell-to-cover,” with the resulting funds used to satisfy required tax withholding obligations.

As equity awards vest, future Form 4 filings may show share dispositions or changes in holdings resulting from required tax withholding. Such changes should not necessarily be interpreted as voluntary sales based on the reporting person’s assessment of the Company’s prospects, nor should they be viewed as a change in that person’s view of the Company’s long-term value.

“FF’s long-term value will be realized through the execution of the Company’s strategy and the alignment of our team’s interests with those of our stockholders. I have strong confidence in FF’s strategic direction and long-term potential, and I am firmly committed to remaining a long-term holder of my FF shares. I do not intend to make discretionary sales of those shares for personal liquidity or investment purposes,” said YT Jia, FF Founder and Global CEO.

In addition, the Company will continue to make timely and accurate disclosures in accordance with applicable U.S. securities laws and regulations.

ABOUT FARADAY FUTURE

Founded in 2014, Faraday Future (FF) is a U.S.-based Physical AI ecosystem company dedicated to reshaping the future of robotics and mobility solutions through AI innovation and technologies. FF focuses on two major product strategies within the Embodied AI (EAI) robotics business: EAI humanoid and bionic robots, and EAI automotive-focused robots. By building a “Four-Core Full-Stack AI” ecosystem of EAI Brain, Device, Industry Productivity Solutions and Developer Platform, and Data Factory, FF aims to create an evolutionary flywheel: scaled device delivery, data collection and training, continuous evolution of the EAI Brain, stronger product capability, and even larger-scale delivery and deployment. Through this flywheel, FF seeks to maximize its commercial value and lead to the advancement of Physical AI. For more information, please visit Faraday Future’s official website: https://www.ff.com/.

Disclosure: The report states that Litchfield Hills Research is not a U.S. broker-dealer registered with the SEC or a member of FINRA. It also states that the analyst owns no shares of FF and that the analyst and his family have no known material conflicts of interest in authoring the report. Litchfield Hills Research states that it has not received compensation from FF for advisory or investment-banking services during the preceding 12 months, but has received compensation from the Company for distribution and investor-targeting services.

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “plan to,” “can,” “will,” “should,” “future,” “potential,” “intend,” “commit,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include statements regarding the implementation and anticipated effects of the Company’s compensation structure optimization; the intended alignment of employees, executives, the founding team, the Company and stockholders; future vesting of equity awards and the potential use of share withholding or sell-to-cover transactions to satisfy tax withholding obligations; intentions regarding future holdings or sales of Company shares; FF’s vehicle business; FF’s entry into the embodied AI robotics market; robotics deliveries and development; and the potential effects of U.S. robotics policy developments. These statements involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Statements regarding future share ownership or sales reflect present intentions and remain subject to applicable law, tax obligations, award terms and future circumstances.

Important factors that may affect actual results or outcomes include, among others: the Company’s ability to implement the compensation structure adjustment as intended; the tax treatment, vesting and administration of equity awards; the ability of the Company to attract and retain employees; the possibility that future dispositions of shares may occur as a result of tax withholding obligations, applicable law, award terms or other circumstances; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations, which it currently lacks; the availability of sufficient share capital to meet its current obligations and execute on its strategy; the willingness of convertible debt investors to fund the Company; demand for the Company’s robotics products; the ability of B2B preorder companies to locate customers to purchase the Company’s robotics products, on which their nonbinding preorders substantially depend; competition in the robotics industry, which includes companies with far superior experience, funding and name recognition; the ability of the Company to build an EAI education ecosystem that serves both the B2C consumer market and the B2B institutional education market; the acceptance by teachers and students of the Company’s robotics products in the education market; the ability of the Company to expand into additional markets for its robotics products; the Company’s reliance on a single OEM for most of its robotics products; the Company’s reliance on Chinese OEMs for all of its robotics products; the possibility of the federal government banning imports of Chinese robotics products; the Company’s ability to get the planned robotics products to comply with all applicable U.S. rules and regulations; the ability of the robotics OEM to timely supply robotics to the Company; tariff uncertainty for imported products, particularly from China; demand from automobile dealers for robotics products; the Company’s ability to homologate FX vehicles for sale; the Company’s ability to secure the necessary funding to execute on the FX strategy, which is substantial; the Company’s ability to secure an occupancy certificate covering all of its Hanford facility; the Company’s ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of substantial losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks and civil unrest; risks related to the Company’s operations in China; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 13, 2026; the Company’s Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 14, 2026; the Company’s Form 10-K filed with the SEC on March 31, 2026; and other documents filed by the Company from time to time with the SEC.

Contacts

Investor Relations (English): ir@ff.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com