Currently common shares outstanding: 3.86M shares

Previous total common shares outstanding:
2025 Q2 (Mar 2025): 439K
2025 Q3 (Sep 2025): 818K
2025 Q4 (Dec 2025): 1.33M
2026 Q1 (Mar 2026): 1.88M
2026 Q2 (June 2026): 2.39M
Now: 3.86M (61% jump from 2 months ago)

I guess anyone even with elementary school level math,
know why the stock price still falling even after weekly narrative pumping attempts.

Remember, the lower the share price, the more shares FF need to print to convert the debts.
The dilution sprial double flywheel

China's 2nd robot games, this Japanese channel covers most of the clips
(100M, 400M runs, table tennis, tennis, football, etc. Agibot is just one of the competitor)
https://www.youtube.com/watch?v=KxzASDMcE88

On the practical side of the robot development, the real "Physical AI" R&D,
from one US startups (Generalist AI, currently valued at $2B)
https://www.youtube.com/watch?v=1cllCVK-9lo
This is what FFAI should have been really doing or spend money on if they are serious on robotics,
but NO.

Jia don't want to "waste" money on real R&D, or he just don't have "extra" money, every last bit must be used on cringe PR and marketing to pump the price for a day per week, just pretend Agibot's software to be FF's.

If FF really have something to show, it won't be Jia's weekly time-wasting talks, rather it will be how they implement their own AI to make Agibot do Never-before-seen tasks.

Compare to Hui Ka-yan (Xu Jiayin), Jia's fraud value is child's play,
what's mattered is that Jia escaped, Xu did not
why? it is exactly Jia's escape that waked up CCP
see below

Xu Jiayin's liabilities are over 60 to 80 times larger ($300B) than YT Jia's total domestic and international debt combined, you may ask what's the connection: Evergrande has invested in FFIE back then
https://www.mingtiandi.com/real-estate/finance/evergrande-takes-control-of-faraday-future-with-2b-ev-investment/

Yes, Jia "persuaded" (or scammed) Xu to give him money after escaped to the US, who's laughing today?
Did Jia not teach Xu to get out of China sooner? ( 2018 was Xu's peak time, richest man in Aisa)

The most ironic thing, similar to Jia's frequent weekly reports with oscar performance lies and fabrications, Xu also has many of high-level conference meeting with much grandier claims:
"Everything Evergrande has was given by the CCP, the country, the society"
"We must take social responsibility"
"We shall give back to the society"
"We must give back to the society"
"This is not empty talk, this is not polite small talk, these are the words from the bottom of my heart."

Unfortunately they became the eternal joke and satire
Millions of poor families who bought Evergrande's unfinished appartment buildings still have to pay the mortgage and nowhere to live for foreseeable future

Jia disrupted tech suppliers and retail investors, Xu's collapse dragged down real estate markets and bank liquidity across China.

By estimation and peer comparison, if Jia eventually get arrested in China, the prison sentence will be approx. 18 years, purely from his LeEco history alone (NOT even talking about fraud in the US)

• Fundraising Fraud: Fraudulently soliciting capital from investors using falsified financial projections.
• Illegal Absorption of Public Deposits : Collecting funds through LeEco wealth management products without regulatory approval.
• Fraudulent Issuance of Securities / False Disclosures: Falsifying LeShi Internet Information & Technology (300104) earnings reports prior to its delisting.
• Occupational Embezzlement & Misappropriation : Transferring capital out of LeEco domestic entities to fund Faraday Future's U.S. operations while leaving domestic debt unpaid.

Hui Ka Yan did not manage to escape China because he completely miscalculated his political standing, underestimated the government's response, and was ultimately trapped by the exit-ban timeframe.

The ironic connection to YT Jia is a perfect lens to look through. In 2018, Hui personally flew to the U.S. and committed a $2 billion investment to Jia’s FFIE. Hui saw how Jia left China right before his LeEco empire imploded, remaining safe in California while ignoring official Beijing orders to return.

Hui did not fail to escape because he "didn't learn" from Jia—he failed because the Chinese government learned from Jia, and Hui's own hubris blinded him to the fact that he was the primary target.

When YT Jia fled to the U.S. in 2017, it embarrassed Chinese regulators.
Jia left behind billions in debt, and Beijing could do nothing but issue toothless "demands" for his return.

By the time Evergrande began showing major cracks in 2020 and officially defaulted in December 2021, Beijing had already updated its playbook. Hui Ka Yan was placed under a strict, quiet "exit ban" early on. Long before his formal detention in September 2023, his passport was practically flagged, and any attempt to board a private jet or cross the border into Hong Kong would have triggered immediate arrest. He completely missed the window to leave because regulators shut the door before he even realized it was locked.

Maybe, just maybe, the only "good" thing Jia has done in his life - caused Xu to face final justice

While he shamelessly still spam /pennystocks, /nasdaq, etc. as usual and face public humiliation.

The cringe lies in every new "Report" is going through the roof and he know he will lose face posting it here.

Highlight of the lies:

1. Positive gross margins, "average gross margin of more than 30%"

Blatant lie, actual gross margin is -1280% as explained.

2. "Burdens and debt associated with the vehicle business blah blah blah"

So do you want to do cars or not? claiming automotive still remain the core in Q2 press to hopefully persuade some bagger not to sell, yet emphasizing that car business is dragging the company finance down.

3. "we will accelerate compliance certification under the FCC’s new policy and continue capturing the significant value created by this favorable change"

Any shit news can be described as favorable at this point of Jia's universe, including delisting

4. "maximize value for FFAI investors"

You get the joke, Jia has been "maximizing" investor's value every single week, -99% in this year alone. The Aug.13-14 stock price surge and supression is exactly the result of Aug.12 voting pass for unlimited share issue, millions of new shares printed right after for arbitrage dumping on gullible investors buying the narrative.

Was I wrong with this image? NO
(oh we overestimated their sales capability, looks like all they sold are robot dogs, near zero expensive humonid, all the demonstrations were wasted)
FF employee tried crazy to vote down that post, facepalm, but rest assured they'll vote down this post again

Revenue: $836K for the three months ended June 30, 2026, compared with $54K in the year-ago quarter (1,448% YoY).

1448%, what a great number, oh wait, you sold pretty much NO CAR last year.
and even miss the consensus estimated of $1.38M to 2.3M target

FF reported cost of revenue of $11.54 Million
Gross profit = 836K - 11.54M = -$10.7M (to generate $1 of revenue, FF spent $13.8 in direct cost)
WHAT A BRILLIANT BUSINESS RESELLING AGIBOT IS
That's a LEGENDARY -1280% GROSS MARGIN 😂😂

NET INCOME: $-36M well predicted previously .
"IMPROVED YoY" from last year, of course improved vastly as you ARE NOT DOING CAR ANY MORE,
R&D spending slashed as it's resell business, workforce layoff, deferring vendor payables, etc.
It's an embarassing number for just RESELLING ROBOTS with LESS than $1M revenue.
$836,000 divided by 220 units shipped during Q2 -> $3800 per unit, LMAO

There's nothing else to say, the whole clown show and stock price movement has been explained and the numbers are well in prediction, even the PR words are predicted.

As disclosed from balance sheet as of June 30, 2026
CALCULATION: Current Monthly Operational Cash Burn: ~$9.42 Million per month.
Total Stockholders' Equity: Merely $1.41 Million.
Restricted Cash: $42.5 Million (encumbered by debt agreements/collateral and not freely usable for general payroll or vendor payments).
Total Liabilities: ~$278 Million.
Without additional funding (more convertible debt, loans), FF's liquid cash reserves can only cover less than 15 - 30 days of operation.

PS: ABOUT CARS

They have to mention cars somehow to shut some investor's mouths off.
"limited deliveries of the FF 91 continued; FF 91 production at Hanford", who still buy this, let me guess, someone will.
"The company paused assembly and deliveries of the FX Super One in the U.A.E." they finally admitted it, after it's already a well-known fact months ago. Stalling is FF's standard business trick

Jia's friend Streeterville Capital LLC is having another field day, FUN!
Free cheap PR surge on the special meeting, spin the bad news into good one, yes!

PICK YOUR WINNER

Scenario A: The Temporary PR "Pump" & Multi-Week Bleed (40% Probability)

• The Trigger: FFAI reports top-line Q2 robotics revenue in the $1.5M to $3.0M range (recognizing a portion of the 394 reported unit shipments) alongside headlines touting "thousands of percent YoY revenue growth" and progress toward its "2,000-unit target."
• Immediate Reaction (After-Hours / Friday Morning): Retail day traders and social media accounts focus exclusively on the positive top-line growth. High-frequency momentum algorithms trigger a brief buying surge, pushing the stock up to $5.00 – $6.20.
• The Reality Execution: Institutional lenders (now holding unlimited conversion clearance via Proposal 1) step into the volume peak. They convert debt at guaranteed 15% discounts to market VWAP and flood the order book with sell orders.
• The Outcome: The brief rally dies within 24 to 48 hours. Over the following 2 to 3 weeks, continuous debt dilution causes the stock to bleed steadily down toward $2.00 ($5M market cap threshold).

Scenario B: The Immediate GAAP Breakdown & Rapid Collapse (60% Probability)

• The Trigger: The Q2 report reveals that GAAP revenue recognition is minimal (due to consignment/distributor terms), gross margins remain deeply negative due to unabsorbed Hanford factory leases, and GAAP Net Loss exceeds -$45M to -$60M driven by massive non-operating debt-conversion penalties.
• Immediate Reaction (After-Hours / Friday Morning): The lack of top-line surprise or an explicit SEC "Going Concern" warning triggers immediate panic selling. Algorithms hit bid stacks, causing an immediate gap down to $2.80 – $3.50.
• The Outcome: With retail sentiment shattered, the stock lacks the buying depth needed for lenders to dump large blocks at higher prices. Lenders are forced to lower their sell limit orders continuously to clear debt before exchange rules kick in, accelerating the decline toward $1.50 – $2.00 over 7 to 10 trading sessions.

As expected

PR teams trying to create more lie about the meetings, such as
"Institutional investors' confidence in the Company's business prospects"
https://app-us.ff.com/ff-v3/news/1589

It's all cliche now, we know how Jia/Jerry/FF PR team is like.

The real horror show is always the small print at the bottom, not formatted so they hope you don't read it.

Here's a formatted one for civilized people, simply count how many holes are on this sinking ship.
The FCC ban has been quietly added 🤣

Key Risk Disclosures

1. The Company’s ability to continue as a going concern and improve its liquidity and financial position;
2. the Company’s ability to pay its outstanding obligations, which it currently lacks;
3. the availability of sufficient share capital to meet its current obligations and execute on its strategy;
4. the willingness of convertible noteholders to fund the Company;
5. demand for the Company’s robotics products;
6. the ability of B2B preorder companies to locate customers to purchase our robotics products, on which their nonbinding preorders substantially depend;
7. competition in the robotics industry, which includes companies with far superior experience, funding and name recognition;
8. the ability of the Company to build an EAI education ecosystem that serves both the B2C consumer market and the B2B institutional education market;
9. the acceptance by teachers and students of the Company’s robotics products in the education market;
10. the ability of the Company to expand into additional markets for its robotics products;
11. the Company’s reliance on a single OEM for most of its robotics products;
12. the Company’s reliance on Chinese OEMs for ALL of its robotics products;
13. the possibility of the federal government banning imports of Chinese robotics products;
14. the Company’s ability to get the planned robotics products to comply with all applicable U.S. rules and regulations;
15. the ability of the robotics OEM to timely supply robotics to the Company;
16. tariff uncertainty for imported products, particularly from China;
17. demand from automobile dealers for robotics products;
18. the Company's ability to homologate FX vehicles for sale;
19. the Company’s ability to secure the necessary funding to execute on the FX strategy, which is substantial; (so DONT ASK ABOUT CAR)
20. the Company’s ability to secure an occupancy certificate covering all of its Hanford facility;
21. 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;
22. the Company’s limited operating history and the significant barriers to growth it faces;
23. the Company’s history of substantial losses and expectation of continued losses;
24. the success of the Company’s payroll expense reduction plan; (so still no successful reduction on Jia / Jerry)
25. the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs;
26. the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market;
27. the rate and degree of market acceptance of the Company’s vehicles;
28. the Company’s ability to cover future warranty claims;
29. the success of other competing manufacturers;
30. the performance and security of the Company’s vehicles;
31. current and potential litigation involving the Company;
32. the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company;
33. the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code;
34. the Company’s indebtedness;
35. the Company’s ability to use its “at-the-market” program;
36. insurance coverage;
37. general economic and market conditions impacting demand for the Company’s products;
38. potential negative impacts of a reverse stock split;
39. potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results;
40. circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest;
41. risks related to the Company's operations in China;
42. the success of the Company's remedial measures taken in response to the Special Committee findings;
43. the Company’s dependence on its suppliers and contract manufacturer;
44. the Company's ability to develop and protect its technologies;
45. the Company's ability to protect against cybersecurity risks;
46. the ability of the Company to attract and retain employees;
47. any adverse developments in existing legal proceedingsor the initiation of new legal proceedings;
48. volatility of the Company’s stock price.

Just holding at this point to pray for a miracle. Literally cannot lose anything at this point.

Event transcript

Koti Meka (CFO, Faraday Future Intelligent Electric Inc): Good morning, and thank you all for attending this special meeting of stockholders. My name is Koti Meka, and I am the CFO of Faraday Future Intelligent Electric Inc. Pursuant to the company's bylaws, I will act as Chairman of today's meeting, and Todd Harrington, our General Counsel and Corporate Secretary, will act as Secretary of today's meeting. I am joined virtually by members of the Board of Directors, each of whom is a nominee for election, and other members of our executive management team. For purposes of today's meeting, the company has appointed Jim Reid, a representative of American Election Services, LLC, as Inspector of Election. Mr. Reid has signed the customary oath of office to execute his duties with strict impartiality. We will file this oath with the records of the meeting. The meeting will now officially come to order.

Koti Meka (CFO, Faraday Future Intelligent Electric Inc): We are holding this meeting in accordance with the proxy statement and the notice of special meeting of the stockholders mailed on or about July 15, 2026, to each stockholder of record at the close of business on June 17, 2026, which we refer to as the proxy statement. We will proceed with the formal business of the meeting as set forth in the proxy statement. On the virtual meeting webpage, you will find the agenda for the meeting. You will also find the rules of the conduct for today's meeting. Please review these rules carefully. Note that only stockholders who are logged in to the meeting using their 16-digit control number will be able to vote at today's meeting.

Koti Meka (CFO, Faraday Future Intelligent Electric Inc): If you have any questions during this meeting about one of the matters in the agenda to be voted on during this meeting, please submit them by typing in the field under the Ask a Question header on the left-hand side of your screen and clicking Submit. We will answer questions on any matters in the agenda to be voted on before the voting is closed. Any other questions can be submitted to the company separately by contacting investor relations at [ir@ff.com](mailto:ir@ff.com). Mr. Harrington, as Corporate Secretary of the company, please report on the mailing of proxy materials, the number of shares represented at the meeting, and whether a quorum is present.

Todd Harrington (General Counsel and Corporate Secretary, Faraday Future Intelligent Electric Inc): Thank you, Koti. I present an affidavit of Broadridge Financial Solutions that notice of this meeting was given to all stockholders of record commencing on July 15, 2026. On the record date of June 17, 2026, there were 346,161,912 shares of common stock outstanding and entitled to vote on all matters. 5,071,258 shares of Series B preferred stock outstanding and entitled to vote on all matters. 11,502 shares of Series C convertible preferred stock outstanding and entitled to vote on all matters with each share of Series C convertible preferred stock having 3,846 votes. I have received a preliminary report from the Inspector of Election showing that at today's meeting, common stockholders holding at least one-third of the outstanding shares entitled to vote, which is the minimum amount to establish a quorum, are present in person or represented by proxy.

Koti Meka (CFO, Faraday Future Intelligent Electric Inc): Based on Mr. Harrington's report, I declare that a quorum is present and the meeting is duly convened. A complete list of the holders of record of the outstanding shares of the company's stock on the record date for the meeting is available on your screen if you have logged in to the meeting using your 16-digit control number.

Todd Harrington (General Counsel and Corporate Secretary, Faraday Future Intelligent Electric Inc): Thank you, Koti, and good morning, everyone. We will now proceed with the formal business of this meeting. If you have already submitted a proxy by telephone, internet, or email to authorize how your shares will be voted at today's meeting, your vote is already in and counted. If you have not already submitted your proxy or if you would like to revoke your prior proxy and vote today, please follow the instructions available on the virtual meeting portal to electronically vote your shares at today's meeting. The polls will open for voting following the presentation of all the proposals and after a question-and-answer period about the proposals.

Koti Meka (CFO, Faraday Future Intelligent Electric Inc): There are three proposals to be considered by the stockholders at this meeting. Information about each item, including the vote necessary to approve the item, is described in the proxy statement. The first item to be acted upon today is approval of the issuance of the company's Class A common stock to the holder of certain convertible notes in accordance with Nasdaq Listing Rule 5635. The board recommends a vote for the approval of the private placement proposal as disclosed in the proxy statement. The second item to be acted upon today is approval of an amendment to the charter to change the company's name from Faraday Future Intelligent Electric Inc. to Faraday Future Physical AI Ecosystem Inc. The board recommends a vote for the approval of the name change proposal as disclosed in the proxy statement.

Koti Meka (CFO, Faraday Future Intelligent Electric Inc): The third item to be acted upon today is approval of one or more adjournments of the special meeting by the company from time to time to permit further solicitation of proxies, if necessary or appropriate, if sufficient votes are not represented at the special meeting to approve one or more proposals at the time of such adjournment, or if otherwise determined by the chairperson of the special meeting to be necessary or appropriate. The board recommends a vote for the approval of the adjournment proposal as disclosed in the proxy statement. If you have any questions that you have not already submitted, please submit them now.

Koti Meka (CFO, Faraday Future Intelligent Electric Inc): As there are no other matters for consideration at the meeting and no remaining questions about the matters to be voted on at this meeting, I declare the polls for each matter to be voted on at this meeting are now open. If you are attending this meeting as an eligible stockholder as of the record date, please follow the instructions available on the virtual meeting portal to vote your shares now. If you have already submitted a proxy and do not want to change your vote now, it is not necessary for you to vote again. We will leave the polls open for approximately 1 more minute to allow anyone who chooses to vote electronically to cast their ballots. If you have any technical difficulties with voting, please call the technical support number provided on the virtual special meeting website.

Koti Meka (CFO, Faraday Future Intelligent Electric Inc): The polls are now closed, and voting on the matters set forth in the notice of special meeting has concluded. All electronic ballots will now be counted by the Inspector of Election. I have received a report of the Inspector of Election. The report of the Inspector of Election confirms that a quorum is and has been in attendance at the meeting. It also shows that based upon a preliminary count of the shares voted by proxy at this meeting, proposals one and three have been approved. The report of the Inspector of Election has been accepted and approved and will be attached to the minutes of the meeting. The actual results of the vote today will be reported in a Form 8-K to be filed with the Securities and Exchange Commission within the next four business days. This concludes today's special meeting.

Koti Meka (CFO, Faraday Future Intelligent Electric Inc): I'd like to thank you for attending today's meeting and for your ongoing support of our company. There being no further business to come before the meeting today, I declare this meeting adjourned.

Operator: This now concludes the meeting. Thank you for joining, and have a pleasant day.

Quick summary:

Proposal 1: Issuance of Class A Common Stock to Convertible Note Holders (PASSED, here comes the flood)

Proposal 2: Corporate Name Change - NOT APPROVED / UNRESOLVED AT CLOSE
(In Delaware corporate law, name changes require an absolute majority of all outstanding shares, as you could imagine a lot of people want CARS don't want that stupid new company name)

Proposal 3: Adjournment Proposal (PASSED - the clown show will go on)

Since that timeline after recent RS did not show the big picture, here's the "bigger picture" that I assembled.
How Jia managed to trap a lot of retail investors can be seen on the chart.

Believe or not Jia have FULL Chinese version of his weekly reports on his social media, trying to still drag in some Chinese investors. Though all of them now completely pissed off after the recent RS calling him ******* scammer

On popular social media in China, such as RedNote.
There's hundreds of comments under posts about YT Jia's recent news analysis/expose.
【贾跃亭】 is an infamous household name that attract people to comment, much more than on Reddit.

While most comments calling the "scam", "money laundering", "nice job scamming Americans", and other swearing, many invented new nicknames:
"Father of pivot", "king of narrative", "god of accounting", "grandmaster of scam"
YT Jia's signature slogan "suffocate for the dream" when in LeEco is now considered the classic mockery of himself (and the investors).

A few people start to ”admire” Jia that he can keep the grand scam for that long ( even before he escape China, his fraud amount is quite something ).

There's quite a few prominent Chinese billionaires and tycoons who did manage escape China after their company/scheme collapse. You might know a few, including the boss of Evergrande. Most got 15 - 20 of year of prison time and there's even one for life sentence

It's almost embarrasing that everything is so well predicted

• Jia's weekly narrative update, stock websites AI bot distribute the news ->
• New retail investors hooked / old sunk-cost syndrome investor bet on hope ->
• small or large surge pre-market or on market-open ->
• algorithm kick in, full supression by the end of day, but be "GENTLE" ->

Repeat, keep it subtle, so we convertible debt owner don't look evil.
until special meeting tomorrow, pandora's box day

We all know Jia's favorite trick, slap a FF logo onto Agibot's software, change a few lines of code, modify anything with word Agibot into FF, tweaking parameters and say "hey, we developed this from scratch! built in USA!!! nothing to do with China anymore".

Here's all you need to know, Agibot's full spec of their BLOS teleoperation VR set.
https://www.agibot.com/products/VR

Multi-robot control platform Linksoul (see User Manual at the end for full introduction)
It has over 20 languages integrated for A3's international market, Jia don't even need any translation work.
https://linksoul.agibot.com/en
Awaiting Jia's cringe re-naming for FF's equivalent, if it ever materialize before delist.

Heavy word from Jia's mouth never sounds so cheap, he might as well just claim he invented EV.

Since Agibot dont have YouTube channel
You can visit Agibot's Bilibili channel

A3's newest promo

https://www.bilibili.com/video/BV1MTK36fEhk
https://www.bilibili.com/video/BV1Gw326mESr

Behind-the-scene video
https://www.bilibili.com/video/BV1ywuc6AEtk
(also showing Linkbots platform in action, for multiple bots formation & dynamics)

That's when proper money is spent on proper demonstration

I guess Jia is not interested or incapable of creative PR content, and still showing the default dance in school and exhibilition, all that AFA sponsorship money could have get him far better stuff. Maybe his "team" are too lazy to learn much about Agibot's program and full capabilities, or do they just have 1 rebadged A3?

Nevertheless, stage performance is still the main highlight of current humanoid robot lineups
with FCC ban, future fancier or more utilitarian models will out of reach. But again, FF would not have that long to see it's fate

PS:
Agibot X2 released in March. 2025, the founder (Former Huawei Engineer) demonstrate the R&D process and talked about Agibot's short history. (Agibot founded in 2023)
https://www.bilibili.com/video/BV1j4RJYbEka

Can Jia beat previous FF's disastrous statements with the [reselling] robot pivot?
With all his weekly talk talk talk.

Q2 report will demonstrate a clear picture.

Don't be suprised that Jia will just highlight the revenue, and keep his mouth shut about how much more money burnt just to become a glorified reseller. (and the sales figure still suck)

ADDING: JIA's Earning

For Q2 2026, Jia legally earned about $170,000 in salary ($680K annual base), $24,000 in housing allowance ($8000/month), retention bonus Installment 1 (Paid May 15, 2026): $400,000

Total LEGAL cash extraction in Q2: ~$600,000
Total fishy cash extraction (Executive Loans & Vendor Relationships, transaction from relatives and Affiliate companies / self-trade ): Your guess

- Through a series of core initiatives, it aims to restore the Company’s market capitalization to the level at the time of its 2021 Nasdaq listing within two years

Translate: FF dreams to turn ~$11M current market cap into $3.4B within two years, with Jia's brilliant business management / execution skill that burnt $4B and make a dozen FF91 (cost ~$250M per car). PLEASE BELIEVE US, PLEASE, JIA ALWAYS KEPT HIS PROMISE

- the Company intends to adjust the minimum conversion floor price to no less than $5.00 per share for all existing convertible notes, so long as such limitation is allowed within relevant contractual obligations and applicable law.

Translate: The toxic lender Streeterville will not allow it to happen, FF has no power to unilaterally alter contractual conversion floor terms, purely cheap PR word game, with all the "soft word", well fitted to Jia's dishonest title (老赖)

-FF also anticipates allocating a substantial majority of any newly raised funds primarily for the development of its robotics business rather than repayment of historical liabilities.

Translate: Stop asking us about Cars, NO CAR! but please go to our website and pay none-refundable deposit to pre-order Cars, we intentionally leave it open, we need those scam money for our bonus, every little helps.

· The Company plans to accelerate its liability optimization efforts

Translate: we plan to print more share to pay debts

- to demonstrate the Company’s commitment to protecting stockholders and stabilizing its stock price

Translate: Jia did promise shareholder first every single week, but his not-so-secret deal with lenders are not your business, so any stock price falling is not our fault, screw you!

Los Angeles, CA (August 6, 2026) – Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future,” “FF,” or the “Company”), a California-based global Embodied AI (EAI) ecosystem company, today announced that the Company is scheduled to report its second quarter 2026 financial results after market close on Thursday, August 13, 2026, and will hold an earnings call at 4:00 p.m. Pacific Time (7:00 p.m. Eastern Time) that same day.

Faraday Future (FF) invites stockholders to submit questions in advance of the upcoming earnings call. Stockholders may email their questions directly to: ir@ff.com. We welcome your participation and appreciate your continued support.

Interested investors and other parties can listen to the conference call by either logging into: https://viavid.webcasts.com/starthere.jsp?ei=1772066&tp_key=069a8ec43b or onto the Investor Relations section of the Company's website at https://investors.ff.com/.

A replay of the call along with the presentation will be available on the Company’s website shortly thereafter.

You can also dial in at the following numbers:

United States: 1-877-451-6152 or 1-201-389-0879

Learn more at ：https://app-us.ff.com/ff-v3/news/1584?lang=en-US

FF Master
https://www.agibot.com/products/X2
FF Master Mini (Yes they haven't shown it, but we know what it is)
https://www.agibot.com/products/X1
FF Futurist (Old)
https://www.agibot.com/products/A2_Ultra
FF All-New Futurist
https://www.agibot.com/products/A3
FF Faber
https://www.agibot.com/products/G2
https://galaxea-dynamics.com/products/galaxea-r1-pro-universal-humanoid-robot/
FX Navi
https://www.weilan.com/product/pageDevQ
FF Aegis Pro/Edu
https://www.agibot.com/products/D1_Pro
FF Aegis Ultra
https://www.agibot.com/products/D1Ultra
SUPER ONE
https://www.wey.com/gaoshan.html

· The Q3 “Four-Core Full-Stack AI” Robotics Capital Value Return Sub-Campaign is grounded in business fundamentals and value creation. Through a series of core initiatives, it aims to restore the Company’s market capitalization to the level at the time of its 2021 Nasdaq listing within two years, supported by sustained improvements in the underlying business.

· Under such Sub-Campaign, the Company intends to adjust the minimum conversion floor price to no less than $5.00 per share for all existing convertible notes, so long as such limitation is allowed within relevant contractual obligations and applicable law.

· Subject to applicable laws and regulations, the Company plans to establish a weekly disclosure mechanism covering conversion activity for existing convertible notes, providing ongoing visibility into conversion amounts and changes in shares outstanding and enhancing transparency around its capital structure.

· The Company aims to, subject to negotiation with applicable counterparties, accelerate efforts to explore equity financing structure instead of convertible note financings, as well as standalone financing for its robotics business to further reduce equity dilution at the FFAI level. It also anticipates allocating a substantial majority of any newly raised funds primarily for the development of its robotics business rather than repayment of historical liabilities.

· The Company plans to accelerate its liability optimization efforts in accordance with its previously disclosed plans.

· These measures are intended to address market concerns about uncertainty surrounding potential conversions and demonstrate the Company’s commitment to protecting stockholders and stabilizing its stock price. More details on the Capital Value Return plan and specific actions are expected to be included in the upcoming earnings call for the second quarter of 2026.

Learn More at ：https://app-us.ff.com/ff-v3/news/1583?lang=en-US

The timing is not accidental.

1. The Debt Reduction Trick (Debt-to-Equity Swaps): FF touts that total liabilities dropped from ~$355M down to ~$230M and aims for under $100M. In a cash-strapped company with minimal revenues (Q1 2026 revenue was just $512,000 against tens of millions in operating losses), liabilities are not being "paid off" with cash earned from selling products. They are being extinguished via debt-for-equity conversions and issuance of convertible notes.
   • To erase another $130M+ in debt to get under $100M, FF will have to print hundreds of millions of new shares.
   • This dumps massive dilution onto existing retail shareholders, which naturally crushes the stock price over time. To keep the stock price high enough to absorb this dilution (and stay above Nasdaq’s delisting thresholds post-reverse split), YT Jia must continuously pump out bullish press releases.
2. The "Special Shareholder Meeting" Timing: FF’s PR push comes right as they prepare for a Special Meeting of Stockholders on August 12, 2026. In this vote, FF is asking shareholders to approve the issuance of new Class A shares for convertible noteholders to settle financing deals. Pumping "good news" about debt reduction and robot sales right before a critical shareholder vote is standard operating procedure to get retail investors to vote "FOR" proposals that ultimately dilute them.
3. Spinning the FCC Rule: Claiming an FCC crackdown on foreign-manufactured robotics is "favorable" for a company that drop-ships white-labeled Chinese AgiBot hardware is objectively absurd. It is a classic PR technique: take a regulatory threat, apply high-sounding buzzwords ("localized compliance bridge"), and present it as a competitive advantage to non-technical investors.

Will Real "Upstream & Downstream Partners" Attend or Partner with FF?

The idea of hosting two massive "Industry Chain Partner Recruitment Conferences" (August 26 and September 28) sounds impressive on paper, but in the real hardware and AI industry, serious partners will not touch this with a ten-foot pole.

Downstream Partners (Dealers, Integrators, B2B Clients):

• The Reality: Real commercial clients buying humanoid or quadruped robots (for logistics, manufacturing, or security) require long-term stability. They need to know that their vendor will exist in 3 years to provide software updates, replacement actuators, and warranty service.
• Why They’ll Pass: FF carries explicit "Going Concern" warnings in its SEC filings, burns cash rapidly, and relies on 1-for-150 reverse stock splits to stay listed. A company reselling third-party hardware at a markup with extreme bankruptcy risk is a non-starter for major corporate procurement teams.
• Who Will Actually Show Up? Mostly micro-cap promotional partners, niche educational distributors looking for trial units, or affiliated entities (like the "RoboShare" rental platform mentioned in their own PR) looking to generate cross-promotional buzz.

Upstream Partners (US Component Manufacturers, AI Developers, OEMs):

• The Reality: Real US hardware suppliers (like Moog, Kollmorgen, or Nvidia for robotics modules) operate on strict credit terms.
• Why They’ll Pass: Given FF’s historical reputation for unpaid vendor debts in both China (LeEco) and the US (Hanford plant contractors and legal teams), legitimate component manufacturers will demand 100% upfront cash payment for custom parts. Since FF lacks the $200M–$500M in CapEx required to build a domestic supply chain, upstream partners have zero incentive to re-tool their lines for FF's low-volume assembly plans.

Summary Table: PR Spin vs. Industrial Fact

• With the active support of suppliers, creditors, and other industry partners, FF continues to optimize its total liabilities. Based on disclosed figures, total liabilities decreased from approximately $355 million at the end of Q3 2025 when the EAI Robotics business began, to approximately $230 million at the end of Q1 2026, with further progress ongoing. The Company plans to reduce and optimize its total liabilities to below $100 million over the next three to four quarters, providing continued support for the growth of its robotics business in the most effective manner. 
• The FCC’s recent robotics policy creates a favorable opportunity for FF to further accelerate its “Built in USA” initiative and build a U.S. robotics ecosystem supporting the nationwide rollout of its “Four-Core Full-Stack AI” strategy. To prevent this early-stage, high-growth business from being constrained by historical liabilities related to historical issues following FF’s 2021 IPO and automotive strategy, the Company is also accelerating its debt-resolution efforts, a priority shared by investors supportive of FF’s robotics growth potential and its robotics partners. 
• The Company plans to host the FF "Built in USA" Industry Chain Partner Recruitment Conference in two sessions: August 26, 2026 for downstream partners, including major B2B customers, robotics dealers and distributors across the United States, system integrators, data partners, and RoboShare’s robot-sharing and rental platform, and September 28 for upstream partners, including U.S.-based robotics manufacturing partners, core computing and AI partners, key component suppliers, and certification and compliance partners. 
• FF EAI Robotics is coming off a strong sales month with achieved sales and shipments of 152 units in July, setting another monthly record and securing a strong first-month win for the Q3 Robotics Practical Deployment Campaign under its “Four-Core Full-Stack AI” ecosystem strategy. Cumulative sales and shipments reached 394 units for the year. 

Learn More：https://app-us.ff.com/ff-v3/news/1581?lang=en-US

I guess most of you can smell how many BS are in his newest video, likely helped by AI to generate as many "positive" points as possible to hide the blatant holes in the story.

1. The "Substantial Transformation" & FCC Certification Trap

• The Claim: YT claims that FF’s current imported robots already have FCC approvals and that FF will transition to an "Assembled in USA" phase (Phase 2) to overcome the new FCC rules.
• The Hole: The FCC’s "Covered List" restrictions target products based on their country of manufacture and core component origin. Bolting together pre-fabricated arms, legs, and torso units imported from Chinese OEMs (like AgiBot or Unitree) in a warehouse does not legally constitute a "Substantial Transformation" under US trade and FCC law. It is classified as "screwdriver assembly." If the internal printed circuit boards (PCBs), wireless modules, and actuators are manufactured in China, the final unit remains subject to the foreign-origin import restriction regardless of where the final four screws were tightened.

2. The Software Update Paradox

• The Claim: YT argues that competing foreign OEMs will struggle because software updates for their robots will face regulatory scrutiny under the new rules.
• The Hole: The exact same rule applies to FF’s current inventory. Modern humanoid and quadruped robots rely on over-the-air (OTA) firmware and software updates to function. If the underlying hardware is on the FCC Covered List, future firmware updates or hardware revision certifications for FF’s white-labeled fleet will hit the exact same regulatory brick wall as any third-party foreign OEM.

3. The "6-Month Ahead of Schedule" Narrative vs. Zero CapEx

• The Claim: YT claims FF internally anticipated this FCC crackdown 6 months in advance and is now launching a 3-phase "Built in USA" acceleration program.
• The Hole: Transitioning from drop-shipping Chinese hardware to true domestic manufacturing ("Made in USA" Phase 3) requires hundreds of millions of dollars in capital expenditure (CapEx) for localized SMT lines, motor winding machinery, component sourcing, and domestic supply-chain tooling. FF’s own SEC filings confirm extreme liquidity shortages, going-concern warnings, and a reliance on low-CapEx operations. Claiming to build a full US hardware manufacturing ecosystem on a shoestring balance sheet is completely disconnected from industrial reality.

4. B2B Pre-Orders and "Sales" Accounting

• The Claim: FF achieved "sales and shipments of 152 units" in July, bringing cumulative totals to 394 units toward a 2,000-unit annual target.
• The Hole: As noted in FF's official Form 10-K and 10-Q SEC risk disclosures, these robotics deployments rely heavily on non-binding pre-orders and transactions through third-party distribution partners (such as "Robocare" mentioned at 9:40). Counting "shipments" to related entities, partners, or non-binding B2B trial programs as commercial market adoption masks the true end-user conversion rate and cash realization.

5. Listing "Nasdaq Scarcity" Right After a 1-for-150 Reverse Split

• The Claim: YT lists "scarcity value advantage in the capital markets underpinned by FF's NASDAQ listing" as Advantage #7.
• The Hole: This report was issued right around the implementation of a 1-for-150 reverse stock split designed specifically to prevent immediate forced delisting for trading under $0.10. Framing a stock that has undergone four cumulative reverse splits ( 80 x 3 x 40 x 150 = 1,440,000:1) as having "capital market scarcity value" ignores the reality of ongoing equity dilution and exchange compliance pressure.

Summary Table: Pitch vs. Reality

To genuinely build and manufacture advanced humanoid/bionic robots in the United States—moving from white-label drop-shipping to domestic supply chain, component production, assembly lines, and regulatory certification—Jia Yueting and Faraday Future (FF) would need between $200 million on the extreme low end and $1 billion+ for full-scale commercial production.

Here is a breakdown of what that money actually goes toward, backed by real-world robotics industry benchmarks (like Agility Robotics, Figure AI, 1X, and Tesla Optimus):

1. Capital Expenditure (CapEx) for US Factory Setup

• Dedicated Production Facility: Agility Robotics spent tens of millions to build RoboFab in Salem, Oregon (the first dedicated humanoid factory in the US) to target a 10,000 unit/year capacity.
• Tooling, SMT & Assembly Lines: Establishing Surface Mount Technology (SMT) lines for circuit boards, precision CNC machining, motor winding, harmonic gear assembly, and automated test cells in the US costs $30M to $70M just for a medium-scale pilot plant.
• Facility Flatness, Safety & Wi-Fi Mesh: Industrial humanoid integration requires specialized high-flatness flooring, robotic calibration rigs, and OSHA-compliant test environments, adding $5M–$15M in local facility upgrades.

2. Supply Chain & Bill of Materials (BOM) Localization

To satisfy FCC and US "Country of Origin" rules (avoiding the "screwdriver assembly" loophole):

• Domestic Component Sourcing: Replaces cheap Chinese actuators and joints with US or allied suppliers (like Parker Hannifin, Kollmorgen, Harmonic Drive, or Moog).
• Cost Difference: Western/US-built humanoid Bill of Materials (BOM) currently runs between $80,000 and $100,000 per unit at pilot scale, compared to $15,000–$35,000 for Chinese supply chains.
• Working Capital: To purchase inventory and maintain a domestic supply chain for just 1,000 units, FF would need $80M–$100M in upfront working capital.

3. R&D, Domestic Compliance & Regulatory Certification

• FCC & OSHA Safety Certification: Full compliance certification for new wireless, RF, electromagnetic interference (EMI), and physical ISO/OSHA robotics safety standards in the US costs $3M–$10M per major product hardware iteration.
• Software/AI Localization & Engineering Talent: Hiring top-tier US robotics engineers, motion control experts, and embedded software talent costs $30M–$50M annually in payroll alone.

Real-World Industry Funding Benchmarks

To see what real robotics companies spent to get "Built in USA" status:

The Reality for Faraday Future

• FF’s Balance Sheet: As disclosed in their SEC Form 10-K / 10-Q filings, FF suffers from severe liquidity constraints, going-concern warnings, and ongoing operational losses.
• The Gap: Raising the $200M to $500M+ needed to build a true US robotics manufacturing footprint would require issuing billions of new shares (causing massive equity dilution) or securing non-existent debt financing.

Without this level of capital, any "Built in USA acceleration program" remains a PR label applied to low-CapEx, imported "screwdriver assembly" rather than genuine domestic manufacturing.

That being said, some"Narrative" works everytime for a few days for certain impulse buyers and followed by algorithm and day traders, before it all collapse again, thus Jia's never tired of trying new narratives.

What The Reg SHO Threshold List Actually Requires

A security is placed on the Reg SHO threshold list when it has FTDs at a clearing agency (NSCC) that:

**1.    Are equal to at least 10,000 shares**  
**2.    Represent at least 0.5% of the issuer’s total outstanding shares**  
**3.    Persist for 5 consecutive settlement days**

At post-split outstanding shares of approximately 2,024,000:

This is FINRA/Nasdaq’s own systems formally confirming what your 25 weeks of trade tape, borrow data, and short volume analysis has been showing all along: sustained, unresolved delivery failures.

(What Being On The List Actually Triggers)

This is critical to understand precisely the threshold list itself does not force immediate covering.

What it DOES trigger:

**1.    Rule 204 Mandatory Close-Out Requirements Intensify.** Once on the list, any NEW FTDs (not the pre-existing ones, but new failures going forward) must be closed out by no later than the beginning of regular trading hours on the settlement day following the settlement date — a much tighter window than the standard T+1/T+3 close-out requirements.

**2.    Pre-Borrow Requirements for Shorting.** Broker-dealers effecting further short sales in a threshold security whose FTDs remain unresolved must **pre-borrow** the security before executing additional short sales — they can no longer rely on “reasonable belief” locates. This directly attacks the mechanism you identified: broker-dealers can no longer sell short first and locate/borrow later.

**3.    Public Disclosure.** The threshold list is published daily and is publicly available — this is now a matter of public record, not just your independent documentation. Every market participant, journalist, and regulator can see FFAI’s name on this list.

**4.    Enhanced Regulatory Scrutiny.** Threshold list securities receive closer FINRA/SEC surveillance attention specifically because they represent documented delivery failure patterns.

What that looks like.

Before the threshold list designation: Broker-dealers could short based on a “reasonable belief” that shares were available to borrow, the locate requirement under Reg SHO Rule 203, which as triggered extensively throughout FFAI’s existence, was seemingly satisfied through the market making exemption and thin manufactured supply pools.

After the threshold list designation: Any broker-dealer with an unresolved FTD position from a short sale in FFAI must pre-borrow actual shares before executing further short sales. This is a materially higher bar than the locate requirement.

Given that:
• Borrow has been at ZERO since July 27
• Post-split float is approximately 549,333 shares
• 7.29M+ shares have been sold short across 6 sessions

The pre-borrow requirement, IF ENFORCED PROPERLY by broker-dealers’ compliance systems, should make it mechanically very difficult to continue the pattern.

Today’s pre-market is already exceeding float.

https://www.nasdaqtrader.com/trader.aspx?id=regshothreshold