Faraday Future Intelligent Electric Inc (FFAI) 2026 Q1 法說會逐字稿

Greetings. Welcome to Faraday Future first-quarter 2026 earnings call. (Operator Instructions) Please note this conference is being recorded.

各位好。歡迎參加 Faraday Future 2026 年第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to John Schilling, Director of Public Relations and Communications. Thank you. You may begin.

現在我將把會議交給公共關係與傳播總監 John Schilling。謝謝。您可以開始了。

Good evening, everyone, and thank you for joining Faraday Future's first-quarter 2026 earnings call. My name is John Schilling, Global Director of Public Relations, Communications and Government Affairs here at Faraday Future. Today, I am joined by our Global CEO, YT Jia. Before we begin, please note that today's discussion will include forward-looking statements based on current expectations and assumptions.

各位晚上好，感謝各位參加 Faraday Future 2026 年第一季財報電話會議。我叫 John Schilling，是 Faraday Future 的全球公共關係、傳播與政府事務總監。今天與我一同出席的是我們的全球執行長賈躍亭（YT Jia）。在開始之前，請注意今天的討論將包含基於目前預期與假設的前瞻性陳述。

These statements involve risks and uncertainties that could cause actual results to differ materially. We encourage you to review our SEC filings for a detailed discussion of these risks. We undertake no obligation to update forward-looking statements, except as required by law. Following prepared remarks, we will address a selection of stockholder questions submitted in advance.

這些陳述涉及風險與不確定性，可能導致實際結果出現重大差異。我們建議您查閱我們向美國證券交易委員會（SEC）提交的文件，以了解這些風險的詳細討論。除法律要求外，我們不承擔更新前瞻性陳述的任何義務。在預先準備的發言之後，我們將回覆部分事先提交的股東問題。

And with that, I'll turn the call over to YT, our Founder and Global CEO.

接下來，我將把電話會議交給我們的創辦人兼全球執行長 YT。

Thank you, John, and thank you to those joining us here today. I would like to thank the company and the Board for their trust in acknowledging and appointing me as Global CEO. In today's call, I will provide an update on FF's first-quarter 2026 results, key progress from the first-quarter through today and our outlook for the next stage of growth.

謝謝你，John，也感謝今天加入我們的各位。我要感謝公司與董事會對我的信任，認可並任命我為全球執行長。在今天的電話會議中，我將就 FF 2026 年第一季業績、從第一季至今的關鍵進展，以及我們下一階段成長的展望提供最新資訊。

FF will officially evolve into a US-based physical AI ecosystem company focusing on two product engines within its EAI robotics business, EAI humanoid and bionic robots, and EAI automotive robots, committed to an AI-first philosophy. By building a 3-in-1 ecosystem, consisting of device, brain and open source and open developer platform and data.

FF 將正式演進為一家以美國為基地的實體 AI 生態系公司，聚焦於其 EAI 機器人業務中的兩大產品引擎：EAI 人形與仿生機器人，以及 EAI 汽車機器人，並秉持 AI 優先的理念。透過打造由裝置、腦、以及開源與開放開發者平台與資料所構成的三合一生態系。

FF aims to create an evolutionary flywheel of scaled device delivery, data collection and training, continued evolution of the EAI Brain, stronger product capability and larger-scale delivery with the goal of maximizing commercial value. In terms of business model, FF generates platform revenue through agent skill revenue sharing, platform service fees, and enterprise solutions.

FF 旨在打造一個可演進的飛輪：規模化裝置交付、資料收集與訓練、EAI Brain 的持續演進、更強的產品能力，以及更大規模的交付，以最大化商業價值為目標。在商業模式方面，FF 透過代理技能收入分成、平台服務費與企業解決方案來產生平台收入。

At the same time, through EAI brand licensing, FF can extend its general intelligence capabilities to more robots and intelligent devices, creating scalable licensing revenue. More importantly, every skill call, agent operation and device deployment will continuously accumulate real-world data, which will flow back to the EAI Brain through the data factory.

同時，透過 EAI 品牌授權，FF 能將其通用智慧能力延伸至更多機器人與智慧裝置，創造可擴展的授權收入。更重要的是，每一次技能呼叫、代理運作與裝置部署都將持續累積真實世界資料，並透過資料工廠回流至 EAI Brain。

This creates an evolutionary flywheel and builds EAI ecosystem infrastructure that will be difficult to replicate in the physical AI era. From a strategic execution standpoint, our first phase will focus primarily on humanoid and bionic robotics with EAI automotive robotics serving as a complementary business. And I also want to reiterate something very clearly regarding our vehicle robotics business.

這將形成一個演進飛輪，並在實體 AI 時代建立難以複製的 EAI 生態系基礎設施。從策略執行角度來看，我們的第一階段將主要聚焦於人形與仿生機器人，而 EAI 汽車機器人則作為互補性業務。我也想非常清楚地重申一點，關於我們的車輛機器人業務。

We will only fully launch that business once we have secured strategic or long-term investment and sufficient funding to support scaled production and delivery. Until then, we will continue moving forward in a disciplined way with low cost, low capital intensity, low risk and a strong focus on maximizing stockholder value.

只有在我們已取得策略性或長期投資，並獲得足夠資金以支援規模化生產與交付之後，我們才會全面啟動該業務。在此之前，我們將以紀律方式持續推進：低成本、低資本密集度、低風險，並高度聚焦於最大化股東價值。

Let me now walk through our business update. The first-quarter of 2026 was a pivotal period for our robotics business. As our three-in-one EAI ecosystem strategy began forming a tangible commercial closed loop, EAI device update. Devices serve as a physical gateway to our strategy. We're accelerating deployment of FF robotics devices across vertical use cases, capitalizing on our first-mover advantage as the first US company to deliver humanoid and bionic robots.

接下來我將說明我們的業務最新進展。2026 年第一季是我們機器人業務的關鍵時期。隨著我們三合一 EAI 生態系策略開始形成可見的商業閉環，EAI 裝置更新如下。裝置是我們策略的實體入口。我們正加速在各垂直應用場景部署 FF 機器人裝置，並把握我們作為首家在美國交付人形與仿生機器人的公司所具備的先行者優勢。

On February four , we officially released three series of EAI robot products, Futurist, Master and Aegis. During the event, the company announced a cumulative nonbinding nonrefundable paid preorders for our robot products of over 1,200 units. The delivery of our EAI robots started in late February with positive product gross margins.

2 月 4 日，我們正式發布三個系列的 EAI 機器人產品：Futurist、Master 與 Aegis。在活動期間，公司宣布我們的機器人產品累計已取得超過 1,200 台的非約束性、不可退款的付費預購。我們的 EAI 機器人於 2 月下旬開始交付，且產品毛利率表現正向。

The total shipments have reached 68 units by the end of April. This provides a new asset-light, high-margin revenue source that is expected to support short-term cash flow while reinforcing our long-term ecosystem strategy. We are also actively expanding our dealer network in robot sales, and we continue to explore diversified sales models, including customized leasing programs.

截至 4 月底，總出貨量已達 68 台。這帶來一個新的輕資產、高毛利收入來源，預期可支撐短期現金流，同時強化我們的長期生態系策略。我們也正積極擴展機器人銷售的經銷商網路，並持續探索多元化銷售模式，包括客製化租賃方案。

EAI Brain and open source and open developer platform update. Brain smarts our products, leveraging an open-source foundation model and our data factory. We are building a proprietary EAI Brain that bridges simulation and real-robot data training. This creates a close loop of efficient Sim2Sim and Sim2Real deployment, and continuous model self-evolution, targeting manipulation autonomy by year-end.

EAI Brain 與開源及開放開發者平台更新。Brain 讓我們的產品更智慧，並運用開源基礎模型與我們的資料工廠。我們正在打造專有的 EAI Brain，以銜接模擬與真實機器人資料訓練。這將形成高效率的 Sim2Sim 與 Sim2Real 部署閉環，以及模型的持續自我演進，目標是在年底前達成操作（manipulation）自主化。

To date, we have successfully built a cross-platform architecture for our self-developed EAI interactive brain with commercial demos now running across multiple sectors. Our proprietary data portal, cloud platform and a robot management backend V1.0 are live, laying the smart management groundwork for large-scale operations. Open source and open developer platform is enabling system for our strategy.

截至目前，我們已成功為自研的 EAI 互動大腦建立跨平台架構，商業展示已在多個產業領域運行。我們的專有資料入口、雲端平台，以及機器人管理後台 V1.0 已上線，為大規模營運奠定智慧化管理基礎。開源與開放開發者平台是我們策略的賦能系統。

By opening our platform to global developers, we significantly expand the value and diversity of our ecosystem, speed up the flywheel and establish one of FF's most important levers for creating a differentiated competitive moat. We held our EAI and developer platform strategy launch in San Francisco, officially initiating the era of EAI robotics education tailored for AI native.

透過向全球開發者開放我們的平台，我們大幅擴展生態系的價值與多樣性，加速飛輪運轉，並建立 FF 最重要的槓桿之一，以打造差異化的競爭護城河。我們在舊金山舉辦了 EAI 與開發者平台策略發布會，正式開啟為 AI 原生族群量身打造的 EAI 機器人教育時代。

We achieved the first practical application of open claw on our robots and are successfully testing its expansion across various scenarios. Data factory update. Data fuels our strategy. As the first US company to deliver humanoid and bionic robots, we are moving aggressively to build a first-mover advantage in the data business with the goal of fully commercializing our data factory to close the loop.

我們在機器人上實現了 open claw 的首次實際應用，並正成功測試其在各種情境中的擴展。資料工廠更新。資料為我們的策略提供動能。作為首家在美國交付人形與仿生機器人的公司，我們正積極建立資料業務的先行者優勢，目標是將資料工廠全面商業化以完成閉環。

We closed the R&D to sales loop in just two months after we launched our three-in-one strategy in February. Our data factory powered by our proprietary data OS replaces the costly custom-built data collection model, and we've signed and begun delivery on our first sales order within two months of launch. The data factory consists of two components: centralized and decentralized.

自 2 月推出三合一策略以來，我們僅用兩個月就打通了從研發到銷售的閉環。由我們專有 Data OS 驅動的資料工廠，取代了成本高昂的客製化資料收集模式，且我們已在上線後兩個月內簽下首筆銷售訂單並開始交付。資料工廠由兩個部分構成：集中式與去中心化。

For Centralized Data Factory, we developed a full stack in-house software suite covering collection, validation, upload and conversion on par with industry benchmark tools and with the core tool chain fully under our control. The first centralized supermarket shelf scenario is deployed at our L.A. headquarters and our teleoperation data business is in active market outreach.

在集中式資料工廠方面，我們自研了一套全棧軟體套件，涵蓋收集、驗證、上傳與轉換，能力可與業界標竿工具比肩，且核心工具鏈完全掌握在我們手中。第一個集中式的超市貨架情境已部署於我們洛杉磯總部，我們的遠端操作（teleoperation）資料業務也正在積極進行市場拓展。

For Decentralized Data Factory, we built our own data collection software, eliminating the need to purchase costly third-party robot hardware just to access basic software licenses. The full pipeline from collection and processing to FF cloud upload is up and running, and we've collected the first batch of pilot real-world data across our EAI devices.

在去中心化資料工廠方面，我們打造了自有資料收集軟體，免除為了取得基本軟體授權而購買昂貴第三方機器人硬體的需求。從收集與處理到上傳至 FF 雲端的完整流程已建置並運行，我們也已透過 EAI 裝置收集到第一批試點真實世界資料。

We have signed MOU with Boston International Business School to jointly establish the BBSI FF AI Robotics Institute, the first industry-driven physical AI and robotics institute in the US. Now let's dive into the first-quarter of 2026 financial results. Robotics emerged as the company's new revenue engine in its inaugural quarter of deliveries.

我們已與波士頓國際商學院簽署合作備忘錄（MOU），共同成立 BBSI FF AI 機器人研究院，這將是美國首個由產業驅動的實體 AI 與機器人研究機構。現在讓我們深入探討 2026 年第一季的財務結果。機器人在首次交付的季度中崛起，成為公司的新營收引擎。

For the first-quarter of 2026, the company generated revenue of $512,000, representing a 62% increase from $316,000 in the same period last year, which itself nearly matches full year 2025 revenue of $536,000. This includes both device sales and ecosystem revenue with ecosystem revenue, including skilled software capability packs, et cetera, accounting for 26% of total revenue.

2026 年第一季，公司營收為 512,000 美元，較去年同期的 316,000 美元成長 62%；而去年同期的營收本身已幾乎相當於 2025 全年營收 536,000 美元。此營收包含設備銷售與生態系營收，其中生態系營收（包括熟練軟體能力套件等）占總營收的 26%。

The continuous delivery of robots is a pivotal milestone, allowing the company to begin realizing positive product gross profit. Please note that some in-transit robots are not yet included in this first-quarter revenue. The income and corresponding costs for these units will be recognized when they have been officially delivered.

機器人的持續交付是一項關鍵里程碑，使公司得以開始實現正向的產品毛利。請注意，部分運輸途中的機器人尚未納入本第一季營收。這些單位的收入及相應成本將在正式交付後認列。

Our loss from operations narrowed 18% year-over-year from $43.8 million in Q1 2025 to $35.9 million in Q1 2026, of which approximately $11 million consisted of noncash items, including depreciation, amortization, goodwill impairment and share-based compensation. After adjusting for noncash items and working capital movements, net cash used in operating activities, the company's actual operating cash burn was $31.5 million for the quarter.

我們的營運虧損年減 18%，由 2025 年第一季的 4,380 萬美元縮減至 2026 年第一季的 3,590 萬美元，其中約 1,100 萬美元為非現金項目，包括折舊、攤銷、商譽減損及股份基礎給付。在調整非現金項目與營運資金變動後，用於營運活動的淨現金流出（即公司實際營運現金消耗）本季為 3,150 萬美元。

G&A expenses declined 33% year-over-year from $13.7 million in Q1 2025 to $9.2 million in Q1 2026, primarily driven by a substantial reduction in professional fees, reflecting the company's continued discipline in optimizing its cost structure. Turning to our balance sheet. Our stockholders' equity grew 148% quarter-over-quarter, standing at $19.2 million at the end of Q1 2026, making the second consecutive quarter of positive equity growth. Q3 2025, large asset impairment was a noncash accounting adjustment.

一般及行政（G&A）費用年減 33%，由 2025 年第一季的 1,370 萬美元降至 2026 年第一季的 920 萬美元，主要受專業服務費大幅下降所帶動，反映公司持續以紀律優化成本結構。接著看資產負債表。截至 2026 年第一季末，我們的股東權益季增 148%，達 1,920 萬美元，為連續第二季股東權益正向成長。2025 年第三季的大額資產減損屬於非現金的會計調整。

Since that trough, equity has rebounded for two consecutive quarters from negative $39.5 million to $19.2 million, a $59 million improvement over six months, driven by debt-to-equity conversion, vendor sentiment and voluntary warrant termination. We believe FF is one of the few US listed companies to engineer a return to positive stockholders' equity with continued growth within just two quarters of a major strategic impairment.

自該低點以來，股東權益已連續兩季反彈，從負 3,950 萬美元回升至 1,920 萬美元，六個月內改善 5,900 萬美元，主要由債轉股、供應商信心回升以及自願終止認股權證所驅動。我們相信，FF 是少數在美國上市公司中，能在重大策略性減損後僅用兩個季度就實現股東權益轉正並持續成長的公司之一。

Now let's discuss capital markets update. In the first-quarter and subsequent weeks of 2026, the company secured critical funding and made strategic adjustments to our capital structure to support our EAI vision. In April 2026, we amended and upsized our existing share purchase agreement with a third party designated by AIxCrypto, bringing total committed equity financing to $12 million.

現在我們來談資本市場最新進展。在 2026 年第一季及其後數週，公司取得關鍵資金，並對資本結構進行策略性調整，以支持我們的 EAI 願景。2026 年 4 月，我們修訂並擴大與由 AIxCrypto 指定之第三方的既有股份購買協議，使承諾的股權融資總額達到 1,200 萬美元。

The amendment replaced antidilution provisions with fixed warrants tied to operational milestones, a structure we believe better serves both the company and our existing stockholders while injecting meaningful capital to support continued execution of our EAI strategy. In April, the company successfully received $45 million in new financing from American institutional investors.

本次修訂以與營運里程碑掛鉤的固定認股權證取代反稀釋條款；我們認為此結構在注入具意義資金以支持 EAI 策略持續執行的同時，也更能兼顧公司與既有股東的利益。同在 4 月，公司成功自美國機構投資人取得 4,500 萬美元的新融資。

Given EAI Robotics asset-light operating model and a relatively modest near-term capital requirements, we are deploying these funds to build a differentiated growth model, supporting short-term cash flow generation with limited additional investment while reinforcing the long-term expansion of our EAI ecosystem.

鑑於 EAI 機器人採取輕資產營運模式，且短期資本需求相對有限，我們正運用這些資金打造差異化成長模式：在額外投資有限的情況下支持短期現金流產生，同時強化 EAI 生態系的長期擴張。

This financing provides a solid financial foundation for supporting the initial production ramp-up from the EAI Robotics strategy, while preserving optionality for further capital structure optimization and strategic investment in subsequent phases. On the regulatory front, we reached a major milestone on March 18 when the SEC formally concluded its investigation of over four years.

此融資為支持 EAI 機器人策略的初期量產爬坡提供穩固的財務基礎，同時保留在後續階段進一步優化資本結構與進行策略投資的彈性。在監管方面，我們於 3 月 18 日達成重大里程碑：美國證券交易委員會（SEC）正式結束其歷時四年多的調查。

The SEC decided not to take any punishment or legal action against the company or leadership. The investigation has constrained our development and its conclusion serves as a powerful counterattack against illegal short sellers. Regarding our listing status, we received a notice from NASDAQ on March 20 regarding a 180-day remediation period to satisfy stock price compliance.

SEC 決定不對公司或管理層採取任何處罰或法律行動。該調查曾限制我們的發展，而其結束也成為對非法放空者的有力反擊。關於上市狀態，我們於 3 月 20 日收到 NASDAQ 通知，給予 180 天的改善期以符合股價合規要求。

To get there, we are accelerating business execution, advancing strategic initiatives and fighting illegal short selling. To restore market confidence and protect stockholders' interest, we have launched a collective stockholding plan for executives and employees and initiated legal action against illegal short selling and the dissemination of false misleading information.

為達成該目標，我們正加速業務執行、推進策略舉措，並打擊非法放空。為重建市場信心並保護股東利益，我們已推出高階主管與員工的集體持股計畫，並對非法放空及散播虛假誤導資訊提起法律行動。

We have also maintained high frequency engagement with the capital markets including a New York institutional investor meeting and a series of capital and industry conferences. Now let's discuss our recent progress on system building. We are fundamentally transforming our AI system by upgrading our governance concept from PPTIA to AI-PPTI.

我們也持續以高頻率與資本市場互動，包括在紐約舉辦機構投資人會議，以及參與一系列資本與產業研討會。現在讓我們談談近期在系統建設方面的進展。我們正透過將治理理念從 PPTIA 升級為 AI-PPTI，從根本上轉型我們的 AI 系統。

We have also introduced the overarching governance philosophy of AI first. Through this new management concept and an upgraded AI talent organization system, AI is transitioning from a simple auxiliary tool into a key infrastructure that drives business growth and decision optimization. Our corporate governance system is also undergoing major changes, specifically by strengthening our closed-loop management from financing to performance.

我們也導入「AI 優先」的整體治理哲學。透過這一新的管理理念與升級後的 AI 人才組織體系，AI 正從單純的輔助工具轉變為推動業務成長與決策優化的關鍵基礎設施。我們的公司治理系統也正在發生重大變革，特別是強化從融資到績效的閉環管理。

To maintain strategic continuity, take better responsibility for investors, investment results and enhance internal and external trust and cohesion. Another exciting event came from our government affairs. FF Robotics business has received support from both the state of California and the local city government where FF is headquartered.

以維持策略延續性、更好地對投資人與投資成果負責，並提升內外部的信任與凝聚力。另一項令人振奮的事件來自我們的政府事務。FF 機器人業務已獲得加州州政府以及 FF 總部所在地的地方市政府支持。

California State Treasurer, Fiona Ma, expressed strong support for multiple areas of collaboration including the inclusion of FF products in California's GSA government procurement list, the EAI transformation of K-12 and higher education and the integration of EAI industry chain resources. 2026 outlook. With the SEC's 4-year investigation officially concluded, we believe we are entering a fundamentally new stage of development.

加州州財政官 Fiona Ma 對多個合作領域表達強力支持，包括將 FF 產品納入加州 GSA 政府採購清單、推動 K-12 與高等教育的 EAI 轉型，以及整合 EAI 產業鏈資源。2026 年展望。隨著 SEC 歷時 4 年的調查正式結束，我們相信公司正進入一個根本性的新發展階段。

This new chapter is defined by greater strategic clarity, improved operational flexibility and renewed momentum across our entire business. The renewal of this long-standing external overhang allows us to fully focus on execution, innovation and long-term value creation. As we move forward, management is undertaking a comprehensive five key transformation initiative across our strategy, business, system, finance and capital. We will fully implement the EAI 3-in-1 strategy and our industrial bridge strategy.

這個新篇章的特徵是更清晰的策略方向、更高的營運彈性，以及全業務範圍內重新凝聚的動能。這項長期外部不確定因素的解除，使我們得以全力聚焦於執行、創新與長期價值創造。展望未來，管理層正針對策略、業務、系統、財務與資本五大面向，推動一項全面性的五大轉型計畫。我們將全面落實 EAI 3 合 1 策略與我們的產業橋樑策略。

Our near-term focus will be on building a robotic ecosystem-driven revenue base and achieving a clear path towards sustainable profitability, which lays a solid foundation for the long-term value realization of the 3-in-1 strategy. At the same time, through continuous AI system level transformation, we aim to further enhance operational efficiency and overall business performance, ultimately, prioritizing stockholder value creation.

我們的短期重點將放在建立由機器人生態系驅動的營收基礎，並朝向可持續獲利建立清晰路徑，為 3 合 1 策略的長期價值實現奠定堅實基礎。同時，透過持續的 AI 系統層級轉型，我們旨在進一步提升營運效率與整體業務表現，最終以股東價值創造為優先。

Together, these initiatives are designed to strengthen our foundation, accelerate the commercialization of our AI and mobility ecosystem, enhanced financial discipline and rebuild long-term market confidence. In the following sections, I will discuss in greater detail our strategic outlook and these five key transformation initiatives. First, our outlook on EAI strategy. At the core of this next chapter in our strategy evolution, the company is evolving from a traditional capital-driven growth model towards a more disciplined and sustainable framework centered on revenue validation and long-term ecosystem development.

綜合而言，這些舉措旨在強化我們的基礎、加速 AI 與移動生態系的商業化、提升財務紀律，並重建長期市場信心。在接下來的章節中，我將更詳細說明我們的策略展望以及這五大關鍵轉型舉措。首先，我們對 EAI 策略的展望。在本次策略演進的新篇章核心，公司正從傳統的資本驅動成長模式，轉向以營收驗證與長期生態系發展為中心、更具紀律且可持續的框架。

The large-scale deployment of positive gross margin robotics products is positioned as our primary growth engine, while we continue to advance our long-term ecosystem of EAI devices, the EAI brain and open source platform and the EAI centralized and decentralized data factory. Looking ahead, under the guidance of our three-in-one strategy, we intend to firmly focus on scaling robotics deployment and monetization with positive gross margins while advancing our AI EV initiatives with a disciplined and cost-efficient approach. Our overall business model is shifting towards revenue generation, operational efficiency and ecosystem expansion with robotics serving as the first major growth driver.

大規模部署具備正毛利的機器人產品被定位為我們的主要成長引擎，同時我們持續推進長期的 EAI 裝置生態系、EAI 大腦與開源平台，以及 EAI 集中式與去中心化資料工廠。展望未來，在我們三合一策略的指引下，我們將堅定聚焦於擴大具備正毛利的機器人部署與變現，同時以嚴謹且具成本效率的方法推進我們的 AI EV 計畫。我們整體商業模式正轉向以營收產生、營運效率與生態系擴張為核心，其中機器人將作為第一個主要成長驅動力。

In the near term, we plan to focus on achieving commercial breakthroughs, expanding user adoption and building a broader ecosystem around its EAI Brain, developer platform and data infrastructure. As deployment volumes increase, we expect to establish a scalable growth flywheel driven by recurring revenue generation and the initial maturation of its integrated 3-in-1 business model. Over time, we aim to build diversified monetization channels across products, platforms, software and data services.

短期內，我們計畫聚焦於實現商業化突破、擴大用戶採用，並圍繞其 EAI 大腦、開發者平台與資料基礎設施打造更廣泛的生態系。隨著部署量提升，我們預期將建立一個可擴展的成長飛輪，由經常性營收的產生以及其整合式三合一商業模式的初步成熟所驅動。長期而言，我們目標是在產品、平台、軟體與資料服務之間建立多元化的變現管道。

Second, on our product, technology and business outlook. In the near term, by 2026, we intend to streamline our product portfolio and prioritize robotics products with clear commercialization potential and positive monetization opportunities. With a growing demand across our four major product lines and key use cases, including education, security and inspection, reception and guidance, performances and university research together with the upcoming launch and delivery of our new K-12 education products, we have officially raised our 2026 annual shipping target to 1,500 units and will host our educational ecology & product Launch conference in early June.

第二，關於我們的產品、技術與業務展望。短期內，至 2026 年，我們計畫精簡產品組合，並優先聚焦於具備明確商業化潛力與正向變現機會的機器人產品。隨著我們四大主要產品線與關鍵使用情境（包括教育、安防與巡檢、接待與導覽、表演與大學研究）的需求成長，加上我們即將推出並交付的新 K-12 教育產品，我們已正式將 2026 年年度出貨目標上調至 1,500 台，並將於 6 月初舉辦教育生態與產品發表會。

FF believes that robotics education will become the largest use case in the first phase of the robotics industry's B2C market. We are building the first large-scale EAI Robotics education system in the US, and we aim to be a major force in the very first year of America's EAI Robotics education ecosystem. In terms of product, we expect to initially focus on humanoid robotics while progressively expanding into additional categories, including quadruped robotics and other intelligent form factors.

FF 認為，機器人教育將成為機器人產業 B2C 市場第一階段最大的使用情境。我們正在美國打造首個大規模 EAI 機器人教育體系，並力求在美國 EAI 機器人教育生態系的第一年就成為重要力量。在產品方面，我們預期初期將聚焦於人形機器人，同時逐步擴展至其他類別，包括四足機器人及其他智慧形態。

We believe this phased approach will allow us to refine products within specific use cases, establish repeatable deployment models and develop standardized scalable solutions over time. Third, looking at our systems and organization. As previously discussed, we are advancing a comprehensive AI-driven transformation aimed at upgrading our governance philosophy, operational infrastructure and organizational capabilities.

我們相信，這種分階段的方法將使我們能在特定使用情境中打磨產品，建立可複製的部署模型，並隨時間發展出標準化、可擴展的解決方案。第三，從我們的系統與組織來看。如先前所述，我們正在推進一項全面的 AI 驅動轉型，旨在升級我們的治理理念、營運基礎設施與組織能力。

Under this AI-PPTI framework, AI is no longer viewed as a stand-alone tool, but at the core operating capability embedded across the organization. At the policy level, we are strengthening governance mechanisms around data management, AI usage standards, information security, compliance and model oversight to support scalable and responsible AI adoption.

在此 AI-PPTI 架構下，AI 不再被視為獨立工具，而是作為嵌入全組織的核心營運能力。在政策層面，我們正強化圍繞資料管理、AI 使用標準、資訊安全、合規與模型監督的治理機制，以支持可擴展且負責任的 AI 採用。

At the process level, we are redesigning workflows to enable more standardized, intelligent and automated operations allowing AI to play a larger role in analysis, coordination and execution across key business functions. At the tools and information technology levels, we are building a more unified AI native operating environment, including enterprise AI platforms, cloud infrastructure, data systems and intelligent collaboration tools.

在流程層面，我們正在重新設計工作流程，以實現更標準化、更智慧化與更自動化的營運，讓 AI 在關鍵業務職能的分析、協調與執行中扮演更大角色。在工具與資訊科技層面，我們正在打造更統一的 AI 原生營運環境，包括企業級 AI 平台、雲端基礎設施、資料系統與智慧協作工具。

At the same time, we are evolving our organizational structure and talent strategy to better align technical capabilities with business execution. We are investing in multidisciplinary talent and strengthening collaboration between operations and technical teams to support long-term AI integration across the enterprise.

同時，我們也在演進組織架構與人才策略，以更好地使技術能力與業務執行對齊。我們正投資跨領域人才，並強化營運與技術團隊之間的協作，以支持 AI 在全企業的長期整合。

Fourth, our financial outlook. On the financial front, we are strengthening our strategic finance function. This year, we started building an AI-powered finance system not only to improve data accuracy and timeliness, but more importantly, to roll out financial guidance in a planned step-by-step manner. We will build strategic financial empowerment on three levels.

第四，我們的財務展望。在財務方面，我們正在強化策略財務職能。今年，我們開始建置 AI 驅動的財務系統，不僅為了提升資料的準確性與即時性，更重要的是，以有計畫、循序漸進的方式推出財務指引。我們將在三個層面建立策略性的財務賦能。

Mindset Shift, moved from business recording to business collaboration and value co-creation and from data provision to information analysis and decision guidance. AI Empowerment, embed AI brain into accounting and core finance functions. Process redesign under the new AI + human management model, redesign the financial management and operational analysis processes to match the new model and keep them dynamically optimized.

思維轉變：從業務記錄轉向業務協作與價值共創，並從資料提供轉向資訊分析與決策指引。AI 賦能：將 AI 大腦嵌入會計與核心財務職能。在新的 AI + 人類管理模式下進行流程再設計：重新設計財務管理與營運分析流程以匹配新模式，並保持動態優化。

By the end of 2026, we expect to achieve the following financial goals improvement across the 3 financial statements with a steadily improving balance sheet structure, scaled revenue from the derived business and the closed loop revenue model for the brain and data businesses, delivering positive unit gross margin for devices and high-margin ecosystem revenue and a safe and stable cash flow.

到 2026 年底，我們預期在三大財務報表層面達成以下財務目標的改善：資產負債表結構穩步優化；衍生業務帶來規模化營收；大腦與資料業務形成閉環營收模式；裝置實現正向單位毛利，並帶來高毛利的生態系營收；以及安全且穩定的現金流。

Financial information disclosed in a timely consistent manner, fully meeting SEC compliance requirements. Our financial analysis system tailored to FF's EAI business providing real-time guidance for decisions. Finally, our capital outlook. From a capital perspective, we are shifting to a long-term value-oriented capital structure. At the initial stage of this transformation, we will rely on internally generated revenue and operating cash flow as our primary financial foundation.

以即時且一致的方式披露財務資訊，全面滿足 SEC 合規要求。我們為 FF 的 EAI 業務量身打造的財務分析系統，為決策提供即時指引。最後，我們的資本展望。從資本角度看，我們正轉向以長期價值為導向的資本結構。在此轉型的初期階段，我們將以內生營收與營運現金流作為主要財務基礎。

We will strengthen investor communication to help stabilize market sentiment and rebuild long-term investor confidence. Meanwhile, we plan to upgrade our financing approach by gradually reducing dependence on high cost short-term debt. We continue to optimize its capital structure and is currently actively engaging with strategic investors and long-term capital to secure the remaining funding required for the mass production of the FX Super One.

我們將加強與投資人的溝通，以協助穩定市場情緒並重建長期投資人信心。同時，我們計畫升級融資方式，逐步降低對高成本短期債務的依賴。我們持續優化其資本結構，並正積極與策略投資人及長期資本接洽，以取得 FX Super One 量產所需的剩餘資金。

We are also committed to regaining stock price compliance within NASDAQ's compliance period. Our preferred approach is to let the price recover naturally through operational improvements. Conclusion, at a high level, we are positioning Faraday Future for a new phase driven by internally generated growth, stronger strategic partnerships and a significantly upgraded AI-driven technology ecosystem.

我們也致力於在 NASDAQ 的合規期限內恢復股價合規。我們偏好的方式是透過營運改善讓股價自然回升。結語：從高層次來看，我們正將 Faraday Future 定位於由內生成長、更強的策略夥伴關係，以及顯著升級的 AI 驅動技術生態系所推動的新階段。

We strongly believe that the five key transformations will materially improve execution and competitiveness while decisively realigning the company's market valuation with a long-term intrinsic value of its technology platform and future business opportunities.

我們堅信，這五項關鍵轉型將實質提升執行力與競爭力，同時果斷地使公司的市場估值重新對齊其技術平台與未來業務機會的長期內在價值。

To conclude, I will now hand the call over to John for the Q&A.

最後，我現在把電話交給 John 進行問答。

Thank you, YT. As we wrap up, I would like to briefly highlight the materials included in the appendix. In the appendix, you'll find our unaudited balance sheets and financial statements as of, and for the 3 months ended March 31, 2026, providing additional detail on our financial position. These materials offer helpful context to support everything we have shared today.

謝謝你，YT。在我們結束之前，我想簡要重點說明附錄中包含的資料。在附錄中，你會看到截至 2026 年 3 月 31 日以及截至該日止三個月的未經審計資產負債表與財務報表，提供我們財務狀況的更多細節。這些資料提供了有助於理解的背景脈絡，以支持我們今天分享的所有內容。

With that, we would now like to open the floor up for Q&A.

接下來，我們現在開放問答。

Question. During your 2025 earnings call in April, you set a 2026 robot shipment target of 1,000 units. Now you've raised it to 1,500 units. What gives you the confidence to hit this new target?

提問。在你們 4 月的 2025 年度財報電話會議中，你們設定 2026 年機器人出貨目標為 1,000 台。現在你們將其上調至 1,500 台。是什麼讓你們有信心達成這個新目標？

First, we are the first US company to deliver both humanoid and bionic robots. That's a meaningful first-mover position in the blue ocean market. Our product lines already cover the most important use cases, EAI education, security patrolling, reception and performance applications and university research. Second, the numbers are tracking well.

第一，我們是美國第一家同時交付人形與仿生機器人的公司。這是在藍海市場中具有意義的先行者地位。我們的產品線已涵蓋最重要的使用情境：EAI 教育、安防巡邏、接待與表演應用，以及大學研究。第二，數據追蹤表現良好。

We've shipped 68 robots as of April 30, and we are progressing toward our 200 unit delivery target by the end of Q2. That gives us strong visibility into the full year end. Third, demand is broadening, especially in EAI education. With our K-12 education product launching shortly, we expect a meaningful new pool on top of what's already there.

截至4月30日，我們已出貨68台機器人，並正朝著第二季末交付200台的目標推進。這讓我們對全年年底的表現具有很強的可視性。第三，需求正在擴大，尤其是在EAI教育領域。隨著我們的K-12教育產品即將推出，我們預期在既有需求之上，將新增一個具規模且有意義的新客群。

Also in early June, we will host FF education ecosystem and product launch event. We are building the first large-scale EAI Robotics education system in the US and we aim to be a major force in the very first year of America's EAI Robotics education ecosystem.

此外，在6月初，我們將舉辦FF教育生態系與產品發表活動。我們正在美國打造第一個大規模的EAI機器人教育系統，並力求在美國EAI機器人教育生態系的第一年就成為一股重要力量。

Question. Will FF still execute its vehicle delivery plan this year?

提問。FF今年仍會執行其車輛交付計畫嗎？

Yes. Vehicles remain a core part of FF's strategy. What we've adjusted is the timing. Today, we have two core embodied AI product engines, humanoid and bionic robots, and EAI vehicles as robots. In Phase I, robotics is a priority with vehicles playing a supporting role. Why this sequence? Robotics require far less capital than vehicles, generates revenue and gross margin faster, and plays directly to FF's existing strength in AI and integrated hardware software capabilities.

會。車輛仍是FF策略的核心部分。我們調整的是時程。目前我們有兩個核心的具身AI產品引擎：人形與仿生機器人，以及作為機器人的EAI車輛。在第一階段，機器人是優先事項，車輛扮演支援角色。為何採取這樣的順序？相較於車輛，機器人所需資本少得多，能更快產生營收與毛利，且能直接發揮FF在AI與軟硬體整合能力方面的既有優勢。

For FX Super One specifically, full-scale mass production and delivery will begin once we secure strategic or long-term investor funding sufficient to support the ramp. Until then, we will proceed prudently, minimizing cost and investment, prioritizing safety and maximizing stockholder value. This does shift the Super One delivery timeline.

就FX Super One而言，一旦我們取得足以支持產能爬坡的策略性或長期投資人資金，全規模量產與交付才會開始。在此之前，我們將審慎推進，將成本與投資降至最低，優先確保安全並最大化股東價值。這確實會調整Super One的交付時程。

The updated plan is once funding is in place, the Super One 800-volt BEV is expected to reach its first, second and the third phases of delivery within 6 to 9 months, 12 to 15 months, and 21 to 24 months, respectively. The AIHER hybrid model is expected to reach its 3 delivery phases within 9 to 12 months, 21 to 24 months, and 24 to 28 months. This adjustment gives us several very real benefits.

更新後的計畫是：資金到位後，Super One 800伏BEV預計分別在6至9個月、12至15個月，以及21至24個月內達成第一、第二與第三階段的交付。AIHER油電混合車型預計在9至12個月、21至24個月，以及24至28個月內完成其三個交付階段。這項調整為我們帶來數項非常實質的好處。

We can concentrate resources on robotics during its critical ramp-up, substantially reduced near-term cash outflows and accelerate the formation of an operational closed loop and significantly lower our financial risk.

我們可以在機器人關鍵爬坡期集中資源，大幅降低短期現金流出，加速形成營運閉環，並顯著降低我們的財務風險。

Question. You announced on May 10 that YT Jia has been appointed Sole Global CEO, and Jerry Wang as Global Executive Chairman and that Matthias Aydt has resigned. What does this transition mean for the company's strategic direction and why now?

提問。你們在5月10日宣布賈躍亭（YT Jia）被任命為唯一全球CEO，Jerry Wang擔任全球執行董事長，且Matthias Aydt已辭任。這次交接對公司的策略方向意味著什麼？為什麼是現在？

Thank you for the question. This transition is really about getting FF into the best shape we can. Clear alignment, sharper accountability, faster execution, which sets us up for the next phase of our EAI strategy. Let me be very clear, our strategic direction is not changing. We continue evolving into a US-based physical AI ecosystem company with EAI Robotics as a priority business in the first phase.

謝謝你的提問。這次交接的核心，是讓FF以最佳狀態前進。更清晰的一致性、更明確的責任、更快的執行，讓我們為EAI策略的下一階段做好準備。我想非常清楚地說，我們的策略方向不會改變。我們將持續演進為一家以美國為基地的實體AI生態系公司，並在第一階段以EAI機器人作為優先業務。

We shipped 68 robots as of April 30, with positive contribution margins, and we've raised our 2026 shipping target to 1,500 units. In the new organizational structure, Jerry oversee finance, legal, government affairs and strategic cooperation and risk management. I oversee product EAI R&D, supply chain, manufacturing, quality, UES and VLE, and we jointly lead the strategy, capital market and the corporate operations.

截至4月30日，我們已出貨68台機器人，且貢獻毛利為正，我們也將2026年的出貨目標上調至1,500台。在新的組織架構下，Jerry負責財務、法務、政府事務、策略合作與風險管理。我負責產品EAI研發、供應鏈、製造、品質、UES與VLE，並由我們共同領導策略、資本市場與公司營運。

This transition creates a tight close loop from how we raise capital all the way to how we deliver business results. Capital strategy and real-world business performance are now directly linked. It strengthens our execution at exactly the moment FF need it most, and it directly reflects our commitment to putting stockholders first.

這次交接建立了一個緊密的閉環，從我們如何募資一路連結到如何交付業務成果。資本策略與真實世界的業務表現如今直接掛鉤。它在FF最需要的時刻強化了我們的執行力，也直接體現我們將股東利益置於優先的承諾。

I also want to take a moment to personally thank Matthias for his leadership as co-CEO. With more than four decades of automotive industry experience, he played a central role in moving the FX Super One program forward, strengthening our manufacturing foundation and executing the bridge strategy with global partners. Through some of the most transformative moments in this company's journey, he has been a steady and trusted partner. I look forward to his continued contributions to FF in the next phase.

我也想藉此機會，親自感謝Matthias在共同CEO任內的領導。憑藉超過四十年的汽車產業經驗，他在推動FX Super One專案、強化我們的製造基礎，以及與全球夥伴執行橋接策略方面，扮演了核心角色。在公司歷程中一些最具轉型意義的時刻，他一直是穩健且值得信賴的夥伴。我期待他在下一階段持續為FF做出貢獻。

Question. Revenue for Q1 2026 was $512,000, how should investors think about your revenue trajectory for the rest of the year, given how early stage this commercialization is?

提問。2026年第一季營收為51.2萬美元，鑑於商業化仍處於非常早期階段，投資人應如何看待今年剩餘期間的營收走勢？

This is a fair question. I'd answer it in three parts. First, Q1 is the starting point, not a baseline. In Q1, we began generating robotic sales revenue with positive product gross margin but our full year 2026 target is cumulative shipments of more than 1,500 EAI robots, and we are tracking towards 200 cumulative units by the end of Q2. That gives investors clear visibility on the shape of the ramp through the rest of the year.

這是個合理的問題。我會分三部分回答。第一，第一季是起點，而不是基準。在第一季，我們開始產生機器人銷售營收，且產品毛利為正；但我們2026年全年目標是累計出貨超過1,500台EAI機器人，並正朝著第二季末累計200台的目標前進。這讓投資人能清楚看見今年其餘期間爬坡的輪廓。

Revenue contribution will scale meaningfully as deliveries accelerate. Second, investors should track several leading indicators alongside absolute revenue: one, cumulative shipment growth quarter-over-quarter; two, product gross margin stability and improvement; three, preorder momentum, which we have 1,200 paid preorders on launch day.

隨著交付加速，營收貢獻將顯著擴大。第二，投資人除了關注絕對營收外，也應追蹤幾項領先指標：一、累計出貨量的季度環比成長；二、產品毛利率的穩定性與改善；三、預購動能——我們在發表當天就有1,200筆已付款預購。

And four, new revenue lines coming online, for example, our data factory just signed its first sales order, opening up a high-margin, asset-light repeat purchase data business on top of hardware sales. Third, at the strategic level, Q1 marks the start of our device data brain flywheel, that's why FF should be understood, not as a hardware company, but as a 3-in-1 EAI ecosystem platform, and we believe this is only the beginning of the long-term value creation curve for our EAI ecosystem.

以及第四，新的營收線是否上線，例如我們的資料工廠剛簽下第一筆銷售訂單，在硬體銷售之外，開啟一項高毛利、輕資產、可重複購買的資料業務。第三，在策略層面，第一季標誌著我們裝置—資料—大腦飛輪的啟動，這也是為什麼應將FF理解為一個三合一的EAI生態系平台，而不僅是硬體公司；我們相信這只是EAI生態系長期價值創造曲線的開始。

Thank you, YT, and thank you, everyone, for your time. This concludes our investors Q&A session. We appreciate all the questions submitted and apologize if we couldn't get to all of them today. We remain committed to maintaining open communication with our investors. That concludes today's conference call. Thank you for your participation.

謝謝你，YT，也謝謝各位撥冗參與。本次投資人問答環節到此結束。我們感謝所有提交的問題，若今天未能逐一回答，敬請見諒。我們仍將致力於與投資人保持開放溝通。今天的電話會議到此結束。感謝各位的參與。

Thank you. This does conclude the conference. You may now disconnect.

謝謝。本次會議至此結束。您現在可以中斷連線。