0001628280-26-022509 | 10-K | XBRL Viewer | Faraday Future Intelligent Electric INC

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Fair Value of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Digital assets	$ 10,250	$ 0
Level 1
Assets:
Money-market funds	15,957
Digital assets	0
Liabilities:
Warrant liabilities	0	0
Derivative call options	0	0
Notes payable	0	0
Market-based awards	0
Director awards	261
Level 2
Assets:
Money-market funds	0
Digital assets	10,250
Liabilities:
Warrant liabilities	0	0
Derivative call options	0	0
Notes payable	0	0
Market-based awards	0
Director awards	0
Level 3
Assets:
Money-market funds	0
Digital assets	0
Liabilities:
Warrant liabilities	1,950	28,864
Derivative call options	12,546	29,709
Notes payable	56,376	$ 46,628
Market-based awards	2,371
Director awards	$ 0

Notes Payable - 2024 Unsecured SPA Notes Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) day $ / shares shares	Dec. 31, 2024 USD ($)	Jan. 28, 2025 $ / shares	Dec. 21, 2024 $ / shares	Dec. 31, 2023 USD ($)
2024 Unsecured SPA Notes
Debt Instrument [Line Items]
Percent of purchaser's conversion shares	100.00%
Notes Payable
Debt Instrument [Line Items]
Notes and loans payable	$ 60,666	$ 49,488			$ 91,150
Gain (loss) on extinguishment of debt		(2,699)
Gain (loss) on fair value adjustment of debts	$ 39,082	$ 34,218
2024 Unsecured SPA Notes
Debt Instrument [Line Items]
Debt instrument, convertible, threshold consecutive trading days (in days) \| day	1
Debt instrument, term (in years)	5 years
2024 Unsecured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Notes payable bearing interest rate	10.00%	10.00%
Conversion price (in dollars per share) \| $ / shares	$ 1.16		$ 1.16	$ 1.16
Debt instrument, floor price (in dollars per share) \| $ / shares	$ 1.05
Debt instrument, convertible, threshold consecutive trading days (in days) \| day	5
Debt instrument, term (in years)	1 year
Notes and loans payable	$ 5,818	$ 7,032			$ 0
Proceeds from debt, net of issuance costs	43,000	2,500
Gain (loss) on extinguishment of debt		0
Gain (loss) on fair value adjustment of debts	10,535	0
Aggregate principal amount		$ 7,500
2024 Unsecured SPA Notes \| Notes Payable \| Class A Common Stock
Debt Instrument [Line Items]
Debt conversion, converted amount	$ 46,900
Shares issued from conversion (in shares) \| shares	43,309,929
Gain (loss) on extinguishment of debt	$ (46,800)

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Narrative (Details) د.إ in Thousands, ¥ in Thousands, $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2025 shares	Oct. 09, 2024 shares	Oct. 31, 2024 shares	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 AED (د.إ)	Nov. 12, 2025	Sep. 29, 2025	Aug. 12, 2025 officer	Sep. 30, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of operating segments \| segment					2
Insurance limits				$ 250	$ 250		¥ 500	د.إ 100
Number of executive officers \| officer											2
Cash				19,000	19,000
Cash equivalents, at carrying value				16,000	16,000
Notes receivable, allowance for credit losses				$ 4,555	4,555
Asset impairment on long-lived assets					137,435	$ 1,847
Operating lease, right-of-use asset, write-down						8,800
Asset impairment					0	1,800
Goodwill impairment					4,450	0
Impairment of goodwill					$ 4,450	0
Term of contract (in months)				36 months	36 months		36 months	36 months
Sales-type lease, term of contract (in months)				36 months	36 months		36 months	36 months
Accounts receivable				$ 257	$ 257	0
Customer deposits				4,385	4,385	3,027
Deferred tax liabilities, net				$ (907)	(907)	0
Penalties and interest expense					0	0
Parent Company
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Goodwill impairment					2,600
Noncontrolling Interests
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Goodwill impairment					1,900
Long-Lived Assets Equipment
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Asset impairment on long-lived assets					128,900
Deposits
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Asset impairment on long-lived assets					8,500
Impairment of goodwill					$ 8,500	0
AIXC
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Business combination, after conversion of ownership as converted basis (as a percent)										0.079
Business combination, equity interest acquired (as a percent)									57.50%	100.00%
Fair value equity (as a percent)				100.00%	100.00%		100.00%	100.00%
Goodwill impairment				$ 4,500
Marketing Expense
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Co-creation fees					$ 700	600
Sales-type Leases
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Accounts receivable				$ 200	$ 200
Faraday X AIEV Hong Kong Holding Limited
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of shares issued in transaction (in shares) \| shares	6,000
Ownership percentage, issued	60.00%
Percentage of ownership after transaction	40.00%
Grow Fandor \| Related Party
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Aggregate principal amount						$ 1,000						$ 75
Donation received (in shares) \| shares		15,000,000	15,000,000
Grow Fandor \| Related Party \| Faraday Future
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Subsidiary, ownership percentage, parent		10.00%	10.00%

Income Taxes - Schedule of Components of Losses Before Income Taxes by Taxing Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
U.S.	$ (388,275)	$ (324,929)
Foreign	(8,744)	(31,185)
Loss before income taxes	$ (397,019)	$ (356,114)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Stock-Based Compensation - Schedule of the Company’s Stock Option Activity (Details) - Stock Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	408	798
Expired/forfeited (in shares)	(24)	(390)
Ending balance (in shares)	384	408	798
Exercisable (in shares)	315
Weighted  Average  Exercise  Price
Beginning balance (in dollars per share)	$ 21,156.47	$ 19,885.2
Expired/forfeited (in dollars per share)	19,176	20,794.36
Ending balance (in dollars per share)	21,280.25	$ 21,156.47	$ 19,885.2
Exercisable (in dollars per share)	$ 21,774.93
Weighted  Average  Remaining  Contractual Life (Years)
Outstanding (in years)	6 years 7 months 6 days	7 years 7 months 2 days	8 years 8 months 26 days
Exercisable (in years)	6 years 7 months 2 days
Aggregate  Intrinsic  Value
Aggregate intrinsic value, outstanding	$ 0	$ 8,317	$ 5,351
Aggregate intrinsic value, exercisable	$ 0

Liquidity and Capital Resources and Going Concern	12 Months Ended
Liquidity and Capital Resources and Going Concern	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Capital Resources and Going Concern	Liquidity and Capital Resources and Going Concern Conditions Raising Substantial Doubt The Company has evaluated whether conditions and events, considered in the aggregate, raise substantial doubt about its ability to continue as a going concern within one year after the date that the Consolidated Financial Statements are issued. In accordance with ASC 205-40, Presentation of Financial Statements — Going Concern, management considered the Company’s recurring losses from operations since inception and continued cash outflows from operating activities. Based on this evaluation, the Company concluded that substantial doubt exists regarding its ability to continue as a going concern for the one-year period following issuance of these Consolidated Financial Statements. The Company has devoted, and expects to continue to devote, substantial effort and capital resources to strategic planning, engineering, design, and development of its electric vehicle platform, development of vehicle models, completion of the FF aiFactory California manufacturing facility, and capital raising activities. As of December 31, 2025, the Company had an accumulated deficit of $4,705.0 million, unrestricted cash of $34.9 million, and negative working capital of $79.7 million. The Company has also incurred recurring net losses since inception, including a net loss of $397.1 million for the year ended December 31, 2025. These conditions contribute to the substantial doubt determination under ASC 205-40. The Company projects that it will require substantial additional funding to continue operations, advance development and future production planning related to its FF Series program, initiate production of its FX Series vehicles, and commence its planned robotics production initiative in the first quarter of 2026. If additional capital is not secured, the Company may not have sufficient resources to meet its obligations or continue operations, which could result in bankruptcy protection and asset liquidation, with equity holders receiving little to no recovery. Although management expects that the launch of the FX Series and the planned robotics initiative may support future revenue generation and operational performance, these initiatives are subject to execution, market acceptance, and funding risks, and there can be no assurance that sufficient liquidity will be generated within the next twelve months. The consolidation of AIXC did not materially improve the Company’s near-term liquidity position or alter its current working capital constraints. Although AIXC may support longer-term business initiatives, it does not alleviate the substantial doubt that exists regarding the Company’s ability to continue as a going concern within the next twelve months. Management’s Plans In accordance with ASC 205-40, management has developed plans intended to mitigate the conditions that give rise to substantial doubt. The Company has historically funded operations primarily through the issuance of notes payable, related party convertible notes (see Note 8 and Note 9), and the sale of common stock. Management intends to continue pursuing these funding sources. The Company has issued various financing arrangements collectively referred to as the SPA Portfolio Notes, including SPA Portfolio Notes, 2023 Unsecured SPA Notes, Junior Secured SPA Notes, 2024 Unsecured SPA Notes, 2025 March Unsecured SPA Notes, and 2025 July Unsecured SPA Notes. As of December 31, 2025, the SPA Portfolio Notes were in good standing. As of December 31, 2025, SPA Commitments totaled $739.0 million, of which $503.3 million was funded, $186.2 million expired unfunded, $49.5 million remained to be funded, and $51.1 million in principal was outstanding. Optional Commitments totaled $467.0 million, of which $111.0 million was funded, $315.5 million expired unfunded, $40.5 million remained to be funded, and $23.3 million was outstanding. Remaining amounts are subject to closing conditions, including minimum share price and trading volume requirements. The Company may be unable to satisfy the closing conditions under the SPA Commitments or obtain additional financing on acceptable terms or at all. The Company has implemented capital raising initiatives, including its At-The-Market (“ATM”) offering program, subject to authorized share availability and compliance with securities laws and Nasdaq listing requirements. Operational Context During 2023, the Company commenced deliveries of the FF 91. The Company is currently manufacturing the FF 91 and plans to manufacture FF 92 models within the FF Series. The FX Series was launched in 2025, beginning with the Super One model, and the Company is currently accepting reservation deposits. Series production is expected following completion of production readiness activities. In 2025, the Company also advanced initiatives in robotics and intelligent automation and continued developing digital asset initiatives. These initiatives may require additional capital and are not expected to generate near-term cash flows. Equity Issuance Constraints and ATM Program On September 26, 2023, the Company entered into a sales agreement under its ATM Program permitting aggregate gross sales proceeds of up to $90.0 million, subject to share availability and regulatory compliance. Due to the late filing of the September 30, 2025 Form 10-Q, the Company is ineligible to access the ATM Program until no earlier than December 1, 2026, assuming continued compliance with SEC reporting requirements thereafter. The Company’s ability to issue additional shares is constrained by authorized share limits and anti-dilution provisions in certain debt and equity instruments, which could increase share issuance requirements. Strategic Investment On September 29, 2025, the Company completed its investment in AIXC. This transaction was executed as part of a broader strategy to pursue non-automotive initiatives. AIXC’s historical operations were immaterial to consolidated results for the year ended December 31, 2025. Risks Affecting Liquidity The Company continues to explore financing alternatives; however, delays in securing funding commitments have constrained production activities. Capital raising efforts may be unsuccessful or delayed, and projections may underestimate professional fees and financing-related costs. Capital raising efforts remain subject to Nasdaq listing standards, authorized share limitations, and anti-dilution features in existing instruments. Liquidity is also influenced by supplier payment terms, advance deposit requirements, reliance on third-party partners, and capital market conditions affecting the electric vehicle industry. Elevated U.S. import tariffs on EV components sourced from China may increase manufacturing costs as production scales. While tariffs did not materially impact 2025 cost of goods sold due to limited production volume, continued reliance on China-based suppliers may increase input costs and funding needs. Going Concern Determination Despite management’s plans, the Company’s recurring operating losses and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern within one year after the date these Consolidated Financial Statements are issued, as contemplated by ASC 205-40. Basis of Presentation The Consolidated Financial Statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the Consolidated Financial Statements have been prepared assuming the Company will continue as a going concern.

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies

Nature of Business and Organization

Unless otherwise stated or the context requires otherwise, references herein to the “Company,” “FFIE,” “FFAI,” “Faraday”, “FF”, “we,” “us,” and “our” mean Faraday Future Intelligent Electric Inc. and its wholly-owned subsidiaries, and controlled and managed entities.

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

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

The Company designs and engineers next-generation intelligent electric vehicles, manufactures its vehicles at its production facility in Hanford, California, known as “FF aiFactory California,” and maintains additional engineering, sales, and operational capabilities in China and the United Arab Emirates (“U.A.E.”) to support its global expansion and regional market strategy. The Company has created innovations in technology, products, and a user-centered business model that are being incorporated into its planned electric vehicle platform.

Principles of Consolidation

The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company, its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. This includes any variable interest entities (“VIEs”) for which the Company is the primary beneficiary, in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). All intercompany transactions and balances have been eliminated in consolidation.

Basis of Presentation

Use of Estimates and Judgments

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

Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis management evaluates its estimates, including those related to the long-lived asset impairment calculations. Such estimates often require the selection of appropriate valuation methodologies and financial models and may involve significant judgment in evaluating ranges of assumptions and financial inputs. Actual results may differ from those estimates under different assumptions, financial inputs, or circumstances.

Given the global economic climate, estimates are subject to additional volatility. As of the date of filing the Company’s Consolidated Financial Statements on this Form 10-K with the SEC for the period ended December 31, 2025, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or to revise the carrying value of its assets or liabilities. However, these estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s Consolidated Financial Statements in future periods. Actual results could differ from those estimates and any such differences may have a material impact on the Company’s Consolidated Financial Statements.

Foreign Currency

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

For foreign subsidiaries where the functional currency is their local currency, assets and liabilities are translated into U.S. Dollars at exchange rates in effect at the balance sheet date, stockholders’ equity (deficit) is translated at the applicable historical exchange rate, and expenses are translated using the average exchange rates during the period. The effect of exchange rate changes resulting from the translation of the foreign subsidiary financial statements is accounted for as a component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets.

Concentration of Risk

Financial instruments, which subject the Company to concentrations of credit risk, consist primarily of cash, restricted cash, and deposits. Substantially all of the Company’s cash and restricted cash is held at financial institutions located in the United States of America and in the People’s Republic of China. The Company maintains its cash and restricted cash with major financial institutions. At times, cash and restricted cash account balances with any one financial institution may exceed Federal Deposit Insurance Corporation insurance limits ($250 thousand per depositor per institution) and China Deposit Insurance Regulations limits (CNY 500 thousand per depositor per institution), and the U.A.E. deposit insurance framework (AED 100 thousand per depositor per institution), where applicable. Management believes the financial institutions holding the Company’s cash and restricted cash are financially sound; accordingly, credit risk related to these balances is considered minimal. Cash and restricted cash held by the Company’s non-U.S. subsidiaries are subject to foreign currency fluctuations relative to the U.S. dollar. If the U.S. dollar were to weaken significantly against the Chinese Yuan or the U.A.E. Dirham, the Company’s costs to develop its businesses in China and the U.A.E. could exceed original estimates.

The Company sources certain components from sole suppliers. Due to the Company's pre-commercial production status, the volume of business transacted with these suppliers is not material. However, as the Company advances its product pipeline toward production, its reliance on sole-source suppliers could materially impact its ability to scale productions and future operating results.

Fair Value Measurements

The Company applies the provisions of ASC 820, Fair Value Measurement, which defines a single authoritative definition of fair value, sets out a framework for measuring fair value, and expands on required disclosures about fair value measurements. The provisions of ASC 820 relate to financial assets and liabilities as well as other assets and liabilities carried at fair value on a recurring and nonrecurring basis. The standard clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Company considers the principal or most advantageous market in which the Company would transact and assumptions that market participants would use when pricing the asset or liability.

The accounting guidance for fair value measurement requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The fair value hierarchy is as follows:


Level 1			Valuations for assets and liabilities traded in active exchange markets, or interest in open-end mutual funds that allow a company to sell its ownership interest back at net asset value on a daily basis. Valuations are obtained from readily available pricing sources for market transactions involving identical assets, liabilities or funds.

Level 2			Valuations for assets and liabilities traded in less active dealer, or broker markets, such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active. Level 2 instruments typically include U.S. government and agency debt securities, and corporate obligations. Valuations are usually obtained through market data of the investment itself as well as market transactions involving comparable assets, liabilities or funds.

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

Fair value estimates are made at a specific point in time based on relevant market information and information about the financial or nonfinancial asset or liability.

ASC 825-10, Financial Instruments, allows entities to voluntarily choose to measure certain financial assets and liabilities at fair value (“fair value option”). The fair value option may be elected on an instrument-by-instrument basis and is irrevocable, unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument are reported in earnings at each subsequent reporting date. The Company has elected to apply the fair value option to certain related party notes payable and notes payable with conversion features as discussed in Note 15, Fair Value of Financial Instruments. The Company did not separately report interest expense attributable to the notes payable accounted for pursuant to the fair value option in the Consolidated Statements of Operations and Comprehensive Loss because such interest was included in the determination of the fair value of the notes payable and changes thereto.

Variable Interest Entity

In accordance with ASC Topic 810, Consolidation (“ASC 810”), the Company assesses whether it has a variable interest in legal entities in which it has a financial relationship and, if so, whether those entities are variable interest entities (“VIEs”). For those entities that qualify as VIEs, ASC 810 requires the Company to determine if the Company is the primary beneficiary of the VIE, and if so, to consolidate the VIE.

AIxCrypto Holdings, Inc. (formerly known as Qualigen Therapeutics Inc.)

On September 29, 2025, the Company entered into a lead investor subscription agreement with AIxCrypto Holdings, Inc. (“AIXC”) (then known as Qualigen Therapeutics, Inc.). Under the agreement, the Company acquired common and preferred equity interests in AIXC.

Despite only holding approximately 7.9% of AIXC’s outstanding voting shares as of the acquisition date (i.e., September 29, 2025), the Company obtained participating rights over governance and operating decisions, including the appointment of a Co-Chief Executive Officer and the Chief Financial Officer of AIXC, each of whom is also an employee or officer of the Company, as well as discretion over all digital-asset and cash management decisions. The Company concluded that on the acquisition date, AIXC was a VIE. Based on FF’s participating rights over governance and operating decisions, the Company determined that it had the power to direct the activities that most significantly impact AIXC’s economic performance and was therefore the primary beneficiary of AIXC. The Company consolidated AIXC beginning on September 29, 2025 pursuant to the VIE provisions of ASC 810.

On November 12, 2025, AIXC held its annual special meeting of stockholders, at which stockholder approval was obtained for the conversion of the Series B Convertible Preferred Stock into additional voting common shares pursuant to applicable Nasdaq listing rules. As a result, the Company’s share of voting common stock increased to approximately 57.5% on an as-converted basis. Additionally, subsequent to the stockholder approval the Company was granted the ability to nominate a controlling percentage of AIXC’s board of directors. The Company reconsidered its determination that AIXC was a VIE and noted that subsequent to stockholder approval AIXC remained a VIE. The Company’s participating rights over governance and operating decisions remained in effect, and the Company continued to conclude that it had the power to direct the activities that

most significantly impact AIXC’s economic performance. In addition, while the Company’s ownership increased to approximately 57.5%, on an as-converted basis, the Company’s exercisable voting interest remained subject to applicable ownership limitations as of December 31, 2025. Accordingly, the Company concluded that it remained the primary beneficiary of AIXC and continued to consolidate AIXC pursuant to the VIE provisions of ASC 810.

The assets and liabilities of AIXC are included in the Company’s Consolidated Financial Statements at their acquisition date fair values. Additional information regarding the initial measurement and accounting for the consolidation of AIXC, including the recognition of acquired intangible assets and the noncontrolling interest, is presented in Note 3, Business Acquisition.

AIXC effected a name change to AIxCrypto Holdings, Inc.on November 14, 2025.

Summarized financial information of AIXC included in the Company’s consolidated financial statements as of December 31, 2025 and for the three months then ended is presented below.


AIXC
Condensed Balance Sheet
December 31, 2025
(in thousands)
Cash and cash equivalents .	$	19,333
Digital assets .	10,250
Other current assets	1,372
Total current assets .	30,955
Intangible assets and other assets .	325
Total assets	$	31,280

Accounts payable and accrued liabilities	$	3,045
Warrant liabilities and convertible debt	284
Total liabilities	3,329

Total stockholders’ equity (deficit)	27,951
Total liabilities and stockholders’ equity (deficit)	$	31,280


AIXC
Condensed Statement of Operations
Three Months Ended December 31, 2025
(in thousands)
Operating expenses	$	7,364
Other expense, net	$	3,233
Net loss	$	(10,596)


AIXC
Condensed Statement of Cash Flows
Three Months Ended December 31, 2025
(in thousands)
Net cash used in operating activities	$	(2,122)
Net cash used in investing activities	$	(15,881)
Net cash used in financing activities	$	(3,250)

GlobeX Al Hong Kong Holding Limited (formerly Faraday X AIEV Hong Kong Holding Limited)

GlobeX Al Hong Kong Holding Limited (“GXHK”) is a company incorporated under the laws of the Hong Kong Special Administrative Region of the People’s Republic of China. On October 23, 2025, Faraday X AIEV Hong Kong Holding Limited (“FXHK”) completed a legal name change to GlobeX Al Hong Kong Holding Limited

As a subsidiary, GXHK is responsible for executing the FX strategy and driving the success of the FX brand. On March 31, 2025, the Company transferred 6,000 shares, representing 60% of the issued share capital of GXHK (then named FXHK), to Xiao Ma, the Chief Executive Officer of Faraday X and an employee of the Company. The Company continues to hold the remaining 40% of the issued shares of GXHK.

The Company consolidates GXHK pursuant to the VIE provisions of ASC 810. GXHK was established with nominal capital and is dependent on the Company to support its activities to develop, market, and sell the Company's FX brand. GXHK carries nominal assets and liabilities on its balance sheet, which primarily consists of Cash, Deposits, and Intercompany payables. The Company is the primary beneficiary of GXHK because it has the power to direct the activities that most significantly impact GXHK's economic performance. Through various agreements executed with Mr. Ma, along with Mr. Ma's status as an employee of the Company, the Company is able to exercise sole control over stockholder decisions and maintains the unilateral right to remove Mr. Ma from his position as the majority stockholder. The Company is entitled to substantially all of the benefits and bears all of the risks associated with GXHK through a combination of equity ownership and contractual arrangements.

The assets and liabilities of GXHK are carried at their historical cost in the Company's consolidated balance sheets as the Company has had control over GXHK since its inception. The assets of GXHK may only be used to settle obligations of GXHK, and the liabilities of GXHK do not have recourse to the general credit of the Company, except to the extent the Company has explicitly provided support.

The amounts attributable to GXHK in the accompanying consolidated balance sheets, statements of operations and comprehensive loss, and statements of cash flows were insignificant to the Company’s consolidated financial statements for all periods presented.

Grow Fandor Inc

Grow Fandor Inc. (“Grow Fandor”) was founded by Mr. Jiawei Wang and Mr. Yueting Jia and other partners on May 28, 2024. Additional partners included current employees of FF and all founding members were granted equity in Grow Fandor. Grow Fandor is an IP commercializing company that leverages a business IP matrix of top entrepreneurs and celebrities to transform content and commerce across industries. Subsequently, Grow Fandor raised $1.0 million to capitalize the entity from parties that are existing FF investors.

On October 9, 2024, Mr. YT Jia donated 15 million shares of Grow Fandor common stock to FF. As a result of the donation FF has a 10% ownership interest in Grow Fandor. On October 29, 2024, the Company entered into a Trademark License Agreement (the “License Agreement”) with Grow Fandor. This agreement grants Grow Fandor the right to use the Company’s trademarks with its products.

The equity interest and the License Agreement held by the Company represent variable interests. Grow Fandor is a VIE, as it lacks sufficient equity to finance its activities. However, FF does not have the power to direct the activities of Grow Fandor and therefore is not the primary beneficiary. Accordingly, the Company does not consolidate Grow Fandor, and Grow Fandor’s assets, liabilities, and results of operations are not included in the Company’s consolidated financial statements. Significant transactions between the Company and Grow Fandor are disclosed in Note 9, Related Party Transactions.

The carrying value of the Company’s investment in Grow Fandor, the amounts recognized from transactions with Grow Fandor, and any related cash flows were insignificant to the Company’s consolidated financial statements for all periods presented

Segments

The Company has two operating segments—AI Electric Vehicle (“AIEV”), and digital assets — both segments meet the criteria for separate reporting under ASC 280. Through August 12, 2025, the Company’s two Global Co-Chief Executive Officers (“Global Co-CEOs”), acting jointly serving as Co-Chief Operating Decision Makers (“CODMs”), and regularly evaluated the Company’s financial performance using consolidated financial information at the total-company level including consolidated loss from operations, cash flows, liquidity, and strategic initiatives. Effective August 13, 2025, in connection with temporary governance adjustments approved by the Board, Mr. Matthias Aydt serves as the Company’s sole CODM for purposes of ASC 280.

Management has identified Loss from operations, as presented in the Company's Consolidated Statements of Operations and Comprehensive Loss, as the primary measure used by the CODM to evaluate the performance of the business and allocate resources. This measure is critical for a going concern that must carefully manage its cash outflows, particularly given that the timing of its cash inflows is influenced by external investor decisions. The Company defines “significant segment expense” as controllable operating costs that are regularly provided to and reviewed by management. Refer to Note 18 for further detail on the components of “loss from operations.”

Management closely tracks its expenditure on these key expense categories through regular reviews of cash balances, near‑term cash flow projections, monthly management reports, and project management reports. The CODM, works in close collaboration with the Company’s business leaders to establish critical operational targets, sets project timelines, and adjusts spending plans. These leaders are responsible for implementing its strategic plans and revising targets and deadlines based on continuous internal communications and review meetings, thereby ensuring that any deviations from target spending or project timelines are promptly addressed. This oversight supports the Company’s strategic objectives to focus business activities on production, sales, and leasing of its FF 91 vehicles, the planned FF 92 upgrade program, the commercialization of the FX Series vehicles, and the development of the Company’s planned digital asset, blockchain-based platform, and related crypto service initiatives through AIXC.

During the third quarter of 2025, the Company consolidated AIXC. The acquisition closed on September 29, 2025, and AIXC’s results were included in the Company’s consolidated financial statements for the final two days of the quarter. The Company uses AIXC as the platform for future crypto-related initiatives; however, no crypto operations were active during the quarter, and the Company liquidated its crypto holdings to fund the AIXC transaction. (For further information see Note 3 - Business Acquisition - Consolidation of AIXC, and Note 1 - Nature of Business and Organization).

Summary of Significant Accounting Policies

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of 90 days or less from the date of purchase to be cash equivalents. As of December 31, 2025, the Company held $19.0 million in cash and $16.0 million cash balance in cash equivalent.

Digital Assets

In December 2023, FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. When crypto assets do not meet the definition of cash, cash equivalent, financial assets or inventory, ASU 2023-08 requires certain crypto assets to be measured periodically at fair value and presented as a separate long-lived intangible asset on the balance sheet, unless the Company’s intention is dispose of them within less than a year, with gains and losses from changes in the fair value and disposition of digital assets reported in the Company’s Consolidated Statement of Operations and Comprehensive Loss each reporting period. The Company determines the fair value of its digital assets based on quoted prices in active markets for identical assets (Level 1 inputs). Accordingly, the Company classifies its digital assets within Level 1 of the fair value hierarchy under ASC 820, Fair Value Measurement. The Company utilizes pricing information provided by the principal market, which is based on observable market prices from active trading exchanges. The Company measures digital assets at fair value as of UTC+0:00 on the final day of each reporting period. The Company does not currently recognize revenue from contracts with customers related to digital assets. Cash flows arising from purchases and sales of digital assets are presented as investing activities in the Company’s Consolidated Statements of Cash Flows.

The table below summarizes the units held, cost basis, and fair value of outstanding coins as of December 31, 2025 (amounts shown in thousands, except for units held, which are presented in whole numbers):


Digital Assets	Units Held	Cost Basis		Fair Value
Cardano ADA (ADA)	238,136	$	150	$	84
Native BNB (BSC)	1,454	1,516		1,251
Bitcoin (BTC)	51	5,495		4,535
Dogecoin (DOGE)	2,292,863	438		282
Ethereum (ETH)	685	2,573		2,033
ChainLink (LINK)	21,560	382		268
Solana (SOL)	7,399	1,358		924
Tron (TRX)	590,372	186		169
USD Tether (USDT)	1,856	2		2
Ripple (XRP)	374,454	912		702
		$	13,012	$	10,250

Digital Asset Activity

The following table summarizes digital asset activity for the period indicated, including cost basis of purchases, fair value at the time of sale, net losses recognized (realized or unrealized), and the fair value of outstanding digital assets as of December 31, 2025.


	Balance
Balance as of December 31, 2024	$	—
Purchases	27,000
Sales	(12,593)
Net (loss) gain on digital assets	(4,117)
Other	(40)
Balance as of December 31, 2025	$	10,250

Short-term notes receivable

Short-term notes receivable are measured in accordance with ASC 326-20 (Current Expected Credit Losses, “CECL”), which requires recognition of expected credit losses over the life of the receivable based on historical experience, current conditions, and reasonable and supportable forecasts.

The Company, through its acquisition of AIXC, holds short-term notes receivable from Marizyme, Inc. (“Marizyme”) arising from cash advances made by AIXC to Marizyme prior to the Company’s acquisition of AIXC. These notes bear interest at 18% per annum, are payable on demand, and may be prepaid at any time without penalty. Because AIXC has limited loss history for similar exposures, expected credit losses are estimated using a probability-weighted model that considers multiple settlement scenarios, including potential recovery through acquisition, liquidation, or other realizations of the debtor’s assets. The resulting allowance for expected credit losses reflects an assessment of Marizyme’s financial condition, estimated recoverable amounts, and the likelihood of each outcome. The allowance is reassessed each reporting period and updated as new information becomes available.

As of December 31, 2025, the estimate for expected credit losses on the Marizyme Notes is $4.6 million. Given the inherently uncertain nature of the debtor’s financial condition and future outcomes, actual credit losses may differ materially from this estimate. The Company will continue to monitor relevant events and conditions and update its assumptions and allowance as necessary.

Inventory

Inventory is stated at the lower of cost or net realizable value and consists of raw materials, work in progress, and finished goods. The Company primarily computes cost using standard cost, which approximates cost on the first-in, first-out

basis. Net realizable value is the estimated selling price of inventory in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company assesses the valuation of inventory and periodically adjusts its value for estimated excess and obsolete inventory based upon expectations of future demand and market conditions, as well as damaged or otherwise impaired goods.

Inventory is classified as a current asset when it is expected to be sold, consumed, or used in production within twelve months or the operating cycle, whichever is longer.

Inventory that is not expected to be realized or used within twelve months or the operating cycle is classified as a non-current asset within Other non-current assets on the Consolidated Balance Sheets. This includes, for example, spare parts, service parts, or production parts held for future models or to fulfill warranty obligations on discontinued products

Property, Plant and Equipment, Net

Property, plant and equipment, including land are stated at cost less accumulated depreciation and amortization. Land is not depreciated. Expenditures for major renewals and betterments are capitalized, while minor replacements, maintenance and repairs, which do not extend the assets lives, are charged to operating expense as incurred. Upon sale or disposition, the cost and related accumulated depreciation or amortization are removed from the Consolidated Balance Sheets and any gain or loss is included in the Consolidated Statements of Operations and Comprehensive Loss.

Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets and for building improvements, over the term of the lease, if shorter.


			Useful Life (in years)
Buildings			39
Building improvements			15
Computer hardware			5
Tooling, machinery, and equipment			5 to 10
Vehicles			5
Lease vehicles			7
Computer software			3
Leasehold improvements			Shorter of asset useful life or term of the lease

Construction in process (“CIP”) consists of the construction activities related to the FF aiFactory California production facility in plant and tooling, machinery and equipment being built to serve the manufacturing of production vehicles. These assets are depreciated once put into service.

The amounts capitalized in CIP that are held at vendor sites relate to the completed portion of work-in-progress of tooling, machinery and equipment built based on the Company’s specific needs. The Company may incur storage fees or interest fees related to CIP which are expensed as incurred. CIP is presented within Property, Plant, and Equipment, Net in the Consolidated Balance Sheets.

Impairment of Long-Lived Assets and Deposits

The Company reviews its long-lived assets, consisting primarily of property, plant, and equipment, deposits and right-of-use assets (“ROU”), for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset groups) may not be recoverable. The Company performs impairment testing at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows attributable to such assets, including any cash flows upon their eventual disposition, to the assets carrying values. If the carrying value of the assets exceeds the forecasted undiscounted cash flows, then the assets are written down to their fair value. Assets classified as held for sale are also assessed for impairment and such amounts are determined at the lower of the carrying amount or fair value, less costs to sell the asset.

The Company’s long-lived assets have been evaluated for impairment on a quarterly basis due to the Company’s low market capitalization when compared with the carrying value of its long-lived assets. Additionally, in July 2025, the One, Big, Beautiful Bill Act (“Act”) was signed into law, eliminating federal tax credits for electric vehicles effective September 30,

2025. This policy change, combined with escalating U.S.-China trade tensions and potential restrictions on critical materials, created significant macroeconomic uncertainty and cost pressures. Management determined these developments, in addition to the Company’s low market-capitalization compared with the carrying value of our fixed assets, constituted triggering events under ASC 360 and performed an impairment assessment of long-lived assets during the year ended December 31, 2025.

The Company noted through the performance of the recoverability test and the calculation of the fair value of the long-lived assets, as prescribed in ASC 360, Property, Plant and Equipment, that certain of its long-lived assets were impaired. Fair value was determined based on a combination of income, sales comparison and market approaches, with valuation categories assigned to asset classes based on similar characteristics. The Company recorded an impairment charge of $128.9 million for the year ended December 31, 2025, related to its long-lived assets equipment located at vendor sites and at the Company’s FF aiFactory California production facility in Hanford, California, that are no longer fully supported under updated operational plans and near-term production forecasts, as the Company shifts focus from FF 91 program activities to the planned FF 92 upgrade program and to reorganization and retooling in preparation for the commercial production of the FX Super One. See Note 6, Property, Plant, and Equipment, Net for further details.

Additionally, the Company recorded impairments related to deposits the Company paid for future goods and services of $8.5 million for the year ended December 31, 2025. No impairments were recognized for the year ended December 31, 2024. See Note 5, Deposits and Other Current Assets.

Further, during the year ended December 31, 2024, the Company recorded a gross impairment of approximately $8.8 million related to certain right-of-use (“ROU”) lease assets associated with facility exits. The write-down of the ROU assets was partially offset by a remeasurement of the related lease liabilities, resulting in a net impairment charge of approximately $1.8 million recognized in the Consolidated Statements of Operations. See Note 11, Leases, for further details. There were no lease impairments for the year ended December 31, 2025.

Software Capitalization

The Company accounts for the costs incurred in developing its product offerings under ASC 350-40, Internal-Use Software.

In accordance with the guidance in ASC 350-40, the Company will capitalize costs incurred in connection with the development of the Company’s product offerings during the application development stage. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred in connection with maintenance activities, including training or bug fixes are also expensed as incurred. The Company stops capitalizing qualifying costs once development activities are completed and the project is ready for its intended use.

Capitalized software costs will be amortized on a straight-line basis over a 36-month useful life beginning on the date when the product is ready for its intended use. Management will subsequently test the capitalized software costs for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC 360.

Goodwill and Indefinite-lived Intangible Assets

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. The Company tests goodwill for impairment at the reporting unit level at least annually, or more frequently if events or changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. The Company acquired goodwill in connection with its acquisition of AIXC and assigned all of the associated goodwill to its AIXC reporting unit. The Company tests goodwill for impairment annually as of October 1, or between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may be impaired.

On December 31, 2025, as a result of the decline in the stock price of AIXC subsequent to acquisition, the Company performed a quantitative goodwill impairment assessment for the AIXC reporting unit. The impairment test compared the estimated fair value of the reporting unit to its carrying amount, including goodwill.

The fair value of the AIXC reporting unit was determined primarily using a market-based approach that relied upon observable market data, including AIXC’s fully diluted market capitalization as of the testing date. Given AIXC’s development-stage profile, no incremental control benefits were identified; therefore, the market capitalization was considered a reasonable proxy for the fair value of 100% of the equity.

Based on the quantitative assessment, the Company concluded that the carrying amount of the AIXC reporting unit exceeded its estimated fair value. Accordingly, the Company recorded a goodwill impairment charge of $4.5 million for the year ended December 31, 2025 of which $2.6 million was allocated to the Company and $1.9 million to noncontrolling interest. The impairment charge is included in Impairment of goodwill in the Consolidated Statements of Operations.

No goodwill impairment was recognized for the year ended December 31, 2024, as the Company did not have a goodwill balance prior to the AIXC acquisition.

Indefinite-lived Intangible Assets

The Company’s in-process research and development (“IPR&D”) acquired in connection with the acquisition of AIXC was recorded at its acquisition-date fair value, which represents its initial cost basis. The Company will continue to carry this asset at that amount until completion or abandonment of the associated R&D project, at which time an appropriate useful life will be determined.

The Company did not recognize any impairment of its IPR&D for the year ended December 31, 2025.

Business Combination

The Company accounts for business combinations in accordance with ASC 805, Business Combinations, which requires management to use significant judgment in determining the fair value of assets acquired and liabilities assumed and in evaluating whether an acquired set meets the definition of a business. See Note 3 – Business Acquisition to the consolidated financial statements for further information.

Noncontrolling Interest

Where our ownership interest is less than 100%, but greater than 50%, the noncontrolling ownership interest is reported on our Consolidated Balance Sheets. Non-controlling interest represents the portion of the net assets of a subsidiaries attributable to interests that are not owned by the Company. The non-controlling interest is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interest’s operating result is presented on the face of the consolidated statements of income and comprehensive income (loss) as an allocation of the total income for the year between non-controlling shareholders and the shareholders of the Company.

Revenue Recognition

The following table disaggregates our revenue by major source:



(in thousands)	2025		2024
Automotive sales	$	166	$	495
Automotive leasing - Sales type	250		44
Automotive leasing - Operating type	120		—
	$	536	$	539

Automotive Sales Revenue

The Company recognizes automotive sales revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. Automotive sales revenue includes cash deliveries of new vehicles, and specific other features and services including home charger, charger installation, twenty-four-seven roadside assistance, over-the-air (“OTA”) software updates, internet connectivity and destination fees that meet the definition of a performance obligation under ASC 606.

As part of the first step in applying ASC 606, the Company assesses whether multiple contracts entered into with the same customer—such as a vehicle sale and a co-creation agreement—should be combined. When these contracts are negotiated together and are economically interdependent, they are accounted for as a single arrangement. This evaluation ensures that the revenue recognition reflects the substance of the transaction. Refer to the subsequent section of this note for a detailed discussion of the co-creation arrangements with customers and their impact on revenue recognition under ASC 606.

Revenue is recognized when control of the vehicle transfers upon delivery to the customer. Payments are typically received at the point control transfers or according to payment terms customary to the business as specified in the sales contract.

Vehicle contracts do not contain a significant financing component. For obligations related to automotive sales, transaction prices are allocated among performance obligations based on relative standalone selling prices, determined using market prices, estimated internal costs, and comparable third-party offerings. The transaction price is allocated among the performance obligations in proportion to the standalone selling price of its performance obligations.

Other features and services as discussed above are provisioned upon transfer of control of the vehicle and are required to be recognized on a straight-line basis over the performance period, as the Company has a stand-ready obligation to deliver such services to the customer. However, due to immateriality, revenue from other features and services are combined with the vehicle performance obligation and recognized upon the transfer of the vehicle.

The Company provides certain customers with a residual value guarantee which may or may not be exercised in the future. Residual value guarantees provided to customers had an immaterial impact on revenue for the years ended December 31, 2025 and 2024.

Automotive Leasing Revenue

The Company accounts for its automotive leasing revenue program under ASC 606 and ASC Topic 842, Leases (“ASC 842”).

Operating Leasing Program: The Company offers a vehicle operating leasing program in the U.S., allowing qualifying customers to lease a vehicle directly from the Company for a lease term of up to 36 months. At the end of the lease term, customers are generally required to return the vehicle to the Company, at which point the Company may either sell or re-lease the returned vehicle. Leasing revenue from operating leases is recognized on a straight-line basis over the lease term, as long as collectability is probable in accordance with ASC 842. If collectability of lease payments is not probable at lease commencement, lease income is recognized on a cash basis, meaning payments received are recorded as revenue only when collected. Depreciation expense related to leased vehicles is recorded in cost of automotive leasing revenue on a straight-line basis over the lease term, reflecting the expected residual value of the vehicles at lease termination. Upfront payments related to lease agreements are deferred and recognized as revenue on a straight-line basis over the respective lease term. Taxes collected from customers in connection with automotive leasing transactions are excluded from the transaction price and reported separately in accordance with ASC 606.

As part of the revenue recognition process, the Company evaluates whether a lease contract should be combined with other agreements—such as co-creation arrangements—under ASC 606 when the contracts are negotiated together and are economically interdependent. Refer to the subsequent section of this note for a detailed discussion of the co-creation arrangements with customers and their impact on revenue recognition under ASC 606.

Sales-Type Leasing Program: The Company enters into sales-type lease arrangements in accordance with ASC 842, under which customers generally have the option to purchase the leased vehicle at the end of the lease term, which is typically 36 months. The lease is classified as a sales-type lease when the Company concludes that the customer is reasonably certain to exercise the purchase option and, as a result, the Company expects the customer to obtain title to the vehicle upon completion of all contractual payments. At lease commencement, if collectability of the lease payments is probable, the Company derecognizes the leased vehicle and recognizes:

•Automotive leasing revenue for the present value of lease payments and any guaranteed residual value; and

•Automotive leasing cost of revenue for the carrying value of the leased vehicle.

If collectability is not deemed probable at lease commencement, revenue recognition is deferred, and lease payments received are recorded as a deposit liability. The leased vehicle remains on the Company’s balance sheet until collectability becomes probable, at which point revenue recognition is triggered.

The Company recognizes a net investment in sales-type leases, which includes both the lease receivable and the unguaranteed residual asset. The unguaranteed residual asset represents the estimated fair value of the leased vehicle at the end of the lease term that is not guaranteed by the lessee or any third party. As of December 31, 2025, the carrying amount of unguaranteed residual assets included in the net investment in sales-type leases, and presented within accounts receivable, was approximately $0.2 million. The estimate of unguaranteed residual value reflects management’s judgment, informed by historical residual value experience, current market conditions, and the anticipated future utility of the leased assets.

Co-creation Arrangements

As part of the Company’s Futurist Product Officers (“FPO”) Co-Creation Delivery program, which began in August 2023, the Company has entered into co-creation agreements with certain customers. This arrangement leverages select sales and leasing customers to provide valuable driving data, insights, marketing, and brand awareness for the FF 91 vehicle. In exchange for these services, the Company compensates customers through a one-time consulting fee, consulting fees paid in installments or a discount on their lease payments. The services provided are considered distinct and could be purchased separately from a third party.

The Company evaluates the economic substance of both the vehicle sale or lease contract and the co-creation agreement to determine whether they should be combined under the contract combination guidance in ASC 606. When the contracts are economically linked, the Company accounts for them as a single arrangement. Under this approach, the cash inflows from the customer and the cash outflows from the Company are netted and treated as a single transaction. The resulting net amount is recorded as marketing expense if the net amount is more than the sale price of the vehicle. In situations where the net amount is less than the vehicle’s sale price or the contractual lease payment, the difference between the net amount and the sale price or lease payment is recognized as revenue.

For the years ended December 31, 2025 and 2024, the Company recognized $0.7 million and $0.6 million, respectively, in co-creation fees as marketing expenses for the same periods. Co-creation fees related to R&D were considered insignificant and included in Sales and marketing expenses. All co-creation fees are presented in the Consolidated Statements of Operations and Comprehensive Loss.

Customer Deposits

As of December 31, 2025, the Company held approximately $4.4 million in customer deposits, compared to $3.0 million as of December 31, 2024. These deposits relate to vehicle reservations under both business and consumer programs.

Business-to-business (B2B) reservations are made through non-binding pre-order deposits agreements and require fixed, non-refundable deposits that may be applied toward the purchase of a limited number of vehicles. These programs are designed to incentivize volume interest by allowing the deposits to be applied toward the purchase of a limited number of vehicles under future purchase agreements. Business-to-consumer (B2C) reservations are typically submitted on a one-to-one basis with a specific vehicle and involve refundable or promotional deposits.

Customer deposits are recorded in Accrued expenses and other current liabilities on the Company’s Consolidated Balance Sheets and will be recognized as revenue upon delivery of the vehicle or resolution of the reservation in accordance with the applicable terms.

Deferred Revenue

When vehicle purchase agreements are executed, the consideration for the vehicle and any accompanying products and services must be paid in advance before the transfer of products or services by the Company. Unlike customer deposits, which are refundable, these advance payments are non-refundable. The Company recognizes revenue when control of the vehicle or related services transfers to the customer and defers revenue only when payments are received for undelivered products or services. Deferred revenue represents the total transaction price allocated to performance obligations that remain unsatisfied or partially unsatisfied as of the balance sheet date. As of December 31, 2025 and December 31, 2024 deferred revenue related to products and services were insignificant for both periods.

Cost of Revenue

Automotive Sales Revenue

Cost of automotive sales revenue includes direct and indirect materials, labor costs, manufacturing overhead, including depreciation costs of tooling and machinery, shipping and logistic costs, vehicle connectivity costs, and reserves for estimated warranty expenses. Cost of automotive sales revenues also includes adjustments to warranty expense.

Cost of services and other revenue includes costs associated with providing non-warranty after-sales services, costs for retail merchandise, and costs to provide vehicle insurance. Cost of services and other revenue also includes direct parts and material. Cost of services and other revenue was insignificant for the years ended December 31, 2025 and 2024.

Automotive Leasing Program

Cost of automotive leasing revenue includes the depreciation of operating lease vehicles, cost of goods sold associated with direct sales-type leases and warranty expenses related to leased vehicles.

Warranties

The Company provides a manufacturer’s warranty on all vehicles sold. The warranty covers the rectification of reported defects via repair, replacement, or adjustment of faulty parts or components. The warranty does not cover any item that fails due to normal wear and tear. This assurance-type warranty does not create a performance obligation separate from the vehicle. Management tracks warranty claims by vehicle ID, owner, and date. As the Company continues to manufacture, assemble, and sell more vehicles it will reassess and evaluate its warranty claims for purposes of its warranty accrual.



(in thousands)	2025		2024
Accrued warranty- beginning of period	$	545	$	684
Provision for warranty	38		34
Warranty costs incurred	(207)		(173)
Accrued warranty- end of period	$	376	$	545

Research and Development

Research and Development (“R&D”) costs are expensed as incurred and are primarily comprised of personnel-related costs (including salaries, bonuses, benefits, and stock-based compensation) for employees focused on R&D activities, other related costs, license fees, and depreciation and amortization. The Company’s R&D efforts are focused on design and development of the Company’s electric vehicles and continuing to prepare the Company’s prototype electric vehicle to achieve industry standards. Advanced payments for items and services related to R&D activities have been classified as Deposits in the Consolidated Balance Sheets and are included in operating activities on the Company’s Consolidated Statements of Cash Flows. The Company expenses deposits as the services are provided and prototype parts are received.

Sales and Marketing

Sales and marketing expenses primarily consist of personnel-related costs, including salaries, bonuses, benefits, and stock-based compensation for employees engaged in sales and marketing activities. Additionally, these expenses include direct costs associated branding, promotional, co-creation, and publicity activities. The Company’s marketing initiatives focus on increasing brand awareness for the FF Series and FX Series, with a particular emphasis on introducing the FX Super One, FF 91, and FF 92 to the market.

Stock-Based Compensation

The Company’s stock-based compensation awards consist of stock options and restricted stock units (“RSUs”) granted to employees, directors and non-employees for the purchase of Common Stock. The Company recognizes stock-based compensation expense in accordance with the provisions of ASC 718, Compensation — Stock Compensation (“ASC 718”). ASC 718 requires the measurement and recognition of compensation expense for all stock-based compensation awards based on the grant date fair values of the awards.

The Company estimates the fair value of stock options using the Black-Scholes option pricing model. For options with service conditions, the value of the award is recognized as expense over the requisite service period on a straight-line basis. For performance-based awards, stock-based compensation expense is recognized over the expected performance achievement period of individual performance milestones when the achievement of each individual performance milestone becomes probable.

Determining the grant date fair value of the awards using the Black-Scholes option pricing model requires management to make assumptions and judgments, including, but not limited to the following:

•Expected term: The estimate of the expected term of awards was determined in accordance with the simplified method, which estimates the term based on an averaging of the vesting period and contractual term of the option grant for employee awards. The Company uses the contractual term for non-employee awards.

•Expected volatility: The Company determines the expected volatility by weighing the historical average volatilities of publicly traded industry peers and its own trading history. The Company intends to continue to consistently apply this methodology using the same or similar public companies until a sufficient amount of historical information regarding the volatility of the Company’s own Class A Common Stock price becomes available, unless circumstances change such that the identified companies are no longer similar to FF, in which case more suitable companies whose stock prices are publicly available would be utilized in the calculation.

•Risk-free interest rate: The risk-free interest rate used to value awards is based on the United States Treasury yield in effect at the time of grant for a period consistent with the expected term of the award.

•Dividend yield: The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends for the foreseeable future.

•Forfeiture rate: Stock-based compensation expense is reduced for forfeitures only when they occur.

•Fair value of Common Stock: The closing price of the Company’s Class A Common Stock on Nasdaq is used as the fair value of the Common Stock.

Income Taxes

The Company accounts for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and income tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years when those temporary differences are anticipated to reverse.

A valuation allowance is established if it is more likely than not that some or all of the deferred tax assets will not be realized. The carrying value of deferred tax assets is adjusted to reflect the amount that is more likely than not to be realized. As of December 31, 2025 and December 31, 2024, the Company maintained a full valuation allowance against its net deferred tax assets, based on the conclusion that it is more likely than not the assets will not be realized. The Company has recorded a net deferred tax liability of $0.9 million and nil as of December 31, 2025 and December 31, 2024 respectively, arising from the recognition of indefinite-lived intangible assets acquired in connection with the AIXC business combination during the year ended December 31, 2025. Because the underlying intangible assets have indefinite lives, the associated deferred tax liability is not available to offset deferred tax assets in the Company's assessment of the valuation allowance.

The Company applies the guidance in ASC 740-10, Income Taxes, to account for uncertain tax positions. This guidance requires a two-step approach: (1) determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation; and (2) measure the tax benefit as the largest amount that is more likely than not to be realized upon settlement. The Company evaluates its tax positions based on a number of factors and may update its assessments as facts and circumstances change.

The Company is subject to taxation in the U.S. federal jurisdiction, the state of California, China, and U.A.E. The income tax provision for each period represents the aggregate estimated tax expense or benefit for these jurisdictions.

The Company recognizes interest and penalties on unrecognized tax benefits as a component of income tax expense. There were no interest or penalties for the years ended December 31, 2025 and 2024.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income (loss) consists solely of foreign currency translation adjustments resulting from translating the financial statements of the Company’s foreign subsidiaries into U.S. dollars. These translation adjustments occur due to fluctuations in exchange rates between the subsidiaries' local currencies, primarily the primarily the Chinese Yuan. While the UAE Dirham is also a local currency of certain foreign subsidiaries, its impact on translation adjustments is limited because the UAE Dirham is pegged to the U.S. dollar.

Recent Accounting Pronouncements

In early 2025, the Financial Accounting Standards Board (“FASB”) issued several ASUs to enhance financial reporting and provide clearer guidance on various accounting topics. As a December 31 year-end filer and a Smaller Reporting Company (“SRC”), the Company is required to adopt these ASUs in accordance with the effective dates applicable to SRCs. The Company is currently evaluating the impact of these ASUs on the Company’s financial statements and related disclosures. Below is a summary of these ASUs:

Recently issued accounting pronouncements adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency of income tax disclosures by requiring more detailed information regarding the rate reconciliation and income taxes paid, disaggregated by jurisdiction. The Company adopted this guidance on prospective basis effective January 1, 2025, and the enhanced disclosure requirements are reflected in the Company’s Form 10-K for the year ended December 31, 2025.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Accounting for and Disclosure of Software Costs (“ASU 2025-06"), which amends certain aspects of the accounting for and disclosure of internal-use software costs. ASU 2025-06 is effective for annual reporting periods beginning with the year ending December 31, 2028, with early adoption permitted. The Company adopted this standard as of December 31, 2025, and it did not have a material impact on our consolidated financial statements.

Recently issued accounting pronouncements not yet adopted

In December 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This ASU clarifies when a settlement of a convertible debt instrument should be accounted for as an induced conversion rather than a debt extinguishment. Key provisions include (a) applying a pre-existing-contract approach to assess whether the form and amount of consideration are preserved; and (b) expanding the guidance to cover certain convertible debt instruments not previously convertible. This update is effective for the Company beginning January 1, 2026 (fiscal year and interim periods beginning after December 15, 2025) and will first apply to the Company’s December 31, 2026 Form 10-K. Early adoption is permitted, provided ASU 2020-06 has been adopted.

In December 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires public business entities to disclose additional details about certain expenses in the notes to financial statements, such as inventory purchases, employee compensation, depreciation, and intangible asset amortization. This update is effective for the Company beginning January 1, 2027 (fiscal year and interim periods beginning after December 15, 2026) and will first apply to the Company’s December 31, 2027 Form 10-K (as a public business entity, including SRCs). Early adoption is permitted.

In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. This ASU (a) revises the master-glossary definition of ‘performance condition’ to include customer-based targets; (b) eliminates the forfeiture-policy election for awards granted to customers unless exchanged for a distinct good or service; and (c) clarifies that the variable-consideration constraint in ASC 606 does not apply to share-based consideration payable to a customer. This update is effective for the Company beginning January 1, 2027 (fiscal year and interim periods beginning after December 15, 2026) and will first apply to the Company’s December 31, 2027 Form 10-K (as a public business entity, including SRCs). Early adoption is permitted.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606). This Update addresses stakeholders’ concerns about (1) the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract and (2) the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services. The amendments are expected to (a) reduce the cost and complexity of evaluating whether contracts with features based on the operations or activities of one of the parties to the contract are derivatives, (b) better portray the economics of those contracts in the financial statements, and (c) reduce diversity in practice resulting from the broad application of the current guidance and changing business environment. The amendments also are expected to reduce diversity in practice by clarifying the applicability of Topic 606, Revenue from Contracts with Customers, to share-based noncash consideration from a customer for the transfer of goods or services. This update is effective for the Company beginning January 1, 2027 (fiscal year and interim periods

beginning after December 15, 2026) and will first apply to the Company’s December 31, 2027 Form 10-K (as a public business entity, including SRCs). Early adoption is permitted.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) to improve the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. This will result in a comprehensive list of interim disclosures that are required by GAAP. The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The objective of the amendments is to provide clarity on the current interim reporting requirements. The amendments in this Update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities. This Update will first apply to the Company’s March 31, 2028 Form 10-Q.

Other Financing Liabilities - Schedule of Future Scheduled Payments of Financing Obligations (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Amount
2026	$ 951
2027	1,189
2028	60,455
Future minimum lease payments, sale leaseback transactions, minimum liability requirements	$ 62,595

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Contingency [Line Items]
Cash paid for income taxes	$ 14	$ 0
Deferred tax liabilities, net	(907)	0
Valuation allowance	537,852	$ 457,738
Net operating loss carryforwards, no expiration	1,508,600
Federal
Income Tax Contingency [Line Items]
Net operating loss carryforwards	1,589,600
Net operating loss carryforwards, subject to expiration	81,000
Foreign Tax Jurisdiction
Income Tax Contingency [Line Items]
Net operating loss carryforwards	58,000
Changes in State Valuation Allowance
Income Tax Contingency [Line Items]
Net operating loss carryforwards, subject to expiration	1,494,300
Changes in State Valuation Allowance \| Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	$ 4,200

Property, Plant, and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 64,807	$ 71,442
Property and equipment disposed	5,000	4,600
Tangible asset, impairment charges	128,900	0
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	64,800	$ 71,400
Construction in process
Property, Plant and Equipment [Line Items]
Tangible asset, impairment charges	$ 10,100

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Notes Payable - 2023 Unsecured SPA Notes Narrative (Details) - Notes Payable - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		$ (2,699)
Gain (loss) on fair value adjustment of debts	$ 39,082	34,218
2023 Unsecured Convertible Note
Debt Instrument [Line Items]
Debt instrument, fixed price (in dollars per share)	$ 1.16
Debt instrument, term (in years)	6 years
Percent of purchaser's conversion shares	33.00%
Notes payable	$ 6,700	6,700
Proceeds from debt, net of issuance costs	11,700	0
Debt conversion, converted amount	$ 9,300	$ 31,000
Shares issued from conversion (in shares)	8,650,209	19,368,059
Gain (loss) on extinguishment of debt		$ 2,394
Gain (loss) on fair value adjustment of debts	$ 2,581	10,268
2023 Unsecured Convertible Note \| Class A Common Stock
Debt Instrument [Line Items]
Debt instrument, fixed conversion price percentage	90.00%
Gain (loss) on extinguishment of debt	$ (4,400)	$ (31,500)
Minimum \| 2023 Unsecured Convertible Note
Debt Instrument [Line Items]
Notes payable bearing interest rate	10.00%	10.00%
Maximum \| 2023 Unsecured Convertible Note
Debt Instrument [Line Items]
Notes payable bearing interest rate	15.00%	15.00%

Leases - Schedule of Supplemental Information and Non-Cash Activities Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 3,572	$ 3,230
Lease Liabilities Arising From New Right-Of-Use Assets
Lease assets obtained in exchange for operating lease liabilities	$ 6,206	$ 30
Weighted average remaining lease term (in years)
Operating leases	3 years 11 months 4 days	8 months 12 days
Weighted average discount rate
Operating leases	9.60%	16.40%

Notes Payable - 2025 Convertible Note AIXC (Details) - 2025 Convertible Note AIXC - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Jun. 04, 2025	Apr. 28, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Aggregate principal amount		$ 0.3
Original issue discount, percentage		20.00%
Proceeds from debt, net of issuance costs		$ 0.2
Conversion price (in dollars per share)		$ 2.25
Repayments of debt	$ 0.1
Convertible debt, fair value			$ 0.1
Gain (loss) on fair value adjustment of debts			$ 0.2

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

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- Definition

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+ Details

Fair Value of Financial Instruments - Schedule of Changes in Liability for Unobservable Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, period increase (decrease)	$ (24,265)
Market Based Awards
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Consideration transferred	10,300
Consideration yet to be transferred	19,300
Nonrelated Party
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Debt issuance costs, net	6,044
Related Party
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Debt issuance costs, net	189
Warrant Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	28,864	$ 306
Additions	49,364	34,441
Additions - Business Combination	362
Debt extinguishments		0
Change in fair value measurements	(21,848)	(5,723)
Warrant exercise	(20,251)
Cancellation of Warrants	(27,407)
Reclassification of liability classified warrants to equity	(7,134)	(160)
Exercise of derivative call options	0
Ending balance	1,950	28,864
Warrant Liabilities \| Class A Common Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Conversions of notes to Class A Common Stock	0	0
Derivative Call Option
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	29,709	0
Additions	40,389	14,267
Additions - Business Combination	0
Debt extinguishments		0
Change in fair value measurements	(42,886)	15,442
Warrant exercise	0
Cancellation of Warrants	0
Reclassification of liability classified warrants to equity	0	0
Exercise of derivative call options	(14,666)
Ending balance	12,546	29,709
Derivative Call Option \| Class A Common Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Conversions of notes to Class A Common Stock	0	0
Notes Payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	46,628	86,712
Additions	133,505	58,789
Additions - Business Combination	340
Debt extinguishments		2,699
Change in fair value measurements	(39,787)	(34,460)
Warrant exercise	0
Cancellation of Warrants	0
Reclassification of liability classified warrants to equity	0	0
Exercise of derivative call options	0
Ending balance	56,376	46,628
Notes Payable \| Class A Common Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Conversions of notes to Class A Common Stock	(84,310)	(67,112)
Market Based Awards
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Additions	2,281
Additions - Business Combination	0
Change in fair value measurements	90
Warrant exercise	0
Cancellation of Warrants	0
Reclassification of liability classified warrants to equity	0
Exercise of derivative call options	0
Ending balance	2,371	$ 0
Market Based Awards \| Class A Common Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Conversions of notes to Class A Common Stock	$ 0

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Business Combination, Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Cash and cash equivalents	$ 34,927	$ 7,144
Digital assets	10,250	0
Other current assets	8,963	6,127
Total current assets	68,524	71,881
Total assets	277,862	425,400
Total liabilities	270,103	310,433
Total stockholders' equity (deficit)	7,759	114,967	$ 228,236
Total liabilities and stockholders’ equity (deficit)	277,862	$ 425,400
AIXC
Business Combination [Line Items]
Cash and cash equivalents	19,333
Digital assets	10,250
Other current assets	1,372
Total current assets	30,955
Intangible assets and other assets .	325
Total assets	31,280
Accounts payable and accrued liabilities	3,045
Warrant liabilities and convertible debt	284
Total liabilities	3,329
Total stockholders' equity (deficit)	27,951
Total liabilities and stockholders’ equity (deficit)	$ 31,280

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities—which include both third-party and related-party balances—comprise the following items as of:


(in thousands)		December 31, 2025			December 31, 2024
Accrued payroll and benefits		$	22,428	¹	$	27,713
Accrued legal contingencies		3,238			9,091
Customer deposits		4,385			3,027
Accrued liabilities with related parties		13,178			11,077
Other current liabilities		15,449			5,846
		$	58,678		$	56,754


1.	Accrued payroll and benefits decreased by $8,873 thousand in 2025 due to the reduction of discretionary management bonuses.

Asset Retirement Obligation

Due to the build out of the FF aiFactory California, the Company has an asset retirement obligation (“ARO”) totaling $0.9 million and $0.8 million as of December 31, 2025 and December 31, 2024, respectively. The ARO is recorded in Other liabilities with a corresponding ARO asset within Land, buildings and building improvements and Tooling, machinery, and equipment. The ARO asset is depreciated to operating expense over the remaining term of the lease through December 2027.

Accrued Legal Contingencies

As of December 31, 2025 and December 31, 2024, the Company had recorded accrued legal contingencies of $3.2 million and $9.1 million, respectively. The Company records an accrual for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company has two reportable segments: AI Electric Vehicles (“AIEV”) and AIXC. Our reportable segments are based upon the industries where the Company commercializes its products and services. As of December 31, 2025, the Company has strategically allocated its resources in the electric vehicle and digital asset markets. Furthermore, our reportable segments reflect how we report our financial results to the chief operating decision maker ("CODM"). Our CODM is the Global Co-CEO who is responsible for reviewing segment performance and making decisions regarding resource allocation. “Loss from operations” is the segment performance measurement that the CODM reviews for both segments and the Company identified the same measurement as the key measure of “significant segment expense.”

The following table presents revenues, expenditures and loss from operations data of the Company and its reportable segments for the years ended December 31, 2025 and 2024. In 2024, the Company operated as a single segment (AIEV).


	2025						2024
(in thousands)	AIEV		AIXC		Consolidated		AIEV		AIXC		Consolidated

Revenue	$	536	$	—	$	536	$	539	$	—	$	539
Cost of revenues	98,302		—		98,302		84,029		—		84,029
Gross profit	(97,766)		—		(97,766)		(83,490)		—		(83,490)
Operating expenses
Research and development	16,757		(154)		16,603		25,227		—		25,227
Settlement on accrued research and development expenses	—		—		—		(14,935)		—		(14,935)
Sales and marketing	12,310		—		12,310		9,278		—		9,278
General and administrative	52,615		3,118		55,733		43,164		—		43,164
Loss on disposal of property, plant, and equipment	2,459		—		2,459		1,667		—		1,667
Asset impairment on long-lived assets	137,435		—		137,435		1,847		—		1,847
Impairment of goodwill and intangible assets	4,450		—		4,450		—		—		—
Credit loss expense - short-term note receivable	—		4,294		4,294		—		—		—
Total operating expenses	226,026		7,258		233,284		66,248		—		66,248

Loss from operations	$	(323,792)	$	(7,258)	$	(331,050)	$	(149,738)	$	—	$	(149,738)

Other segment disclosures were as follows:


	2025						2024
(in thousands)	AIEV		AIXC		Consolidated		AIEV		AIXC		Consolidated
Depreciation and amortization	$	64,807	$	—	$	64,807	$	71,442	$	—	$	71,442
Interest expense	$	(8,296)	$	(353)	$	(8,649)	$	(7,895)	$	—	$	(7,895)
Related party interest expense	$	—	$	—	$	—	$	(8,710)	$	—	$	(8,710)
Net loss on digital assets	$	(529)	$	(3,588)	$	(4,117)	$	—	$	—	$	—
Segment net assets	$	(18,666)	$	26,425	$	7,759	$	114,967	$	—	$	114,967

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

Basis of Presentation

Use of Estimates and Judgments

Foreign Currency

Concentration of Risk

Fair Value Measurements

The fair value hierarchy is as follows:


Level 1			Valuations for assets and liabilities traded in active exchange markets, or interest in open-end mutual funds that allow a company to sell its ownership interest back at net asset value on a daily basis. Valuations are obtained from readily available pricing sources for market transactions involving identical assets, liabilities or funds.

Level 2			Valuations for assets and liabilities traded in less active dealer, or broker markets, such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active. Level 2 instruments typically include U.S. government and agency debt securities, and corporate obligations. Valuations are usually obtained through market data of the investment itself as well as market transactions involving comparable assets, liabilities or funds.

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

Fair value estimates are made at a specific point in time based on relevant market information and information about the financial or nonfinancial asset or liability.

Variable Interest Entity

Segments

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of 90 days or less from the date of purchase to be cash equivalents.

Digital Assets


Digital Assets	Units Held	Cost Basis		Fair Value
Cardano ADA (ADA)	238,136	$	150	$	84
Native BNB (BSC)	1,454	1,516		1,251
Bitcoin (BTC)	51	5,495		4,535
Dogecoin (DOGE)	2,292,863	438		282
Ethereum (ETH)	685	2,573		2,033
ChainLink (LINK)	21,560	382		268
Solana (SOL)	7,399	1,358		924
Tron (TRX)	590,372	186		169
USD Tether (USDT)	1,856	2		2
Ripple (XRP)	374,454	912		702
		$	13,012	$	10,250

Digital Asset Activity


	Balance
Balance as of December 31, 2024	$	—
Purchases	27,000
Sales	(12,593)
Net (loss) gain on digital assets	(4,117)
Other	(40)
Balance as of December 31, 2025	$	10,250

Short-term notes receivable

Inventory

Inventory is classified as a current asset when it is expected to be sold, consumed, or used in production within twelve months or the operating cycle, whichever is longer.

Property, Plant and Equipment, Net


			Useful Life (in years)
Buildings			39
Building improvements			15
Computer hardware			5
Tooling, machinery, and equipment			5 to 10
Vehicles			5
Lease vehicles			7
Computer software			3
Leasehold improvements			Shorter of asset useful life or term of the lease

Impairment of Long-Lived Assets and Deposits

Software Capitalization

The Company accounts for the costs incurred in developing its product offerings under ASC 350-40, Internal-Use Software.

Goodwill and Indefinite-lived Intangible Assets

Goodwill

No goodwill impairment was recognized for the year ended December 31, 2024, as the Company did not have a goodwill balance prior to the AIXC acquisition.

Indefinite-lived Intangible Assets

The Company did not recognize any impairment of its IPR&D for the year ended December 31, 2025.

Business Combination

Noncontrolling Interest

Revenue Recognition

The following table disaggregates our revenue by major source:



(in thousands)	2025		2024
Automotive sales	$	166	$	495
Automotive leasing - Sales type	250		44
Automotive leasing - Operating type	120		—
	$	536	$	539

Automotive Sales Revenue

Automotive Leasing Revenue

The Company accounts for its automotive leasing revenue program under ASC 606 and ASC Topic 842, Leases (“ASC 842”).

•Automotive leasing revenue for the present value of lease payments and any guaranteed residual value; and

•Automotive leasing cost of revenue for the carrying value of the leased vehicle.

Co-creation Arrangements

Customer Deposits

Deferred Revenue

Cost of Revenue

Automotive Sales Revenue

Automotive Leasing Program

Cost of automotive leasing revenue includes the depreciation of operating lease vehicles, cost of goods sold associated with direct sales-type leases and warranty expenses related to leased vehicles.

Warranties



(in thousands)	2025		2024
Accrued warranty- beginning of period	$	545	$	684
Provision for warranty	38		34
Warranty costs incurred	(207)		(173)
Accrued warranty- end of period	$	376	$	545

Research and Development

Sales and Marketing

Stock-Based Compensation

Determining the grant date fair value of the awards using the Black-Scholes option pricing model requires management to make assumptions and judgments, including, but not limited to the following:

•Dividend yield: The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends for the foreseeable future.

•Forfeiture rate: Stock-based compensation expense is reduced for forfeitures only when they occur.

•Fair value of Common Stock: The closing price of the Company’s Class A Common Stock on Nasdaq is used as the fair value of the Common Stock.

Income Taxes

Accumulated Other Comprehensive Income

Recent Accounting Pronouncements

Recently issued accounting pronouncements adopted

Recently issued accounting pronouncements not yet adopted

beginning after December 15, 2026) and will first apply to the Company’s December 31, 2027 Form 10-K (as a public business entity, including SRCs). Early adoption is permitted.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present financial assets and liabilities remeasured on a recurring basis by level within the fair value hierarchy:


	December 31, 2025
(in thousands)	Level 1		Level 2		Level 3
Assets:
Money-market funds	$	15,957	$	—	$	—
Digital assets	$	—	$	10,250	$	—
Liabilities:
Warrant liabilities1	$	—	$	—	$	1,950
Derivative call options1	$	—	$	—	$	12,546
Notes payable1	$	—	$	—	$	56,376
Market-based awards	$	—	$	—	$	2,371
Director awards	$	261	$	—	$	—


1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.


	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3
Liabilities:
Warrant liabilities1	$	—	$	—	$	28,864
Derivative call options1	$	—	$	—	$	29,709
Notes payable1	$	—	$	—	$	46,628
_______________
1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the activity of Level 3 fair value measurements:


(in thousands)	Warrant Liabilities1			Derivative Call Option1			Notes Payable1			Market-based award4
Balance as of December 31, 2024	$	28,864		$	29,709		$	46,628		$	—
Additions	49,364		2	40,389		2	133,505		3	2,281
Additions - Business Combination	362			—			340			—
Change in fair value measurements	(21,848)			(42,886)			(39,787)			90
Conversions of notes to Class A Common Stock	—			—			(84,310)			—
Warrant exercise	(20,251)			—			—			—
Cancellation of Warrants	(27,407)			—			—			—
Reclassification of liability classified warrants to equity	(7,134)			—			—			—
Exercise of derivative call options	—			(14,666)			—			—
Balance as of December 31, 2025	$	1,950		$	12,546		$	56,376		$	2,371
_______________
1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.
2 Addition to Warrant Liabilities and Derivative Call Option are included as loss in line items Change in fair value of notes payable, warrant liabilities, and derivative call options and Change in fair value of related party notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss. This information is presented to facilitate reconciliation to the related amounts reported in the Consolidated Statements of Operations and Comprehensive Loss.
3 Additions of Notes Payable measured at fair value are presented net of the initial fair value adjustment recorded at issuance. The aggregate fair value adjustment recognized at issuance reduced the principal amount of notes issued during the period by $24,265 thousand. This reduction reflects the allocation of total transaction proceeds between the SPA Notes and the related SPA Warrants and Incremental Warrants issued as part of the bundled transaction. In addition, the line item Change in fair value of notes payable, warrant liabilities, and derivative call options includes a loss of $6,044 thousand, and the line item Change in fair value of related party notes payable, warrant liabilities, and derivative call options includes a loss of $189 thousand, both of which relate to debt issuance costs. These costs are separately identifiable from the fair value adjustments described above and are not included in the Additions of Notes Payable This information is presented to facilitate reconciliation to the related amounts reported in the Consolidated Statements of Operations and Comprehensive Loss.
4 As discussed in Note 14, Stock-Based Compensation, the issuance date fair value of the Market-based award is $10.3 million and as of December 31, 2025 the fair value of the Market-based award was $19.3 million. Amounts displayed here represent vesting for the award based on the issuance date fair value and the subsequent remeasurement of amounts vested.


(in thousands)	Warrant Liabilities1		Derivative Call Option		Notes Payable1
Balance as of December 31, 2023	$	306	$	—	$	86,712
Additions	34,441		14,267		58,789
Debt extinguishments	—		—		2,699
Change in fair value measurements	(5,723)		15,442		(34,460)
Reclassification of liability classified warrants to equity	(160)		—		—
Conversions of notes to Class A Common Stock	—		—		(67,112)
Balance as of December 31, 2024	$	28,864	$	29,709	$	46,628

1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.

Property, Plant, and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net


			Useful Life (in years)
Buildings			39
Building improvements			15
Computer hardware			5
Tooling, machinery, and equipment			5 to 10
Vehicles			5
Lease vehicles			7
Computer software			3
Leasehold improvements			Shorter of asset useful life or term of the lease

Property, plant, and equipment, net, consists of the following as of:


(in thousands)	December 31, 2025		December 31, 2024
Land, buildings and building improvements	$	78,218	$	111,443
Computer hardware	2,603		2,397
Tooling, machinery and equipment	120,792		319,313
Vehicles	699		245
Lease vehicles	1,390		3,121
Computer software	4,339		4,339
Construction in process	8,500		27,563
	216,541		468,421
Less: Accumulated depreciation	(61,238)		(119,834)
	$	155,303	$	348,587

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Total Lease Costs

Lease cost includes both the fixed and variable expenses recorded for leases. The Company had no finance lease cost for the years ended December 31, 2025 and 2024. The components of operating lease cost were as follows:



(in thousands)	2025		2024





Operating lease cost	3,509		4,389
Variable lease cost	991		398
Total lease cost	$	4,500	$	4,787

Supplemental information and non-cash activities related to operating and finance leases are as follows:



(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,572	$	3,230





Lease assets obtained in exchange for operating lease liabilities	$	6,206	$	30



	2025		2024
Weighted average remaining lease term (in years)
Operating leases	3.93		0.70


Weighted average discount rate
Operating leases	9.6	%	16.4	%

Schedule of Maturities of Operating Lease Liabilities

The following table summarizes future lease payments:


(in thousands)
Years Ending December 31,	Operating Leases
2026	$	1,800
2027	1,098
2028	1,122
2029	1,156
2030	678
Thereafter	—
Total	5,854
Less: Imputed Interest	940
Present value of net lease payments	$	4,914

Lease liability, current portion	$	1,443
Lease liability, net of current portion	3,471
Total lease liability	$	4,914

Schedule of Maturities of Finance Lease Liabilities

The future scheduled principal maturities of financing obligations as of December 31, 2025 are as follows:


(in thousands)
Years Ending December 31,	Amount
2026	$	951
2027	1,189
2028	60,455
	$	62,595

The following table summarizes future lease payments:


(in thousands)
Years Ending December 31,	Operating Leases
2026	$	1,800
2027	1,098
2028	1,122
2029	1,156
2030	678
Thereafter	—
Total	5,854
Less: Imputed Interest	940
Present value of net lease payments	$	4,914

Lease liability, current portion	$	1,443
Lease liability, net of current portion	3,471
Total lease liability	$	4,914

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Notes Payable

The tables below summarize these agreements as of December 31, 2025 and December 31, 2024, providing details on contractual maturity dates, contractual interest rates, unpaid principal balances, fair value adjustments, original issue discounts, including proceeds allocated to warrants, and net carrying values.

During the year ended December 31, 2025, the Company obtained control of AIXC (refer to Note 3 Business Acquisition for details of the transaction). Accordingly, AIXC’s assets and liabilities, including its outstanding debt instruments, have been consolidated as of September 29, 2025. The inclusion of AIXC’s debt in the consolidated balances below reflects the fair value of such obligations recognized upon initial consolidation.

Most of the Company’s notes payable are accounted for under the fair value option in accordance with ASC 825, with changes in fair value recorded in the Consolidated Statements of Operations and Comprehensive Loss. For instruments measured at fair value, no effective interest rate is presented, as changes in fair value capture all economic returns associated with these debt instruments. Although the stated interest rates on the SPA Portfolio Notes are 10% or 15%, the Company’s effective cost of capital is substantially higher. Each SPA Portfolio Note permits the holder to settle in shares at a value exceeding the stated principal and accrued interest. In addition, each noteholder receives an SPA Portfolio Warrant, and certain holders receive an Incremental Warrant. These settlement features and additional instruments have significant value and materially increase the effective cost of capital above the stated rates. Further, these instruments carry high interest rate structures and embedded economics that can result in a loss on issuance. The financial impact of the SPA Portfolio Notes is reflected in the change in fair value and loss on extinguishment line items in the Consolidated Statements of Operations and Comprehensive Loss.



	December 31, 2025
(in thousands)	Contractual Maturity Date	Contractual Interest Rates				Unpaid Principal Balance		Fair Value Measurement Adjustments		Original Issue Discount and Proceeds Allocated to Warrants		Net Carrying Value
2023 Unsecured SPA Notes	Various through November 2031	10	%	-	15%	$	8,100	$	(622)	$	(810)	$	6,668
Junior Secured SPA Notes	Various through December 2030	10%				12,107		(705)		—		11,402
2024 Unsecured SPA Notes	Various through December 2030	10%				6,070		(252)		—		5,818
2025 March Unsecured SPA Notes	Various dates in 2030	10%				5,508		(1,096)		(2,304)		2,108
2025 July Unsecured SPA Notes	August 2030	10%				37,592		(3,079)		(7,717)		26,796
Unsecured Convertible Notes	June 2026	4.27%				5,000		(1,558)		—		3,442
Notes payable – China other	Due on Demand	—%				4,290		—		—		4,290
2025 Convertible Note - AIXC	January 2026	—%				132		32		(22)		142

						$	78,799	$	(7,280)	$	(10,853)	$	60,666


Notes payable, current portion												$	4,432
Notes payable, long-term portion												$	56,234


	December 31, 2024
(in thousands)	Contractual Maturity Date	Contractual Interest Rates				Unpaid Principal Balance		Fair Value Measurement Adjustments		Original Issue Discount and Proceeds Allocated to Warrants		Net Carrying Value
Secured SPA Notes	Various	10	%	-	15%	$	3,118	$	2,651	$	(312)	$	5,457
2023 Unsecured SPA Notes	Various dates in 2029	10	%	-	15%	4,380		2,844		(508)		6,716
Junior Secured SPA Notes	September 2029	10%				28,840		13,163		(15,944)		26,059
2024 Unsecured SPA Notes	December 2029	10%				10,015		8,741		(11,724)		7,032
Notes payable – China other	Due on Demand	—%				4,173		—		—		4,173
Auto loans	October 2026	7%				51		—		—		51
						$	50,577	$	27,399	$	(28,488)	$	49,488

Notes payable, current portion												$	4,224
Notes payable, long-term portion												$	45,264

The future scheduled principal maturities of Related party notes payable as of December 31, 2025, are as follows:


(in thousands)
Years Ending December 31,	Amount
Due on demand	$	1,448



2026	2,059
2027	772



Thereafter	—
	$	4,279

Schedule of Notes Payable Rollforward

The following table presents a roll forward of the Company’s Notes payable balances from December 31, 2024 to December 31, 2025 with third parties. The table summarizes beginning and ending balances by debt category and details changes during the period, including repayments, conversions, reclassifications, fair value adjustments, and other significant transactions.


	Categories of Debt
(in thousands)	Secured SPA Notes		2023 Unsecured SPA Notes		Unsecured Convertible Notes		Junior Secured SPA Notes		2024 Unsecured SPA Notes		2025 March Unsecured SPA Notes		2025 July Unsecured SPA Notes		Notes payable – China other		2025 Convertible Note - AIXC		Promissory Notes - AIXC		Auto Loans		Total
Balance as of December 31, 2024 (a)	$	5,457	$	6,716	$	—	$	26,059	$	7,032	—		—		$	4,173	$	—	$	—	$	51	$	49,488
New Issuances (b)	—		11,666		3,535		17,423		42,565		17,847		38,564		—		—		—		—		131,600
Addition of Debt upon Consolidation of AIXC (c)	—		—		—		—		—		—		—		—		340		2,897		—		3,237
Repayment of Debt (d)	—		—		—		—		—		—		—		—		—		(3,250)		(6)		(3,256)

Conversion of Debt to Equity (e)	(3,535)		(9,133)		—		(23,031)		(33,244)		(12,803)		—		—		—		—		—		(81,746)


Fair Value Adjustments of Debt (f)	(1,922)		(2,581)		(93)		(10,575)		(10,535)		(2,936)		(10,242)		—		(198)		—		—		(39,082)

Reclassification of Debt Between Debt Categories (g)	—		—		—		1,526		—		—		(1,526)		—						—		—
Other Adjustments (h)	—		—		—		—		—		$	—	—		117		—		353		(45)		425
Balance as of December 31, 2025 (i)	$	—	$	6,668	$	3,442	$	11,402	$	5,818	$	2,108	$	26,796	$	4,290	$	142	$	—	$	—	$	60,666



(a) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2024.
(b) Debt instruments issued during the period, recorded at fair value upon issuance if the fair value option is elected, or at principal balance net of discounts. For notes measured at fair value, the aggregate fair value adjustment recognized at issuance reduced the principal amount of notes issued during the period by $21,439 thousand. This reduction reflects the allocation of total transaction proceeds between the SPA Notes and the related SPA Warrants and Incremental Warrants issued as part of the bundled transaction.
(c) Represents the addition of AIXC’s outstanding debt instruments upon consolidation on September 29, 2025. The AIXC debt instruments were recognized at fair value on the acquisition date. For the AIXC promissory notes, which are carried at amortized cost as described below, the historical carrying value at the acquisition date was deemed to approximate fair value for purposes of ASC 805 initial measurement.
(d) Cash repayments of principal amounts during the period.

(e) Fair value of debt converted into equity during the period.


(f) Adjustments to debt fair value due to the fair value option election, embedded derivatives, or anti-dilution provisions. These adjustments are presented as a component of Change in fair value of notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss. Line-item Change in fair value of notes payable, warrant liabilities, and derivative call options also includes debt issuance costs of $6,044 thousand, which are separately identifiable from the fair value adjustments noted above. Instruments with a zero balance in this line are carried at amortized cost; the fair value option was not elected for such instruments.

(g) Transfers of amounts between debt categories, such as from secured to unsecured classifications.
(h) Miscellaneous changes not captured in other columns, such as currency adjustments and reclassification to accrued expenses.
(i) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2025.

The following table presents a roll forward of the Company’s Notes payable balances from December 31, 2023 to December 31, 2024 with third parties. The table summarizes beginning and ending balances by debt category and details changes during the period, including repayments, conversions, reclassifications, fair value adjustments, and other significant transactions.


	Categories of Debt
(in thousands)	Secured SPA Notes		2023 Unsecured SPA Notes		Unsecured Convertible Notes		Junior Secured SPA Notes		2024 Unsecured SPA Notes		Notes payable – China other		Auto Loans		Total
Balance as of December 31, 2023 (a)	$	74,232	$	11,938	$	—	$	—	$	—	$	4,898	$	82	$	91,150
New Issuances (b)	10,701		—		34,885		9,950		1,755		—		—		57,291

Repayment of Debt, including periodic interest on debt carried at fair value (c)	—		—		—		—		—		—		(31)		(31)

Conversion of Debt to Equity (d)	(50,691)		(14,931)		—		(1,056)		—		—		—		(66,678)

Modifications and Extinguishments of Debt (e)	5,158		(2,394)		(65)		—		—		—		—		2,699
Fair Value Adjustments of Debt (f)	(33,943)		(10,268)		328		9,665		—		—		—		(34,218)

Reclassification of Debt Between Debt Categories (g)	—		22,371		(35,148)		7,500		5,277		—		—		—
Other Adjustments (h)	—										(725)		—		(725)
Balance as of December 31, 2024 (i)	$	5,457	$	6,716	$	—	$	26,059	$	7,032	$	4,173	$	51	$	49,488



(a) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2023.
(b) Debt instruments issued during the period, recorded at fair value upon issuance if the fair value option is elected, or at principal balance net of discounts. For notes measured at fair value, the aggregate fair value adjustment recognized at issuance reduced the principal amount of notes issued during the period by $19,653 thousand. This reduction reflects the allocation of total transaction proceeds between the SPA Notes and the related SPA Warrants and Incremental Warrants issued as part of the bundled transaction.

(c) Cash repayments of principal amount and periodic interest, where fair value option is elected, during the period.

(d) Fair value of debt converted into equity during the period.

(e) Adjustments from amendments, modifications, or extinguishment of existing debt, in accordance with ASC 470-50, and presented as a component of Loss on settlement of notes payable in the Consolidated Statements of Operations.
(f) Adjustments to debt fair value due to the fair value option election, embedded derivatives, or anti-dilution provisions. These adjustments are presented as a component of Change in fair value of notes payable, warrant liabilities, and call option derivatives in the Consolidated Statements of Operations. Line-item 'Change in fair value of notes payable, warrant liabilities, and call option derivatives' also includes debt issuance costs of $4,886 thousand, which are separately identifiable from the fair value adjustments noted above. Instruments with a zero balance in this line are carried at amortized cost; the fair value option was not elected for such instruments.

(g) Transfers of amounts between debt categories, such as from secured to unsecured classifications.
(h) Miscellaneous changes not captured in other columns, such as currency adjustments.
(i) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2024.

Schedule of Maturities of Long-term Debt

The future scheduled principal maturities of Notes payable as of December 31, 2025, are as follows:


(in thousands)
Due on demand	$	4,290



2026	5,132
2027	—
2028	—
2029	—
2030	61,277
Thereafter	8,100
	$	78,799

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation 2025 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Expected Federal Income Tax (benefit) at Statutory rate	$ (83,374)
State income taxes (net of federal benefit)	(19,638)
Changes in Valuation Allowance	59,053
Fair value debt adjustments	12,142
Disallowed Interest	7,581
Non-Controlling Interest	944
Goodwill Impairment	935
Other permanent differences	868
Changes in Unrecognized Tax Benefits	135
Effective Tax Rate	$ 63	$ (267)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Expected Federal Income Tax (benefit) at Statutory rate	21.00%		21.00%
State income taxes (net of federal benefit)	5.00%		2.30%
Changes in Valuation Allowance	(14.90%)		(9.00%)
Foreign Tax Rate Difference			0.10%
Expiration of Tax Attributes			(0.30%)
Other			(1.30%)
Fair value debt adjustments	(0.031)		(0.103)
Disallowed Interest	(1.90%)		(1.80%)
Non-Controlling Interest	(0.002)
Goodwill Impairment	(0.20%)
Other permanent differences	(0.20%)
Changes in Unrecognized Tax Benefits	0.00%
Effective Tax Rate	0.00%		0.10%
Changes in State Valuation Allowance
Amount
Changes in Valuation Allowance	$ 19,651
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Changes in Valuation Allowance	(5.00%)
Changes in Foreign Valuation Allowance
Amount
Changes in Valuation Allowance	$ 1,172
Foreign Tax Rate Difference	198
Expiration of Tax Attributes	866
Other	$ (470)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Changes in Valuation Allowance	(0.30%)
Foreign Tax Rate Difference	(0.10%)
Expiration of Tax Attributes	(0.20%)
Other	0.10%

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities—which include both third-party and related-party balances—comprise the following items as of:


(in thousands)		December 31, 2025			December 31, 2024
Accrued payroll and benefits		$	22,428	¹	$	27,713
Accrued legal contingencies		3,238			9,091
Customer deposits		4,385			3,027
Accrued liabilities with related parties		13,178			11,077
Other current liabilities		15,449			5,846
		$	58,678		$	56,754


1.	Accrued payroll and benefits decreased by $8,873 thousand in 2025 due to the reduction of discretionary management bonuses.

Related Party Transactions - Schedule of Related Party Notes Payable (Details) - Related Party - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Nov. 30, 2023
Related Party Transaction [Line Items]
Net Carrying Value	$ 4,279	$ 8,064
Related party notes payable, current	3,507	5,310
Related party notes payable, long-term	$ 772	$ 2,754
2023 Unsecured Convertible Note
Related Party Transaction [Line Items]
Contractual Interest Rates		4.27%
Net Carrying Value		$ 1,364
Notes Payable — China
Related Party Transaction [Line Items]
Contractual Interest Rates	18.00%	18.00%
Net Carrying Value	$ 3,775	$ 4,382
Notes Payable on Demand — China
Related Party Transaction [Line Items]
Contractual Interest Rates	0.00%	0.00%
Net Carrying Value	$ 429	$ 417
FFGP Note
Related Party Transaction [Line Items]
Contractual Interest Rates		4.27%
Net Carrying Value	0	$ 1,576		$ 1,600	$ 1,600
Convertible FFGP Note
Related Party Transaction [Line Items]
Contractual Interest Rates		4.27%	4.27%
Net Carrying Value	$ 0	$ 250	$ 300
Other Notes
Related Party Transaction [Line Items]
Contractual Interest Rates	12.00%	12.00%
Net Carrying Value	$ 75	$ 75

Business Acquisition

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Acquisition

On September 29, 2025 the Company invested $30.0 million in cash into AIXC as part of a larger $40.7 million private placement financing (the “PIPE”) round whereby AIXC issued new shares of Common and Preferred Stock to the Company and other investors. Through our investment in the PIPE the Company obtained a controlling financial interest. AIXC was a publicly traded life-sciences company focused on the development of oncology treatments. At the acquisition date, AIXC’s activities primarily consisted of research and development, intellectual property management, and related administrative functions. With this investment, AIXC is transitioning towards cryptocurrency-related business. Total issuance costs associated with the PIPE transaction were $3.0 million and were allocated to acquirer and other investors based on the allocation of proceeds contributed to AIXC.

Through the PIPE transaction, the Company received 248,722 shares of AIXC common stock and 13,108,358 shares of Series B Convertible Preferred Stock. At issuance, only the common stock held voting rights, resulting in the Company owning approximately 7.9% of AIXC’s outstanding voting shares. Upon stockholder approval of the share issuance on November 12, 2025, all shares were afforded voting rights. On an as-converted to common stock basis, the Company held a total of approximately 13.4 million AIXC shares, representing 57.5% of the fully diluted share count of approximately 23.2 million shares.

In connection with the PIPE transaction, total issuance costs of approximately 8.9 million were incurred, consisting of 3.0 million in cash, 0.5 million in shares of AIXC common stock issued to legal counsel, and 5.3 million in the estimated fair value of warrants issued to placement agents. Of the cash issuance costs, $2.2 million was allocated to the business combination and is presented as a reduction of cash acquired. The remaining 0.8 million in cash issuance costs was allocated to the follow-on NCI equity financing. All non-cash issuance costs were allocated to equity. Issuance costs allocated to equity were recorded as a reduction of additional paid-in capital. We accounted for the Business Combination using the acquisition method of accounting, as prescribed by ASC 805, “Business Combinations” (“ASC 805”). In accordance with valuation methodologies described in ASC 820, “Fair Value Measurement” (“ASC 820”), the acquired assets and assumed liabilities were recorded at their estimated fair values as of the date of the acquisition.

The consideration consisted of $30.0 million of cash invested directly into AIXC and the fair value of the noncontrolling interests (“NCI”) in AIXC as of the acquisition date, which was $31.6 million. The additional $9.9 million, $10.7 million gross proceeds net of $0.8 million issuance cost, contemporaneous equity investments from the PIPE by third‑party and related party investors were determined to be separate transactions and were accounted for as post‑combination equity transactions under ASC 810‑10‑45‑23, rather than as part of the purchase price allocation.

ASC 805 requires the acquirer to recognize the acquiree’s tangible and intangible assets and liabilities at their acquisition‑date fair values and to recognize identifiable intangible assets separately from goodwill when they are contractual or separable. The Company believes that the historical values of AIXC’s current assets and current liabilities approximate fair value based on the short-term nature. The following table summarizes the allocation of the purchase price to the identifiable assets acquired and liabilities assumed based on management’s preliminary estimates of fair value as of the acquisition date. These estimates are subject to change during the measurement period (amounts in thousands):


Description (balance sheet line item)	Fair Value
Cash (excludes funds from non FF PIPE Investors)1	$	28,878
Prepaid expenses and other current assets	343
Short term note receivable	4,348
Other receivable	2

Intangibles (in-process R&D)	3,629
Accounts payable and accruals	(1,324)
Warrant Liability	(362)
Promissory Notes	(3,237)
Other liabilities (deferred tax liability)	(907)
Net identifiable assets acquired	31,370
Consideration transferred	30,000
Fair Value of Non-Controlling Interest	31,584

Goodwill2	$	30,214




1			Cash acquired is presented net of approximately $2.2 million in cash transaction-related costs incurred and paid by AIXC in connection with the PIPE.
2			In the quarter ended December 31, 2025, the Company impaired goodwill by $4.5 million. The goodwill balance as of December 31, 2025 is $25.8 million.

The fair value of the in-process research and development intangible asset (IPR&D) of $3.6 million was determined using a cost approach. Given the early stage of AIXC's oncology treatment programs and the absence of revenue streams or comparable market transactions, the development costs incurred through the acquisition date were considered to represent the best estimate of the cost a market participant would incur to reproduce the asset to its current stage of development.

The deferred tax liability of $0.9 million represents the tax effect of the difference between the acquisition-date fair value and the tax basis of the IPR&D intangible asset, calculated using the applicable enacted statutory tax rate.

Noncontrolling Interests

The Company did not acquire 100% of AIXC’s outstanding equity interests. The noncontrolling interest was measured at its acquisition‑date fair value of the interests not held by the Company. NCI stemming from the business combination was calculated based on observable market data and valuation techniques. In addition NCI increased as a result of contemporaneous equity financing that was not part of the business combination. These transactions were accounted for as equity transactions with noncontrolling interest holders, which did not impact the consideration transferred, the purchase price, or goodwill recognized in the business combination.

Goodwill

The goodwill recorded at closing relates principally to intangible assets that do not qualify for separate recognition under GAAP. The goodwill recognized at the acquisition date primarily reflects the impact of measuring the noncontrolling interest at fair value, which was determined using directly observable quoted prices of AIXC’s shares on the acquisition date. AIXC’s stock price on that date experienced notable volatility associated with the closing of a financing round that significantly enhanced AIXC’s liquidity. Additionally, AIXC provided an established public-company platform, including an existing registration, exchange listing, and shareholder baser. Goodwill was measured as the excess of the purchase price over net tangible and identifiable intangible assets. All of the goodwill recognized in the transaction has been assigned to the Company’s AIXC reportable segment.

- Definition

The entire disclosure for business combination.

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+ Details

Business Acquisition (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the allocation of the purchase price to the identifiable assets acquired and liabilities assumed based on management’s preliminary estimates of fair value as of the acquisition date. These estimates are subject to change during the measurement period (amounts in thousands):


Description (balance sheet line item)	Fair Value
Cash (excludes funds from non FF PIPE Investors)1	$	28,878
Prepaid expenses and other current assets	343
Short term note receivable	4,348
Other receivable	2

Intangibles (in-process R&D)	3,629
Accounts payable and accruals	(1,324)
Warrant Liability	(362)
Promissory Notes	(3,237)
Other liabilities (deferred tax liability)	(907)
Net identifiable assets acquired	31,370
Consideration transferred	30,000
Fair Value of Non-Controlling Interest	31,584

Goodwill2	$	30,214




1			Cash acquired is presented net of approximately $2.2 million in cash transaction-related costs incurred and paid by AIXC in connection with the PIPE.
2			In the quarter ended December 31, 2025, the Company impaired goodwill by $4.5 million. The goodwill balance as of December 31, 2025 is $25.8 million.

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Authorized, Issued and Outstanding Stock

The number of authorized, issued and outstanding stock, were as follows:


	December 31, 2025
	Authorized Shares	Issued Shares
Preferred Stock	5,931,000	1
Series B Preferred Stock	12,000,000	7,184,760
Class A Common Stock	228,041,297	199,130,727
Class B Common Stock	4,429,688	6,667
	250,401,985	206,322,155


	December 31, 2024
	Authorized Shares	Issued Shares
Preferred Stock	10,000,000	—
Class A Common Stock	99,815,625	65,919,127
Class B Common Stock	4,429,688	6,667
	114,245,313	65,925,794

Schedule of Stockholders' Equity Note, Warrants or Rights

The number of outstanding warrants to purchase the Company’s Class A Common Stock as of December 31, 2025 were as follows:


	Number of Warrants	Exercise Price	Expiration Date
Ares Warrants	5,776,657	$1.16	August 5, 2027
SPA Warrants	5,259	$1.16	Various through November 25, 2032
Junior SPA Warrants	524,810	$1.16	Various through September 30, 2029
2024 Unsecured SPA Warrants	6,185,791	$1.22	Various through January 21, 2030
2025 March Unsecured SPA Warrants	5,178,828	(a) $1.39 or (b) $1.46	Various through December 31, 2030
2025 July Unsecured SPA Warrants	4,142,857	$2.02	August 22, 2030


Public Warrants	2,453	$110,400.00	July 21, 2026
Private Warrants	12	$110,400.00	July 21, 2026





	21,816,667

The number of outstanding warrants to purchase the Company’s Class A Common Stock as of December 31, 2024 were as follows:


	Number of Warrants	Exercise Price		Expiration Date
Ares warrants	5,776,657	$	1.16	August 5, 2027
SPA Warrants	15,238	$	1.16	Various through November 1, 2031
Junior SPA Warrants	5,931,638	$	1.16	Various through September 30, 2029
2024 Unsecured SPA Warrants	10,788,746	$	1.39	December 31, 2029
Public Warrants	2,453	$	110,400.00	July 21, 2026
Private Warrants	12	$	110,400.00	July 21, 2026
	22,514,744

The number of outstanding warrants to purchase the AIXCs Class A Common Stock as of December 31, 2025 were as follows:


	Number of Warrants	Exercise Price	Expiration Date








Preferred Warrants - AIXC	160	$1,270.25	Various through 2027
Other Warrants - AIXC	72,004	(a) $5.82 or (b) $6.50	Various in 2028-2029
2024 Pre-funded Warrants - AIXC	51,199	$0.05	Indefinite
2024 Placement Agent Warrants - AIXC	16,019	$7.80	September 2029
2025 Placement Agent Warrants - AIXC	1,087,266	$2.47	September 2030
	1,226,648

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information


	2025						2024
(in thousands)	AIEV		AIXC		Consolidated		AIEV		AIXC		Consolidated

Revenue	$	536	$	—	$	536	$	539	$	—	$	539
Cost of revenues	98,302		—		98,302		84,029		—		84,029
Gross profit	(97,766)		—		(97,766)		(83,490)		—		(83,490)
Operating expenses
Research and development	16,757		(154)		16,603		25,227		—		25,227
Settlement on accrued research and development expenses	—		—		—		(14,935)		—		(14,935)
Sales and marketing	12,310		—		12,310		9,278		—		9,278
General and administrative	52,615		3,118		55,733		43,164		—		43,164
Loss on disposal of property, plant, and equipment	2,459		—		2,459		1,667		—		1,667
Asset impairment on long-lived assets	137,435		—		137,435		1,847		—		1,847
Impairment of goodwill and intangible assets	4,450		—		4,450		—		—		—
Credit loss expense - short-term note receivable	—		4,294		4,294		—		—		—
Total operating expenses	226,026		7,258		233,284		66,248		—		66,248

Loss from operations	$	(323,792)	$	(7,258)	$	(331,050)	$	(149,738)	$	—	$	(149,738)

Other segment disclosures were as follows:


	2025						2024
(in thousands)	AIEV		AIXC		Consolidated		AIEV		AIXC		Consolidated
Depreciation and amortization	$	64,807	$	—	$	64,807	$	71,442	$	—	$	71,442
Interest expense	$	(8,296)	$	(353)	$	(8,649)	$	(7,895)	$	—	$	(7,895)
Related party interest expense	$	—	$	—	$	—	$	(8,710)	$	—	$	(8,710)
Net loss on digital assets	$	(529)	$	(3,588)	$	(4,117)	$	—	$	—	$	—
Segment net assets	$	(18,666)	$	26,425	$	7,759	$	114,967	$	—	$	114,967

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company recognizes the increasing complexity and significance of cybersecurity risks in safeguarding its technology, operations, proprietary systems, and data. The Company’s operations rely on interconnected digital infrastructure, cloud-based systems, and proprietary software platforms, making cybersecurity an essential component of its risk management framework. The Company has implemented a cybersecurity program designed to identify, assess, mitigate, and respond to cybersecurity risks. This program is informed by recognized industry practices, including the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”). The following disclosure outlines the Company’s cybersecurity risk management strategy and governance, including the Board’s oversight and management’s role. 1. Cybersecurity Risk Management (Risk Management and Strategy) The Company employs a structured cybersecurity risk management program to assess, identify, and manage cybersecurity risks across its information technology environment, including corporate systems and cloud-based platforms. Key elements of the program includes: •Risk assessments and periodic evaluation of cybersecurity risks across systems and environments. •Threat detection and monitoring, including alert triage and investigation, to identify suspicious activity and potential incidents. •Vulnerability management, including scanning, prioritization, and remediation activities. •Access controls and security protections, including multi-factor authentication, encryption protocols, and endpoint security measures where appropriate. •Third-party risk management, including evaluation of vendors and service providers that may access Company data or systems Cybersecurity risks are evaluated in coordination with management and are considered within the Company’s broader operational and enterprise risk considerations.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company has implemented a cybersecurity program designed to identify, assess, mitigate, and respond to cybersecurity risks. This program is informed by recognized industry practices, including the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”). The following disclosure outlines the Company’s cybersecurity risk management strategy and governance, including the Board’s oversight and management’s role.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity oversight is a shared responsibility between the Company’s Board of Directors and management. The Vice President, Intelligent Platform App provides cybersecurity updates to the full Board on a biannual basis, including information regarding the Company’s cybersecurity posture, risk environment, incident trends, and mitigation efforts. In addition to scheduled updates, management’s incident response procedures require that potential material cybersecurity incidents are escalated to senior leadership and the Board promptly, as appropriate The Company enforces a top-down approach to cybersecurity governance, ensuring accountability and continuous risk monitoring at all levels of the organization.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Cybersecurity oversight is a shared responsibility between the Company’s Board of Directors and management. The Vice President, Intelligent Platform App provides cybersecurity updates to the full Board on a biannual basis, including information regarding the Company’s cybersecurity posture, risk environment, incident trends, and mitigation efforts.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board’s cybersecurity oversight is informed through management briefings and periodic updates. The Company may enhance Board education on cybersecurity trends and governance practices as appropriate.
Cybersecurity Risk Role of Management [Text Block]	Management is responsible for the day-to-day execution of the Company’s cybersecurity program. The Vice President, Intelligent Platform App oversees cybersecurity initiatives and supervises cybersecurity personnel and processes. The Network and Information Security Engineer monitors threats, investigates alerts, and reports identified incidents to the IT Vice President through established escalation procedures. The Company’s cybersecurity incident response governance is supported by an Incident Response Policy that defines roles and responsibilities, incident classification, documentation expectations, evidence preservation requirements, and communication protocols.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Management is responsible for the day-to-day execution of the Company’s cybersecurity program. The Vice President, Intelligent Platform App oversees cybersecurity initiatives and supervises cybersecurity personnel and processes. The Network and Information Security Engineer monitors threats, investigates alerts, and reports identified incidents to the IT Vice President through established escalation procedures. The Company’s cybersecurity incident response governance is supported by an Incident Response Policy that defines roles and responsibilities, incident classification, documentation expectations, evidence preservation requirements, and communication protocols.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Management is responsible for the day-to-day execution of the Company’s cybersecurity program. The Vice President, Intelligent Platform App oversees cybersecurity initiatives and supervises cybersecurity personnel and processes. The Network and Information Security Engineer monitors threats, investigates alerts, and reports identified incidents to the IT Vice President through established escalation procedures. The Company’s cybersecurity incident response governance is supported by an Incident Response Policy that defines roles and responsibilities, incident classification, documentation expectations, evidence preservation requirements, and communication protocols.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Management is responsible for the day-to-day execution of the Company’s cybersecurity program. The Vice President, Intelligent Platform App oversees cybersecurity initiatives and supervises cybersecurity personnel and processes. The Network and Information Security Engineer monitors threats, investigates alerts, and reports identified incidents to the IT Vice President through established escalation procedures. The Company’s cybersecurity incident response governance is supported by an Incident Response Policy that defines roles and responsibilities, incident classification, documentation expectations, evidence preservation requirements, and communication protocols.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Commitments and Contingencies (Details) $ in Thousands, € in Millions, shares in Millions																1 Months Ended
	Mar. 06, 2025 USD ($)	Aug. 09, 2024 USD ($) shares	Aug. 01, 2024 USD ($)	Apr. 10, 2024 USD ($)	Mar. 29, 2024 USD ($)	Mar. 26, 2024 USD ($)	Mar. 25, 2024 USD ($)	Mar. 11, 2024 USD ($)	Jan. 26, 2024 USD ($)	Dec. 08, 2023 USD ($)	Jul. 07, 2023 USD ($)	Jun. 29, 2023 USD ($)	Jun. 13, 2023 USD ($)	May 02, 2023 USD ($)	Apr. 14, 2022	May 31, 2025 USD ($)	May 31, 2025 EUR (€)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	May 31, 2024 USD ($)	Feb. 29, 2024 USD ($) order	Dec. 31, 2025 USD ($)	Jul. 31, 2024 USD ($)	Feb. 14, 2024 USD ($)	Oct. 19, 2023 USD ($)	Apr. 26, 2023 USD ($)	Jan. 31, 2023 USD ($)	Nov. 15, 2021 reservation
Loss Contingencies [Line Items]
Accrued legal contingencies																			$ 9,091				$ 3,238
Legal claims were settled in cash												$ 7,500
Loss contingency, initial deposit																							1,930
Loss contingency, tooling equipment																							12,900
Loss contingency, wrote-off deposit																			1,450				$ 0
Loss contingency accrual																			1,290
Litigation settlement, amount awarded to other party																$ 1,600		$ 400
Number of reservations received for vehicles \| reservation																													14,000
Number of unpaid indications of interest \| reservation																													14,000
Probation period (in months)															6 months
Chief Executive Officer
Loss Contingencies [Line Items]
Annual base salary reduction															25.00%
Chief Product and User Ecosystem Officer
Loss Contingencies [Line Items]
Annual base salary reduction															25.00%
Raymond Handling Solutions, Inc. (“Raymond”) \| Pending Litigation
Loss Contingencies [Line Items]
Estimate of possible loss																												$ 1,100
Palantir Technologies Inc.
Loss Contingencies [Line Items]
Damages sought											$ 41,500
Loss contingency, unpaid invoices																											$ 12,300
Damages awarded								$ 5,000
Damages awarded, liquidation damages clause								$ 300
Loss contingency, remaining damages to be awarded, value		$ 4,800
Issuance of common stock (in shares) \| shares		11.1
Palantir Technologies Inc. \| Stock Issuance, Tranche One
Loss Contingencies [Line Items]
Issuance of equity-classified warrants		$ 2,400
Palantir Technologies Inc. \| Stock Issuance, Tranche Two
Loss Contingencies [Line Items]
Issuance of equity-classified warrants		$ 2,400
Envisage Group Developments Inc. USA (“Envisage”)
Loss Contingencies [Line Items]
Damages sought														$ 1,100						$ 1,100
Damages awarded																				1,400
Litigation settlement, amount awarded to other party																				$ 800
L & W LLC (“Autokiniton”)
Loss Contingencies [Line Items]
Estimate of possible loss													$ 8,100											$ 8,100
Damages awarded													$ 4,600
Litigation settlement, amount awarded to other party																			$ 3,700
Rexford Industrial - 18455 Figueroa, LCC ("Rexford")
Loss Contingencies [Line Items]
Unpaid rent																									$ 900
Draexlmaier Automotive Technologies of America LLC
Loss Contingencies [Line Items]
Damages sought																					$ 5,000	$ 3,200
Number of purchase order \| order																						2
Cooper Standard GmbH vs. Faraday&Future Inc.
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party							$ 800
Tesca USA vs. Faraday&Future Inc.
Loss Contingencies [Line Items]
Payments for property, plant and equipment, preproduction design and development costs	$ 36,000
Damages sought	$ 36,000
Cooper Standard GmbH vs. Faraday&Future Inc. \| Pending Litigation
Loss Contingencies [Line Items]
Damages sought							$ 1,500
Jose Guerrero and Victoria Xie vs. Faraday & Future Inc. \| Pending Litigation
Loss Contingencies [Line Items]
Damages sought					$ 1,000
Yun Han vs. Faraday&Future Inc. \| Pending Litigation
Loss Contingencies [Line Items]
Damages sought			$ 1,200
Vantage And Costamp Group vs. Faraday&Future Inc. \| Pending Litigation
Loss Contingencies [Line Items]
Damages sought \| €																	€ 2.8
Unpaid Rent, October - December 2023 \| 10701 Idaho Owner, LLC (“Landlord”)
Loss Contingencies [Line Items]
Rental defaults										$ 600
Damages sought, late fee										5.00%
Damages sought, annual interest										18.00%
Unpaid Rent
Loss Contingencies [Line Items]
Loss contingency, alleging unpaid rent																		$ 1,000
Unpaid Rent \| 10701 Idaho Owner, LLC (“Landlord”)
Loss Contingencies [Line Items]
Damages sought						$ 1,000
Rental defaults																										$ 1,100
Rental defaults, partial payment									$ 100
Rental defaults, late fees and charges									$ 200
Rental defaults payable																										1,200
Amount of letter of credit required to be replenished or provided																										$ 600
Damages sought, maximum payment term						5 days
Damages paid				$ 200

Property, Plant, and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 216,541	$ 468,421
Less: Accumulated depreciation	(61,238)	(119,834)
Property, plant and equipment, net	155,303	348,587
Land, buildings and building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	78,218	111,443
Computer hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,603	2,397
Tooling, machinery, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	120,792	319,313
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	699	245
Lease vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,390	3,121
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,339	4,339
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,500	$ 27,563

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 14, 2025	Mar. 21, 2025	Dec. 31, 2024
Nonrelated Party
Debt Instrument [Line Items]
Notes payable, current portion	$ 4,432			$ 4,224
Notes payable, long-term portion	56,234			45,264
Notes Payable
Debt Instrument [Line Items]
Unpaid Principal Balance	78,799			50,577
Fair Value Measurement Adjustments	(7,280)			27,399
Original Issue Discount and Proceeds Allocated to Warrants	(10,853)			(28,488)
Net Carrying Value	60,666			49,488
Secured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Unpaid Principal Balance				3,118
Fair Value Measurement Adjustments				2,651
Original Issue Discount and Proceeds Allocated to Warrants				(312)
Net Carrying Value				5,457
2023 Unsecured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Unpaid Principal Balance	8,100			4,380
Fair Value Measurement Adjustments	(622)			2,844
Original Issue Discount and Proceeds Allocated to Warrants	(810)			(508)
Net Carrying Value	$ 6,668			$ 6,716
Junior Secured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates	10.00%			10.00%
Unpaid Principal Balance	$ 12,107			$ 28,840
Fair Value Measurement Adjustments	(705)			13,163
Original Issue Discount and Proceeds Allocated to Warrants	0			(15,944)
Net Carrying Value	$ 11,402			$ 26,059
2024 Unsecured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates	10.00%			10.00%
Unpaid Principal Balance	$ 6,070			$ 10,015
Fair Value Measurement Adjustments	(252)			8,741
Original Issue Discount and Proceeds Allocated to Warrants	0			(11,724)
Net Carrying Value	$ 5,818			$ 7,032
2025 March Unsecured SPA Notes
Debt Instrument [Line Items]
Contractual Interest Rates			10.00%
2025 March Unsecured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates	10.00%		18.00%
Unpaid Principal Balance	$ 5,508
Fair Value Measurement Adjustments	(1,096)
Original Issue Discount and Proceeds Allocated to Warrants	(2,304)
Net Carrying Value	$ 2,108
2025 July Unsecured SPA Notes
Debt Instrument [Line Items]
Contractual Interest Rates		10.00%
2025 July Unsecured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates	10.00%	18.00%
Unpaid Principal Balance	$ 37,592
Fair Value Measurement Adjustments	(3,079)
Original Issue Discount and Proceeds Allocated to Warrants	(7,717)
Net Carrying Value	$ 26,796
Unsecured Convertible Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates	4.27%
Unpaid Principal Balance	$ 5,000
Fair Value Measurement Adjustments	(1,558)
Original Issue Discount and Proceeds Allocated to Warrants	0
Net Carrying Value	$ 3,442
Notes payable – China other \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates	0.00%			0.00%
Unpaid Principal Balance	$ 4,290			$ 4,173
Fair Value Measurement Adjustments	0			0
Original Issue Discount and Proceeds Allocated to Warrants	0			0
Net Carrying Value	$ 4,290			$ 4,173
2025 Convertible Note - AIXC \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates	0.00%
Unpaid Principal Balance	$ 132
Fair Value Measurement Adjustments	32
Original Issue Discount and Proceeds Allocated to Warrants	(22)
Net Carrying Value	$ 142
Auto loans \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates				7.00%
Unpaid Principal Balance				$ 51
Fair Value Measurement Adjustments				0
Original Issue Discount and Proceeds Allocated to Warrants				0
Net Carrying Value				$ 51
Minimum \| Secured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates	10.00%			10.00%
Minimum \| 2023 Unsecured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates	10.00%			10.00%
Maximum \| Secured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates	15.00%			15.00%
Maximum \| 2023 Unsecured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates	15.00%			15.00%

Net Loss per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss per Share

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares issued and shares to be issued under the commitment to issue shares, as these shares are issuable for no consideration.

Diluted net loss per share attributable to common stockholders adjusts the basic net loss per share attributable to common stockholders and the weighted-average number of shares issued and shares to be issued under the commitment to issue shares for potentially dilutive instruments.

The following data shows the amounts used in computing net loss per share and the effect on net loss and the weighted-average number of shares as follows:



(in thousands, except share and per share amounts)	2025		2024
Net loss attributable to Faraday Future Intelligent Electric Inc.	$	(390,696)	$	(355,847)
Less: Deemed Dividend	—		(7,576)
Net loss available to common stockholders	$	(390,696)	$	(363,423)

Weighted average shares used in computing net loss per share of Class A and B Common Stock:
Basic	124,299,591		18,529,525
Diluted	124,299,591		18,529,525

Net loss per share of Class A and B Common Stock attributable to common stockholders:
Basic	$	(3.14)	$	(19.61)
Diluted	$	(3.14)	$	(19.61)

The net loss per common share was the same for the Class A Common Stock and Class B Common Stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the Consolidated Statements of Operations and Comprehensive Loss.

Potentially Dilutive Shares

The Company reported net losses for all periods presented, resulting in all potentially dilutive Common Stock equivalents being considered antidilutive and excluded from the calculation of net loss per share. The Company’s Series B Preferred Stock is not convertible into Class A Common Stock and does not participate in the Company’s earnings and, therefore, is not a potentially dilutive security under ASC 260.

The table below presents the potentially dilutive shares that were excluded from the computation of diluted net loss per share of Common Stock attributable to Common Stock stockholders due to their antidilutive effect:



	2025	2024
Shares issuable upon conversion of SPA Portfolio Notes	72,340,661	41,054,586
Shares issuable upon conversion of Unsecured Convertible Notes	5,153,894	749,866
Shares issuable upon exercise of equity classified SPA Portfolio Note warrants	12,907,897	15,238
Shares issuable upon exercise of liability classified SPA Portfolio Note warrants	3,129,648	16,720,384
Other warrants	5,776,657	5,776,657
Stock-based compensation awards – Options	2,263	2,591
Stock-based compensation awards – RSUs	6,095	161,225
Public warrants	2,453	2,453
Private warrants	12	12
	99,319,580	64,483,012

Stockholders' Equity - Common Stock Narrative (Details)	Dec. 31, 2025 vote
Common Class A And Common Class B
Class of Stock [Line Items]
Common stock, number of votes per share	1
Class B Common Stock
Class of Stock [Line Items]
Common stock, number of votes per share	10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Other Financing Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Maturities of Finance Lease Liabilities

The future scheduled principal maturities of financing obligations as of December 31, 2025 are as follows:


(in thousands)
Years Ending December 31,	Amount
2026	$	951
2027	1,189
2028	60,455
	$	62,595

The following table summarizes future lease payments:


(in thousands)
Years Ending December 31,	Operating Leases
2026	$	1,800
2027	1,098
2028	1,122
2029	1,156
2030	678
Thereafter	—
Total	5,854
Less: Imputed Interest	940
Present value of net lease payments	$	4,914

Lease liability, current portion	$	1,443
Lease liability, net of current portion	3,471
Total lease liability	$	4,914

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Supplier Finance Program [Line Items]
Accrued payroll and benefits	$ 22,428	$ 27,713
Accrued legal contingencies	3,238	9,091
Customer deposits	4,385	3,027
Accrued expenses and other current liabilities	58,678	56,754
Decrease in employee related liabilities	8,873
Related Party
Supplier Finance Program [Line Items]
Other accrued liabilities, current	13,178	11,077
Accrued expenses and other current liabilities	13,179	11,077
Nonrelated Party
Supplier Finance Program [Line Items]
Other accrued liabilities, current	15,449	5,846
Accrued expenses and other current liabilities	$ 45,499	$ 45,677

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Schedule of Condensed Financial Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net cash used in operating activities	$ (2,122)	$ (107,576)	$ (70,186)
Net cash used in investing activities	(15,881)	(23,457)	(7,382)
Net cash provided by financing activities	$ (3,250)	$ 161,402	$ 80,733

Other Financing Liabilities

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Financing Liabilities

FF aiFactory California (“Hanford”) Financing Arrangement

On October 19, 2023, the Company entered into a sale leaseback transaction whereby it has exercised its option to purchase its FF aiFactory California manufacturing facility located in Hanford California (the “Property”) and simultaneously completed a sale leaseback to Ocean West Capital Partners (“Landlord”) pursuant to that certain Lease Agreement, dated as of October 19, 2023, by and between the Tenant and 10701 Idaho Owner, LLC (the “Lease Agreement”). This Lease Agreement also allows the Tenant access to up to $12.0 million of tenant improvement allowance for the Property. The Lease Agreement is for a term of five years, with a monthly lease rate of $0.4 million, with a five-year extension option, and the Tenant has an option to purchase the fee interest in the Property at any time after the second year of the lease term. The Company would be required to pay approximately $58.7 million to exercise the purchase option and acquire the ownership interest in the property. Furthermore, the Tenant has a right of first offer to purchase the Property in the event Landlord desires to sell the Property. The obligations of the Tenant under the lease are guaranteed by the Company pursuant to that certain Guaranty of Lease made by the Company to 10701 Idaho Owner, LLC.

Due to the inclusion of the purchase option in the lease agreement, the Company was considered to have continuing involvement and, thus, accounted for the transaction as a failed sale-lease-back transaction, with the Property assets subject to the sale leaseback remaining on the balance sheet and the sale proceeds recorded as a liability in accordance with the financing method. The Company recognized a $24.9 million financing obligation at the completion of the transaction, which was recorded to the Other financing liabilities, long term portion on its Consolidated Balance Sheets. No gain or loss was recorded on the failed sale and lease back.

On March 14, 2024, the Company entered into the First Amendment to the Lease Agreement (the “First Amendment). The First Amendment established a repayment plan requiring the Company to pay an aggregate amount of $1.7 million of past due rent by March 31, 2024. The Company has an original Security Deposit balance of $1.5 million. In December 2024, the Landlord applied $0.6 million of the original Security Deposit to past due rent. In January 2025, the Company paid the Landlord $0.6 million that reinstated the Security Deposit balance.

On August 27, 2024, the Company entered into the Second Amendment to the Lease Agreement (the “Second Amendment”). Under the terms of the original lease agreement, the Company expected to receive $12.0 million in tenant improvement allowance, the repayment of which was included in the scheduled financing obligation payments. In the Second Amendment, the Landlord agreed to fund up to $10.0 million of the costs associated with the replacement of the Property’s roof and the remaining $2.0 million for other improvement costs. The $2.0 million may be reduced by incremental actual costs incurred for the roof replacement and the remaining amount will be contingent on the Company funding up to 66.67% of the other improvement costs.

For the years ended December 31, 2025 and 2024, the Company had a building improvement balance of $12.0 million and $6.9 million, respectively, within Property, plant and equipment, net, reflecting amounts funded through the tenant improvement allowance. The repayment of the tenant improvement allowance are included in the scheduled financing obligation payments.

For the years ended December 31, 2025 and 2024, the Company recorded interest expense of $8.3 million and $6.9 million, respectively.

The financial liability as of December 31, 2025 and December 31, 2024 was $44.2 million and $35.2 million, respectively.

Collateralized Loan

Overview and Terms

The Collateralized Loan was entered into on July 11, 2024, with Utica Leaseco, LLC. The loan is secured by machinery and equipment owned by the Company. It bears an effective interest rate of 23% and requires 51 monthly payments of $0.1 million, concluding with a $0.5 million balloon payment in October 2028. The loan terms include provisions for adjusting monthly payments based on fluctuations in the prime rate.

Summary of Collateralized Loan Activity

As of December 31, 2025 and December 31, 2024, the carrying value of the Collateralized Loan was $3.6 million and $4.3 million, respectively. Of these amounts $0.9 million and $0.8 million, respectively, were included in Other financing liabilities, current portion and $2.7 million and $3.5 million, respectively, were included in Other financing liabilities, long term portion in the Consolidated Balance Sheets. For the years ended December 31, 2025 and 2024, the Company repaid $0.8 million and $0.3 million, respectively, of Collateralized Loan principal. Interest expense for the years ended December 31, 2025 and 2024 was $1.1 million and $0.6 million, respectively.

The future scheduled principal maturities of financing obligations as of December 31, 2025 are as follows:


(in thousands)
Years Ending December 31,	Amount
2026	$	951
2027	1,189
2028	60,455
	$	62,595

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Provision For Income Taxes

The provision for income tax consisted of the following:


(in thousands)	2025		2024
Current:
Federal	$	—	$	—
State	19		(4)
Foreign	44		(263)
	63		(267)

Deferred:
Federal	(54,770)		(21,218)
State	(24,909)		(10,013)
Foreign	(435)		(504)
	(80,114)		(31,735)
Valuation allowance	80,114		31,735
	—		—

	$	63	$	(267)

Schedule of Components of Losses Before Income Taxes, by Taxing Jurisdiction

The components of losses before income taxes, by taxing jurisdiction, were as follows for the years ended December 31:


(in thousands)	2025		2024
U.S.	$	(388,275)	$	(324,929)
Foreign	(8,744)		(31,185)
	$	(397,019)	$	(356,114)

Schedule of Federal Income Tax Rate

The following adjustments account for these differences for the years ended December 31, 2025, and 2024:

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 1, Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies, the reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the year ended December 31, 2025 was as follows (in thousands, except for percentages):


	2025
Expected Federal Income Tax (benefit) at Statutory rate	$	(83,374)	21.0	%

State and local income Taxes, net of fed effects1
State income taxes (net of federal benefit)	(19,638)		5.0	%
Changes in State Valuation Allowance	19,651		(5.0)	%

Foreign tax effects2
Foreign Tax Rate Difference	198		(0.1)	%
Expiration of Tax Attributes	866		(0.2)	%
Other	(470)		0.1	%
Changes in Foreign Valuation Allowance	1,172		(0.3)	%
Changes in Valuation Allowance	59,053		(14.9)	%

Nontaxable or Nondeductible Items
Fair value debt adjustments	12,142		(3.1)	%
Disallowed Interest	7,581		(1.9)	%
Non-Controlling Interest	944		(0.2)	%
Goodwill Impairment	935		(0.2)	%
Other permanent differences	868		(0.2)	%

Changes in Unrecognized Tax Benefits	135		—	%

Effective Tax Rate	$	63	—	%

(1) The tax effect in this category reflects state and local taxes in California.

(2) The tax effect in this category primarily reflects income taxes in China and U.A.E.

The reconciliation of taxes at the federal statutory rate to Company’s provision for (benefit from) income taxes for the year ended December 31, 2024 in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows:


	2024
Federal income tax expense	21.0	%
State income taxes (net of federal benefit)	2.3	%
Other permanent differences	(1.4)	%
Fair value debt adjustments	(10.3)	%
Disallowed interest	(1.8)	%
Foreign tax rate difference	0.1	%
Prior year true-up on deferred taxes	(0.2)	%
Return-to-provision adjustment	(1.3)	%
Uncertain tax benefit	0.8	%
Expiration of tax attributes	(0.3)	%
Valuation allowance	(9.0)	%
	0.1	%

Schedule of Cash Paid for Income Taxes, Net of Refunds

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 1, Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies, cash paid for income taxes, net of refunds, during the year ended December 31, 2025 was as follows (in thousands):


	2025
Federal	$	—
State
California	14
Foreign	—
Total cash paid for income taxes, net of refunds	$	14

Schedule of Deferred Tax Assets And Deferred Tax Liabilities

The tax effects of temporary differences for the years ended December 31, 2025, and 2024, that give rise to significant portions of the deferred tax assets and deferred tax liabilities are provided below:


(in thousands)	2025		2024
Deferred Tax Assets:
Net operating losses (“NOL”)	$	479,820	$	411,244
Research and development credits	4,239		4,239
Accrued liabilities and reserves	23,063		25,581
Construction in progress - Impairment	3,001		—
Depreciation & impairment	19,748		—

Amortization	7,724		8,803
Deposits - Impairment	2,676		—
Capitalized R&D expense	27,266		53,125
Stock-based compensation	1,186		450
Transaction costs	25		35
Other	275		379
Gross deferred tax assets	569,023		503,856
Valuation allowance	(537,852)		(457,738)
Deferred tax assets, net of valuation allowance	31,171		46,118
Deferred Tax Liabilities:
Depreciation	—		(20,174)
Indefinite-lived Intangible	(945)
State taxes	(31,133)		(25,944)
Gross deferred tax liabilities	(32,078)		(46,118)

Net deferred tax assets (liabilities)	$	(907)	$	—

Schedule of Unrecognized Tax Benefits

The aggregate change in the balance of unrecognized tax benefits for the years ended December 31, 2025, and 2024, is as follows:


(in thousands)	2025		2024
Beginning balance	$	10,087	$	12,972
Increase related to current year tax positions	135		389
Decrease related to prior year positions	—		(3,274)
Ending balance	$	10,222	$	10,087

Inventory, net (Current and non current) - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventory reserve	$ 21.1	$ 3.3
Increase (decrease) in inventory valuation reserves	17.8
Inventory, tariff	13.3
Inventory	$ 4.6

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Revenue	$ 536	$ 539
Automotive sales
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Revenue	166	495
Automotive leasing - Sales type
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Revenue	250	44
Automotive leasing - Operating type
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Revenue	$ 120	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Instruments - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 23, 2025 USD ($) $ / shares	Dec. 31, 2025 USD ($) $ / shares	Aug. 14, 2025 USD ($) director $ / shares shares	Dec. 31, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, fair value disclosure		$ 16,000		$ 0
Digital assets		$ 10,250		$ 0
Class A Common Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Share price (in dollars per share) \| $ / shares		$ 1.02	$ 3.00
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, outstanding			$ 450
Number of directors \| director			3
Market Based Awards
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchase price per share (in dollars per share) \| $ / shares	$ 1.02
Market capitalization amount	$ 76,400
Risk-free interest rate	4.17%
Expected volatility	80.00%
Contractual period	10 years
Award service remaining period		6 years 5 months 8 days
Restricted Stock Units (RSUs)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, nonvested			$ 150
Share based compensation arrangement by share based payment award shares issued upon exercise of right (in shares) \| shares			1

Business Acquisition - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Sep. 29, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Goodwill		$ 25,764	$ 25,764	$ 0
Goodwill impairment			4,450	$ 0
AIXC
Business Combination [Line Items]
Cash and cash equivalents .		28,878	28,878
Prepaid expenses and other current assets		343	343
Short term note receivable		4,348	4,348
Other receivable		2	2
Intangibles (in-process R&D)		3,629	3,629
Accounts payable and accruals		(1,324)	(1,324)
Warrant Liability		(362)	(362)
Promissory Notes		(3,237)	(3,237)
Other liabilities (deferred tax liability)		(907)	(907)
Net identifiable assets acquired		31,370	31,370
Consideration transferred	$ 30,000		30,000
Fair Value of Non-Controlling Interest	$ 31,600	31,584	31,584
Goodwill		30,214	30,214
Cash transaction related costs incurred		2,200
Goodwill impairment		4,500
Goodwill		$ 25,800	$ 25,800

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Schedule of Digital Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Crypto Asset [Roll Forward]
Crypto asset, fair value, beginning balance	$ 0
Purchases	27,000
Sales	(12,593)
Net (loss) gain on digital assets	(4,117)
Other	(40)
Crypto asset, fair value, ending balance	$ 10,250

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

The Company has entered into notes payable agreements with related parties. The Company receives funding through notes payable from various parties, including related parties. These related parties include employees, affiliates of employees, affiliates, and other companies controlled or previously controlled by one of the Company’s Global Co-CEOs, Mr. Yueting Jia. Effective August 13, 2025, during the pendency of the SEC investigation, Mr. Jia was temporarily excluded from oversight of the finance, legal, accounting, and public reporting functions. The tables below summarize the related party note payable agreements as of December 31, 2025 and December 31, 2024, providing details on contractual maturity dates, contractual interest rates, and net carrying values.


	December 31, 2025
(in thousands)	Contractual Maturity Date	Contractual Interest Rates			Net Carrying Value



Notes Payable — China	April 2027	18.0	%	(1)	$	3,775
Notes Payable on Demand — China	Due on Demand	—%			429


Other Notes	Due on Demand	12.0%			75
					$	4,279

Related party notes payable, current					$	3,507
Related party notes payable, long-term					$	772
_______________

(1) The restructured loan bears no stated interest, and the repayment schedule requires fixed installment payments through the contractual maturity date. If the Company fails to comply with the payment schedule, interest at a rate of 18.0% would be retroactively applied to the unpaid balance. During the term of the revised loan, the Company was not in default with respect to the payment schedule, and no contingent interest has been recorded as of December 31, 2025.


	December 31, 2024
(in thousands)	Contractual Maturity Date	Contractual Interest Rates	Net Carrying Value
2023 Unsecured Convertible Note	April 2024 (1)	4.27%	$	1,364
Notes Payable — China	April 2027	18.0%	4,382
Notes Payable on Demand — China	Due on Demand	—%	417
FFGP Note	Various (1)	4.27%	1,576
Convertible FFGP Note	May 2024 (1)	4.27%	250
Other Notes	Due on demand	12.00%	75
			$	8,064

Related party notes payable, current			$	5,310
Related party notes payable, long-term			$	2,754
_______________
(1) The term was extended upon receipt of waivers of enforcement rights and remedies under the loan agreements and was subsequently settled in 2025, as described below.

Roll Forward of Related Party Debt by Transaction Type

The following table presents a roll forward of the Company’s notes payable balances from December 31, 2024 to December 31, 2025 with related parties. It summarizes beginning and ending balances by debt category and details changes during the period, including repayments, conversions, reclassifications, fair value adjustments, and other significant transactions.


	Categories of Related Party Debt
(in thousands)	March 2025 Unsecured SPA Notes		Unsecured Convertible Note		Notes Payable — China		Notes Payable on Demand — China		Convertible FFGP Note		FFGP Note		Other Notes		Total
Balance as of December 31, 2024 (a)	$	—	$	1,364	$	4,382	$	417	$	250	$	1,576	$	75	$	8,064
New Issuances (b)	1,435		470		—		—		—		—		—		1,905

Repayment of Debt (c)	—		—		(714)		—		(250)		(1,576)		—		(2,540)

Conversion of Debt to Equity (d)	(1,837)		(727)		—		—		—		—		—		(2,564)


Fair Value Adjustments of Debt (e)	(49)		(656)		—		—		—		—		—		(705)

Reclassification of Debt Between Debt Categories (f)	451		(451)		—		—		—		—		—		—
Other Adjustments (g)	—		—		107		12		—		—		—		119
Balance as of December 31, 2025 (h)	$	—	$	—	$	3,775	$	429	$	—	$	—	$	75	$	4,279



(a) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2024.
(b) Debt instruments issued during the period, recorded at fair value upon issuance if the fair value option is elected, or at principal balance net of discounts. For notes measured at fair value, the aggregate fair value adjustment recognized at issuance reduced the principal amount of notes issued during the period by $2,826 thousand. This reduction reflects the allocation of total transaction proceeds between the SPA Notes and the related SPA Warrants and Incremental Warrants issued as part of the bundled transaction.

(c) Cash repayments of principal amounts during the period.

(d) Fair value of debt converted into equity during the period.


(e) Adjustments to debt fair value due to the fair value option election, embedded derivatives, or anti-dilution provisions. These adjustments are presented as a component of 'Change in fair value of notes payable, warrant liabilities, and call option derivatives' in the Consolidated Statements of Operations. Line item 'Change in fair value of notes payable, warrant liabilities, and call option derivatives' also includes debt issuance costs of $189 thousand, which are separately identifiable from the fair value adjustments noted above.

(f) Transfers of amounts between debt categories, such as from secured to unsecured classifications.
(g) Miscellaneous changes not captured in other columns, such as currency adjustments and reclassification to accrued expenses.
(h) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2025.

The following table presents a roll forward of the Company’s Related party notes payable balances from December 31, 2023 to December 31, 2024. It summarizes beginning and ending balances by debt category and details changes during the period, including repayments, conversions, reclassifications, fair value adjustments, and other significant transactions.


	Categories of Related Party Debt
(in thousands)	2023 Unsecured Convertible Note		Unsecured SPA Notes		Notes Payable — China		Notes Payable on Demand — China		Convertible FFGP Note		FFGP Note		Other Notes		Total
Balance as of December 31, 2023 (a)	$	542	$	—	$	3,789	$	5,103	$	—	$	326	$	—	$	9,760
New Issuances (b)	—		1,499		—		—		250		1,250		75		3,074

Repayment of Debt, including periodic interest on debt carried at fair value (c)	—		—		(125)		—		—		—		—		(125)

Conversion of Debt to Equity (d)	(435)		—		—		—		—		—		—		(435)


Fair Value Adjustments of Debt (e)	(107)		(135)		—		—		—		—		—		(242)


Other Adjustments (f)	—		—		718		(4,686)		—		—		—		(3,968)
Balance as of December 31, 2024 (g)	$	—	$	1,364	$	4,382	$	417	$	250	$	1,576	$	75	$	8,064



(a) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2023".
(b) Debt instruments issued during the period, recorded at fair value upon issuance if the fair value option is elected, or at principal balance net of discounts. For notes measured at fair value, the aggregate fair value adjustment recognized at issuance reduced the principal amount of notes issued during the period by $1 thousand. This reduction reflects the allocation of total transaction proceeds between the SPA Notes and the related SPA Warrants and Incremental Warrants issued as part of the bundled transaction.

(c) Cash repayments of principal amount and periodic interest, where fair value option is elected, during the period.

(d) Fair value of debt converted into equity during the period.


(e) Adjustments to debt fair value due to the fair value option election, embedded derivatives, or anti-dilution provisions. These adjustments are presented as a component of Change in fair value of notes payable, warrant liabilities, and call option derivatives in the Consolidated Statements of Operations.


(f) Miscellaneous changes not captured in other columns, such as currency adjustments.
(g) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2024.

Schedule of Principal Maturities of Related Party Notes Payable

The future scheduled principal maturities of Related party notes payable as of December 31, 2025, are as follows:


(in thousands)
Years Ending December 31,	Amount
Due on demand	$	1,448



2026	2,059
2027	772



Thereafter	—
	$	4,279

The Company has entered into various financing arrangements with related parties, categorized as follows: (i) 2023 Unsecured Convertible Note; (ii) Unsecured Convertible Notes; (iii) 2025 March Unsecured SPA Notes; (iv) Notes Payable — China; (v) Notes Payable on Demand — China; (vi) FFGP Note; and (vii) Convertible FFGP Note.

2023 Unsecured Convertible Note

In May 2023, June 2023, and October 2023, the Company issued unsecured convertible notes to MHL, a related party, under the 2023 Unsecured SPA Notes as the anchor investor. (For information on the terms of this note, see Note 8, Notes Payable 2023 Unsecured SPA Notes issued to third-parties.)

The Company elected the fair value option under ASC 825, Financial Instruments, for the 2023 Unsecured SPA Notes because the notes include features such as a contingently exercisable put option, which meets the definition of an embedded derivative.

Summary of Activity

As of December 31, 2025 and December 31, 2024, there were no outstanding related party 2023 Unsecured SPA Notes.

There was no related party activity related to the 2023 Unsecured SPA Notes during the years ended December 31, 2025 and 2024.

During the year ended December 31, 2024, the Company converted related party debt with a principal amount of $0.7 million into 33,107 shares of Class A Common Stock. The conversion of 2023 Unsecured SPA Notes into Class A Common Stock resulted in a loss on extinguishment of $0.2 million. For the year ended December 31, 2024, the Company recognized a gain of $0.1 million from the fair value remeasurement of 2023 Unsecured SPA Notes under ASC 825, which was recorded in Change in fair value of related party notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss.

Unsecured Convertible Notes

In January 2024, the Company issued an unsecured convertible note to MHL, a related party, in a principal amount of $1.5 million. The note was due three months from the date of issuance (April 2024), accrued interest at an annual rate of 4.27% per annum, and was convertible at the option of the holder into either Class A Common Stock or into a 2023 Unsecured Convertible Note.

In February 2025, MHL converted the outstanding debt with a principal balance of $1.5 million into 1,352,767 shares of Class A Common Stock. The conversion of the Unsecured Convertible Notes into Class A Common Stock resulted in a loss on extinguishment of $1.2 million which was recorded in Loss on settlement of related party notes payable in the Consolidated Statements of Operations and Comprehensive Loss.

In March 2025, the Company issued an unsecured convertible note to MHL, in a principal amount of $1.5 million. The note was due three months from the date of issuance, accrued interest at an annual rate of 4.27% per annum, and was convertible at the option of the holder into either Class A Common Stock or into unsecured convertible notes issued subsequently pursuant to a securities purchase agreement. If conversion into Class A Common Stock is elected, the conversion price would be based on the latest closing price of the Company’s Class A Common Stock on the conversion date. If settlement in a subsequent Securities Purchase Agreement is elected, the new note would be issued with a 15% original issue discount. In April 2025, MHL exchanged the Unsecured Convertible Notes into 2025 March Unsecured SPA Notes.

The Company elected to apply the fair value option under ASC 825, Financial Instruments, for these notes, based on its expectation that the notes would be exchanged into SPA Portfolio Notes pursuant to the holder’s conversion rights. SPA Portfolio Notes include features such as a contingently exercisable put option, which meet the definition of an embedded derivative under applicable accounting standards.

As of December 31, 2025, the fair value of the Unsecured Convertible Notes was zero, compared to $1.4 million as of December 31, 2024

For the years ended December 31, 2025 and 2024, the Company recognized a gain of $0.7 million and $0.1 million, respectively, from the fair value remeasurement of Unsecured Convertible Notes under ASC 825, which was recorded in Change in fair value of related party notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss.

2025 March Unsecured SPA Notes

Investors in the 2025 March Unsecured SPA Notes include related parties. (For information on the terms of these notes, see Note 8, Notes Payable 2025 March Unsecured SPA Notes issued to third-parties.)

Summary of Activity

The re were no outstanding 2025 March Unsecured SPA Notes to related party investors as of December 31, 2025 or December 31, 2024.

During the year ended December 31, 2025, the Company received net cash proceeds of $3.2 million, after original issue discounts, in exchange for the issuance of 2025 March Unsecured SPA Notes to related party investors. During the same period, the Company converted debt with a principal amount of $5.0 million into 4,973,799 shares of Class A Common Stock, respectively. The conversion of 2025 March Unsecured SPA Notes to related party investors, into Class A Common Stock resulted in a loss on extinguishment of $3.9 million, for the period, which was recorded in Loss on settlement of related party notes payable in the Consolidated Statements of Operations and Comprehensive Loss. For the year ended December 31, 2025, the Company recognized an immaterial gain from the fair value remeasurement of Secured SPA Notes under ASC 825, which was recorded in Change in fair value of related party notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss.

There was no related party activity related to the 2025 March Unsecured SPA Notes during the year ended December 31, 2024 as the 2025 March Unsecured SPA Notes had not yet been issued.

Notes Payable — China

The Company has outstanding debt payable to Leshi Small Loan Co., Ltd. (“Chongqing”), a related party, also known as “Notes Payable — China.” In 2022, Chongqing agreed to modify the debt agreement, contingent on the Company making an initial payment of 10% of the agreed upon discounted principal amount. Under the modified terms, the Company received a waiver of accrued interest, a reduction in the principal balance, and an extended repayment schedule requiring full payment of the discounted principal by December 31, 2023. However, the Company did not pay the outstanding principal amount in full by the maturity date of December 31, 2023, and as a result, in January 2024 the Company incurred substantial interest and penalties. Per the terms of the 2022 agreement, in the event of a default at maturity all outstanding interest and penalties since the inception of the original agreement reverted to Chongqing and the discounted principal balance returned to the full unpaid amount. As a result, the Company recognized a loss of $14.1 million shown as component of Loss on settlement of related party notes payable in the Consolidated Statements of Operations and Comprehensive Loss during the year ended December 31, 2024.

In December 2024, the Company repaid $0.1 million and entered into supplementary agreements with Chongqing, further restructuring its outstanding debt. The December 2024 agreements largely restored the debt to amounts outstanding prior to the default on December 31, 2023. If the Company defaults again on its payment plan with Chongqing the interest and penalties accrued since the inception of the original agreement and the note principal will revert back to Chongqing in proportion to the unpaid portion of the discounted principal balance. The agreements maintain an 18.0% stated interest rate for the debt and establish a payment plan for periodic principal and interest payments until the revised maturity date of April 2027. The Company accounted for the restructuring as a troubled debt restructuring under ASC 470-60, Debt – Troubled Debt Restructurings by Debtors. The restructuring did not result in debt extinguishment for accounting purposes, as the modified terms were not deemed substantially different under ASC 470. As a result of the restructuring, the Company recognized a gain of $0.7 million in additional paid-in capital, reflecting the related party nature of the transaction. Following the restructuring and subsequent principal payments, the Company's Notes Payable—China is in good standing as of December 31, 2025.

Summary of Activity

As of December 31, 2025, the principal value of this note payable was $3.8 million, compared to $4.4 million as of December 31, 2024. As of December 31, 2025 and December 31, 2024, the Company had accrued but unpaid interest and penalties of $19.9 million and $23.1 million recorded in Related party accrued interest on the Consolidated Balance Sheets.

During the year ended December 31, 2025, the Company continued to make payments under the December 2024 Supplemental Agreements described above, repaying $0.7 million of the restructured principal balance. Principal repayments resulted in a proportionate reduction of accrued interest and penalties owed to Chongqing, and the Company recognized a gain of $3.8 million in additional paid-in capital reflecting the related party nature of the transaction

Notes Payable on Demand — China

The Company's notes payable with investors based in China (“Notes Payable on Demand — China”) bear a zero percent interest rate. The outstanding balance as of December 31, 2025 and December 31, 2024, was $0.4 million and $0.4 million, respectively.

FFGP Note

In November 2023 and January 2024, the Company issued unsecured promissory notes to FFGP Investment Holding I, LLC (“FFGP”), a related party, in an aggregate principal amount of $1.6 million. These notes, referred to as the “FFGP Note”, were due three months from their respective dates of issuance and accrued interest at either 4.27% or 5.27%.

FFGP fully waived its enforcement rights and remedies under the loan agreement with respect to the outstanding principal balance until final settlement. During the year ended December 31, 2025, the Company repaid 1.6 million. The carrying values of the FFGP Note were zero and $1.6 million as of December 31, 2025 and December 31, 2024, respectively.

Convertible FFGP Note

In February 2024, the Company and FFGP entered into an unsecured convertible note in the principal amount of $0.3 million. The note referred to as the “Convertible FFGP Note”, has a maturity date of May 2024 accrued interest at a rate of 4.27% per annum, and is convertible into the Company’s Class A Common Stock at the holder’s option. The conversion price is the latest closing price of the Company’s Class A Common Stock on the conversion date.

FFGP fully waived its enforcement rights and remedies under the loan agreement with respect to the outstanding principal balance until final settlement. During the year ended December 31, 2025, the Company repaid $0.3 million. The carrying value of the Convertible FFGP Note was zero and $0.3 million as of December 31, 2025 and December 31, 2024, respectively.

Related Party Accounts Payable, Accrued Liabilities and Other Significant Transactions

The Company enters into various related party transactions that do not involve notes payable, such as property leases, consulting services, advertising services, and other financial arrangements with entities affiliated with its founder, key executives, or their family members. This section specifically excludes related party notes payable, which are discussed in a separate section above, and instead focuses on summarizing the nature, terms, and financial impact of these non-debt transactions, including payments made, outstanding balances, and other pertinent details.

FF Global Transactions and Consulting Services

FF Global Partners LLC (“FFGP”) is an affiliate of the Company’s founder and Global Co-CEO, Mr. Yueting Jia, and has historically exerted significant influence over the Company’s governance. Effective August 13, 2025, during the pendency of the SEC investigation, Mr. Jia was temporarily excluded from oversight of the finance, legal, accounting, and public reporting functions. The Company entered into a Consulting Services Agreement with FFGP effective February 1, 2023, under which FFGP provided strategic and operational advisory services for a monthly fee of $200,000. The agreement automatically renewed on March 6, 2024, for an additional 12-month term and permitted reimbursement of certain documented out-of-pocket expenses, subject to specified limits. The Company terminated the agreement effective March 23, 2025, in connection with entering into a new consulting arrangement with FFGP.

During 2025, the Company and FFGP amended their consulting agreement. As revised, the agreement provides for a fixed monthly consulting fee of $100,000 and includes a quarterly bonus opportunity of up to $1.0 million. Any bonus is contingent on FFGP’s performance and is subject to the sole discretion of the Company’s Board of Directors. The Board is responsible for determining whether any performance objectives have been met and whether a bonus award is warranted. The agreement does not specify quantitative performance targets but allows the Board to consider overall contributions to business strategy, operational execution, and organizational planning.

For the year ended December 31, 2025, the Company paid approximately $7.5 million to FFGP, including a $2.0 million bonus payment to FFGP in September 2025 and $1.7 million to repay two loans payable to FFGP (see FFGP Note and Convertible FFGP Note, above for details). As of December 31, 2025 and December 31, 2024, the Company recorded a related party liability within accounts payable $0.1 million and $2.0 million, respectively, related to consulting services provided by FFGP.

In early 2023, FFGP submitted a reimbursement request for approximately $6.5 million of legal expenses related to governance matters. The Board did not approve the request, and accordingly no liability has been recorded. The matter remains unresolved as of December 31, 2025. The new consulting agreement did not modify, settle, or otherwise address this prior reimbursement claim.

Advertising Services Payable to Leshi Information Technology Co., Ltd

The Company has recorded a related party payable to Leshi Information Technology Co., Ltd. within Related party accrued expenses and other current liabilities in the amount of $8.5 million and $7.7 million, respectively as of December 31, 2025 and December 31, 2024, in connection with advertising services provided to the Company in prior years. Leshi Information Technology Co., Ltd. is affiliated with LeTV is a Shanghai Stock Exchange-listed public company founded and controlled by Mr. Yueting Jia, the Company’s founder and Global Co-CEO. Activity related to this payable during the year ended December 31, 2025 consisted of

Research and Developments Services Payable to Lerongzhixin Electronic Technology (Tianjin) Co., Ltd.

The Company has recorded a related-party payable to Lerongzhixin Electronic Technology (Tianjin) Co., Ltd. (“Lerongzhixin”) within Related party accrued expenses and other current liabilities in the amount of $3.1 million and $3.0 million, respectively, as of December 31, 2025 and December 31, 2024, in connection with technology-transfer and R&D services provided to the Company’s subsidiary LeAutolink Intelligent Technology (Beijing) Co., Ltd. (“LeAutolink”) under a Technology Transfer Agreement. Under this agreement, Lerongzhixin provided technical know-how and deliverables covering product and circuit design, software and databases, test/inspection reports and experimental data, prototypes and tooling, and related documentation and patents. Lerongzhixin and LeAutolink are entities affiliated with Mr. Yueting Jia and are therefore presented as related parties. There was no activity related to this payable during the year ended December 31, 2025, other than changes attributable to foreign currency translation.

Grow Fandor

During 2024 and 2025, the Company entered into several related party transactions with Grow Fandor Inc. (“Grow Fandor”). Grow Fandor is considered a related party because it is significantly influenced by Mr. Yueting Jia, the Company’s Global Co-CEO, who has a financial and operational interest in the entity. Grow Fandor was co-founded by Mr. Jia and Mr. Jerry Wang, who currently serves as Global President of the Company and is a significant shareholder in Grow Fandor. Below is a summary of the Company’s transactions with Grow Fandor and the related accounting treatment:

•Promissory Note: In September 2024, the Company executed a promissory note with Grow Fandor in the principal amount of $75,000. This note has been classified as “Other Notes” in table above that the summarizes the related party note payable agreements as of December 31, 2025.

•Share Donation: In October 2024, the Company received a donation of 15,000,000 shares of Class B Common Stock of Grow Fandor from Mr. Yueting Jia, which represents an approximately 10% ownership interest. Because Grow Fandor is in the preliminary stages of development and significant independent capital has not been raised, management concluded that the shares do not currently have value within the financial statements.

•Trademark License Agreement: In October 2024, the Company and Grow Fandor executed the Trademark License Agreement. Under the terms of the licensing agreement, Grow Fandor has exclusive licensing rights as the only third-party allowed to use the FF and FX brands and marks during the contract term. In exchange Grow Fandor will pay to the Company: (1) a royalty fee, payable quarterly, calculated as the greater of: (a) 50% of the annual net profit from FF and FX ecosystem products, and (b) 5% of net sales revenue from all relevant brand ecosystem products; and (2) a $250,000 annual base license fee. Grow Fandor paid the initial annual license fee. Subsequent annual license fees will be payable within 30 days after each contract year. The Company recorded the initial license fee as a capital contribution due to the related party nature of the relationship with Grow Fandor and Mr. Yueting Jia’s public statements that the relationship is designed to provide incremental capital to the Company. In 2025, such license fee was paid in kind in exchange for marketing materials.

•Sub-lease Agreement: Effective June 2025, the Company entered into a sublease agreement with Grow Fandor, for approximately 3,000 square feet of office space at our corporate office location. The term of the sublease is ten months, ending March 31, 2026. Monthly base rent is $4,500, with an additional $3,000 per month for Grow Fandor’s share of Common Area Operating Expenses, which may be deferred and accrue interest at 5% annually. The premises will be used for storage of apparel for e-commerce, office use, and video recording/streaming. Grow Fandor has

evacuated the premises as of December 31, 2025 and the Company is in negotiations to resolve the outstanding balance and formalize the termination terms.

X-Butler Transactions

For the year ended December 31, 2025, X-Butler, a related party because it is affiliated with Mr. Yueting Jia, the Company’s founder and Global Co-Chief Executive Officer, provided business development and event-related services to the Company and its executives, including services relating to corporate and investor events. The Company paid $0.2 million to X-Butler for such services during the year ended December 31, 2025. The Company recorded approximately $0.1 million and $0.3 million in Related party accrued expenses and other current liabilities as of December 31, 2025 and December 31, 2024, respectively.

Other Related Party Transactions

Excluding our related party loan repayments and payments made to FFGP and X-Butler (as explained above), during year ended December 31, 2025 the Company paid approximately $1.3 million to various related parties, primarily members of the Board of Directors and executives in ordinary course of business.

Related-Party Participation in AIXC financing

In September 2025, in connection with the Company’s acquisition of a controlling interest in AIXC, certain related parties of the Company participated alongside the Company in AIXC’s equity financing through an escrow account. Yueting Jia funded $4.0 million, and Jerry (Jiawei) Wang funded $0.2 million on September 26, 2025. These investments were made on substantially the same terms as those applicable to other investors participating in the financing. Aggregate escrow receipts from all investors totaled $40.7 million, including $30.0 million funded by the Company. (See Note 3, Business Acquisition—Consolidation of AIXC.)

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders’ Equity - Schedule of Preferred and Common Stock (Details) - shares	Dec. 31, 2025	Jul. 14, 2025	May 29, 2025	Apr. 03, 2025	Mar. 06, 2025	Dec. 31, 2024	Aug. 16, 2024	Jul. 31, 2024	Jul. 30, 2024
Authorized  Shares
Preferred stock, shares authorized (in shares)	5,931,000		10,000,000			10,000,000		114,245,313	12,582,813
Common stock, shares authorized (in shares)			124,815,625		104,245,313		104,245,313	104,245,313	11,582,813
Authorized shares (in shares)	250,401,985					114,245,313
Issued Shares
Preferred stock, shares issued (in shares)	1					0
Issued shares (in shares)	206,322,155					65,925,794
Series B Preferred Stock
Authorized  Shares
Preferred stock, shares authorized (in shares)	12,000,000	3,000,000		9,000,000		0
Issued Shares
Preferred stock, shares issued (in shares)	7,184,760					0
Class A Common Stock
Authorized  Shares
Common stock, shares authorized (in shares)	228,041,297		162,815,625			99,815,625
Issued Shares
Common stock, shares issued (in shares)	199,130,727					65,919,127
Class B Common Stock
Authorized  Shares
Common stock, shares authorized (in shares)	4,429,688		4,429,688			4,429,688
Issued Shares
Common stock, shares issued (in shares)	6,667					6,667

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Mar. 24, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39395
Entity Registrant Name	Faraday Future Intelligent Electric Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4720320
Entity Address, Address Line One	1990 E. Grand Avenue
Entity Address, City or Town	El Segundo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90245
City Area Code	424
Local Phone Number	276-7616
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 223,500,520
Entity Central Index Key	0001805521
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	FFAI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		248,764,702
Redeemable Warrants
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, exercisable for shares of Class A Common Stock at an exercise price of $110,400.00 per share
Trading Symbol	FFAIW
Security Exchange Name	NASDAQ
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,667

Stock-Based Compensation - Schedule of the Company’s Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	1,949	2,031
Expired/forfeited (in shares)	(180)	(82)
Ending balance (in shares)	1,769	1,949	2,031
Exercisable (in shares)	1,753
Weighted  Average  Exercise  Price
Beginning balance (in dollars per share)	$ 26,237.95	$ 26,408.8
Expired/forfeited (in dollars per share)	25,209.72	28,973.01
Ending balance (in dollars per share)	26,342.58	$ 26,237.95	$ 26,408.8
Exercisable (in dollars per share)	$ 26,277.84
Weighted  Average  Remaining  Contractual Life (Years)
Outstanding (in years)	3 years 6 months 29 days	4 years 10 months 2 days	5 years 11 months 1 day
Exercisable (in years)	3 years 6 months 21 days
Aggregate  Intrinsic  Value
Aggregate intrinsic value, outstanding	$ 0	$ 50,054	$ 31,743
Aggregate intrinsic value, exercisable	$ 0
STI Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	487	564
Expired/forfeited (in shares)	(56)	(77)
Ending balance (in shares)	431	487	564
Exercisable (in shares)	195
Weighted  Average  Exercise  Price
Beginning balance (in dollars per share)	$ 52,893.32	$ 60,169.2
Expired/forfeited (in dollars per share)	101,355.16	95,528.84
Ending balance (in dollars per share)	46,596.66	$ 52,893.32	$ 60,169.2
Exercisable (in dollars per share)	$ 58,591
Weighted  Average  Remaining  Contractual Life (Years)
Outstanding (in years)	4 years 10 months 13 days	5 years 6 months	6 years 7 months 20 days
Exercisable (in years)	5 years 1 month 9 days
Aggregate  Intrinsic  Value
Aggregate intrinsic value, outstanding	$ 0	$ 25,481	$ 16,318
Aggregate intrinsic value, exercisable	$ 0

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Business Combination, Condensed Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Operating expenses		$ 233,284	$ 66,248
Other expense, net		$ 4,983	$ (1,448)
AIXC
Business Combination [Line Items]
Operating expenses	$ 7,364
Other expense, net	3,233
Net loss	$ (10,596)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is, from time to time, subject to claims and disputes arising in the normal course of business. In the opinion of management, the outcome of any such claims and disputes cannot be predicted with certainty. Legal Proceedings Against the Company As of December 31, 2025 and December 31, 2024, the Company had accrued legal contingencies of $3.2 million and $9.1 million, respectively, recorded within Accrued expenses and other current liabilities and Accounts payable for potential financial exposure related to ongoing legal matters, primarily related to breach of contracts and employment matters, which are deemed both probable of loss and reasonably estimable. Class and Derivative Actions Zhou v. Faraday Future Intelligent Electric Inc. f/k/a Property Solutions Acquisition Corp. et al., Case No. 2:21-cv-009914 (U.S. District Court – Central District of California). On December 23, 2021, a putative class action lawsuit alleging violations of the Exchange Act was filed in the United States District Court, Central District of California, against the Company and its former Chief Executive Officer and Chief Financial Officer, and its then-Chief Product and User Ecosystem Officer (who was promoted to Global Co-CEO in April 2025; On May 6, 2022, the appointed lead plaintiffs in the Zhou putative class action filed an amended complaint alleging violations of Sections 10(b), 14(a) and 20(a) of the Exchange Act, Sections 11 and 15 of the Securities Act, and related “control” person claims for secondary liability under those statutes, seeking unspecified damages. Following motion to dismiss briefing and the subsequent court-ordered dismissal of several of the plaintiffs’ claims, answers were filed and the parties agreed to participate in mediation. On April 27, 2023, the court granted the parties’ joint motion for a temporary stay pending mediation. The parties thereafter participated in a private mediation on June 29, 2023. After further discussions and negotiations, the parties reached an agreement-in-principle to settle the Zhou putative class action. Although denying all allegations, the Company nevertheless agreed to settle the Zhou putative class action for a non-reversionary cash payment of $7.5 million to be funded entirely by the Company’s insurers for the benefit of the settlement class, in exchange for the release of all claims that were or could have been asserted against the Company. The court thereafter granted preliminary approval of the settlement on November 7, 2023, and scheduled a hearing for final approval of the settlement to take place on March 18, 2024. On January 23, 2024, the ostensible lead plaintiff in the Consolidated Delaware Class Action discussed below, filed an Objection to final approval of the settlement (the “Objection”) to which the Company and the other defendants responded on March 11, 2024. On March 18, 2024, the court overruled the Objection in its entirety and entered an Order finally approving the Zhou putative class action settlement. Farazmand v. Breitfeld et al., Case No. 2:22-cv-01570 (U.S. District Court – Central District of California). Zhou v Breitfeld et al., Case No. 2:22-cv-01852 (U.S. District Court – Central District of California). Moubarak v. Breitfeld et al., Case No. 1:22-cv-00467 (U.S. District Court – District of Delaware). Wang v. Breitfeld et al., Case No. 1:22-cv-00525 (U.S. District Court – District of Delaware). Wallace v. Breitfeld et al., Case No. 2023-0639-KSJM (Delaware Court of Chancery). Ashkan Farazmand and Wangjun Zhou v. Breitfeld, et al., Case No. 2023-1283 (Delaware Court of Chancery). On March 8 (Farazmand) and March 21 (Zhou), 2022, putative stockholder derivative lawsuits were respectively filed in the United States District Court, Central District of California and were subsequently consolidated in an action entitled In re Faraday Future Intelligent Electric Inc. Case No. 2:22-cv-1570 (the “California Federal Derivative Action”). The California Federal Derivative Action was stayed pending resolution of certain proceedings in the Zhou putative class action discussed above, which stay expired in February 2023. Plaintiffs thereafter filed a verified consolidated amended complaint on June 2, 2023, in response to which the Company and the other defendants filed a motion to dismiss. On January 22, 2024, the court granted in part, and denied in part, the motion to dismiss with leave to amend. On February 6, 2024, the parties filed a stipulation to stay the California Federal Derivative Action pending mediation that was entered by the court on February 12, 2024. On April 11 (Moubarak) and April 25 (Wang), 2022, putative stockholder derivative lawsuits were respectively filed in the United States Delaware District Court (collectively, the “Delaware Federal Derivative Actions”). On February 6, 2023, the Delaware Derivative Actions were stayed pending resolution of the pending proceedings in the Zhou putative class action. On June 21 (Wallace) and December 22 (Farazmand), 2023, putative derivative lawsuits were respectively filed in the Delaware Court of Chancery (collectively, the “Delaware State Derivative Actions”). The parties stipulated to a stay of the Wallace action which was entered by the court on December 29, 2023. Each of the foregoing derivative lawsuits purported to assert claims on behalf of the Company against certain of the Company’s current and former officers and directors for alleged violations of the Exchange Act or for various common law claims based upon those officers’ and directors’ alleged breaches of their purported fiduciary duties owed to the Company and/or for their alleged aiding and abetting of those purported breaches, resulting in unspecified damages to the Company. The complaints were generally premised upon many of the same underlying allegations made in the Zhou putative class action. The parties to the foregoing derivative lawsuits participated in a mediation on May 13, 2024, following which they reached a settlement in principle. On July 19, 2024, the parties entered into a Stipulation and Agreement of Settlement that was filed in the California Federal Derivative Action, which incorporated all of the foregoing derivative lawsuits respectively filed in California and Delaware. On September 3, 2024, the California Federal Derivative Action Court entered an order preliminarily approving the Stipulation and Agreement of Settlement (the “Preliminary Approval Order”) and provided for notice of the same to be made to Current Stockholders. On October 30, 2024, the California Federal Derivative Action Court approved the Settlement Agreement, resolving all of the foregoing derivative lawsuits. Following the approval of the Settlement Agreement, the California Federal Derivative Action was dismissed on October 30, 2024 and the Delaware Federal Derivative Actions were dismissed on November 15, 2024 (Wang) and November 19, 2024 (Moubarak). On December 31, 2024, the parties in the Farazmand filed a stipulation of dismissal which was subsequently entered by the court. The Consolidated Delaware Class Action On June 14, 2022, a verified stockholder class action complaint was filed in the Delaware Court of Chancery against, among others, the Company, its former Global CEO and CFO, and its then-Chief Product and User Ecosystem Officer (who was promoted to Global Co-CEO in April 2025 alleging breaches of fiduciary duties (the “Yun Class Action”). On September 21, 2022, a second verified stockholder class action complaint was filed in the Delaware Court of Chancery against, among others, the Company, the Global Co-CEOs and independent directors of PSAC, and certain third-party advisors to PSAC, alleging breaches of fiduciary duties, and aiding and abetting those alleged breaches, in connection with disclosures and stockholder voting leading up to the PSAC/Legacy FF merger (the “Cleveland Class Action”). The Cleveland and Yun Class Actions subsequently were consolidated the complaint in the Cleveland Class Action being designated as the operative pleading (collectively, the “Consolidated Delaware Class Action”). In April 2023, the defendants respectively filed motions to dismiss that complaint. While the defendants’ motions to dismiss were pending, the Central District of California approved the Zhou putative class action settlement. On May 24, 2024, the defendants in the Consolidated Delaware Class Action filed a motion for summary judgment based upon the court-approved settlement agreement in Zhou putative class action on the grounds that among other things, the releases of that settlement agreement barred the claims in the Consolidated Delaware Class Action. On February 10, 2025, the Delaware Court of Chancery granted summary judgment and dismissed the Consolidated Delaware Class Action both in its entirety and with prejudice. Legal Proceedings Initiated by the Company The Company has determined there to be financial exposure related to an ongoing legal matter, primarily arising from the bankruptcy of a key supplier. The exposure involves previously recorded deposits and tooling equipment, which have since become subject to legal contingency considerations due to the supplier’s insolvency. The Company initially recorded $1.93 million in deposits and $12.9 million in tooling equipment in connection with its contractual relationship with a primary supplier. These amounts were originally recognized as a deposit paid for goods and services and tooling received, respectively, and continue to be reflected in their originally recorded accounts on the Consolidated Balance Sheets. However, following the primary supplier’s bankruptcy filing, these balances were identified as at risk, creating potential financial exposure for the Company. In 2024, the Company wrote-off $1.45 million of deposits. Additionally the Company accrued $1.29 million for estimated payments to maintain access to its tooling located at vendors of the key supplier (the “secondary suppliers”). In 2025, there were no additional write-offs regarding this legal matter. The Company does not expect any further financial loss related to tooling. Although the Company has title to the tooling; the secondary suppliers have possession of it. The Company anticipates establishing a direct contractual arrangement with the secondary suppliers. Once in place, these agreements are expected to provide the Company with continued access to the tooling without additional financial exposure. Legal Action Against Tesca USA and Tesca ABC On March 6, 2025, Faraday&Future Inc. (“Faraday”) filed a demand for arbitration against Tesca USA, Inc. and Tesca ABC, LLC alleging the breach of an Engineering Services Agreement (“ESA”) between Tesca USA and Faraday&Future Inc., under which Tesca USA was obligated to produce certain items related to automobile seating assembly and frame production. Pursuant to the ESA, Faraday paid Tesca USA approximately $36.0 million for certain parts, tooling, engineering design and development, and other items. According to a Verified Petition Regarding Assignment for the Benefit of Creditors filed in May 2024, Tesca USA, after failing to deliver any of these products or services to Faraday, assigned all its assets to Tesca ABC, a Delaware series limited liability company. Faraday has reason to suspect that Tesca USA may have made one or more large cash transfers to Tesca Group before it commenced the Assignment for Benefit of Creditors. Faraday is seeking in excess of $36.0 million in damages through this arbitration. The Company is unable to evaluate the likelihood of a favorable outcome given the early stages of these legal proceedings. Other Legal Matters On January 31, 2023, Raymond Handling Solutions, Inc. (“Raymond”), an equipment supplier, filed an action alleging that the Company breached its contract with Raymond and refused to pay for warehouse racking equipment. Raymond requested a judgment in its favor in the amount of $1.1 million. On April 15, 2024, the Company and Raymond executed a Settlement Agreement under which Raymond released all claims in exchange for the return of the racking equipment. In July 2021, the Company and Palantir entered into a Master Subscription Agreement (“MSA”) setting forth the terms of the Palantir platform hosting arrangement which was expected to be used as a central operating system for data and analytics. On April 26, 2023, the Company received a letter from Palantir Technologies Inc. (“Palantir”) providing a notice of dispute alleging that the Company had not paid outstanding invoices totaling $12.3 million. On July 7, 2023, Palantir filed a Demand for Arbitration against the Company with Judicial Arbitration and Mediation Services, Inc., regarding the parties’ dispute under the MSA in which it alleged that the amount in controversy was $41.5 million. On August 4, 2023, the Company submitted its response to Palantir’s arbitration demand, which response included both affirmative defenses and a general denial of all allegations of Palantir’s arbitration demand. On March 11, 2024, the Company and Palantir executed a Settlement and Release Agreement terminating the MSA and resolving all of the parties’ disputes in exchange for the Company’s agreement to pay Palantir $5.0 million, with a liquidated damages clause of $0.3 million for late payments. This settlement includes mutual waivers and releases of claims to avoid future disputes. On August 9, 2024, the Company and Palantir entered into an amendment to the Settlement and Release Agreement pursuant to which, in lieu of paying the remaining $4.8 million due under the settlement agreement in cash, the parties agreed that the Company would issue, and Palantir would accept, $2.4 million of Class A Common Stock by August 9, 2024, and $2.4 million in Class A Common Stock by October 1, 2024. The August 9, 2024 issuance totaled approximately 11.1 million shares of Common Stock. The Company further agreed to register the shares under the Securities Act for resale by Palantir. The Company performed its obligations under the settlement agreement and Palantir filed a dismissal fully and finally resolving the matter. On May 2, 2023, the Company received a notice of Commencement of Arbitration by Envisage Group Developments Inc. USA (“Envisage”) for unpaid invoices relating to professional engineering services and for design and manufacture of a Master Buck cube seeking alleged damages of $1.1 million. At the arbitration hearing, the Company disputed the adequacy of Envisage’s documentation for professional services and contended that no contract exists for Master Buck due to unfulfilled payment conditions. The Company further challenged Envisage’s unilateral alteration of payment terms. In June 2024, the arbitrator issued an award to Envisage totaling $1.1 million. Envisage subsequently filed a motion for attorneys’ fees and costs. Envisage was ultimately awarded a total of $1.4 million. The parties have reached an agreement to settle their dispute for $0.8 million. The Company performed its obligations under the settlement agreement and Envisage filed a dismissal fully and finally resolving the matter. On June 13, 2023, L & W LLC (“Autokiniton”), a provider of tooling for use in the automotive industry, filed an action in State of Michigan 3rd Judicial Circuit County of Wayne Court alleging the Company breached its contract with Autokiniton and refused to fulfill its obligations under the applicable Purchase Order. Autokiniton requested a judgment in the amount of at least $8.1 million. In discovery, the Company conceded that $4.6 million was due and owing under the Purchase Order. In July 2024, the parties subsequently filed a stipulated order and judgment totaling $8.1 million, plus statutory interest, which was entered by the court. The parties are engaged in discussions regarding this matter. In December 2024, the parties reached an agreement to settle their dispute for $3.7 million. On October 11, 2023, Joseph Hof and Scott McPherson filed a class action lawsuit in Supreme Court of the State of New York, County of New York against Benchmark 237 LLC, Benchmark Real Estate Trust, SLLC, Canvas Investment Partners, LLC, Canvas Property Group, LLC, Juliet Technologies, LLC, and the Company, alleging that the defendants engaged in various scheming practices that discriminatorily impacted the plaintiffs and other class members The court granted the Company’s Motion to Dismiss on January 12, 2024, and dismissed the case on January 18, 2024. The plaintiffs filed an appeal on February 12, 2024 as to the dismissal orders, which appeal subsequently was dismissed due to the plaintiffs’ failure to timely file their appellate briefs. Plaintiffs have a year to file a motion to vacate the dismissal based upon a showing good cause, Plaintiff Hof filed a motion to seal the record and expressed the Plaintiffs’ desire to cease litigating the matter further. On December 8, 2023, 10701 Idaho Owner, LLC (“Landlord”) notified the Company of rental defaults amounting to $0.6 million for the months of October to December 2023 and demanded a 5% late fee and 18% annual interest on allegedly overdue amounts. The parties thereafter entered into a First Amendment to the Lease Agreement dated October 19, 2023 to address the Company’s total rent default of $1.1 million, including a $0.1 million, partial payment made on January 26, 2024, and additional late fees and charges of $0.2 million. The amendment established a repayment plan requiring the Company to pay $1.2 million from February 26 to March 31, 2024, and to either replenish or provide a new $0.6 million Letter of Credit. On March 26, 2024, the Landlord served the Company with a Notice to Pay or Quit, demanding payment of $1.0 million within five business days. On April 10, 2024, the Company made a $0.2 million payment to Landlord in exchange for Landlord deferring further action. On February 14, 2024, Rexford Industrial - 18455 Figueroa, LLC (“Rexford”) filed a Complaint for Unlawful Detainer against Faraday SPE, LLC in the Superior Court of California, County of Los Angeles. The complaint asserted that the Company has failed to pay outstanding rent in the amount of $0.9 million, and sought recovery of reasonable attorney’s fees and damages. This action was based on an alleged breach of a Lease Agreement dated March 8, 2019, for the premises located at 18455 S. Figueroa Street, Gardena, California, and wherein Rexford is requesting forfeiture of the lease. On April 10, 2024, the court issued a Notice of Dismissal, dismissing the Complaint without prejudice. In February 2024, the Company initiated a lawsuit against Draexlmaier Automotive Technologies of America LLC (“Draexlmaier”) for breach of contract, seeking $3.2 million in damages plus legal costs incurred. The dispute involves two Purchase Orders placed by the Company with Draexlmaier in September 2021 for the development and tooling of FF 91 vehicle consoles. The parties’ agreement included a clause allowing Faraday to terminate the Purchase Orders at any time, with the understanding that Draexlmaier would promptly refund any advanced payments for undelivered items or unperformed work. Faraday met its financial obligations under the agreement and in March 2022, terminated the agreement prior to the start of tooling fabrication and requested a refund of $3.2 million for the undelivered work, which Draexlmaier refund failed to remit. Faraday thereafter issued a final demand for this refund in August 2023, and subsequently initiated its lawsuit against Draexlmaier. In May 2024, Draexlmaier filed an Answer and Counterclaim alleging fraudulent inducement, breach of contract, violations of South Carolina’s Unfair Trade Practices Act, and unjust enrichment, and seeking $5.0 million in damages for breach of contract, as well as unspecified actual, consequential, punitive, and treble damages, and attorneys’ fees and costs. The Company disputes Draexlmaier’s claims and has stated its intention to vigorously defend the action. In June 2025, the court granted each party’s motions to dismiss with respect to the other party’s unjust enrichment claim, but otherwise denied both motions. Given the early stages of these legal proceedings, the Company is unable to evaluate the likelihood of an unfavorable outcome and/or the amount or range of potential loss. On March 25, 2024, Cooper Standard GmbH (“Cooper Standard”) filed a lawsuit against Faraday&Future Inc. in Superior Court of California, County of Los Angeles, alleging the non-payment of the estimated sum of $1.5 million that was purportedly in breach of contractual obligations set forth in purchase orders, a Letter of Tool Acceptance, and invoices to facilitate the supply of automotive products and services for the FF 91 vehicle from August 2021 to December 2022. The parties have tentatively reached a settlement and are in the process of memorializing their agreement. In June 2025, the parties reached an agreement to settle their dispute for $0.8 million. On March 27 and March 29, 2024, Jose Guerrero and Victoria Xie, the Company’s former Senior Director of Sales and Aftersales, and Go-to-Market Project Manager and Launch Manager, respectively, filed wrongful termination lawsuits against Faraday&Future Inc. and certain of its officers in Superior Court of California, County of Los Angeles, each of which seeks compensatory, general, and special damages in an amount not less than $1.0 million. On April 19, 2024, another former employee, Karimul Khan, submitted a request for arbitration against the same group of defendants without quantifying the alleged damages sought. Based on the evidence produced thus far in the Khan matter, the Company believes it is more likely than not to prevail in the Khan matter. Given the early stages of the other legal proceedings, the Company is unable to evaluate the likelihood of an unfavorable outcome and/or the amount or range of potential loss. On August 9, 2024, Jeffrey D. Prol, as trustee of the Founding Future Creditors Trust, filed a lawsuit against the Company seeking to compel the production of certain books and records for inspection and requesting attorney’s fees and costs. The plaintiff is demanding inspection to allegedly value his shares of the Company. In March 2025, plaintiff agreed to dismiss the lawsuit without prejudice and a stipulation to dismiss was filed and granted. On August 1, 2024, Yun Han, former Chief Accounting Officer and Interim Chief Financial Officer, filed an arbitration demand claiming that she is owed certain monetary amounts and restricted stock units, pursuant to various agreements with the Company and collectively, totaling approximately $1.2 million. Given the early stages of the proceedings, the Company is unable to evaluate the likelihood of an unfavorable outcome and/or the amount or range of potential loss. In March 2025, BXP filed a lawsuit against the Company, alleging unpaid rent and a balance of approximately $1.0 million under a lease agreement signed with the Company. The parties agreed to settle their dispute for $0.4 million. In May 2025, Costamp Group, as assignee of Vantage Cast Europe, s.r.l. (“Vantage”), filed a lawsuit against the Company, alleging the non-payment of the estimated sum of €2.8 million. Plaintiff alleges that in or about March 2022, Faraday contracted with Vantage to supply automotive component parts pursuant to Faraday's unique specifications. In or about May 2022, Vantage, in reliance on the contract with Faraday, contracted with Costamp Group (a subsidiary of Plaintiff) to supply automotive component parts to Vantage. The claim alleges that Vantage and Costamp Group fully complied with their obligations in manufacturing automotive component parts pursuant to Faraday's specifications and that Vantage sent Faraday invoices and Faraday accepted and paid for its initial orders, but has since refused to accept delivery of the specially manufactured automotive components. The parties agreed to settle their dispute for $1.6 million. Dispute with Noteholders In August 2023 and September 2023, the Company received correspondence from each of Senyun, MHL and V W Investment alleging that the Company had entered into oral agreements to compensate those investors for any losses in connection with converting their notes into shares of the Company in order to support the Company’s proposals at the August 2023 special stockholders meeting. The Company is unaware of any such oral agreements and is contesting these claims on multiple grounds. Special Committee Investigation As previously disclosed on November 15, 2021, the Board established a special committee of independent directors (“Special Committee”) to investigate allegations of inaccurate Company disclosures, including those made in an October 2021 short seller report and whistleblower allegations, which resulted in the Company being unable to timely file its third quarter 2021 Quarterly Report on Form 10-Q, Annual Report on Form 10-K for the year ended December 31, 2021, first quarter 2022 Quarterly Report on Form 10-Q and amended Registration Statement on Form S-1 (File No. 333-258993). The Special Committee engaged outside independent legal counsel and a forensic accounting firm to assist with its review. On February 1, 2022, the Company disclosed that the Special Committee completed its review. On April 14, 2022, the Company disclosed the completion of additional investigative work based on the Special Committee’s findings which was performed under the direction of the Executive Chairperson, reporting to the Audit Committee. In connection with the Special Committee’s review and subsequent investigative work, the following findings were made: •In connection with the Business Combination, statements made by certain Company employees to certain investors describing the role of Mr. Yueting Jia, within the Company were inaccurate and his involvement in the management of the Company post-Business Combination was more significant than what had been represented to certain investors. •The Company’s statements leading up to the Business Combination (between the Company and Property Solutions Acquisition Corp. completed on July 21, 2021) that it had received more than 14,000 reservations for the FF 91 vehicle were potentially misleading because only several hundred of those reservations were paid, while the others (totaling 14,000) were unpaid indications of interest. •Consistent with the Company’s previous public disclosures regarding identified material weaknesses in its internal control over financial reporting, the Company’s internal control over financial reporting required an upgrade in personnel and systems. •The Company’s corporate culture failed to sufficiently prioritize compliance. •Mr. Jia’s role as an intermediary in leasing certain properties which were subsequently leased to the Company was not disclosed in the Company’s corporate housing disclosures. •In preparing the Company’s related party transaction disclosures, the Company failed to investigate and identify the sources of loans received from individuals and entities associated with Company employees. In addition, the investigation found that certain individuals failed to fully disclose to individuals involved in the preparation of the Company’s SEC filings their relationships with certain related parties and affiliated entities in connection with, and following, the Business Combination, and failed to fully disclose relevant information, including but not limited to, information in connection with related parties and corporate governance to the Company’s former independent registered public accounting firm PricewaterhouseCoopers LLP. The investigation also found that certain individuals failed to cooperate and withheld potentially relevant information in connection with the Special Committee investigation. Among such individuals were non-executive officers or members of the management team of the Company, and remedial action was taken with respect to such individuals based on the extent of their non-cooperation and/or withholding of information. The failure to cooperate with the investigation was taken into consideration in connection with the remedial actions outlined below with respect to Jerry Wang, and withholding of information also affected the remedial action taken with respect to Matthias Aydt. Based on the results of the investigation, the Special Committee concluded that, except as described above, the other substantive allegations of inaccurate Company disclosures that it evaluated, were not supported by the evidence reviewed. Although the investigation did not change any of the above findings with respect to the substantive allegations of inaccurate Company disclosures, the investigation did confirm the need for remedial actions to help ensure enhanced focus on compliance and disclosure within the Company. Based on the results of the Special Committee investigation and subsequent investigative work described above, the Board approved the following remedial actions designed to enhance oversight and corporate governance of the Company:  •the appointment of Susan Swenson, a former member of the Board, to the then newly created position of Executive Chairperson of the Company. •Dr. Carsten Breitfeld, the Company’s former Global CEO, reporting directly to Ms. Swenson and receiving a 25% annual base salary reduction; •the removal of Mr. Jia as an executive officer, who would continue in his position as Chief Product & User Ecosystem Officer of the Company. Certain dual-reporting arrangements were eliminated with respect to Mr. Jia, who also was required to report directly to Ms. Swenson, a non-independent director nominated by FF Top. Please see “Risk Factors–Risks Related to our Business and Industry–Yueting Jia and FF Global, over which Mr. Jia exercises significant influence, have control over our management, business and operations, and may use this control in ways that are not aligned with our business or financial objectives or strategies or that are otherwise inconsistent with our interests.” Mr. Jia also received a 25% annual base salary reduction, and his role was limited from a policy-making position to focusing on (a) Product and Mobility Ecosystem and (b) Internet, Artificial Intelligence, and Advanced R&D technology. On February 26, 2023, after an assessment by the Board of the Company’s management structure, the Board approved Mr. Yueting Jia (alongside Mr. Xuefeng Chen) reporting directly to the Board, as well as FF’s product, mobility ecosystem, I.A.I., and advanced R&D technology departments reporting directly to Mr. Jia. The Board also approved the Company’s user ecosystem, capital markets, human resources and administration, corporate strategy and China departments reporting to both Mr. Jia and Mr. Xuefeng in accordance with processes and controls to be determined by the Board after consultation with the Company’s management. Based on the changes to his responsibilities within the Company, the Board determined that Mr. Jia is an “officer” of the Company within the meaning of Section 16 of the Exchange Act and an “executive officer” of the Company under Rule 3b-7 under the Exchange Act on April 24, 2025, the Company announced the appointment of Mr. Yueting Jia as Global Co-Chief Executive Officer ("Global Co-CEO"), jointly leading the Company alongside Matthias Aydt; •Matthias Aydt, then Senior Vice President, Business Development and Product Definition and a director of the Company, and currently Global Co-CEO and a director of the Company, being placed on probation as an executive officer for a six-month period, during which period he remained a non-independent member of the Board, and which probationary period has since ended; •the appointment of Jordan Vogel as Lead Independent Director; certain changes to the composition of Board committees, including Brian Krolicki stepping down from his role as Chairman of the Board and Chair of the Nominating and Corporate Governance Committee and becoming a member of the Audit and Compensation Committees of the Board; Jordan Vogel stepping down from the Nominating and Corporate Governance Committee; and Scott Vogel becoming the Chair of the Audit Committee and the Nominating and Corporate Governance Committee of the Board; •the suspension without pay of Jiawei (“Jerry”) Wang, the Company’s then former Vice President, Global Capital Markets, who subsequently notified the Board of his decision to resign from the Company on April 10, 2022, but remained with the Company as a consultant and was subsequently appointed Global President of the Company on March 24, 2025; •the assessment and enhancement of Company’s policies and procedures regarding financial accounting and reporting and the upgrading of the Company’s internal control over financial accounting and reporting, including by hiring additional financial reporting and accounting support, in each case at the direction of the Audit Committee; •the implementation of enhanced controls around the Company’s contracting and related party transactions, including regular attestations by the Company’s employees with authority to bind the Company to contracts and related party transactions, for purposes of enabling the Company to make complete and accurate disclosures regarding related party transactions; •the hiring of a Compliance Officer with the title of Deputy General Counsel, to report on a dotted line to the Chair of the Audit committee, and a Director of Risks and Internal Controls; and assessing and enhancing FF’s compliance policies and procedures; •the implementation of a comprehensive training program for all directors and officers regarding, among other things, internal Company policies; •the separation of Jarret Johnson, FF’s Vice President, General Counsel and Secretary; and •certain other disciplinary actions and terminations of employment with respect to other Company employees (none of whom is an executive officer). The Company is continuing to implement certain of the remedial actions approved by the Board. However, certain of these remedial actions are no longer in effect and no assurance can be provided that those remedial measures that continue to be implemented will be implemented or at all or will be successful to prevent inaccurate disclosures in the future. Please see “Risk Factors – Risks Related to our Business and Industry – We have taken remedial measures in response to the Special Committee findings, which may be unsuccessful” included in this Form 10-K. Certain remedial measures may not be fully implemented in light of the corporate governance agreements with FF Top and FF Global. Pursuant to the Heads of Agreement, the Company has implemented certain governance changes that impact certain of the above-discussed remedial actions. Subsequent to the Company announcing the completion of the Special Committee investigation on February 1, 2022, certain members of the management team and employees of the Company received a notice of preservation and subpoena from the staff of the SEC stating that the SEC had commenced a formal investigation relating to the matters that were the subject of the Special Committee investigation. The Company, which had previously voluntarily contacted the SEC in connection with the Special Committee investigation in October 2021, is cooperating fully with the SEC’s investigation. The outcome of such an investigation is difficult to predict. The Company has incurred, and may continue to incur, significant expenses related to legal and other professional services in connection with the SEC investigation. At this stage, the Company is unable to assess whether any material loss or adverse effect is reasonably possible as a result of the SEC’s investigation or to estimate the range of any potential loss. In addition, in June 2022, the Company received a preliminary request for information from the U.S. Department of Justice (the “DOJ”) in connection with the matters that were the subject of the Special Committee investigation. The Company has responded to that request and intends to fully cooperate with any future requests from the DOJ. On June 26, 2025, the Company received a “Wells Notice” from the staff of the SEC stating that the SEC staff made a preliminary determination to recommend that the SEC file an enforcement action against the Company alleging violations of various anti-fraud provisions of the federal securities laws. The SEC staff informed the Company that the alleged violations of anti-fraud provisions of the federal securities laws pertain to purported false or misleading statements in connection with the Company’s 2021 PIPE and SPAC listing, relating to (i) related party transactions, and (ii) Mr. Jia’s role in the Company. An enforcement action may seek an injunction or cease-and-desist order against future violations of provisions of the federal securities laws, the imposition of civil monetary penalties, disgorgement or other equitable relief within the SEC’s authority, or any combination of the foregoing. On March 18, 2026, the Company received a letter from the Division of Enforcement of the SEC stating that, it does not intend to recommend an enforcement action by the SEC against the Company. The Company previously disclosed that the investigation related to certain matters involving its 2021 PIPE and SPAC-related transactions, and that the SEC had issued Wells Notices to the Company and certain executives. The Wells Notices were not formal charges, and the SEC Division of Enforcement has now formally informed the Company, Mr. Jia and Mr. Wang that it has concluded its investigation and is not recommending an enforcement action against any of them. Other than disclosed herein, as of the date hereof the Company is not a party to any legal proceedings the outcome of which, if determined adversely to the Company, would individually or in the aggregate be reasonably expected to have a material adverse effect on the Company’s business, financial condition, or results of operations.

Related Party Transactions - Narrative (Details) د.إ in Millions				1 Months Ended						12 Months Ended
	Oct. 09, 2024 shares	Mar. 06, 2024	Feb. 01, 2023 USD ($)	Jun. 30, 2025 USD ($) ft²	Mar. 31, 2025 USD ($)	Feb. 28, 2025 USD ($) shares	Dec. 31, 2024 USD ($)	Oct. 31, 2024 USD ($) shares	Jan. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) ft² m² loan_payable shares	Dec. 31, 2025 AED (د.إ) loan_payable shares	Dec. 31, 2024 USD ($) shares	Sep. 30, 2024 USD ($)	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 USD ($)	Jan. 01, 2023 USD ($)	Dec. 31, 2022
Related Party Transaction [Line Items]
Debt instrument, penalties and interest accrued							$ 23,100,000			$ 19,900,000		$ 23,100,000
Accrued expenses and other current liabilities							56,754,000			58,678,000		56,754,000
Accrued interest and penalties										$ 600,000
Area of land				3,000						10,000
Sublease term (in months)				10 months
Rent payments \| د.إ											د.إ 3.8
Payment to related party										$ 1,300,000
Notes Payable
Related Party Transaction [Line Items]
Gain (loss) on extinguishment of debt												(2,699,000)
Gain (loss) on fair value adjustment of debts										39,082,000		34,218,000
Unpaid Principal Balance							50,577,000			78,799,000		50,577,000
Notes and loans payable							$ 49,488,000			60,666,000		49,488,000			$ 91,150,000
Repayment of debt										3,256,000		31,000
Secured Notes \| Notes Payable
Related Party Transaction [Line Items]
Shares issued from conversion (in shares) \| shares						1,352,767
Secured Notes \| Notes Payable \| Class A Common Stock
Related Party Transaction [Line Items]
Gain (loss) on extinguishment of debt						$ (1,200,000)
Unsecured Convertible Notes \| Notes Payable
Related Party Transaction [Line Items]
Gain (loss) on extinguishment of debt												65,000
Gain (loss) on fair value adjustment of debts										$ 93,000		$ (328,000)
Debt instrument, term (in years)										6 months	6 months	3 months
Contractual Interest Rates							4.27%			4.27%		4.27%
Notes and loans payable							$ 0			$ 3,442,000		$ 0			0
Proceeds from debt, net of issuance costs										5,000,000.0		34,900,000
Repayment of debt										0		0
Metaverse Horizon Limited and V W Investment Holding Limited \| 2023 Unsecured Convertible Note \| Notes Payable
Related Party Transaction [Line Items]
Debt conversion, converted amount												$ 700,000
Conversion of notes payable and accrued interest into Class A Common Stock (in shares) \| shares												33,107
Gain (loss) on extinguishment of debt												$ (200,000)
Related Party
Related Party Transaction [Line Items]
Gain (loss) on extinguishment of debt										(5,128,000)		(14,295,000)
Gain (loss) on fair value adjustment of debts										705,000		242,000
Unpaid Principal Balance							8,064,000			4,279,000		8,064,000
Notes and loans payable							8,064,000			4,279,000		8,064,000			9,760,000
Repayment of debt										2,540,000		125,000
Accrued expenses and other current liabilities							11,077,000			13,179,000		11,077,000
2023 Unsecured Convertible Note \| Related Party
Related Party Transaction [Line Items]
Outstanding amount							0			0		0
Gain (loss) on fair value adjustment of debts												107,000
Unpaid Principal Balance							$ 1,364,000					$ 1,364,000
Contractual Interest Rates							4.27%					4.27%
Notes and loans payable							$ 0					$ 0			542,000
Repayment of debt												0
Related Party Notes – Unsecured Convertible Note \| Related Party \| Metaverse Horizon Limited
Related Party Transaction [Line Items]
Unpaid Principal Balance					$ 1,500,000	$ 1,500,000			$ 1,500,000
Related Party Notes – Unsecured Convertible Note \| Related Party \| Senyun and Metaverse Horizon Limited
Related Party Transaction [Line Items]
Debt instrument, term (in years)					3 months				3 months
Contractual Interest Rates					4.27%				4.27%
Debt instrument original issue discount percentage					15.00%
Related Party
Related Party Transaction [Line Items]
Escrow deposit disbursements related to property acquisition										30,000,000.0
Related Party \| Unsecured Convertible Notes
Related Party Transaction [Line Items]
Notes and loans payable										0
Unsecured Convertible Notes \| Related Party
Related Party Transaction [Line Items]
Gain (loss) on fair value adjustment of debts										656,000		100,000
Notes and loans payable							1,364,000			0		1,364,000
Repayment of debt										0
2025 March Unsecured SPA Notes \| Related Party
Related Party Transaction [Line Items]
Gain (loss) on fair value adjustment of debts										49,000
Notes and loans payable							0			0		0
Repayment of debt										0
2025 March Unsecured SPA Notes \| Related Party \| Notes Payable
Related Party Transaction [Line Items]
Proceeds from debt, net of issuance costs										3,200,000
2025 March Unsecured SPA Notes \| Related Party \| Notes Payable \| Class A Common Stock
Related Party Transaction [Line Items]
Debt conversion, converted amount										5,000,000.0
Gain (loss) on extinguishment of debt										$ (3,900,000)
Shares issued from conversion (in shares) \| shares										4,973,799	4,973,799
Notes Payable — China \| Related Party
Related Party Transaction [Line Items]
Gain (loss) on extinguishment of debt												(14,100,000)
Unpaid Principal Balance							$ 4,382,000			$ 3,775,000		$ 4,382,000
Contractual Interest Rates							18.00%			18.00%		18.00%
Initial payment, percentage																		10.00%
Repayment of debt							$ 100,000			$ 700,000
Gain (loss) in additional paid in capital										3,800,000		$ 700,000
Notes Payable on Demand — China \| Related Party
Related Party Transaction [Line Items]
Gain (loss) on fair value adjustment of debts										0		0
Unpaid Principal Balance							$ 417,000			$ 429,000		$ 417,000
Contractual Interest Rates							0.00%			0.00%		0.00%
Notes and loans payable							$ 417,000			$ 429,000		$ 417,000			5,103,000
Repayment of debt										0		0
FFGP Note \| Related Party
Related Party Transaction [Line Items]
Gain (loss) on fair value adjustment of debts										0		0
Unpaid Principal Balance							$ 1,576,000		$ 1,600,000	$ 0		$ 1,576,000				$ 1,600,000
Debt instrument, term (in years)										3 months	3 months
Contractual Interest Rates							4.27%					4.27%
Notes and loans payable							$ 1,576,000			$ 0		$ 1,576,000			326,000
Repayment of debt										$ 1,576,000		0
FFGP Note \| Related Party \| Minimum
Related Party Transaction [Line Items]
Contractual Interest Rates										4.27%
FFGP Note \| Related Party \| Maximum
Related Party Transaction [Line Items]
Contractual Interest Rates										5.27%
Convertible FFGP Note \| Related Party
Related Party Transaction [Line Items]
Unpaid Principal Balance							$ 250,000			$ 0		$ 250,000		$ 300,000
Contractual Interest Rates							4.27%					4.27%		4.27%
Convertible FFGP Note \| Related Party
Related Party Transaction [Line Items]
Gain (loss) on fair value adjustment of debts										0		$ 0
Notes and loans payable							$ 250,000			0		250,000			$ 0
Repayment of debt										250,000		0
FF Top Executive Reimbursements \| Related Party
Related Party Transaction [Line Items]
Monthly fee			$ 200,000							100,000
Additional term and permitted (in months)		12 months
Annual bonus										1,000,000.0
Payments with related party										7,500,000
Accounts payable							2,000,000.0			100,000		2,000,000.0
Legal expense reimbursement requested																	$ 6,500,000
FFGP Bonus Payment \| Related Party
Related Party Transaction [Line Items]
Payments with related party										2,000,000.0
FFGP Loan Repayment \| Related Party
Related Party Transaction [Line Items]
Payments with related party										$ 1,700,000
Related party transaction, number of loan payable \| loan_payable										2	2
Leshi Information Technology Co., Ltd. (“LeTV”) \| Related Party
Related Party Transaction [Line Items]
Accrued expenses and other current liabilities							7,700,000			$ 8,500,000		7,700,000
Lerongzhixin Electronic Technology (Tianjin) Co., Ltd. \| Related Party
Related Party Transaction [Line Items]
Accrued expenses and other current liabilities							3,000,000.0			$ 3,100,000		3,000,000.0
Grow Fandor \| Related Party
Related Party Transaction [Line Items]
Aggregate principal amount							1,000,000.0					1,000,000.0	$ 75,000
Donation received (in shares) \| shares	15,000,000							15,000,000
Net profit percentage								50.00%
Net sales revenue, percentage								5.00%
Annual base license fee								$ 250,000
Area of land \| ft²										3,000
Sublease term (in months)				10 months
Rent payments				$ 4,500
Additional payments for rent				$ 3,000
Deferred and accrued interest percentage										5.00%
Grow Fandor \| Related Party \| Faraday Future
Related Party Transaction [Line Items]
Subsidiary, ownership percentage, parent	10.00%							10.00%
X-Butler Transactions \| Affiliated Entity
Related Party Transaction [Line Items]
Accounts payable							$ 300,000			$ 100,000		$ 300,000
Business development										200,000
FF Global Partners LLC
Related Party Transaction [Line Items]
Escrow deposit disbursements related to property acquisition										4,000,000.0
Jerry (Jiawei) Wang
Related Party Transaction [Line Items]
Escrow deposit disbursements related to property acquisition										200,000
Investor
Related Party Transaction [Line Items]
Escrow deposit disbursements related to property acquisition										$ 40,700,000

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Schedule of Crypto Assets (Details) $ in Thousands	Dec. 31, 2025 USD ($) crypto_asset	Dec. 31, 2024 USD ($)
Crypto Asset, Activity [Line Items]
Cost Basis	$ 13,012
Fair Value	$ 10,250	$ 0
Cardano ADA (ADA)
Crypto Asset, Activity [Line Items]
Units Held \| crypto_asset	238,136
Cost Basis	$ 150
Fair Value	$ 84
Native BNB (BSC)
Crypto Asset, Activity [Line Items]
Units Held \| crypto_asset	1,454
Cost Basis	$ 1,516
Fair Value	$ 1,251
Bitcoin (BTC)
Crypto Asset, Activity [Line Items]
Units Held \| crypto_asset	51
Cost Basis	$ 5,495
Fair Value	$ 4,535
Dogecoin (DOGE)
Crypto Asset, Activity [Line Items]
Units Held \| crypto_asset	2,292,863
Cost Basis	$ 438
Fair Value	$ 282
Ethereum (ETH)
Crypto Asset, Activity [Line Items]
Units Held \| crypto_asset	685
Cost Basis	$ 2,573
Fair Value	$ 2,033
ChainLink (LINK)
Crypto Asset, Activity [Line Items]
Units Held \| crypto_asset	21,560
Cost Basis	$ 382
Fair Value	$ 268
Solana (SOL)
Crypto Asset, Activity [Line Items]
Units Held \| crypto_asset	7,399
Cost Basis	$ 1,358
Fair Value	$ 924
Tron (TRX)
Crypto Asset, Activity [Line Items]
Units Held \| crypto_asset	590,372
Cost Basis	$ 186
Fair Value	$ 169
USD Tether (USDT)
Crypto Asset, Activity [Line Items]
Units Held \| crypto_asset	1,856
Cost Basis	$ 2
Fair Value	$ 2
Ripple (XRP)
Crypto Asset, Activity [Line Items]
Units Held \| crypto_asset	374,454
Cost Basis	$ 912
Fair Value	$ 702

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income tax consisted of the following:


(in thousands)	2025		2024
Current:
Federal	$	—	$	—
State	19		(4)
Foreign	44		(263)
	63		(267)

Deferred:
Federal	(54,770)		(21,218)
State	(24,909)		(10,013)
Foreign	(435)		(504)
	(80,114)		(31,735)
Valuation allowance	80,114		31,735
	—		—

	$	63	$	(267)

The components of losses before income taxes, by taxing jurisdiction, were as follows for the years ended December 31:


(in thousands)	2025		2024
U.S.	$	(388,275)	$	(324,929)
Foreign	(8,744)		(31,185)
	$	(397,019)	$	(356,114)

Reconciliation of Statutory Federal Tax Rate to Effective Tax Rate

The provision for income taxes for the years ended December 31, 2025, and 2024 differs from the amount computed by applying the statutory federal corporate income tax rate of 21% to losses before income taxes. The following adjustments account for these differences for the years ended December 31, 2025, and 2024:


	2025
Expected Federal Income Tax (benefit) at Statutory rate	$	(83,374)	21.0	%

State and local income Taxes, net of fed effects1
State income taxes (net of federal benefit)	(19,638)		5.0	%
Changes in State Valuation Allowance	19,651		(5.0)	%

Foreign tax effects2
Foreign Tax Rate Difference	198		(0.1)	%
Expiration of Tax Attributes	866		(0.2)	%
Other	(470)		0.1	%
Changes in Foreign Valuation Allowance	1,172		(0.3)	%
Changes in Valuation Allowance	59,053		(14.9)	%

Nontaxable or Nondeductible Items
Fair value debt adjustments	12,142		(3.1)	%
Disallowed Interest	7,581		(1.9)	%
Non-Controlling Interest	944		(0.2)	%
Goodwill Impairment	935		(0.2)	%
Other permanent differences	868		(0.2)	%

Changes in Unrecognized Tax Benefits	135		—	%

Effective Tax Rate	$	63	—	%

(1) The tax effect in this category reflects state and local taxes in California.

(2) The tax effect in this category primarily reflects income taxes in China and U.A.E.


	2024
Federal income tax expense	21.0	%
State income taxes (net of federal benefit)	2.3	%
Other permanent differences	(1.4)	%
Fair value debt adjustments	(10.3)	%
Disallowed interest	(1.8)	%
Foreign tax rate difference	0.1	%
Prior year true-up on deferred taxes	(0.2)	%
Return-to-provision adjustment	(1.3)	%
Uncertain tax benefit	0.8	%
Expiration of tax attributes	(0.3)	%
Valuation allowance	(9.0)	%
	0.1	%

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 1, Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies, cash paid for income taxes, net of refunds, during the year ended December 31, 2025 was as follows (in thousands):


	2025
Federal	$	—
State
California	14
Foreign	—
Total cash paid for income taxes, net of refunds	$	14

Cash paid for income taxes, net of refunds, during the year ended December 31, 2024 was $— million.

Deferred Tax Assets & Liabilities and Valuation Allowance


(in thousands)	2025		2024
Deferred Tax Assets:
Net operating losses (“NOL”)	$	479,820	$	411,244
Research and development credits	4,239		4,239
Accrued liabilities and reserves	23,063		25,581
Construction in progress - Impairment	3,001		—
Depreciation & impairment	19,748		—

Amortization	7,724		8,803
Deposits - Impairment	2,676		—
Capitalized R&D expense	27,266		53,125
Stock-based compensation	1,186		450
Transaction costs	25		35
Other	275		379
Gross deferred tax assets	569,023		503,856
Valuation allowance	(537,852)		(457,738)
Deferred tax assets, net of valuation allowance	31,171		46,118
Deferred Tax Liabilities:
Depreciation	—		(20,174)
Indefinite-lived Intangible	(945)
State taxes	(31,133)		(25,944)
Gross deferred tax liabilities	(32,078)		(46,118)

Net deferred tax assets (liabilities)	$	(907)	$	—

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. Management considers projected future taxable income and tax planning strategies in making this assessment. During December 31, 2025 and 2024, the Company evaluated the realizability of its net deferred tax assets based on available positive and negative evidence and concluded that the likelihood of realization of the benefits associated with its net deferred tax assets does not reach the level of more likely than not due to the Company’s history of cumulative pre-tax losses and risks associated with the generation of future income given the current stage of the Company’s business. The Company has recognized a full valuation

allowance as of December 31, 2025 and 2024 since, in the judgment of management given the Company’s history of losses, the realization of these deferred tax assets was not considered more likely than not. The Company has recorded a net deferred tax liability of $0.9 million and $— million as of December 31, 2025 and December 31, 2024 respectively in connection with the recognition of identified intangible assets from the business acquisition during the year ended December 31, 2025. Because reversal of the indefinite-lived intangible assets cannot be predicted with reasonable certainty, these liabilities cannot be used as a source of taxable income to support the realization of the deferred tax assets. The valuation allowance was $537.9 million and $457.7 million as of December 31, 2025 and 2024, respectively, with increases attributable primarily to the current year’s provision. and a small portion on account of AIXC acquisition accounting.

Net Operating Loss Carryforwards and R&D tax credit carryforward

As of December 31, 2025, the Company has U.S. federal net operating loss (“NOLs”) carryforwards of $1,589.6 million, California net operating loss carryforwards of $1,494.3 million and foreign net operating loss carryforwards of $58.0 million. The U.S. federal net operating loss carryforwards of $1,508.6 million generated post the Tax Cuts and Jobs Act may be carried forward indefinitely, subject to the 80% taxable income limitation on the utilization of the carryforwards. The U.S. federal net operating loss carryforwards of $81.0 million generated prior to December 31, 2017 may be carried forward for twenty years. The California net operating loss carryforwards will begin to expire in 2034.and foreign net operating loss carryforwards have begun expiring.

The Company has no U.S. federal R&D tax credit carryforwards and a state R&D tax credit carryforward of $4.2 million as of December 31, 2025. The U.S. state tax credits do not expire and can be carried forward indefinitely.

In accordance with Internal Revenue Code Section 382 (“Section 382”) and Section 383 (“Section 383”), a corporation that undergoes an “ownership change” (generally defined as a cumulative change (by value) of more than 50% in the equity ownership of certain stockholders over a rolling three-year period) is subject to limitations on its ability to utilize its pre-change NOLs and R&D tax credits to offset post-change taxable income and post-change tax liabilities, respectively. The Company’s existing NOLs and R&D credits may be subject to limitations arising from previous ownership changes, and the ability to utilize NOLs could be further limited by Section 382 and Section 383 of the Code. In addition, future changes in the Company’s stock ownership, some of which may be outside of the Company’s control, could result in an ownership change under Section 382 and Section 383 of the Code. AIXC’s preacquisition NOLs and R&D credits are fully limited under Section 382 and Section 383 and are not included in the deferred tax assets listed in table above.

Reinvestment of Earnings

The Company’s intention is to indefinitely reinvest earnings in all jurisdictions outside the United States. As of December 31, 2025, and 2024, there was no material cumulative earnings outside the United States due to net operating losses and the Company has no earnings and profits in any jurisdiction, that if distributed, would give rise to a material unrecorded liability.

Tax Jurisdictions

The Company is subject to taxation and files income tax returns with the U.S. federal government, the state of California, as well as under the tax laws of the People’s Republic of China, Hong King, and the U.A.E. As of December 31, 2025, the 2022 through 2025 federal income tax returns and 2021 through 2025 state income tax returns are open to exam. However, if loss carryforwards of tax years prior to 2022 (2021 for California) are utilized in the U.S., these tax years, except those closed under previous examinations, may become subject to investigation by the tax authorities. All of the prior year income tax returns, from 2018 through 2025, are open under China tax law. The Company is not under any income tax audits.

Uncertain Income Tax Position

The aggregate change in the balance of unrecognized tax benefits for the years ended December 31, 2025, and 2024, is as follows:


(in thousands)	2025		2024
Beginning balance	$	10,087	$	12,972
Increase related to current year tax positions	135		389
Decrease related to prior year positions	—		(3,274)
Ending balance	$	10,222	$	10,087

In accordance with ASC 740-10, Income Taxes — Overall, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. No interest and penalties related to the Company’s unrecognized tax benefits were accrued as of December 31, 2025 and 2024. The Company does not expect its uncertain income tax positions to have a material impact on its Consolidated Financial Statements within the next twelve months. As of December 31, 2025 and 2024, the realization of uncertain tax positions were not expected to impact the effective rate due to a full valuation allowance on related deferred taxes.

On July 4, 2025, the U.S. H.R.1, an act to provide for reconciliation pursuant to title II of H. Con. Res. 14. (the “OBBBA”) was enacted. The OBBBA introduces multiple tax law and other legislative changes, including modifications to income tax provisions such as domestic research and development expenses, capital expenditures, and U.S. taxation of international earnings. The Company has recognized the effects of the OBBBA provisions in the financial results to the extent they are applicable to the year ended December 31, 2025. The Company will continue to evaluate the impact of these provisions on 2026 and subsequent consolidated financial statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Option, Activity

A summary of the Company’s stock option activity under the 2021 Plan is as follows:


(dollars in thousands except weighted average exercise price)	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2023	798	$	19,885.20	8.74	$	5,351


Expired/forfeited	(390)	$	20,794.36
Outstanding as of December 31, 2024	408	$	21,156.47	7.59	$	8,317


Expired/forfeited	(24)	$	19,176.00
Outstanding as of December 31, 2025	384	$	21,280.25	6.60	$	—

Exercisable as of December 31, 2025	315	$	21,774.93	6.59	$	—

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

A summary of the Company’s RSU activity under the 2021 Plan is as follows:


(dollars in thousands except weighted average fair value)	Shares	Weighted Average Fair Value
Outstanding as of December 31, 2023(1)	2,885	$	3,784.80
Granted	1,797,111	$	3.72
Released	(1,322,382)	$	1.31
Forfeited	(37,207)	$	2.32
Outstanding as of December 31, 2024	440,407	$	3.61
Granted	441,177	$	1.69
Released	(263,311)	$	4.35
Forfeited	(170,909)	$	2.93
Outstanding as of December 31, 2025	447,364	$	2.05

Schedule of Nonvested Restricted Stock Units Activity

A summary of the Company’s stock option activity under the EI Plan is as follows:


(dollars in thousands except weighted average exercise price)	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2023	2,031	$	26,408.80	5.92	$	31,743


Expired/forfeited	(82)	$	28,973.01
Outstanding as of December 31, 2024	1,949	$	26,237.95	4.84	$	50,054


Expired/forfeited	(180)	$	25,209.72
Outstanding as of December 31, 2025	1,769	$	26,342.58	3.58	$	—

Exercisable as of December 31, 2025	1,753	$	26,277.84	3.56	$	—

A summary of the Company’s stock option activity under the STI Plan is as follows:


(dollars in thousands except weighted average exercise price)	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value




Outstanding as of December 31, 2023	564	$	60,169.20	6.64	$	16,318


Expired/forfeited	(77)	$	95,528.84
Outstanding as of December 31, 2024	487	$	52,893.32	5.50	$	25,481
Expired/forfeited	(56)	$	101,355.16
Outstanding as of December 31, 2025	431	$	46,596.66	4.87	$	—

Exercisable as of December 31, 2025	195	$	58,591.00	5.11	$	—

Schedule of Stock-Based Compensation Expense Included in Each Respective Expense Category

The following table presents stock-based compensation expense for all of the Company’s 2021 Plan, EI Plan, and STI Plan and awards outside these plans included in each respective expense category in the Consolidated Statements of Operations and Comprehensive Loss is as follows:



(in thousands)	2025		2024
Research and development	$	124	$	2,670
Sales and marketing	36		915
General and administrative	2,990		4,797
	$	3,150	$	8,382

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 10,087	$ 12,972
Increase related to current year tax positions	135	389
Decrease related to prior year positions	0	(3,274)
Ending balance	$ 10,222	$ 10,087

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets:
Net operating losses (“NOL”)	$ 479,820	$ 411,244
Research and development credits	4,239	4,239
Accrued liabilities and reserves	23,063	25,581
Construction in progress - Impairment	3,001	0
Depreciation & impairment	19,748	0
Amortization	7,724	8,803
Deposits - Impairment	2,676	0
Capitalized R&D expense	27,266	53,125
Stock-based compensation	1,186	450
Transaction costs	25	35
Other	275	379
Gross deferred tax assets	569,023	503,856
Valuation allowance	(537,852)	(457,738)
Deferred tax assets, net of valuation allowance	31,171	46,118
Deferred Tax Liabilities:
Depreciation	0	(20,174)
Indefinite-lived Intangible	(945)
State taxes	(31,133)	(25,944)
Gross deferred tax liabilities	(32,078)	(46,118)
Net deferred tax assets (liabilities)	$ (907)	$ 0

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Net Loss Per Share, Basic and Diluted

The following data shows the amounts used in computing net loss per share and the effect on net loss and the weighted-average number of shares as follows:



(in thousands, except share and per share amounts)	2025		2024
Net loss attributable to Faraday Future Intelligent Electric Inc.	$	(390,696)	$	(355,847)
Less: Deemed Dividend	—		(7,576)
Net loss available to common stockholders	$	(390,696)	$	(363,423)

Weighted average shares used in computing net loss per share of Class A and B Common Stock:
Basic	124,299,591		18,529,525
Diluted	124,299,591		18,529,525

Net loss per share of Class A and B Common Stock attributable to common stockholders:
Basic	$	(3.14)	$	(19.61)
Diluted	$	(3.14)	$	(19.61)

Schedule of Antidilutive Shares Excluded From Calculation of Diluted Net Loss Per Share



	2025	2024
Shares issuable upon conversion of SPA Portfolio Notes	72,340,661	41,054,586
Shares issuable upon conversion of Unsecured Convertible Notes	5,153,894	749,866
Shares issuable upon exercise of equity classified SPA Portfolio Note warrants	12,907,897	15,238
Shares issuable upon exercise of liability classified SPA Portfolio Note warrants	3,129,648	16,720,384
Other warrants	5,776,657	5,776,657
Stock-based compensation awards – Options	2,263	2,591
Stock-based compensation awards – RSUs	6,095	161,225
Public warrants	2,453	2,453
Private warrants	12	12
	99,319,580	64,483,012

Stockholders’ Equity - Amendments to the Company’s Certificate of Incorporation Narrative (Details)	Aug. 01, 2024	Jul. 31, 2024 $ / shares shares	Dec. 31, 2025 shares	Dec. 22, 2025 shares	Sep. 23, 2025 shares	Aug. 06, 2025 shares	May 29, 2025 shares	May 28, 2025 shares	Apr. 17, 2025 shares	Mar. 07, 2025 shares	Mar. 06, 2025 shares	Jan. 28, 2025 shares	Dec. 31, 2024 shares	Dec. 21, 2024 $ / shares	Aug. 16, 2024 shares	Jul. 30, 2024 shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		114,245,313	5,931,000				10,000,000						10,000,000			12,582,813
Common stock, shares authorized (in shares)		104,245,313					124,815,625				104,245,313				104,245,313	11,582,813
Exercise price (in dollars per share) \| $ / shares		$ 110,400												$ 1.16
Authorized shares (in shares)			250,401,985										114,245,313
Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)							167,245,313			129,245,313
Stockholder's equity, stock split, conversion ratio	0.025
Common Stock and Preferred Stock
Class of Stock [Line Items]
Authorized shares (in shares)										139,245,313	114,245,313
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			228,041,297				162,815,625						99,815,625
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			4,429,688				4,429,688						4,429,688
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)				7,000,000,000	1	1	12,900,000	5,000,000,000	1			1
Maximum
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			17,931,000
Maximum \| Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					232,470,985
Stockholder's equity, stock split, conversion ratio		0.025
Maximum \| Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)					17,931,000
Minimum \| Common Stock
Class of Stock [Line Items]
Stockholder's equity, stock split, conversion ratio		0.5

Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders’ Equity

The number of authorized, issued and outstanding stock, were as follows:


	December 31, 2025
	Authorized Shares	Issued Shares
Preferred Stock	5,931,000	1
Series B Preferred Stock	12,000,000	7,184,760
Class A Common Stock	228,041,297	199,130,727
Class B Common Stock	4,429,688	6,667
	250,401,985	206,322,155


	December 31, 2024
	Authorized Shares	Issued Shares
Preferred Stock	10,000,000	—
Class A Common Stock	99,815,625	65,919,127
Class B Common Stock	4,429,688	6,667
	114,245,313	65,925,794

Amendments to the Company’s Certificate of Incorporation

The Company has amended its Certificate of Incorporation multiple times since the Business Combination. The most recent amendment increased the number of shares of Preferred Stock that may be issued to 17,931,000. The Preferred Stock shall have such designations, rights and preferences as may be determined from time to time by the Board. The Board is empowered, without stockholder approval, to issue the Preferred Stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights of the holders of Common Stock; provided that any issuance of preferred stock with more than one vote per share will require the prior approval of the holders of a majority of the outstanding shares of Class B Common Stock.

Increase in Authorized Shares, Reverse Stock Split, Adjustments to Share Reserves (July/August 2024)

At the annual meeting of the Company’s stockholders held on July 31, 2024, the Company’s stockholders approved an increase in the authorized shares of Common Stock from 11,582,813 to 104,245,313, increasing the total number of authorized shares of the Common Stock and preferred stock from 12,582,813 to 114,245,313. On August 1, 2024, the Company filed an amendment to the Company’s Third Amended and Restated Certificate of Incorporation, as amended, with the office of the Secretary of State of the State of Delaware to effect such increase.

Also at the annual meeting of the Company’s stockholders held on July 31, 2024, the Company’s stockholders approved an amendment to the Company’s Third Amended and Restated Certificate of Incorporation, as amended, to effect the reverse

stock split of the outstanding Common Stock by a ratio of between 1-for-2 and 1-for-40, with such ratio to be determined in the discretion of the Board and with such action to be effected at such time and date, if at all, as determined by the Board within one year after the conclusion of the annual meeting, and a corresponding reduction in the total number of shares of Common Stock the Company is authorized to issue. The Board subsequently approved the implementation of the 1-for-40 stock split ratio (the “Third Reverse Stock Split”), and the Company filed an amendment (the “Fourth Certificate of Amendment”) to the Company’s Third Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Third Reverse Stock Split and to set the number of authorized shares of Common Stock to 104,245,313. Pursuant to the Fourth Certificate of Amendment, effective after market close on August 16, 2024 (the “Effective Time”), every 40 shares of the issued and outstanding Common Stock were automatically converted into one share of Common Stock, without any change in par value per share, and the number of authorized shares of Common Stock were reduced to 104,245,313.

The Class A Common Stock began trading on The Nasdaq Capital Market on a split-adjusted basis for the August 2024 Reverse Stock Split at the opening of trading on August 19, 2024, under the symbol “FFIE” with a new CUSIP number (307359 885). The Class B Common Stock also received a new CUSIP number (307359 877).

The Company’s Public Warrants continued to trade on The Nasdaq Capital Market under the symbol “FFIEW,” with the CUSIP number unchanged. However, under the terms of the applicable warrant agreement, the number of shares of Class A Common Stock issuable upon exercise of each warrant was proportionately decreased, and the exercise price adjusted. Accordingly, for the Company’s warrants trading under the symbol “FFIEW,” every 40 warrants became exercisable for one share of Class A Common Stock at an exercise price of $110,400.00 per share of Class A Common Stock.

At the Effective Time, the number of shares of Common Stock reserved for issuance under the 2021 SI Plan (as defined below), the Company’s Smart King Ltd. Equity Incentive Plan, and the Company’s Smart King Ltd. Special Talent Incentive Plan (collectively, the “Plans”), as well as the number of shares subject to the then-outstanding awards under each of the Plans, were proportionately adjusted, using the 1-for-40 ratio, rounded down to the nearest whole share. In addition, the exercise price of the then-outstanding options under each of the Plans was proportionately adjusted, using the 1-for-40 ratio, rounded up to the nearest whole cent. Proportionate adjustments were made to the number of shares of Common Stock issuable upon exercise or conversion of the Company’s outstanding warrants and convertible securities, as well as the applicable exercise or conversion prices.

Change in Trading Symbols (March 2025)

Effective March 10, 2025, the Class A Common Stock and Public Warrants currently trade under the new ticker symbols “FFAI” and “FFAIW,” respectively, on The Nasdaq Capital Market.

Increase in Authorized Shares (March 2025)

At the special meeting of the Company’s stockholders held on March 7, 2025, the Company’s stockholders approved an increase in the authorized shares of Common Stock from 104,245,313 to 129,245,313, increasing the total number of authorized shares of the Common Stock and preferred stock from 114,245,313 to 139,245,313. On March 10, 2025, the Company filed a Fifth Certificate of Amendment (the “Fifth Certificate of Amendment”) to the Company’s Third Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect such increase.

Increase in Authorized Shares (May 2025)

On May 29, 2025, the Company filed a Seventh Certificate of Amendment to its Third Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware. This amendment was adopted in accordance with Section 242 of the Delaware General Corporation Law, following stockholder approval at the special meeting held on May 24, 2025.

The amendment increased the number of authorized shares of Class A Common Stock from 124,815,625 to 162,815,625 and authorized 4,429,688 shares of Class B Common Stock, bringing the total number of authorized Common Stock shares to 167,245,313. It also increased the number of authorized shares of Preferred Stock from 10,000,000 to 12,900,000 and eliminated the Series A Preferred Stock designation. The increase in Preferred Stock authorization supports the Company’s outstanding and future preferred equity issuances.

Increase in Authorized Shares (September 2025)

On September 23, 2025, the Company filed an amendment to the Third Amended and Restated Certificate of Incorporation with the office of the Secretary of State of the State of Delaware to effect (i) an increase in the number of

authorized shares of common stock from 167,245,313 to 232,470,985 shares, and (ii) an increase in the number of authorized shares of preferred stock, from 12,900,000 to 17,931,000 shares.

Preferred Stock

Series A Preferred Stock

On January 28, 2025, in connection with a purchase agreement entered into with Mr. Aydt, the Company’s Global Co-CEO, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of Series A Preferred Stock (the “Series A COD”) with the Secretary of State of the State of Delaware. The Series A COD designated one share of the Company’s Preferred Stock as Series A preferred stock, par value $0.0001 per share (the “Series A Preferred”) and established the preferences, rights and limitations thereof. The closing of the sale and purchase of the shares of the Series A Preferred was completed on January 28, 2025 for a purchase price of $100.00.

The Series A Preferred was redeemed on March 7, 2025, for a redemption price of $100.00, following the annual meeting of stockholders.

On April 17, 2025, in connection with a purchase agreement entered into with Mr. Aydt, the Company’s Global Co-CEO, the Company filed the Series A COD with the Secretary of State of the State of Delaware. The Series A COD designated one share of the Company’s Preferred Stock, par value $0.0001 per share and established the preferences, rights and limitations thereof. The closing of the sale and purchase of the shares of the Preferred was completed on April 17, 2025 for a purchase price of $100.00.

The Series A Preferred Stock was redeemed on May 28, 2025, for a redemption price of $100.00, following the annual meeting of stockholders. On May 29, 2025, the Company filed a Certificate of Elimination with the Secretary of State of the State of Delaware to cancel the designation of the Series A Preferred.

The share of Series A Preferred Stock, each time it was designated and issued, had no voting rights except with respect to certain share authorization proposals. In the Share Authorization Proposals in the Certificate of Designation of Preferences, Rights and Limitations of Series A Preferred Stock dated August 6, 2025 the outstanding share of Series A Preferred Stock had 5,000,000,000 votes with respect to the Share Authorization Proposal.

On August 6, 2025, in connection with a purchase agreement entered into with Mr. Aydt, the Company’s Global Co-CEO, the Company filed a COD of Series A Preferred Stock with the Secretary of State of the State of Delaware. The Series A COD designates one share of the Company’s preferred stock as Series A Preferred Stock, and establishes and designates the preferences, rights and limitations thereof. The closing of the sale and purchase of the share of Series A Preferred Stock was completed on August 6, 2025 for a purchase price of $100.00.

On September 23, 2025, the Company filed a Certificate of Elimination with the Delaware SOS with respect to the Company’s Series A Preferred Stock, following the automatic redemption of all outstanding shares of FFAI Series A Preferred Stock after the conclusion of the Company’s Special Meeting. The Certificate of Elimination cancelled the previous designation of one share of FFAI Series A Preferred Stock from the Charter.

On December 22, 2025, the Company entered into a purchase agreement with Matthias Aydt, pursuant to which the Company agreed to issue and sell one share of the Company’s newly designated Series A Preferred Stock, par value $0.0001 per share, for a purchase price of $100.00. The share of Series A Preferred Stock will have 7,000,000,000 votes, but has the right to vote only on the share authorization proposal.

The share of Series A preferred stock have no voting rights except with respect to the share authorization proposal. Upon a liquidation, bankruptcy, reorganization, merger, acquisition, sale, dissolution or winding up of the Company, whether voluntarily or involuntarily, pursuant to which assets of the Company or consideration received by the Company are to be distributed to the stockholders, the holder of Series A preferred stock shall be entitled to receive, before any payment is made to the holders of Common Stock by reason of their ownership thereof, an amount of $100.00. The share of Series A preferred stock are not entitled to receive dividends.

Series B Preferred Stock

On April 3, 2025, in connection with the initial closing under the 2025 March Unsecured SPA, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of Series B Preferred Stock (the “Series B COD”) with the Secretary of State of the State of Delaware, as amended on April 9, 2025. The Series B COD authorized 9,000,000 shares of the

Company’s preferred stock as Series B Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”), and established the preferences, rights, and limitations thereof.

The Series B Preferred Stock does not carry dividend rights and is generally non-transferable without the prior written consent of the Board of Directors. Each share entitles the holder to one vote and votes together with the Common Stock as a single class on all matters submitted to stockholders, except where a separate class vote is required by law.

In the event of any liquidation, dissolution, or winding up of the Company, each share of Series B Preferred Stock is entitled to receive a priority distribution equal to the then-effective conversion price under the related convertible notes. Upon the conversion of a holder’s convertible notes into Class A Common Stock, an equal number of Series B Preferred shares are automatically redeemed and retired without any additional consideration.

On July 14, 2025, prior to the initial closing under the 2025 July Unsecured SPA, the Company filed an amendment to the COD of Preferences, Rights and Limitations of Series B Preferred Stock to designate additional 3,000,000 shares of the Company’s authorized and unissued preferred stock as Series B Preferred Stock. The qualifications, restrictions, and limitations relating to the Series B Preferred Stock remain unchanged.

During the year ended December 31, 2025, 14,720,914 shares of Series B Preferred Stock were issued in connection with 2025 March Unsecured SPA Notes and 2025 July Unsecured SPA Notes, which had an aggregate principal amount of $73.6 million. During the same period 7,536,154 shares were cancelled upon conversion of 2025 March Unsecured SPA Notes with an aggregate principal amount of $25.4 million.

The Company evaluated these Series B Preferred Stock in connection with the March 2025 SPA Notes and the July 2025 SPA Notes and determined that such Series B Preferred Stocks are not freestanding based on the specific terms associated therewith. As such, no economic value was assigned to the issuance of these Series B Preferred Stock.

Common Stock

Voting

The holders of Class A Common Stock and Class B Common Stock are entitled to one vote for each share held of record on all matters to be voted on by stockholders until the occurrence of a Qualifying Equity Market Capitalization, following which holders of Class B Common Stock shall be entitled to ten votes per share and shall continue to be entitled to ten votes per share regardless of whether the Qualifying Equity Market Capitalization shall continue to exist or not thereafter.

Conversion

Shares of Class B Common Stock have the right to convert into shares of Class A Common Stock at any time at the rate of one share of Class A Common Stock for each share of Class B Common Stock. Class A Common Stock does not have the right to convert into Class B Common Stock.

Liquidation

In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the Corporation, after payment or provision for payment of the debts and other liabilities of the Corporation, the holders of the shares of the Common Stock shall be entitled to receive all the remaining assets of the Corporation available for distribution to its stockholders, ratably in proportion to the number of shares of the Common Stock held by them.

Warrants

The number of outstanding warrants to purchase the Company’s Class A Common Stock as of December 31, 2025 were as follows:


	Number of Warrants	Exercise Price	Expiration Date
Ares Warrants	5,776,657	$1.16	August 5, 2027
SPA Warrants	5,259	$1.16	Various through November 25, 2032
Junior SPA Warrants	524,810	$1.16	Various through September 30, 2029
2024 Unsecured SPA Warrants	6,185,791	$1.22	Various through January 21, 2030
2025 March Unsecured SPA Warrants	5,178,828	(a) $1.39 or (b) $1.46	Various through December 31, 2030
2025 July Unsecured SPA Warrants	4,142,857	$2.02	August 22, 2030


Public Warrants	2,453	$110,400.00	July 21, 2026
Private Warrants	12	$110,400.00	July 21, 2026





	21,816,667

The number of outstanding warrants to purchase the Company’s Class A Common Stock as of December 31, 2024 were as follows:


	Number of Warrants	Exercise Price		Expiration Date
Ares warrants	5,776,657	$	1.16	August 5, 2027
SPA Warrants	15,238	$	1.16	Various through November 1, 2031
Junior SPA Warrants	5,931,638	$	1.16	Various through September 30, 2029
2024 Unsecured SPA Warrants	10,788,746	$	1.39	December 31, 2029
Public Warrants	2,453	$	110,400.00	July 21, 2026
Private Warrants	12	$	110,400.00	July 21, 2026
	22,514,744

The above Ares warrants and SPA Portfolio Note warrants contain full ratchet anti-dilution price protection that requires the exercise price to be adjusted if the Company sells shares of Common Stock below the current exercise price. There were not any dilutive events during the year ended December 31, 2025 affecting these warrants.

On September 5, 2024, the Company issued the Junior Secured SPA Notes with a conversion price of $5.24, which represents a dilutive issuance that triggers the full ratchet anti-dilution price protection. Therefore, the exercise price of the Ares warrants and SPA Portfolio Note warrants was adjusted from $29.33 to $5.24. On December 21, 2024, the Company issued the 2024 Unsecured SPA Notes with a conversion price of $1.16, which represents a dilutive issuance that triggers the full ratchet anti-dilution price protection. Therefore, the exercise price of the Ares warrants and SPA Portfolio Note warrants was adjusted from $5.24 to $1.16. The Company accounted for the reductions in exercise price of equity classified warrant instruments as a deemed dividend (the “Deemed Dividend”). The total value of the Deemed Dividend to warrant holders during the year ended December 31, 2024 was $7.6 million. The Deemed Dividend was calculated as the change in fair value of the Ares warrant and equity classified SPA Portfolio Note warrants immediately before and immediately after the triggering events. The Company recognized the payment of the Deemed Dividend in Additional paid-in capital in the Company’s Consolidated Balance Sheets due to the Company’s accumulated deficit.

During the year ended December 31, 2025, holders of Junior Secured SPA Warrants to purchase 190,840 shares of common stock exercised such warrants, resulting in issuance of 190,840 shares and proceeds of $0.2 million (exercise price of $1.16). Another 3,200,244 warrants were exercised on a cashless basis, resulting in issuance of 1,958,055 shares determined using the VWAP of $2.99. At the dates of exercise, the aggregate fair value of the exercised Junior Secured SPA warrants was $6.9 million, which was reclassified from the warrant liability to additional paid-in capital.

During the year ended December 31, 2025, holders of 2024 Unsecured SPA Warrants to purchase 1,000,000 shares of common stock exercised such warrants, resulting in issuance of 1,000,000 shares and proceeds of $1.2 million (exercise price of $1.22). Another 7,760,260 warrants were exercised on a cashless basis, resulting in issuance of 4,367,131 shares, determined using a weighted average VWAP of $2.83. At the dates of exercise, the aggregate fair value of the exercised 2024 Unsecured SPA warrants was $13.4 million, which amount was reclassified from the warrant liability to additional paid-in capital.

During the year ended December 31, 2025, certain third party and related party holders voluntarily cancelled 44,551,199 warrants issued in connection with the Company’s SPA financings. The cancellations did not result from amendments to the SPAs, and were not accompanied by additional consideration or changes to the related debt instruments. Therefore, Management accounted for the cancellations as equity transactions, with the impact recorded to additional paid-in capital.

During the year ended December 31, 2025, the Company reclassified certain SPA Portfolio Notes warrants previously recorded as liabilities to equity following a reassessment of the applicable accounting guidance under ASC 815-40.

There were no warrants exercised or cancelled during the year ended December 31, 2024.

Warrants - AIXC

As a result of the business acquisition of AIXC, as described in Note 3 Business Acquisition, the Company consolidates AIXC warrants outstanding as of December 31, 2025.

The number of outstanding warrants to purchase the AIXCs Class A Common Stock as of December 31, 2025 were as follows:


	Number of Warrants	Exercise Price	Expiration Date








Preferred Warrants - AIXC	160	$1,270.25	Various through 2027
Other Warrants - AIXC	72,004	(a) $5.82 or (b) $6.50	Various in 2028-2029
2024 Pre-funded Warrants - AIXC	51,199	$0.05	Indefinite
2024 Placement Agent Warrants - AIXC	16,019	$7.80	September 2029
2025 Placement Agent Warrants - AIXC	1,087,266	$2.47	September 2030
	1,226,648

The AIXC warrants consist of (i) Preferred Warrants – AIXC, Other Warrants – AIXC and 2025 Placement Agent Warrants – AIXC, which are classified as equity in AIXC’s standalone Financial Statements, and (ii) 2024 Pre-funded Warrants – AIXC and 2024 Placement Agent Warrants – AIXC, which are classified as liabilities.

Other Warrants - AIXC, 2024 Placement Agent Warrants - AIXC and 2025 Placement Agent Warrants - AIXC contain full ratchet anti-dilution price protection that requires the exercise price to be adjusted if AIXC sells shares of Common Stock below the current exercise price. The liability-classified AIXC warrants are measured at fair value on a recurring basis, with changes in fair value recognized in other income (expense) in the Consolidated Statements of Operations and Comprehensive Loss. These warrants were initially recognized at their respective fair values on the date the Company obtained control of AIXC and any gains or losses related to changes in fair value prior to that date were recorded in AIXC’s standalone statements of operations. The liability-classified AIXC warrants are included in the warrant liability fair value rollforward presented in Note 15 Fair Value of Financial Instruments.

Insufficient Authorized Shares

From time to time, certain of the Company’s equity-linked financial instruments may be classified as derivative liabilities under ASC 815, Derivatives and Hedging, due to the Company having insufficient authorized and unissued shares to fully settle such instruments in shares. In assessing whether it has sufficient authorized and unissued shares available for share settlement, the Company evaluates the maximum number of shares that could be required to be issued under the instrument being assessed, together with the maximum potential shares issuable under all other existing commitments that may require the issuance of shares, including convertible debt, stock options, warrants, share-based payment awards, and other equity-linked instruments, in accordance with ASC 815-40. The Company also considers instruments with legally enforceable share reserve provisions as having priority in the allocation of available shares.

If the Company determines that it does not have sufficient authorized and unissued shares to settle an equity-linked instrument in shares, the Company applies a sequencing policy under ASC 815-40, Contracts in Entity’s Own Equity, whereby, if reclassification of contracts from equity to assets or liabilities is necessary because the Company cannot demonstrate that it has sufficient authorized and unissued shares to settle the equity-linked financial instrument in shares, the Company reclassifies contracts based on a systematic and consistently applied framework that considers contractual terms, settlement timing, and the relative priority of instruments, including any legally enforceable share reservation provisions. Contracts reclassified to derivative liabilities are recognized at fair value, with changes in fair value recognized in earnings, until the conditions giving rise to such derivative liability classification are resolved or the Company has sufficient authorized and unissued shares to settle such contracts in shares. The Company applies the same sequencing policy to share-based compensation arrangements when it may not have sufficient authorized and unissued shares available to settle such arrangements in shares.

- Definition

The entire disclosure for equity.

+ References

+ Details

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Crypto Asset


Digital Assets	Units Held	Cost Basis		Fair Value
Cardano ADA (ADA)	238,136	$	150	$	84
Native BNB (BSC)	1,454	1,516		1,251
Bitcoin (BTC)	51	5,495		4,535
Dogecoin (DOGE)	2,292,863	438		282
Ethereum (ETH)	685	2,573		2,033
ChainLink (LINK)	21,560	382		268
Solana (SOL)	7,399	1,358		924
Tron (TRX)	590,372	186		169
USD Tether (USDT)	1,856	2		2
Ripple (XRP)	374,454	912		702
		$	13,012	$	10,250


	Balance
Balance as of December 31, 2024	$	—
Purchases	27,000
Sales	(12,593)
Net (loss) gain on digital assets	(4,117)
Other	(40)
Balance as of December 31, 2025	$	10,250

Schedule of Property and Equipment, Net


			Useful Life (in years)
Buildings			39
Building improvements			15
Computer hardware			5
Tooling, machinery, and equipment			5 to 10
Vehicles			5
Lease vehicles			7
Computer software			3
Leasehold improvements			Shorter of asset useful life or term of the lease

Property, plant, and equipment, net, consists of the following as of:


(in thousands)	December 31, 2025		December 31, 2024
Land, buildings and building improvements	$	78,218	$	111,443
Computer hardware	2,603		2,397
Tooling, machinery and equipment	120,792		319,313
Vehicles	699		245
Lease vehicles	1,390		3,121
Computer software	4,339		4,339
Construction in process	8,500		27,563
	216,541		468,421
Less: Accumulated depreciation	(61,238)		(119,834)
	$	155,303	$	348,587

Schedule of Disaggregation of Revenue

The following table disaggregates our revenue by major source:



(in thousands)	2025		2024
Automotive sales	$	166	$	495
Automotive leasing - Sales type	250		44
Automotive leasing - Operating type	120		—
	$	536	$	539

Schedule of Standard Product Warranty Accrual



(in thousands)	2025		2024
Accrued warranty- beginning of period	$	545	$	684
Provision for warranty	38		34
Warranty costs incurred	(207)		(173)
Accrued warranty- end of period	$	376	$	545

Business Combination, Pro Forma Information

Summarized financial information of AIXC included in the Company’s consolidated financial statements as of December 31, 2025 and for the three months then ended is presented below.


AIXC
Condensed Balance Sheet
December 31, 2025
(in thousands)
Cash and cash equivalents .	$	19,333
Digital assets .	10,250
Other current assets	1,372
Total current assets .	30,955
Intangible assets and other assets .	325
Total assets	$	31,280

Accounts payable and accrued liabilities	$	3,045
Warrant liabilities and convertible debt	284
Total liabilities	3,329

Total stockholders’ equity (deficit)	27,951
Total liabilities and stockholders’ equity (deficit)	$	31,280


AIXC
Condensed Statement of Operations
Three Months Ended December 31, 2025
(in thousands)
Operating expenses	$	7,364
Other expense, net	$	3,233
Net loss	$	(10,596)


AIXC
Condensed Statement of Cash Flows
Three Months Ended December 31, 2025
(in thousands)
Net cash used in operating activities	$	(2,122)
Net cash used in investing activities	$	(15,881)
Net cash used in financing activities	$	(3,250)

Stockholders’ Equity - Warrants Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 21, 2024	Dec. 20, 2024	Sep. 05, 2024	Sep. 04, 2024	Jul. 31, 2024
Class of Stock [Line Items]
Exercise price (in dollars per share)			$ 1.16				$ 110,400
Deemed dividends	$ 0	$ (7,576)
Class of warrant or right, exercised during the period (in shares)		0
Class of warrant or right, cancelled during the period (in shares)	44,551,199
SPA Warrants \| Class A Common Stock
Class of Stock [Line Items]
Exercise price (in dollars per share)		$ 1.16	$ 1.16		$ 5.24
Ares Warrants \| Class A Common Stock
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 1.16	1.16		$ 5.24		$ 29.33
Junior SPA Warrants
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 1.16
Warrants rights (in shares)	190,840
Proceeds from issuance of common stock	$ 200
Reclassified from the warrant liability to additional paid-in capital	$ 6,900
Junior SPA Warrants \| Class A Common Stock
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 1.16	1.16
Warrants rights (in shares)	190,840				202,768
Junior SPA Warrants - Cashless Basis
Class of Stock [Line Items]
Warrants rights (in shares)	1,958,055
Class of warrant or right, exercised during the period (in shares)	3,200,244
Class of warrant or right, volume weighted average price (in dollars per share)	$ 2.99
2024 Unsecured SPA Warrants
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 1.22
Warrants rights (in shares)	1,000,000
Proceeds from issuance of common stock	$ 1,200
Reclassified from the warrant liability to additional paid-in capital	$ 13,400
2024 Unsecured SPA Warrants \| Class A Common Stock
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 1.22	$ 1.39
Warrants rights (in shares)	1,000,000
2024 Unsecured SPA Warrants - Cashless Basis
Class of Stock [Line Items]
Warrants rights (in shares)	4,367,131
Class of warrant or right, exercised during the period (in shares)	7,760,260
Class of warrant or right, volume weighted average price (in dollars per share)	$ 2.83

Deposits (current and non-current) and Other Current Assets

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deposits (current and non-current) and Other Current Assets

Deposits and other current assets consist of the following as of:


(in thousands)	December 31, 2025		December 31, 2024
Deposits
Deposits for research and development, prototype and production parts, and other	$	21,280	$	29,318
Deposits for goods and services yet to be received (“Future Work”)	1,676		1,776
	$	22,956	$	31,094

Deposits, current portion	$	10,499	$	31,094
Deposits, non-current portion (1)	$	12,457	$	—

Other current assets	December 31, 2025		December 31, 2024

Prepaid expenses	$	7,117	$	4,832
Other current assets	1,846		1,295
	$	8,963	$	6,127

1) Non-current deposits presented as part of Other non-current assets in the Consolidated Balance Sheets

Deposits for R&D, prototype and production parts, and other related items are recognized and reported as R&D expenses in the Consolidated Statements of Operations and Comprehensive Loss when services are provided or as prototype parts are received. The Company makes deposits for inventory and property and equipment items which are classified as Deposits for goods and services yet to be received (“Future Work”).

Prepaid expenses primarily consist of software subscriptions and insurance, and Other current assets includes certain deferred expenses.

For the year ended December 31, 2025, the Company recorded an $8.5 million an impairment charge related to deposits. The impairment loss is included within Impairment of long-lived assets and deposits on the Consolidated Statements of Operations and Comprehensive Loss.

Accrued Expenses and Other Current Liabilities - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Asset retirement obligation	$ 900	$ 800
Accrued legal contingencies	$ 3,238	$ 9,091

Other Financing Liabilities - Narrative (Details) $ in Thousands				1 Months Ended	12 Months Ended
	Aug. 27, 2024 USD ($)	Jul. 11, 2024 USD ($) payment	Oct. 19, 2023 USD ($)	Jan. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 14, 2024 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from other financial obligations			$ 24,900		$ 5,081	$ 11,812
Liability, lease repayment plan							$ 1,700
Security deposit							$ 1,500
Security deposit, past due amount						600
Payment for security deposit				$ 600
Proceeds from tenant allowance	$ 12,000
Reimbursing tenant improvement allowance	10,000
Other improvement costs, tenant improvement allowance	$ 2,000
Other improvement costs, tenant improvement allowance, percentage	66.67%
Leasehold improvements, gross					12,000	6,900
Interest expense					8,300	6,900
Sale and leaseback transaction, liability, noncurrent					44,200	35,200
Other financing liabilities, current portion					951	761
Other financing liabilities, long term portion					46,867	38,698
Notes Payable
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Long-term debt					60,666	49,488
Repayment of debt					3,256	31
Collateralized Loan Obligations
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Interest expense					1,100	600
Long-term debt					3,600	4,300
Other financing liabilities, current portion					900	800
Other financing liabilities, long term portion					2,700	3,500
Collateralized Loan Obligations \| Notes Payable
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Notes payable bearing interest rate		23.00%
Number of monthly payments \| payment		51
Debt instrument, periodic payment		$ 100
Debt instrument, periodic payment terms, balloon payment to be paid		$ 500
Repayment of debt					800	$ 300
Ocean West Capital Partners (“Landlord”) \| Hanford Manufacturing Facility
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Tenant improvement allowance			$ 12,000
Lease term (in years)			5 years
Monthly lease rate			$ 400
Lease term extension option (in years)			5 years
Exercise purchase option			$ 58,700
Gain (loss) on sale					$ 0

Leases - Schedule of Total Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease cost	$ 3,509	$ 4,389
Variable lease cost	991	398
Total lease cost	$ 4,500	$ 4,787

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details)	Dec. 31, 2025
Buildings
Property, Plant and Equipment [Line Items]
Useful Life  (in years)	39 years
Building improvements
Property, Plant and Equipment [Line Items]
Useful Life  (in years)	15 years
Computer hardware
Property, Plant and Equipment [Line Items]
Useful Life  (in years)	5 years
Tooling, machinery, and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life  (in years)	5 years
Tooling, machinery, and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life  (in years)	10 years
Vehicles
Property, Plant and Equipment [Line Items]
Useful Life  (in years)	5 years
Lease vehicles
Property, Plant and Equipment [Line Items]
Useful Life  (in years)	7 years
Computer software
Property, Plant and Equipment [Line Items]
Useful Life  (in years)	3 years

Notes Payable - Schedule of Note Payable Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Notes Payable [Roll Forward]
Fair value measurement adjustments		$ 21,439	$ 19,653
Debt issuance costs		6,044	4,886
Notes Payable
Notes Payable [Roll Forward]
Beginning balance		49,488	91,150
New Issuances		131,600	57,291
Addition of Debt upon Consolidation of AIXC		3,237
Repayment of Debt		3,256	31
Conversion of Debt to Equity		(81,746)	(66,678)
Modifications and Extinguishments of Debt			2,699
Fair Value Adjustments of Debt		(39,082)	(34,218)
Reclassification of Debt Between Debt Categories		0	0
Other Adjustments		425	(725)
Ending balance		60,666	49,488
Secured SPA Notes \| Notes Payable
Notes Payable [Roll Forward]
Beginning balance		5,457	74,232
New Issuances		0	10,701
Addition of Debt upon Consolidation of AIXC		0
Repayment of Debt		0	0
Conversion of Debt to Equity		(3,535)	(50,691)
Modifications and Extinguishments of Debt			5,158
Fair Value Adjustments of Debt		(1,922)	(33,943)
Reclassification of Debt Between Debt Categories		0	0
Other Adjustments		0	0
Ending balance		0	5,457
2023 Unsecured SPA Notes \| Notes Payable
Notes Payable [Roll Forward]
Beginning balance		6,716	11,938
New Issuances		11,666	0
Addition of Debt upon Consolidation of AIXC		0
Repayment of Debt		0	0
Conversion of Debt to Equity		(9,133)	(14,931)
Modifications and Extinguishments of Debt			(2,394)
Fair Value Adjustments of Debt		(2,581)	(10,268)
Reclassification of Debt Between Debt Categories		0	22,371
Other Adjustments		0
Ending balance		6,668	6,716
Unsecured Convertible Notes \| Notes Payable
Notes Payable [Roll Forward]
Beginning balance		0	0
New Issuances		3,535	34,885
Addition of Debt upon Consolidation of AIXC		0
Repayment of Debt		0	0
Conversion of Debt to Equity		0	0
Modifications and Extinguishments of Debt			(65)
Fair Value Adjustments of Debt		(93)	328
Reclassification of Debt Between Debt Categories		0	(35,148)
Other Adjustments		0
Ending balance		3,442	0
Junior Secured SPA Notes \| Notes Payable
Notes Payable [Roll Forward]
Beginning balance		26,059	0
New Issuances		17,423	9,950
Addition of Debt upon Consolidation of AIXC		0
Repayment of Debt		0	0
Conversion of Debt to Equity		(23,031)	(1,056)
Modifications and Extinguishments of Debt			0
Fair Value Adjustments of Debt		(10,575)	9,665
Reclassification of Debt Between Debt Categories		1,526	7,500
Other Adjustments		0
Ending balance		11,402	26,059
2024 Unsecured SPA Notes \| Notes Payable
Notes Payable [Roll Forward]
Beginning balance		7,032	0
New Issuances		42,565	1,755
Addition of Debt upon Consolidation of AIXC		0
Repayment of Debt		0	0
Conversion of Debt to Equity		(33,244)	0
Modifications and Extinguishments of Debt			0
Fair Value Adjustments of Debt		(10,535)	0
Reclassification of Debt Between Debt Categories		0	5,277
Other Adjustments		0
Ending balance		5,818	7,032
2025 March Unsecured SPA Notes \| Notes Payable
Notes Payable [Roll Forward]
Beginning balance		0
New Issuances		17,847
Addition of Debt upon Consolidation of AIXC		0
Repayment of Debt		0
Conversion of Debt to Equity		(12,803)
Fair Value Adjustments of Debt		(2,936)
Reclassification of Debt Between Debt Categories		0
Other Adjustments		0
Ending balance		2,108	0
2025 July Unsecured SPA Notes \| Notes Payable
Notes Payable [Roll Forward]
Beginning balance		0
New Issuances		38,564
Addition of Debt upon Consolidation of AIXC		0
Repayment of Debt		0
Conversion of Debt to Equity		0
Fair Value Adjustments of Debt		(10,242)
Reclassification of Debt Between Debt Categories		(1,526)
Other Adjustments		0
Ending balance		26,796	0
Notes payable – China other \| Notes Payable
Notes Payable [Roll Forward]
Beginning balance		4,173	4,898
New Issuances		0	0
Addition of Debt upon Consolidation of AIXC		0
Repayment of Debt		0	0
Conversion of Debt to Equity		0	0
Modifications and Extinguishments of Debt			0
Fair Value Adjustments of Debt		0	0
Reclassification of Debt Between Debt Categories		0	0
Other Adjustments		117	(725)
Ending balance		4,290	4,173
2025 Convertible Note - AIXC \| Notes Payable
Notes Payable [Roll Forward]
Beginning balance		0
New Issuances		0
Addition of Debt upon Consolidation of AIXC		340
Repayment of Debt		0
Conversion of Debt to Equity		0
Fair Value Adjustments of Debt		(198)
Reclassification of Debt Between Debt Categories
Other Adjustments		0
Ending balance		142	0
Promissory Notes - AIXC
Notes Payable [Roll Forward]
Repayment of Debt	$ 3,300
Promissory Notes - AIXC \| Notes Payable
Notes Payable [Roll Forward]
Beginning balance		0
New Issuances		0
Addition of Debt upon Consolidation of AIXC		2,897
Repayment of Debt		3,250
Conversion of Debt to Equity		0
Fair Value Adjustments of Debt		0
Reclassification of Debt Between Debt Categories
Other Adjustments		353
Ending balance		0	0
Auto loans \| Notes Payable
Notes Payable [Roll Forward]
Beginning balance		51	82
New Issuances		0	0
Addition of Debt upon Consolidation of AIXC		0
Repayment of Debt		6	31
Conversion of Debt to Equity		0	0
Modifications and Extinguishments of Debt			0
Fair Value Adjustments of Debt		0	0
Reclassification of Debt Between Debt Categories		0	0
Other Adjustments		(45)	0
Ending balance		$ 0	$ 51

Nature of Business and Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Schedule of Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Movement in Standard Product Warranty Accrual [Roll Forward]
Accrued warranty- beginning of period	$ 545	$ 684
Provision for warranty	38	34
Warranty costs incurred	(207)	(173)
Accrued warranty- end of period	$ 376	$ 545

Net Loss per Share - Schedule of Potentially Dilutive Shares Excluded from Computation of Diluted Net Income/(Loss) (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	99,319,580	64,483,012
Shares issuable upon conversion of SPA Portfolio Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	72,340,661	41,054,586
Shares issuable upon conversion of Unsecured Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	5,153,894	749,866
Shares issuable upon exercise of equity classified SPA Portfolio Note warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	12,907,897	15,238
Shares issuable upon exercise of liability classified SPA Portfolio Note warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	3,129,648	16,720,384
Other warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	5,776,657	5,776,657
Stock-based compensation awards – Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	2,263	2,591
Stock-based compensation awards – RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	6,095	161,225
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	2,453	2,453
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	12	12

Liquidity and Capital Resources and Going Concern (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Sep. 26, 2023
Debt Instrument [Line Items]
Accumulated deficit	$ (4,705,042)	$ (4,314,346)
Cash and cash equivalents	34,927	$ 7,144
Working capital	79,700
Recurring net income (loss)	(397,100)
Class A Common Stock \| Sales Agreement \| Sales Agents
Debt Instrument [Line Items]
Commitment amount			$ 90,000
SPA Notes \| Committed Debt
Debt Instrument [Line Items]
Aggregate principal amount	739,000
Funded	503,300
Expired unfunded	186,200
To be funded	49,500
Outstanding amount	51,100
SPA Notes \| Optional Debt
Debt Instrument [Line Items]
Aggregate principal amount	467,000
Funded	111,000
Expired unfunded	315,500
To be funded	40,500
Outstanding amount	$ 23,300

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	7000
Auditor Name	HTL International, LLC
Auditor Location	Houston, Texas

Inventory, net (Current and non current) - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials (net of reserves)	$ 8,357	$ 27,440
Work in progress	395	46
Finished goods	199	0
Inventory, Total	8,951	27,486
Inventory, current portion	3,258	27,486
Inventory, non-current portion	$ 5,693	$ 0

Notes Payable - Secured SPA Notes Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 02, 2024	Dec. 31, 2025	Dec. 31, 2024	Jan. 28, 2025	Dec. 21, 2024	Sep. 05, 2024
Notes Payable
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt			$ (2,699)
Gain (loss) on fair value adjustment of debts		$ 39,082	34,218
2023 Unsecured Convertible Note \| Notes Payable
Debt Instrument [Line Items]
Debt instrument, term (in years)		6 years
Notes payable		$ 6,700	6,700
Percent of purchaser's conversion shares		33.00%
Proceeds from debt, net of issuance costs		$ 11,700	0
Debt conversion, converted amount		$ 9,300	$ 31,000
Shares issued from conversion (in shares)		8,650,209	19,368,059
Gain (loss) on extinguishment of debt			$ 2,394
Gain (loss) on fair value adjustment of debts		$ 2,581	10,268
2023 Unsecured Convertible Note \| Notes Payable \| Class A Common Stock
Debt Instrument [Line Items]
Debt instrument, fixed conversion price percentage		90.00%
Gain (loss) on extinguishment of debt		$ (4,400)	$ (31,500)
Secured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Debt instrument, fixed conversion price percentage		90.00%
Conversion price (in dollars per share)		$ 1.16	$ 29.33
Debt instrument, term (in years)		6 years
Notes payable		$ 0	$ 5,500
Proceeds from debt, net of issuance costs		0	10,700
Debt conversion, converted amount		$ 3,100	$ 108,800
Shares issued from conversion (in shares)		3,164,911	41,727,089
Gain (loss) on extinguishment of debt			$ (5,158)
Gain (loss) on fair value adjustment of debts		$ 1,922	$ 33,943
Secured SPA Notes \| Notes Payable \| Class A Common Stock
Debt Instrument [Line Items]
Redemption price, percentage			105.00%
Gain (loss) on extinguishment of debt		$ (300)	$ (126,100)
Secured SPA Notes \| Notes Payable \| Metaverse Horizon Limited and V W Investment Holding Limited
Debt Instrument [Line Items]
Percent of purchaser's conversion shares		33.00%
SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Conversion price (in dollars per share)	$ 29.33
SPA Notes \| Notes Payable \| Class A Common Stock
Debt Instrument [Line Items]
Redemption price, percentage	90.00%
Junior Secured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates						10.00%
Conversion price (in dollars per share)		$ 1.16		$ 5.24	$ 1.16	$ 5.24
Debt instrument, term (in years)		1 year
Proceeds from debt, net of issuance costs		$ 18,000	22,500
Gain (loss) on extinguishment of debt			0
Gain (loss) on fair value adjustment of debts		10,575	(9,665)
Junior Secured SPA Notes \| Notes Payable \| Class A Common Stock
Debt Instrument [Line Items]
Debt conversion, converted amount		$ 36,300	$ 1,100
Shares issued from conversion (in shares)		34,108,683	1,046,651
Gain (loss) on extinguishment of debt		$ (22,300)	$ (1,400)
2024 Unsecured SPA Notes
Debt Instrument [Line Items]
Debt instrument, term (in years)		5 years
2024 Unsecured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates		10.00%	10.00%
Conversion price (in dollars per share)		$ 1.16		$ 1.16	$ 1.16
Debt instrument, term (in years)		1 year
Proceeds from debt, net of issuance costs		$ 43,000	$ 2,500
Gain (loss) on extinguishment of debt			0
Gain (loss) on fair value adjustment of debts		10,535	$ 0
2024 Unsecured SPA Notes \| Notes Payable \| Class A Common Stock
Debt Instrument [Line Items]
Debt conversion, converted amount		$ 46,900
Shares issued from conversion (in shares)		43,309,929
Gain (loss) on extinguishment of debt		$ (46,800)
Minimum \| 2023 Unsecured Convertible Note \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates		10.00%	10.00%
Minimum \| Secured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates		10.00%	10.00%
Maximum \| 2023 Unsecured Convertible Note \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates		15.00%	15.00%
Maximum \| Secured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Contractual Interest Rates		15.00%	15.00%

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Notes receivable, allowance for credit losses	$ 4,555
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,931,000	10,000,000
Preferred stock, shares issued (in shares)	1	0
Preferred stock, shares outstanding (in shares)	1	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	228,041,297	99,815,625
Common stock, shares issued (in shares)	199,130,727	65,919,127
Common stock, shares outstanding (in shares)	199,130,727	65,919,127
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	4,429,688	4,429,688
Common stock, shares issued (in shares)	6,667	6,667
Common stock, shares outstanding (in shares)	6,667	6,667
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	12,000,000	0
Preferred stock, shares issued (in shares)	7,184,760	0
Preferred stock, shares outstanding (in shares)	7,184,760	0

Notes Payable

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Notes Payable

The Company has entered into notes payable agreements with third parties. The tables below summarize these agreements as of December 31, 2025 and December 31, 2024, providing details on contractual maturity dates, contractual interest rates, unpaid principal balances, fair value adjustments, original issue discounts, including proceeds allocated to warrants, and net carrying values.



	December 31, 2025
(in thousands)	Contractual Maturity Date	Contractual Interest Rates				Unpaid Principal Balance		Fair Value Measurement Adjustments		Original Issue Discount and Proceeds Allocated to Warrants		Net Carrying Value
2023 Unsecured SPA Notes	Various through November 2031	10	%	-	15%	$	8,100	$	(622)	$	(810)	$	6,668
Junior Secured SPA Notes	Various through December 2030	10%				12,107		(705)		—		11,402
2024 Unsecured SPA Notes	Various through December 2030	10%				6,070		(252)		—		5,818
2025 March Unsecured SPA Notes	Various dates in 2030	10%				5,508		(1,096)		(2,304)		2,108
2025 July Unsecured SPA Notes	August 2030	10%				37,592		(3,079)		(7,717)		26,796
Unsecured Convertible Notes	June 2026	4.27%				5,000		(1,558)		—		3,442
Notes payable – China other	Due on Demand	—%				4,290		—		—		4,290
2025 Convertible Note - AIXC	January 2026	—%				132		32		(22)		142

						$	78,799	$	(7,280)	$	(10,853)	$	60,666


Notes payable, current portion												$	4,432
Notes payable, long-term portion												$	56,234


	December 31, 2024
(in thousands)	Contractual Maturity Date	Contractual Interest Rates				Unpaid Principal Balance		Fair Value Measurement Adjustments		Original Issue Discount and Proceeds Allocated to Warrants		Net Carrying Value
Secured SPA Notes	Various	10	%	-	15%	$	3,118	$	2,651	$	(312)	$	5,457
2023 Unsecured SPA Notes	Various dates in 2029	10	%	-	15%	4,380		2,844		(508)		6,716
Junior Secured SPA Notes	September 2029	10%				28,840		13,163		(15,944)		26,059
2024 Unsecured SPA Notes	December 2029	10%				10,015		8,741		(11,724)		7,032
Notes payable – China other	Due on Demand	—%				4,173		—		—		4,173
Auto loans	October 2026	7%				51		—		—		51
						$	50,577	$	27,399	$	(28,488)	$	49,488

Notes payable, current portion												$	4,224
Notes payable, long-term portion												$	45,264

Roll Forward of the Fair Value of Notes payable


	Categories of Debt
(in thousands)	Secured SPA Notes		2023 Unsecured SPA Notes		Unsecured Convertible Notes		Junior Secured SPA Notes		2024 Unsecured SPA Notes		2025 March Unsecured SPA Notes		2025 July Unsecured SPA Notes		Notes payable – China other		2025 Convertible Note - AIXC		Promissory Notes - AIXC		Auto Loans		Total
Balance as of December 31, 2024 (a)	$	5,457	$	6,716	$	—	$	26,059	$	7,032	—		—		$	4,173	$	—	$	—	$	51	$	49,488
New Issuances (b)	—		11,666		3,535		17,423		42,565		17,847		38,564		—		—		—		—		131,600
Addition of Debt upon Consolidation of AIXC (c)	—		—		—		—		—		—		—		—		340		2,897		—		3,237
Repayment of Debt (d)	—		—		—		—		—		—		—		—		—		(3,250)		(6)		(3,256)

Conversion of Debt to Equity (e)	(3,535)		(9,133)		—		(23,031)		(33,244)		(12,803)		—		—		—		—		—		(81,746)


Fair Value Adjustments of Debt (f)	(1,922)		(2,581)		(93)		(10,575)		(10,535)		(2,936)		(10,242)		—		(198)		—		—		(39,082)

Reclassification of Debt Between Debt Categories (g)	—		—		—		1,526		—		—		(1,526)		—						—		—
Other Adjustments (h)	—		—		—		—		—		$	—	—		117		—		353		(45)		425
Balance as of December 31, 2025 (i)	$	—	$	6,668	$	3,442	$	11,402	$	5,818	$	2,108	$	26,796	$	4,290	$	142	$	—	$	—	$	60,666



(a) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2024.
(b) Debt instruments issued during the period, recorded at fair value upon issuance if the fair value option is elected, or at principal balance net of discounts. For notes measured at fair value, the aggregate fair value adjustment recognized at issuance reduced the principal amount of notes issued during the period by $21,439 thousand. This reduction reflects the allocation of total transaction proceeds between the SPA Notes and the related SPA Warrants and Incremental Warrants issued as part of the bundled transaction.
(c) Represents the addition of AIXC’s outstanding debt instruments upon consolidation on September 29, 2025. The AIXC debt instruments were recognized at fair value on the acquisition date. For the AIXC promissory notes, which are carried at amortized cost as described below, the historical carrying value at the acquisition date was deemed to approximate fair value for purposes of ASC 805 initial measurement.
(d) Cash repayments of principal amounts during the period.

(e) Fair value of debt converted into equity during the period.


(f) Adjustments to debt fair value due to the fair value option election, embedded derivatives, or anti-dilution provisions. These adjustments are presented as a component of Change in fair value of notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss. Line-item Change in fair value of notes payable, warrant liabilities, and derivative call options also includes debt issuance costs of $6,044 thousand, which are separately identifiable from the fair value adjustments noted above. Instruments with a zero balance in this line are carried at amortized cost; the fair value option was not elected for such instruments.

(g) Transfers of amounts between debt categories, such as from secured to unsecured classifications.
(h) Miscellaneous changes not captured in other columns, such as currency adjustments and reclassification to accrued expenses.
(i) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2025.


	Categories of Debt
(in thousands)	Secured SPA Notes		2023 Unsecured SPA Notes		Unsecured Convertible Notes		Junior Secured SPA Notes		2024 Unsecured SPA Notes		Notes payable – China other		Auto Loans		Total
Balance as of December 31, 2023 (a)	$	74,232	$	11,938	$	—	$	—	$	—	$	4,898	$	82	$	91,150
New Issuances (b)	10,701		—		34,885		9,950		1,755		—		—		57,291

Repayment of Debt, including periodic interest on debt carried at fair value (c)	—		—		—		—		—		—		(31)		(31)

Conversion of Debt to Equity (d)	(50,691)		(14,931)		—		(1,056)		—		—		—		(66,678)

Modifications and Extinguishments of Debt (e)	5,158		(2,394)		(65)		—		—		—		—		2,699
Fair Value Adjustments of Debt (f)	(33,943)		(10,268)		328		9,665		—		—		—		(34,218)

Reclassification of Debt Between Debt Categories (g)	—		22,371		(35,148)		7,500		5,277		—		—		—
Other Adjustments (h)	—										(725)		—		(725)
Balance as of December 31, 2024 (i)	$	5,457	$	6,716	$	—	$	26,059	$	7,032	$	4,173	$	51	$	49,488



(a) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2023.
(b) Debt instruments issued during the period, recorded at fair value upon issuance if the fair value option is elected, or at principal balance net of discounts. For notes measured at fair value, the aggregate fair value adjustment recognized at issuance reduced the principal amount of notes issued during the period by $19,653 thousand. This reduction reflects the allocation of total transaction proceeds between the SPA Notes and the related SPA Warrants and Incremental Warrants issued as part of the bundled transaction.

(c) Cash repayments of principal amount and periodic interest, where fair value option is elected, during the period.

(d) Fair value of debt converted into equity during the period.

(e) Adjustments from amendments, modifications, or extinguishment of existing debt, in accordance with ASC 470-50, and presented as a component of Loss on settlement of notes payable in the Consolidated Statements of Operations.
(f) Adjustments to debt fair value due to the fair value option election, embedded derivatives, or anti-dilution provisions. These adjustments are presented as a component of Change in fair value of notes payable, warrant liabilities, and call option derivatives in the Consolidated Statements of Operations. Line-item 'Change in fair value of notes payable, warrant liabilities, and call option derivatives' also includes debt issuance costs of $4,886 thousand, which are separately identifiable from the fair value adjustments noted above. Instruments with a zero balance in this line are carried at amortized cost; the fair value option was not elected for such instruments.

(g) Transfers of amounts between debt categories, such as from secured to unsecured classifications.
(h) Miscellaneous changes not captured in other columns, such as currency adjustments.
(i) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2024.

Schedule of Principal Maturities of Notes Payable

The future scheduled principal maturities of Notes payable as of December 31, 2025, are as follows:


(in thousands)
Due on demand	$	4,290



2026	5,132
2027	—
2028	—
2029	—
2030	61,277
Thereafter	8,100
	$	78,799

The Company has issued various financing arrangements, including secured and unsecured notes, convertible notes, and loans. These are categorized as follows: (i) Secured SPA Notes; (ii) 2023 Unsecured SPA Notes; (iii) Unsecured Convertible Notes; (iv) Junior Secured SPA Notes; (v) 2024 Unsecured SPA Notes; (vi) 2025 March Unsecured SPA Notes; (vii) 2025 July Unsecured SPA Notes; (viii) Notes payable – China other; and (ix) Auto loans. In addition, during the year ended December 31, 2025, the Company consolidated AIXC, and accordingly recognized AIXC’s outstanding debt instruments at fair value as of the consolidation date. These obligations are included within the categories presented above.

Below is a discussion of the terms, amendments, letter agreements, and financial impacts for each category of debt.

Secured SPA Notes

Overview and Terms

The Secured SPA Notes were issued under the securities purchase agreement (the “Secured SPA”) dated August 14, 2022, with FF Simplicity Ventures LLC (“FFSV”) acting as administrative agent, collateral agent, and purchaser, along with additional purchasers. These senior secured convertible notes are supported by a second lien on substantially all of the Company’s assets and are guaranteed by the Company’s domestic subsidiaries.

The Secured SPA Notes bear an annual interest rate of 10%, increasing to 15% if interest is paid in shares of Class A Common Stock. Principal and interest are due at maturity, unless converted earlier pursuant to the Secured SPA Notes’ conversion privileges. Issued at a 10% original issue discount, these notes are convertible into Class A Common Stock at the lesser of a fixed conversion price or 90% of the lowest volume-weighted average price (“VWAP”) for the trading day immediately prior to the conversion date. The Secured SPA Notes are subject to full ratchet anti-dilution price protection and as of December 31, 2025 the fixed price conversion price was $1.16. The Secured SPA Notes mature six years from each date of issuance. There were no outstanding Secured SPA Notes, as of December 31, 2025.

In connection with the issuance of the Secured SPA Notes, the Company also granted to each purchaser a warrant (the “Secured SPA Warrants”) to purchase shares of Class A Common Stock equal to 33% of the shares issuable upon conversion of the aggregate principal amount under the Secured SPA Notes funded. The Secured SPA Warrants are subject to the same full ratchet anti-dilution price protection as the Secured SPA Notes. The Secured SPA Warrants are indexed to the Company’s Class A Common Stock and, as such, meet the scope exception in ASC 815-40 to be classified within equity.

The Company elected the fair value option afforded by ASC 825, Financial Instruments, with respect to the Secured SPA Notes because the notes include features, such as a contingently exercisable put option, that meet the definition of an embedded derivative. The Company expenses transaction costs to Change in fair value of notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss. The Company also elected to apply the fair value option for all other SPA Portfolio Notes.

Amendments and Modifications

The Secured SPA Notes have undergone several amendments:

•Unanimous Written Consents: During the year ended December 31, 2024, the Company’s Board of Directors (the “Board”) exercised its authority via a series of written consents (the “Unanimous Written Consents”) to adjust the principal conversion price of the Secured SPA Notes as it considered desirable. The Board chose to reduce the

principal conversion price from $29.33 to 105% of the listed market price of the Company’s Common Stock at the close of the trading day on which a conversion notice is delivered. The adjustments to the principal conversion price were temporary in nature and contractually concluded on June 30, 2024. The actions of the Board in the Unanimous Written Consents did not trigger any full ratchet anti-dilution price protection in the Company’s debt and equity securities.

•Eleventh and Twelfth Amendments (July 11, 2024): Permitted entry into the Collateralized Loan by subordinating liens securing the Secured SPA Notes to liens under the Collateralized Loan (See Note 10, Other Financing Liabilities, Section Collateralized Loan below).

•The Waiver Agreement (August 2, 2024): Revised key financial terms of the Secured SPA Notes and 2023 Unsecured SPA Notes, including elimination of the Make-Whole Amount. The Make-Whole Amount was a provision that entitled noteholders to compensation for the interest they would have received had the notes been held to maturity. Additionally, pursuant to the Waiver Agreement, the holders agreed that accrued interest shall be due at maturity or conversion. Further, the conversion price was reduced to the lesser of (1) the conversion price then in effect, $29.33, subject to full ratchet anti-dilution price protection (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions occurring thereafter) or (2) 90% of the VWAP of the Company’s Common Stock as of the trading day ended immediately prior to the time the conversion notice is delivered to the Company. The provisions of the Waiver Agreement will apply to all Secured SPA Notes and 2023 Unsecured SPA Notes currently issued or issuable in the future pursuant to the Secured SPA and 2023 Unsecured SPA (as defined below).

In accordance with ASC 470-50, Debt—Modifications and Extinguishments, the changes pursuant to the Waiver Agreement qualified as an extinguishment because the change in the fair value of the conversion feature was substantial. Accordingly, the Company recognized a Loss on settlement of notes payable in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2024, calculated as the difference between the reacquisition price of the debt and the net carrying amount of the notes.

Anti-Dilution Adjustments

During the year ended December 31, 2024, the Company entered into dilutive stock sale and purchase transactions, that triggered the full ratchet anti-dilution price protections embedded in the Secured SPA Notes and Secured SPA Warrants. As a result, the fixed-price conversion price of the Secured SPA Notes and exercise price of the Secured SPA Warrants outstanding prior to such financings was reduced to a price equal to the price per share paid in the dilutive financings.

On September 5, 2024, the Company entered into the Junior Secured SPA, which triggered the full ratchet anti-dilution price protection in the Secured SPA Notes and Secured SPA Warrants. The issuance of the Junior Secured SPA Notes constituted a dilutive issuance, as the stated conversion price of $5.24 was less than the Secured SPA Notes and Secured SPA Warrant exercise price.

On December 21, 2024, the Company entered into the 2024 Unsecured SPA Notes, which triggered the full ratchet anti-dilution price protection in the Secured SPA Notes and Secured SPA Warrant. The issuance of the 2024 Unsecured SPA Notes constituted a dilutive issuance, as the stated conversion price of $1.16 was less than the Secured SPA Notes conversion price and Secured SPA Warrant exercise price.

During the year ended December 31, 2025 there have not been any dilutive sale and purchase transactions affecting the Secured SPA Notes.

Summary of Secured SPA Notes Activity

As of December 31, 2025, the fair value of the Secured SPA Notes was zero, compared to $5.5 million as of December 31, 2024.

During the years ended December 31, 2025 and December 31, 2024 the Company received cash proceeds of zero and $10.7 million, after original issue discounts, respectively, in exchange for the issuance of Secured SPA Notes. During the same periods, the Company converted debt with a principal amount of $3.1 million and $108.8 million into 3,164,911 and 41,727,089 shares of Class A Common Stock, respectively. The conversion of Secured SPA Notes into Class A Common Stock resulted in a loss on extinguishment of $0.3 million and $126.1 million for each period. For the years ended December 31, 2025 and 2024, the Company recognized a gain of $1.9 million and $33.9 million, respectively, from the fair value remeasurement of Secured

SPA Notes under ASC 825, which was recorded in Change in fair value of notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss. For the year ended December 31, 2024 the Company also recognized a $5.2 million loss on extinguishment of notes payable triggered by the Waiver Agreement recorded in Loss on settlement of notes payable in the Consolidated Statements of Operations and Comprehensive Loss.

2023 Unsecured SPA Notes

Overview and Terms

Pursuant to that certain Securities Purchase Agreement dated May 8, 2023, (the “2023 Unsecured SPA”) by and between the Company and the investors party thereto, including Metaverse Horizon Limited (“MHL”), a related party, the Company issued certain unsecured convertible promissory note (the “2023 Unsecured SPA Notes”). These 2023 Unsecured SPA Notes are unsecured and have terms similar to the Secured SPA Notes, except they lack collateral backing.

The 2023 Unsecured SPA Notes bear an annual interest rate of 10%, increasing to 15%, if interest is paid in shares of Class A Common Stock. Principal and interest are due at maturity, unless converted earlier pursuant to the 2023 Unsecured SPA Notes’ conversion privileges. Issued at a 10% original issue discount, these notes are convertible into the Company’s Class A Common Stock at the lesser of a fixed conversion price or 90% of the VWAP for the trading day immediately prior to the conversion date. The 2023 Unsecured SPA Notes are subject to full ratchet anti-dilution price protection and as of December 31, 2025 the fixed conversion price was $1.16 for all tranches outstanding. The 2023 Unsecured SPA Notes mature primarily six years from each date of issuance.

In connection with the issuance of the 2023 Unsecured SPA Notes, the Company also granted to each purchaser a warrant (the “2023 Unsecured SPA Warrants”) to purchase shares of Class A Common Stock equal to 33% of the shares issuable upon conversion of the aggregate principal amount under the Secured SPA Notes funded. The 2023 Unsecured SPA Warrants are subject to the same full ratchet anti-dilution price protection as the 2023 Unsecured SPA Notes. The 2023 Unsecured SPA Warrants are indexed to the Company’s Class A Common Stock and, as such, meet the scope exception in ASC 815-40 to be classified within equity.

The activity below does not include related party transactions, which are discussed separately in Note 9, Related Party Transactions.

Amendments, Waivers, and Modifications

The Waiver Agreement dated August 2, 2024, by and between the Company and the investors party thereto (the “Waiver Agreement”) revised the terms of the Secured SPA Notes and 2023 Unsecured SPA Notes. The terms of the 2023 Unsecured SPA Notes are substantially similar to those of the Secured SPA Notes and were similarly impacted by the Waiver Agreements. Details of the Waiver Agreements and their effects on the Secured SPA Notes and 2023 Unsecured SPA Notes are discussed in the section on Secured SPA Notes.

Anti-Dilution Adjustments

Throughout 2024, the Company entered into numerous dilutive sale and purchase transactions as described in the section on the Secured SPA Notes. The dilutive sale and purchase transactions applicable to the Secured SPA Notes caused the same full ratchet anti-dilution price protection triggers for the 2023 Unsecured SPA Notes.

During the year ended December 31, 2025, the Company entered into several dilutive sale and purchase transactions through issuance of Junior Secured SPA Notes, 2024 Unsecured SPA Notes, March 2025 Unsecured Notes and July 2025 Unsecured Notes. These transactions triggered the full ratchet anti-dilution price protection for the 2023 Unsecured SPA Notes issued prior to such dilutive transactions. Accordingly, as of December 31, 2025, the conversion price of the 2023 Unsecured SPA Notes was $1.16.

Summary of 2023 Unsecured SPA Notes Activity

As of December 31, 2025, the fair value of the outstanding 2023 Unsecured SPA Notes was $6.7 million. As of December 31, 2024, the fair value of the outstanding 2023 Unsecured SPA Notes was $6.7 million.

During the years ended December 31, 2025, and 2024, the Company received net cash proceeds of $11.7 million and zero, respectively, after original issue discounts, in exchange for the issuance of 2023 Unsecured SPA Notes. During the same periods, the Company converted debt with a principal amount of $9.3 million and $31.0 million into 8,650,209 and 19,368,059 shares of Class A Common Stock, respectively. The conversion of 2023 Unsecured SPA Notes into Class A Common Stock resulted in a loss on extinguishment of $4.4 million and $31.5 million for each period. For the years ended December 31, 2025, and 2024, the Company recognized a gain of $2.6 million and $10.3 million, respectively, from the fair value remeasurement of Unsecured Convertible Notes under ASC 825, which was recorded in Change in fair value of notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss. For the years ended December 31, 2024, the Company also recorded a $2.4 million gain on extinguishment of notes payable triggered by the Waiver Agreement recorded in Loss on settlement of notes payable in the Consolidated Statements of Operations and Comprehensive Loss.

Unsecured Convertible Notes

Overview and Terms

In 2025, the Company issued unsecured convertible notes (the “Unsecured Convertible Notes”) to a third party investor. These Unsecured Convertible Notes, mature six months from issuance, accrue interest at 4.27% and are convertible into 2025 July Unsecured SPA Notes upon the subsequent closing of such Notes.

In 2024, the Company issued unsecured convertible notes (the “Unsecured Convertible Notes”) to various investors, including MHL, a related party. These Unsecured Convertible Notes, mature three months from issuance, accrue interest at 4.27% and are convertible at issuance into Class A Common Stock, certain SPA Portfolio Notes, or a future security purchase agreement issued by the Company. The activity below does not include related parties activity, discussed separately in Note 9, Related Party Transactions.

The Company elected the fair value option afforded by ASC 825, Financial Instruments, with respect to the Unsecured Convertible Notes because the notes are exchangeable into SPA Portfolio Notes and the Company expects that to be how the Unsecured Convertible Notes settle. The Company expenses transaction costs to Change in fair value of notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss.

Summary of Unsecured Convertible Notes Activity

As of December 31, 2025, the fair value of the outstanding Unsecured Convertible Notes was $3.4 million, compared to zero as of December 31, 2024.

During the years ended December 31, 2025, and 2024, the Company received net cash proceeds of $5.0 million and $34.9 million, respectively, after original issue discounts, in exchange for the issuance of Unsecured Convertible Notes. During the same periods, the Company neither converted any Unsecured Convertible Notes into shares of Class A Common Stock, nor incurred gain or a loss on extinguishment for each period. For the years ended December 31, 2025, and 2024, the Company recognized a gain of $0.1 million and a loss of $0.3 million, respectively, from the fair value remeasurement of Unsecured Convertible Notes under ASC 825, which was recorded in Change in fair value of notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss. For the year ended December 31, 2024, the Company also recorded a $0.1 million gain on extinguishment of notes payable triggered by the Waiver Agreement recorded in Loss on settlement of notes payable in the Consolidated Statements of Operations and Comprehensive Loss. As of December 31, 2024, the Company had no Unsecured Convertible Notes, as they were exchanged for 2023 Unsecured SPA Notes, Junior Secured SPA Notes and 2024 Unsecured SPA Notes.

Junior Secured SPA Notes

Overview and Terms

Pursuant to that certain Securities Purchase Agreement dated September 5, 2024 by and between the Company and the investors party thereto (the “Junior Secured SPA”), the Company issued certain secured convertible promissory notes (the “Junior Secured SPA Notes”). These Junior Secured SPA Notes are secured by a second-priority lien on certain assets and bear an annual interest rate of 10%. Principal and interest are payable at maturity or at each conversion date. The notes are

convertible along with accrued interest into Class A Common Stock at the lesser of (a) a fixed conversion price or (b) the greater of (1) the floor price, $1.05, or (2) the average VWAP of the common stock for the five previous trading days. Junior Secured SPA Notes are subject to full ratchet anti-dilution price protection and as of December 31, 2025 the fixed price conversion price was $1.16 or $5.24 for different tranches outstanding. These notes mature on various dates through December 2030.

The original Junior Secured SPA Investors were given warrants (the “Junior SPA Warrants”) equal to 100% of the shares issuable upon conversion of the aggregate principal amount under the Junior Secured SPA Note funded. The Junior SPA Warrants are exercisable immediately with a term of five years. The Company issued to the placement agent for the transaction a warrant (the “Placement Agent Warrant”) identical to that of the Junior Secured SPA Investors for 202,768 shares of Common Stock, exercisable immediately. These warrants are subject to the same full ratchet anti-dilution price protection as the Junior Secured SPA Notes. As of December 31, 2025, the Company’s Junior Secured SPA Warrants are indexed to the Company’s Class A common stock and meet the requirements for equity classification under the scope exception in ASC 815-40.

The Junior Secured SPA Investors were issued incremental warrants (the “Junior SPA Incremental Warrants”) to purchase additional Junior Secured SPA Notes up to the amounts originally funded under their original Junior Secured SPA Note commitments. The Junior SPA Incremental Warrants, presented in the Consolidated Balance Sheets as Derivative call options, are exercisable immediately upon issuance and have a one-year term. They allow the purchase of the respective notes at an exercise price equal to the principal amount of the notes issued to the investor, subject to full ratchet anti-dilution price protection, as adjusted for stock splits, stock dividends, stock combinations, recapitalizations, or similar transactions. See Note 15, Fair Value of Financial Instruments for further details on the Junior SPA Incremental Warrants.

Amendments and Modifications

•Letter Agreements: On January 28, 2025, the Company entered into a letter agreement (the “September Letter Agreement”) with certain Junior Secured SPA Investors. These investors agreed not to convert outstanding notes below the initial $5.24 conversion price prior to the Company’s receipt of stockholder approval for the issuance of the Junior Secured SPA Notes, Junior SPA Warrants and Junior SPA Incremental Warrants. In return, the Company agreed to issue “True-Up Shares” after approval to adjust for any pre-approval conversions, based on a formula considering accrued interest and market pricing. The September Letter Agreement include a provision preventing the issuance of shares of common stock underlying the applicable securities if the Company's available authorized stock is insufficient. However, the Company must deliver the shares once a sufficient number of authorized but unissued shares becomes available.

Anti-Dilution Adjustments

On December 21, 2024, the Company entered into the 2024 Unsecured SPA (as defined below), pursuant to which the Company issued certain 2024 Unsecured SPA Notes to the purchasers party thereto, which triggered the full ratchet anti-dilution price protection in the Junior Secured SPA Notes and Junior Secured SPA Warrants. The issuance of the 2024 Unsecured SPA Notes constituted a dilutive issuance, as the stated conversion price of $1.16 was less than the Junior Secured SPA Notes conversion and Junior Secured SPA Warrant exercise price.

During the year ended December 31, 2025, the Company entered into a dilutive transaction through the issuance of 2024 Unsecured SPA Notes upon the exercise of 2024 Unsecured SPA Incremental Warrants. These transactions triggered the full ratchet anti-dilution provisions of the Junior Secured SPA Notes issued during the year ended December 31, 2025, but prior to the dilutive transaction. Accordingly, as of December 31, 2025, conversion price of certain Junior Secured SPA Notes issued during the same period was $1.16.

Summary of Junior Secured SPA Notes Activity

As of December 31, 2025, the fair value of the Junior Secured SPA Notes was $11.4 million, compared to $26.1 million as of December 31, 2024.

During the years ended December 31, 2025, and 2024, the Company received net cash proceeds of $18.0 million and $22.5 million, respectively, after original issue discounts, in exchange for the issuance of Junior Secured SPA Notes. During the same periods, the Company converted debt with a principal amount of $36.3 million and $1.1 million into 34,108,683 and 1,046,651 shares of Class A Common Stock, respectively. The conversion of Junior Secured SPA Notes into Class A Common Stock resulted in a loss on extinguishment of $22.3 million and $1.4 million, for each period. For the year ended December 31, 2025, and 2024, the Company recognized a gain of $10.6 million and a loss of $9.7 million, respectively, from the fair value remeasurement of Junior Secured SPA Notes under ASC 825, which was recorded in Change in fair value of notes payable,

warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss.

2024 Unsecured SPA Notes

Overview and Terms

The 2024 Unsecured SPA Notes were issued under a securities purchase agreement (the “2024 Unsecured SPA”) dated December 21, 2024, by and between the Company and the investors party thereto. These notes bear an annual interest rate of 10%. Principal and interest are payable at maturity or at each conversion date. The notes are convertible along with accrued interest into Class A Common Stock at the lesser of (a) a fixed conversion price, which was $1.16 at issuance, or (b) the greater of (1) the floor price, $1.05, or (2) the lowest one-day VWAP of the common stock for the five previous trading days. 2024 Unsecured SPA Notes are subject to full ratchet anti-dilution price protection. These 2024 Unsecured SPA Notes mature on various dates through December 2030.

The original 2024 Unsecured SPA Investors were issued warrants (the “2024 Unsecured SPA Warrants”) equal to 100% of the shares issuable upon conversion of the aggregate principal amount under the 2024 Unsecured SPA Notes (defined below) purchased by such 2024 Unsecured SPA Investor. The 2024 Unsecured SPA Warrants are exercisable immediately with a term of five years. 2024 Unsecured SPA Warrants are subject to the same full ratchet anti-dilution price protection as the 2024 Unsecured SPA Notes. As of December 31, 2025, the Company’s 2024 Unsecured SPA Warrants are indexed to the Company’s Class A common stock and meet the requirements for equity classification under the scope exception in ASC 815-40.

The original 2024 Unsecured SPA Investors were issued incremental warrants (the “2024 Unsecured SPA Incremental Warrants”) to purchase additional 2024 Unsecured SPA Notes up to the amounts originally funded under their original 2024 Unsecured SPA Note commitments. The 2024 Unsecured SPA Incremental Warrants, presented in the Consolidated Balance Sheets as Derivative call options, are exercisable immediately upon issuance and have a one-year term. They allow the purchase of the respective notes at an exercise price equal to the principal amount of the notes issued to the investor, subject to full ratchet anti-dilution price protection, as adjusted for stock splits, stock dividends, stock combinations, recapitalizations, or similar transactions. See Note 15, Fair Value of Financial Instruments for further details on the 2024 Unsecured SPA Incremental Warrants.

Amendments and Modifications

•Letter Agreements: On January 28, 2025, the Company entered into a letter agreement (the “December Letter Agreement”) with certain 2024 Unsecured SPA Investors, modifying terms related to their previously disclosed investment. These investors agreed not to convert outstanding notes below the initial $1.16 conversion price before stockholder approval for the issuance of the 2024 Unsecured SPA Notes, 2024 Unsecured SPA Warrants and 2024 Unsecured Incremental Warrants. The Company agreed to issue True-Up Shares post-approval using an adjustment formula. Additionally, if a resale registration statement becomes effective, and the conversion price exceeds the prior day's closing bid price, the conversion price will be adjusted downward. The December Letter Agreement includes a provision preventing the issuance of shares of common stock underlying the applicable securities if the Company's available authorized stock is insufficient. However, the Company must deliver the shares once sufficient stock becomes available.

Summary of 2024 Unsecured SPA Notes Activity

As of December 31, 2025, the fair value of the 2024 Unsecured SPA Notes was $5.8 million, compared to $7.0 million as of December 31, 2024.

During the year ended December 31, 2025, the Company received net cash proceeds of $43.0 million, after original issue discounts, in exchange for the issuance of 2024 Unsecured SPA Notes. During the same period, the Company converted debt with a principal amount of $46.9 million into 43,309,929 shares of Class A Common Stock. The conversion of 2024 Unsecured SPA Notes into Class A Common Stock resulted in a loss on extinguishment of $46.8 million, for the year ended December 31, 2025. For the year ended December 31, 2025, the Company recognized a gain of $10.5 million, from the fair value remeasurement of 2024 Unsecured SPA Notes under ASC 825, which was recorded in Change in fair value of notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss.

During the year ended December 31, 2024, the Company received net cash proceeds of $2.5 million, after original issue discounts, in exchange for the issuance of 2024 Unsecured SPA Notes, and exchanged Unsecured Convertible Notes with a principal amount of $7.5 million into 2024 Unsecured SPA Notes. There were no other activity involving 2024 Unsecured SPA Notes during year ended December 31, 2024

2025 March Unsecured SPA Notes

Overview and Terms

On March 21, 2025, the Company entered into a securities purchase agreement (the “2025 March Unsecured SPA”) with certain accredited investors, including MHL a related party (collectively, the “2025 March Unsecured SPA Investors”), pursuant to which the Company agreed to issue and sell an aggregate of $41.0 million in principal amount of senior unsecured convertible promissory notes (the “2025 March Unsecured SPA Notes”). The 2025 March Unsecured SPA will be completed in four closings, each subject to specified closing conditions including minimum trading price and volume thresholds. The activity below does not include related party activity, discussed separately in Note 9, Related Party Transactions.

The 2025 March Unsecured SPA Notes mature in five years from the date of issuance and bear interest at a fixed rate of 10% per annum. Interest is payable on each conversion date or at maturity and may be settled in cash, shares of Class A common stock, or a combination thereof, at the Company’s election and subject to certain conditions. In the event of a default, the interest rate increases to 18% per annum. The Company may redeem the notes at a premium of 10% over the greater of (i) the value of the shares otherwise issuable upon conversion and (ii) the value of the note’s outstanding principal. In a bankruptcy-related default, the notes are redeemable at a 25% premium, unless waived by the holder.

The 2025 March Unsecured SPA Notes are convertible at the option of the holder into shares of the Company’s Class A common stock at an initial fixed conversion price of $1.29 per share, subject to customary anti-dilution adjustments and full ratchet anti-dilution price protection. The number of shares issuable upon conversion is determined by dividing the outstanding principal and accrued interest, together with an 8% premium, by the conversion price. The notes also include an alternate conversion feature that permits the holder to convert at the lower of (i) the then-effective conversion price or (ii) the greater of $1.048 per share (the “floor price”) and the lowest VWAP of the Class A common stock during the five trading days immediately preceding the conversion notice. If a conversion under the alternate mechanism would result in issuance below the floor price, the Company must either settle the difference in cash or increase the principal balance of the note by the shortfall amount.

The 2025 March Unsecured SPA Investors were issued warrants (the “2025 March Unsecured SPA Warrants”) equal to 100% of the shares issuable upon conversion of the aggregate principal amount under the 2025 March Unsecured SPA Notes funded, calculated using the initial conversion price of the 2025 March Unsecured SPA Notes. The 2025 March Unsecured SPA Warrants are exercisable immediately with a term of five years. The 2025 March Unsecured SPA Warrants are subject to a full ratchet anti-dilution price protection similar to that applicable to the 2025 March Unsecured SPA Notes. As of December 31, 2025, the Company’s 2025 March Unsecured SPA Warrants are indexed to the Company’s Class A common stock and meet the requirements for equity classification under the scope exception in ASC 815-40.

The 2025 March Unsecured SPA Investors were issued incremental warrants (the “2025 March Unsecured SPA Incremental Warrants”) to purchase additional 2025 March Unsecured SPA Notes up to the amounts funded under their 2025 March Unsecured SPA commitments. The 2025 March Unsecured SPA Incremental Warrants, presented in the Consolidated Balance Sheets as Derivative call options, are exercisable immediately upon issuance and have a five-year term. They allow the purchase of the respective notes at an exercise price equal to the principal amount of the notes issued to the investor, subject to full ratchet anti-dilution price protection, as adjusted for stock splits, stock dividends, stock combinations, recapitalizations, or similar transactions. See Note 15, Fair Value of Financial Instruments for further details on the 2025 March Unsecured SPA Incremental Warrants.

The 2025 March Unsecured SPA Investors received a number of shares of Series B Preferred Stock equal to the lesser of (i) the number of shares of common stock into which such purchaser’s notes are convertible, and (ii) such purchaser’s pro rata share (based on commitment percentage) of an aggregate cap of 9,000,000 shares of Series B Preferred Stock. See Note 13 Stockholders’ Equity for further details on the shares of Series B Preferred Stock.

Amendments and Modifications

On May 15, 2025, the Company entered into a Waiver and Amendment Agreement (the “SPA Waiver”) with the 2025 March Unsecured SPA Investors. The SPA Waiver modified certain registration and closing conditions provisions under the SPA, as described below.

Under the SPA Waiver, the Investors agreed that the Company is required to register for resale on the initial registration statement (the “Initial Registration Statement”) only the shares of Class A common stock issuable upon conversion of the 2025 March Unsecured SPA Notes issued at the first closing. The Company is not required to register on the Initial Registration Statement any shares issuable upon exercise of the 2025 March Unsecured SPA Warrants or 2025 March Unsecured SPA Incremental Warrants or securities issued in subsequent closings. However, the Company agreed to use commercially reasonable efforts to file a subsequent registration statement to cover (i) the remaining shares underlying the 2025 March Unsecured Notes, 2025 March Unsecured SPA Warrants, and 2025 March Unsecured SPA Incremental Warrants within 45 calendar days after the later of (a) the effectiveness of the Initial Registration Statement or (b) the date an Investor requests registration, and (ii) shares issuable under instruments from any subsequent closing within 45 calendar days after the later of (a) the effectiveness of the Initial Registration Statement or (b) the applicable closing date.

Under the original terms of the 2025 March Unsecured SPA, if the conditions to a subsequent closing were not satisfied by the scheduled closing date, the closing could be delayed for up to twenty (20) business days. Pursuant to the SPA Waiver, the SPA was amended to provide that if, during such 20-business-day deferral period, the closing price of the Company’s Class A common stock is below $1.00, the applicable subsequent closing shall instead occur within twenty (20) business days following the first trading day on which the closing price equals or exceeds $1.00.

In addition, the Company obtained the right, at its sole discretion, to reduce the portion of a 2025 March Unsecured SPA Investor’s purchase amount to be funded at any individual closing, provided that no such investor’s aggregate commitment is reduced.

Note Conversion and exercise price re-set

Pursuant to the terms of the 2025 March Unsecured SPA, on May 28, 2025, the fixed conversion price of the 2025 March Unsecured SPA Notes and the exercise price of the related common stock warrants were reset to 100% and 120%, respectively, of the closing price of the Company’s Class A common stock on the trading day immediately prior to the receipt of stockholder approval for the related private placement. As a result, the fixed conversion price and warrant exercise price of the 2025 March Unsecured SPA instruments re-set to $1.22 and $1.464, respectively.

Anti-Dilution Adjustments

During the year ended December 31, 2025, the Company entered into dilutive sale and purchase transactions, through the issuance of 2024 Unsecured SPA Notes upon the exercise of 2024 Unsecured SPA Incremental Warrants. These transactions triggered the full ratchet anti-dilution price protection for 2025 March Unsecured SPA Notes and related warrants issued prior to the triggering transactions. Accordingly, as of December 31, 2025, the conversion prices of the outstanding 2025 March Unsecured SPA Notes ranged from $1.16 to $1.22, and the exercise price of the related 2025 March Unsecured SPA Notes Warrants ranged from $1.392 to $1.464, depending on whether the applicable tranche was subject to the anti-dilution adjustment.

Summary of 2025 March Unsecured SPA Notes Activity

As of December 31, 2025, the fair value of the outstanding 2025 March Unsecured SPA Notes, was approximately $2.1 million compared to zero as of December 31, 2024.

During the year ended December 31, 2025, the Company received net cash proceeds of $34.8 million, after original issue discounts, in exchange for the issuance of 2025 March Unsecured SPA Notes. During the same period, the Company converted debt with a principal amount of $29.3 million into 28,551,267 shares of Class A Common Stock. The conversion of 2025 March Unsecured SPA Notes into Class A Common Stock resulted in a loss on extinguishment of $26.7 million. For the year ended December 31, 2025, the Company recognized a gain of $2.9 million from the fair value remeasurement of 2025 March Unsecured SPA Notes under ASC 825, which was recorded in Change in fair value of notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss.

There were no transactions involving 2025 March Unsecured SPA Notes during year ended December 31, 2024 as the 2025 March Unsecured SPA Notes had not yet been issued.

2025 July Unsecured SPA Notes

Overview and Terms

On July 14, 2025, the Company entered into a securities purchase agreement (the “2025 July Unsecured SPA”) with certain accredited investors (collectively, the “2025 July Unsecured SPA Investors”), pursuant to which the Company agreed to issue and sell an aggregate of $82.0 million in principal amount of senior unsecured convertible promissory notes (the “2025 July Unsecured SPA Notes”). The 2025 July Unsecured SPA will be completed in two closings, each subject to specified closing conditions including minimum trading price and volume thresholds.

The 2025 July Unsecured SPA Notes mature five years from the date of issuance and bear interest at a fixed rate of 10% per annum. Interest is payable on each conversion date or at maturity and may be settled in cash, shares of Class A common stock, or a combination thereof, at the Company’s election and subject to certain conditions. In the event of a default, the interest rate increases to 18% per annum. The Company may redeem the notes at a premium of 10% over the greater of (i) the value of the shares otherwise issuable upon conversion and (ii) the value of the note’s outstanding principal. In a bankruptcy-related default, the notes are redeemable at a 25% premium, unless waived by the holder.

The 2025 July Unsecured SPA Notes are convertible at the option of the holder into shares of the Company’s Class A common stock at an initial fixed conversion price of $1.75 per share, subject to customary anti-dilution adjustments and full ratchet anti-dilution price protection. The number of shares issuable upon conversion is determined by dividing the outstanding principal and accrued interest, together with an 8% premium, by the conversion price. The notes also include an alternate conversion feature that permits the holder to convert at the lower of (i) the then-effective conversion price or (ii) the greater of $1.048 per share (the “floor price”) and the lowest VWAP of the Class A common stock during the five trading days immediately preceding the conversion notice.

The 2025 July Unsecured SPA Investors were issued warrants (the “2025 July Unsecured SPA Warrants”) equal to 33% of the shares issuable upon conversion of the aggregate principal amount under the 2025 July Unsecured SPA Notes funded. The 2025 July Unsecured SPA Warrants are exercisable immediately with a term of five years. The 2025 July Unsecured SPA Warrants are subject to a full ratchet anti-dilution price protection similar to that applicable to the 2025 July Unsecured SPA Notes. As of December 31, 2025, the Company’s 2025 July Unsecured SPA Warrants are indexed to the Company’s Class A common stock and meet the requirements for equity classification under the scope exception in ASC 815-40.

The 2025 July Unsecured SPA Investors received a number of shares of Series B Preferred Stock equal to the lesser of (i) the number of shares of common stock into which such purchaser’s notes are convertible, and (ii) such purchaser’s pro rata share (based on commitment percentage) of an aggregate cap of 6,813,785 shares of Series B Preferred Stock. See Note 13 Stockholders’ Equity for further details on the shares of Series B Preferred Stock.

Amendments and Modifications

On August 21, 2025, the Company and the required purchasers under the 2025 July Unsecured SPA entered into an amendment to the 2025 July Unsecured SPA. Pursuant to the amendment, the aggregate Note Commitment Amount under the 2025 July Unsecured SPA was increased from $82.0 million to $83.5 million, and the Commitment Annex to the 2025 July Unsecured SPA was amended and restated in its entirety to reflect such increase.

Note Conversion and exercise price re-set

Pursuant to the terms of the 2025 July Unsecured SPA Notes, on September 19, 2025, the fixed conversion price of the 2025 July Unsecured SPA Notes and the exercise price of the related common stock warrants were reset to 100% and 120%, respectively, of the closing price of the Company’s Class A common stock on the trading day immediately prior to the receipt of stockholder approval for the related private placement. As a result, as of December 31, 2025, the fixed conversion price and warrant exercise price of the 2025 July Unsecured SPA instruments were $1.68 and $2.02, respectively. This reset did not trigger any price-based anti-dilution provisions of other outstanding convertible instruments.

Summary of 2025 July Unsecured SPA Notes Activity

As of December 31, 2025, the fair value of the outstanding 2025 July Unsecured SPA Notes, was approximately $26.8 million compared to zero as of December 31, 2024.

During the year ended December 31, 2025, the Company received net cash proceeds of $39.2 million, after original issue discounts, in exchange for the issuance of 2025 July Unsecured SPA Notes. For the year ended December 31, 2025, the Company recognized a gain of $10.2 million from the fair value remeasurement of 2025 July Unsecured SPA Notes under ASC 825, which was recorded in Change in fair value of notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss.

There were no transactions involving 2025 July Unsecured SPA Notes during year ended December 31, 2024 as the 2025 July Unsecured SPA Notes had not yet been issued.

2025 Convertible Note - AIXC

On April 28, 2025, AIXC entered into a Secured Convertible Note (the “2025 Convertible Note - AIXC”) with Alpha Capital Anstalt (“Alpha”, or “Holder”), pursuant to which AIXC issued to Alpha a non-interest-bearing note with a principal of approximately $0.3 million, and an original issue discount (“OID”) of 20%, in exchange for approximately $0.2 million cash, net of immaterial issuance costs. The Note is convertible at any time at Alpha’s option, into shares of the AIXC’s common stock at a price equal to $2.25 per share (the “Conversion Price”), subject to customary adjustments. The Convertible Note bears no stated interest, and is due on January 28, 2026 (the “Maturity Date”). On June 4, 2025 AIXC repaid approximately $0.1 million in principal at the request of Alpha.

The Company concluded that the 2025 Convertible Note - AIXC did not contain a substantial premium and therefore elected to account for the instrument under the fair value option in accordance with ASC 825-10-15-4. As of December 31, 2025 the fair value of the 2025 Convertible Note - AIXC was $0.1 million. Prior to the acquisition, any gains or losses resulting from the remeasurement of this instrument to fair value were recognized in AIXC’s standalone statements of operations. AIXC recognized a gain of $0.2 million from the fair value remeasurement of the 2025 Convertible Note - AIXC between the acquisition and December 31, 2025.

Promissory Notes - AIXC

During the year ended December 31, 2025 AIXC issued short-term notes (the “Promissory Notes - AIXC”). The Notes mature six months from their respective funding dates, bear no stated interest, and are repayable at 30% premium upon repayment. The premium is accreted to the carrying amount over their term using the effective interest method, with the offsetting impact recognized as interest expense.

Subsequent to the acquisition and prior to December 31, 2025, the Promissory Notes – AIXC were repaid in full for $3.3 million in cash. During the period prior to repayment, AIXC recognized approximately $0.4 million of interest expense related to the accretion of the premium using the effective interest method.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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-Paragraph 1
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-Subparagraph (b)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
Federal	$ 0	$ 0
State	19	(4)
Foreign	44	(263)
Current income tax expense (benefit), total	63	(267)
Deferred:
Federal	(54,770)	(21,218)
State	(24,909)	(10,013)
Foreign	(435)	(504)
Deferred income tax expense (benefit), total	(80,114)	(31,735)
Valuation allowance	80,114	31,735
Deferred income tax expense (benefit), net of valuation allowance	0	0
Effective Tax Rate	$ 63	$ (267)

Notes Payable - 2025 March Unsecured SPA Notes Narrative (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	May 28, 2025 $ / shares	Mar. 21, 2025 USD ($) day closing $ / shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 30, 2025 $ / shares	Aug. 14, 2025 $ / shares	May 15, 2025 $ / shares	Dec. 21, 2024 $ / shares	Jul. 31, 2024 $ / shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Exercise price (in dollars per share) \| $ / shares								$ 1.16	$ 110,400
Class A Common Stock
Debt Instrument [Line Items]
Share price (in dollars per share) \| $ / shares			$ 1.02			$ 3.00
2025 March Unsecured SPA Notes
Debt Instrument [Line Items]
Debt instrument, term (in years)			5 years
Percent of purchaser's conversion shares			100.00%
Notes Payable
Debt Instrument [Line Items]
Notes and loans payable			$ 60,666	$ 49,488						$ 91,150
Gain (loss) on extinguishment of debt				(2,699)
Gain (loss) on fair value adjustment of debts			$ 39,082	34,218
2025 March Unsecured SPA Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 41,000
Debt instrument, number of closings \| closing		4
Debt instrument, term (in years)		5 years
Contractual Interest Rates		10.00%
Debt instrument, redemption price, percentage		10.00%
Redemption price, percentage		25.00%
Conversion price (in dollars per share) \| $ / shares	$ 1.22	$ 1.29	$ 1.22		$ 1.16
Debt instrument, floor price (in dollars per share) \| $ / shares		$ 1.048
Debt instrument, SPA waiver, term							45 days
Debt instrument, SPA waiver, deferral period							20 days
Share price (in dollars per share) \| $ / shares							$ 1.00
Debt instrument, convertible, threshold percentage of stock price trigger	100.00%
Debt instrument, exercisable, threshold percentage of stock price trigger	120.00%
Exercise price (in dollars per share) \| $ / shares	$ 1.464		$ 1.464		$ 1.392
2025 March Unsecured SPA Notes \| Series B Preferred Stock
Debt Instrument [Line Items]
Pro rata aggregate cap (in shares) \| shares			9,000,000
2025 March Unsecured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Debt instrument, term (in years)			5 years
Contractual Interest Rates		18.00%	10.00%
Redemption price, percentage		8.00%
Debt instrument, convertible, threshold consecutive trading days (in days) \| day		5
Notes and loans payable			$ 2,108	$ 0
Proceeds from debt, net of issuance costs			34,800
Debt conversion, converted amount			$ 29,300
Shares issued from conversion (in shares) \| shares			28,551,267
Gain (loss) on fair value adjustment of debts			$ 2,936
2025 March Unsecured SPA Notes \| Notes Payable \| Class A Common Stock
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt			$ (26,700)

Related Party Transactions - Schedule of Related Party Debt Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Related Party Debt Rollforward [Abstract]
Fair value measurement adjustments	$ 21,439	$ 19,653
Debt issuance costs	6,044	4,886
Related Party
Related Party Debt Rollforward [Abstract]
Beginning balance	8,064	9,760
New Issuances	1,905	3,074
Repayments of Debt	(2,540)	(125)
Conversion of Debt to Equity	(2,564)	(435)
Fair Value Adjustments of Debt	(705)	(242)
Reclassification of Debt Between Debt Categories	0
Other Adjustments	119	(3,968)
Ending balance	4,279	8,064
Fair value measurement adjustments	2,826	1
Debt issuance costs	189
2025 March Unsecured SPA Notes \| Related Party
Related Party Debt Rollforward [Abstract]
Beginning balance	0
New Issuances	1,435
Repayments of Debt	0
Conversion of Debt to Equity	(1,837)
Fair Value Adjustments of Debt	(49)
Reclassification of Debt Between Debt Categories	451
Other Adjustments	0
Ending balance	0	0
Unsecured Convertible Notes \| Related Party
Related Party Debt Rollforward [Abstract]
Beginning balance	1,364
New Issuances	470
Repayments of Debt	0
Conversion of Debt to Equity	(727)
Fair Value Adjustments of Debt	(656)	(100)
Reclassification of Debt Between Debt Categories	(451)
Other Adjustments	0
Ending balance	0	1,364
2023 Unsecured Convertible Note \| Related Party
Related Party Debt Rollforward [Abstract]
Beginning balance	0	542
New Issuances		0
Repayments of Debt		0
Conversion of Debt to Equity		(435)
Fair Value Adjustments of Debt		(107)
Other Adjustments		0
Ending balance		0
Unsecured SPA Notes \| Related Party
Related Party Debt Rollforward [Abstract]
Beginning balance	1,364	0
New Issuances		1,499
Repayments of Debt		0
Conversion of Debt to Equity		0
Fair Value Adjustments of Debt		(135)
Other Adjustments		0
Ending balance		1,364
Notes Payable — China \| Related Party
Related Party Debt Rollforward [Abstract]
Beginning balance	4,382	3,789
New Issuances	0	0
Repayments of Debt	(714)	(125)
Conversion of Debt to Equity	0	0
Fair Value Adjustments of Debt	0	0
Reclassification of Debt Between Debt Categories	0
Other Adjustments	107	718
Ending balance	3,775	4,382
Notes Payable on Demand — China \| Related Party
Related Party Debt Rollforward [Abstract]
Beginning balance	417	5,103
New Issuances	0	0
Repayments of Debt	0	0
Conversion of Debt to Equity	0	0
Fair Value Adjustments of Debt	0	0
Reclassification of Debt Between Debt Categories	0
Other Adjustments	12	(4,686)
Ending balance	429	417
Convertible FFGP Note \| Related Party
Related Party Debt Rollforward [Abstract]
Beginning balance	250	0
New Issuances	0	250
Repayments of Debt	(250)	0
Conversion of Debt to Equity	0	0
Fair Value Adjustments of Debt	0	0
Reclassification of Debt Between Debt Categories	0
Other Adjustments	0	0
Ending balance	0	250
FFGP Note \| Related Party
Related Party Debt Rollforward [Abstract]
Beginning balance	1,576	326
New Issuances	0	1,250
Repayments of Debt	(1,576)	0
Conversion of Debt to Equity	0	0
Fair Value Adjustments of Debt	0	0
Reclassification of Debt Between Debt Categories	0
Other Adjustments	0	0
Ending balance	0	1,576
Other Notes \| Related Party
Related Party Debt Rollforward [Abstract]
Beginning balance	75	0
New Issuances	0	75
Repayments of Debt	0	0
Conversion of Debt to Equity	0	0
Fair Value Adjustments of Debt	0	0
Reclassification of Debt Between Debt Categories	0
Other Adjustments	0	0
Ending balance	$ 75	$ 75

Property, Plant, and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment, Net

Property, plant, and equipment, net, consists of the following as of:


(in thousands)	December 31, 2025		December 31, 2024
Land, buildings and building improvements	$	78,218	$	111,443
Computer hardware	2,603		2,397
Tooling, machinery and equipment	120,792		319,313
Vehicles	699		245
Lease vehicles	1,390		3,121
Computer software	4,339		4,339
Construction in process	8,500		27,563
	216,541		468,421
Less: Accumulated depreciation	(61,238)		(119,834)
	$	155,303	$	348,587

Depreciation and amortization expense, related to property, plant, and equipment, totaled 64.8 million and $71.4 million for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025, the Company disposed of property, plant, and equipment, with a carrying value of approximately $5.0 million. For the year ended December 31, 2024, the Company disposed of property, plant, and equipment, with a carrying value of approximately $4.6 million.

During 2025, the Company identified impairment triggering events and performed an impairment assessment under ASC 360. As described in Note 1 Summary of Significant Accounting Policies—Impairment of Long-Lived Assets, these events included the elimination of federal electric vehicle tax credits, escalating U.S.–China trade tensions, and the Company’s market capitalization relative to carrying value. Based on this assessment and an independent third-party valuation, the Company recorded an impairment charge of $128.9 million for the year ended December 31, 2025, including impairment of Construction in progress of $10.1 million. There were no impairment charges for the year ended December 31, 2024. The impairment loss is included within Impairment of long-lived assets and deposits on the Consolidated Statements of Operations and Comprehensive Loss.

The impairment relates primarily tooling, machinery, and equipment at vendor sites and at the Company’s FF aiFactory California production facility in Hanford, California, that are no longer supported under updated operational plans, as the Company shifts focus from FF 91 program activities to the planned FF 92 upgrade and prepares for FX Super One production.

Substantially all of the Company's assets, including property, plant and equipment, are subject to liens under various financing arrangements. See Note 8, Notes Payable, and Note 10, Other Financing Liabilities, for further details.

Stockholders’ Equity - Schedule of Warrants (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 21, 2024	Dec. 20, 2024	Sep. 05, 2024	Sep. 04, 2024	Jul. 31, 2024
Class of Stock [Line Items]
Exercise price (in dollars per share)			$ 1.16				$ 110,400
Class A Common Stock
Class of Stock [Line Items]
Warrants (in shares)	21,816,667	22,514,744
Ares Warrants \| Class A Common Stock
Class of Stock [Line Items]
Warrants (in shares)	5,776,657	5,776,657
Exercise price (in dollars per share)	$ 1.16	$ 1.16		$ 5.24		$ 29.33
SPA Warrants \| Class A Common Stock
Class of Stock [Line Items]
Warrants (in shares)	5,259	15,238
Exercise price (in dollars per share)		$ 1.16	$ 1.16		$ 5.24
SPA Warrants \| Class A Common Stock \| Minimum
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 1.16
Junior SPA Warrants
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 1.16
Junior SPA Warrants \| Class A Common Stock
Class of Stock [Line Items]
Warrants (in shares)	524,810	5,931,638
Exercise price (in dollars per share)	$ 1.16	$ 1.16
2024 Unsecured SPA Warrants
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 1.22
2024 Unsecured SPA Warrants \| Class A Common Stock
Class of Stock [Line Items]
Warrants (in shares)	6,185,791	10,788,746
Exercise price (in dollars per share)	$ 1.22	$ 1.39
2025 March Unsecured SPA Warrants \| Class A Common Stock
Class of Stock [Line Items]
Warrants (in shares)	5,178,828
2025 March Unsecured SPA Warrants \| Class A Common Stock \| Minimum
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 1.39
2025 March Unsecured SPA Warrants \| Class A Common Stock \| Maximum
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 1.46
2025 July Unsecured SPA Warrants \| Class A Common Stock
Class of Stock [Line Items]
Warrants (in shares)	4,142,857
Exercise price (in dollars per share)	$ 2.02
Public Warrants \| Class A Common Stock
Class of Stock [Line Items]
Warrants (in shares)	2,453	2,453
Exercise price (in dollars per share)	$ 110,400	$ 110,400
Public Warrants \| Class A Common Stock \| AIXC
Class of Stock [Line Items]
Warrants (in shares)	1,226,648
Private Warrants \| Class A Common Stock
Class of Stock [Line Items]
Warrants (in shares)	12	12
Exercise price (in dollars per share)	$ 110,400	$ 110,400
Preferred Warrants - AIXC \| Class A Common Stock \| AIXC
Class of Stock [Line Items]
Warrants (in shares)	160
Exercise price (in dollars per share)	$ 1,270.25
Other Warrants - AIXC \| Class A Common Stock \| AIXC
Class of Stock [Line Items]
Warrants (in shares)	72,004
Other Warrants - AIXC \| Class A Common Stock \| Minimum \| AIXC
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 5.82
Other Warrants - AIXC \| Class A Common Stock \| Maximum \| AIXC
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 6.50
2024 Pre-funded Warrants - QLGN \| Class A Common Stock \| AIXC
Class of Stock [Line Items]
Warrants (in shares)	51,199
Exercise price (in dollars per share)	$ 0.05
2024 Placement Agent Warrants - AIXC \| Class A Common Stock \| AIXC
Class of Stock [Line Items]
Warrants (in shares)	16,019
Exercise price (in dollars per share)	$ 7.80
2025 Placement Agent Warrants - AIXC \| Class A Common Stock \| AIXC
Class of Stock [Line Items]
Warrants (in shares)	1,087,266
Exercise price (in dollars per share)	$ 2.47

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Cash Equivalents

The fair value of the Company’s money market funds is based on the closing price of these assets as of the reporting date, which are included in cash equivalents. The Company’s money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices for identical instruments in active markets. As of December 31, 2025, and 2024 the Company had cash equivalent balances of $16.0 million and $0.0 million, respectively.

Digital Assets

The Company measures digital assets at fair value in accordance with ASC 820, Fair Value Measurement. Fair value is determined using quoted prices in active markets for identical assets (Level 1 inputs). Accordingly, the Company classifies its digital assets within Level 1 of the fair value hierarchy under ASC 820. The Company utilizes pricing information provided by the principal market, which is based on observable market prices from active trading exchanges. As of December 31, 2025 and 2024, the Company had digital asset balances of December 31, 2025, and 2024 the Company had digital asset balances of $10.3 million and $0.0 million, respectively.

Notes Payable & Related Party Notes Payable

The Company has elected to measure certain notes payable and related party notes payable at fair value. Specifically, the SPA Portfolio Notes or notes convertible into SPA Portfolio Notes as they contain embedded liquidation premiums with conversion rights that represent embedded derivatives (see Note 8, Notes Payable and Note 9, Related Party Transactions). The Company uses a binomial lattice model and discounted cash flow methodology to value the notes carried at fair value. The significant assumptions used in the models include the volatility of the Class A Common Stock, the Company’s expectations around the full ratchet anti-dilution and other triggering events, the discount rate applied to the Notes, which incorporates a market benchmark rate and a company-specific credit spread, annual dividend yield, and the expected life of the instrument. Because the valuation incorporates significant unobservable inputs, including the Company’s credit spread and expected triggering events, the instruments are classified within Level 3 of the fair value hierarchy.

The fair value adjustments related to notes payables and related party notes payable were recorded in Change in fair value of notes payable, warrant liabilities, and derivative call options or Change in fair value of related party notes payable, warrant liabilities, and derivative call options, respectively, in the Consolidated Statements of Operations and Comprehensive Loss.

For liabilities measured under the fair value option, the portion of the change in fair value attributable to instrument-specific credit risk is presented in other comprehensive income. The Company determines this amount by evaluating changes in the credit spread embedded in the discount rate used to value the convertible notes relative to a market benchmark rate. Changes in the benchmark component are considered market factors, while changes in the Company’s spread relative to the benchmark represent instrument-specific credit risk. During the periods presented, the Company’s credit spread did not change; accordingly, no portion of the change in fair value of the convertible notes was attributable to instrument-specific credit risk.

For notes payable and related party notes payable where the Company did not elect the fair value option pursuant to ASC 825, Financial Instruments, the carrying value approximates the fair value of the obligation.

2025 Convertible Note - AIXC

The fair value of the 2025 Convertible Note - AIXC was estimated using a Monte Carlo simulation model. Key inputs to the model include the AIXC’s stock price, expected equity volatility, the expected equity financing date, the contractual maturity date, risk-free interest rates, and an assessment of the Company’s credit risk. These inputs represent significant unobservable inputs and, accordingly, the instrument is classified within Level 3 of the fair value hierarchy.

Warrant Liabilities

The Company measures certain SPA Portfolio Note warrants, AIXC warrants, and Private Warrants assumed in the Business Combination, that are classified as liabilities, at fair value. The Company uses various option pricing models, including Monte Carlo simulation model, binominal lattice, and the Black Scholes model, to measure the fair value of the instruments based on the specific contractual features.

Significant assumptions used in the valuation models include the volatility of the Company’s Class A Common Stock (or AIXC’s common stock, as applicable), the Company’s expectations around potential down-round protection triggering events, contractual term, risk-free rate and expected annual dividend yield. Because the valuation of these instruments incorporates significant unobservable inputs, warrant liabilities are classified within Level 3 valuations of the fair value hierarchy.

Changes in fair value or warrant liabilities are recorded in Change in fair value of notes payable, warrant liabilities, and derivative call options or Change in fair value of related party notes payable, warrant liabilities, and derivative call options, in the Consolidated Statements of Operations and Comprehensive Loss

Derivative Call Options

Holders of the Junior Secured SPA Notes, the 2024 Unsecured SPA Notes, and 2025 March Unsecured SPA Notes were issued Incremental Warrants to purchase additional notes on the same terms and conditions up to the amounts originally funded under their commitments. The Company estimates the fair value of the Incremental Warrants using both a binomial lattice model and Monte Carlo simulation to value the Incremental Warrants as the Incremental Warrants entitle the holder to the relevant SPA Portfolio Note and SPA Portfolio Warrant upon exercise. The significant assumptions used include the volatility of the Company’s Class A Common Stock, the Company’s expectations around the full ratchet anti-dilution and other triggering events, the contractual term of the Incremental Warrants, the risk-free rate and annual dividend yield. The underlying convertible notes and the warrants issuable upon the exercise of the Incremental Warrant were assumed to be exercisable up to the maximum allowable amount. Additionally, the terms of these instruments were presumed to be consistent with those of the convertible notes and warrants issued in connection with the Incremental Warrants. Fair value measurements associated with the liability-classified derivatives represent Level 3 valuations under the fair value hierarchy.

The fair value adjustments related to the Incremental Warrants were recorded in Change in fair value of notes payable, warrant liabilities, and derivative call options or Change in fair value of related party notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss

Market-based Awards

In connection with his appointment as Global Co-CEO effective April 23, 2025, the Company entered into an offer letter with Yueting Jia that includes a market-based equity award, as further described in Note 14, Stock-Based Compensation. The award is contingent upon the achievement of specified stock price and market capitalization milestones and was granted outside of the Company’s existing equity incentive plans.

The fair value of the award is remeasured quarterly using a Monte Carlo simulation model based on a Geometric Brownian Motion framework. Significant assumptions used in the valuation included a stock price of $1.02, an effective date market capitalization of $76.4 million, a risk-free rate of 4.17%, a selected equity volatility of 80.0%, and an estimated contractual term of ten years. The remaining total derived service period for the award is 6.44 years, with expected milestone achievement dates between 2027 and 2032.

The Company concluded that the award qualifies for equity classification under ASC 718. However, because the Company does not currently have a sufficient number of authorized but unissued shares the award is classified as liability within Accrued Expenses and Other Current Liabilities in the Consolidated Balance Sheet for the period ended December 31, 2025. Shares based compensation expense is recorded in General and administrative expense in the Consolidated Statements of Operations and Comprehensive Loss

Director Awards

On August 14, 2025, the Board of Directors approved restricted stock unit (“RSU”) awards with a target value of $150,000 for each of three non-employee directors, payable in shares of the Company’s Class A Common Stock pursuant to the Amended and Restated 2021 Stock Incentive Plan, as further described in Note 14, Stock-Based Compensation.

The closing price of the Company’s Class A Common Stock was $3.00 on August 14, 2025, representing an aggregate approved award value of $450,000 for the three directors. On December 31, 2025, the Board approved the use of the closing stock prices on August 14, 2025 and December 31, 2025 in determining the number of RSUs to be issued and authorized a make-whole adjustment to compensate the directors for the decline in the Company’s stock price between those dates. The closing price of the Company’s Class A Common Stock was $1.02 on December 31, 2025. At the time of approval, the Company did not have a sufficient number of authorized and unissued shares available for issuance. As a result, the Company classified these awards as liability-classified awards. The awards will continue to be accounted for as liabilities until the share sufficiency issue is resolved.

The fair value of the RSU awards was determined using the quoted market price of the Company’s Class A Common Stock, which represents an unadjusted quoted price in an active market for identical securities. Accordingly, the fair value measurement is classified within Level 1 of the fair value hierarchy under ASC 820, Fair Value Measurement.

Each RSU represents the right to receive one share of the Company’s Class A Common Stock upon vesting and settlement. The awards vest upon the earlier of the next annual meeting of stockholders following the grant date or April 15, 2026, subject to the director’s continued service through the applicable vesting date and stock based compensation expense is recorded in General and administrative expense in the Consolidated Statements of Operations and Comprehensive Loss.

Recurring Fair Value Measurements

Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables present financial assets and liabilities remeasured on a recurring basis by level within the fair value hierarchy:


	December 31, 2025
(in thousands)	Level 1		Level 2		Level 3
Assets:
Money-market funds	$	15,957	$	—	$	—
Digital assets	$	—	$	10,250	$	—
Liabilities:
Warrant liabilities1	$	—	$	—	$	1,950
Derivative call options1	$	—	$	—	$	12,546
Notes payable1	$	—	$	—	$	56,376
Market-based awards	$	—	$	—	$	2,371
Director awards	$	261	$	—	$	—


1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.


	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3
Liabilities:
Warrant liabilities1	$	—	$	—	$	28,864
Derivative call options1	$	—	$	—	$	29,709
Notes payable1	$	—	$	—	$	46,628
_______________
1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.

There were no transfers of assets and liabilities between Level 1, Level 2 and Level 3 of the fair value measurement hierarchy during the years ended December 31, 2025, and 2024. The carrying amounts of the Company’s financial assets and liabilities, including cash, restricted cash, deposits, accounts payable, accrued liabilities and notes payable, other than the SPA

Portfolio Notes and the 2025 Convertible Note - AIXC, approximate fair value because of their short-term nature or contractually defined value.

The following table summarizes the activity of Level 3 fair value measurements:


(in thousands)	Warrant Liabilities1			Derivative Call Option1			Notes Payable1			Market-based award4
Balance as of December 31, 2024	$	28,864		$	29,709		$	46,628		$	—
Additions	49,364		2	40,389		2	133,505		3	2,281
Additions - Business Combination	362			—			340			—
Change in fair value measurements	(21,848)			(42,886)			(39,787)			90
Conversions of notes to Class A Common Stock	—			—			(84,310)			—
Warrant exercise	(20,251)			—			—			—
Cancellation of Warrants	(27,407)			—			—			—
Reclassification of liability classified warrants to equity	(7,134)			—			—			—
Exercise of derivative call options	—			(14,666)			—			—
Balance as of December 31, 2025	$	1,950		$	12,546		$	56,376		$	2,371
_______________
1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.
2 Addition to Warrant Liabilities and Derivative Call Option are included as loss in line items Change in fair value of notes payable, warrant liabilities, and derivative call options and Change in fair value of related party notes payable, warrant liabilities, and derivative call options in the Consolidated Statements of Operations and Comprehensive Loss. This information is presented to facilitate reconciliation to the related amounts reported in the Consolidated Statements of Operations and Comprehensive Loss.
3 Additions of Notes Payable measured at fair value are presented net of the initial fair value adjustment recorded at issuance. The aggregate fair value adjustment recognized at issuance reduced the principal amount of notes issued during the period by $24,265 thousand. This reduction reflects the allocation of total transaction proceeds between the SPA Notes and the related SPA Warrants and Incremental Warrants issued as part of the bundled transaction. In addition, the line item Change in fair value of notes payable, warrant liabilities, and derivative call options includes a loss of $6,044 thousand, and the line item Change in fair value of related party notes payable, warrant liabilities, and derivative call options includes a loss of $189 thousand, both of which relate to debt issuance costs. These costs are separately identifiable from the fair value adjustments described above and are not included in the Additions of Notes Payable This information is presented to facilitate reconciliation to the related amounts reported in the Consolidated Statements of Operations and Comprehensive Loss.
4 As discussed in Note 14, Stock-Based Compensation, the issuance date fair value of the Market-based award is $10.3 million and as of December 31, 2025 the fair value of the Market-based award was $19.3 million. Amounts displayed here represent vesting for the award based on the issuance date fair value and the subsequent remeasurement of amounts vested.


(in thousands)	Warrant Liabilities1		Derivative Call Option		Notes Payable1
Balance as of December 31, 2023	$	306	$	—	$	86,712
Additions	34,441		14,267		58,789
Debt extinguishments	—		—		2,699
Change in fair value measurements	(5,723)		15,442		(34,460)
Reclassification of liability classified warrants to equity	(160)		—		—
Conversions of notes to Class A Common Stock	—		—		(67,112)
Balance as of December 31, 2024	$	28,864	$	29,709	$	46,628

1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Deposits (current and non-current) and Other Current Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment on long-lived assets	$ 137,435	$ 1,847
Deposits
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment on long-lived assets	$ 8,500

Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 536	$ 539
Cost of revenue	98,302	84,029
Gross profit	(97,766)	(83,490)
Operating expenses
Research and development	16,603	25,227
Settlement on accrued research and development expenses	0	(14,935)
Sales and marketing	12,310	9,278
General and administrative	55,733	43,164
Loss on disposal of property, plant, and equipment	2,459	1,667
Asset impairment on long-lived assets	137,435	1,847
Impairment of goodwill	4,450	0
Credit loss expense - short-term note receivable	(4,294)	0
Total operating expenses	233,284	66,248
Loss from operations	(331,050)	(149,738)
Depreciation and amortization expense	64,807	71,442
Net loss on digital assets	(4,117)	0
Segment net assets	7,759	114,967
Nonrelated Party
Operating expenses
Interest expense	(8,649)	(7,895)
Related Party
Operating expenses
Interest expense	0	(8,710)
AIEV
Segment Reporting Information [Line Items]
Revenue	536	539
Cost of revenue	98,302	84,029
Gross profit	(97,766)	(83,490)
Operating expenses
Research and development	16,757	25,227
Settlement on accrued research and development expenses	0	(14,935)
Sales and marketing	12,310	9,278
General and administrative	52,615	43,164
Loss on disposal of property, plant, and equipment	2,459	1,667
Asset impairment on long-lived assets	137,435	1,847
Impairment of goodwill	4,450	0
Credit loss expense - short-term note receivable	0	0
Total operating expenses	226,026	66,248
Loss from operations	(323,792)	(149,738)
Depreciation and amortization expense	64,807
Net loss on digital assets	(529)	0
Segment net assets	(18,666)	114,967
AIEV \| Nonrelated Party
Operating expenses
Interest expense	(8,296)	(7,895)
AIEV \| Related Party
Operating expenses
Interest expense		(8,710)
AIXC
Segment Reporting Information [Line Items]
Revenue	0	0
Cost of revenue	0	0
Gross profit	0	0
Operating expenses
Research and development	(154)	0
Settlement on accrued research and development expenses	0	0
Sales and marketing	0	0
General and administrative	3,118	0
Loss on disposal of property, plant, and equipment	0	0
Asset impairment on long-lived assets	0	0
Impairment of goodwill	0	0
Credit loss expense - short-term note receivable	4,294	0
Total operating expenses	7,258	0
Loss from operations	(7,258)	0
Depreciation and amortization expense	0	0
Net loss on digital assets	(3,588)	0
Segment net assets	26,425	0
AIXC \| Nonrelated Party
Operating expenses
Interest expense	(353)	0
AIXC \| Related Party
Operating expenses
Interest expense	$ 0	$ 0

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Debt

The tables below summarize the related party note payable agreements as of December 31, 2025 and December 31, 2024, providing details on contractual maturity dates, contractual interest rates, and net carrying values.


	December 31, 2025
(in thousands)	Contractual Maturity Date	Contractual Interest Rates			Net Carrying Value



Notes Payable — China	April 2027	18.0	%	(1)	$	3,775
Notes Payable on Demand — China	Due on Demand	—%			429


Other Notes	Due on Demand	12.0%			75
					$	4,279

Related party notes payable, current					$	3,507
Related party notes payable, long-term					$	772
_______________

(1) The restructured loan bears no stated interest, and the repayment schedule requires fixed installment payments through the contractual maturity date. If the Company fails to comply with the payment schedule, interest at a rate of 18.0% would be retroactively applied to the unpaid balance. During the term of the revised loan, the Company was not in default with respect to the payment schedule, and no contingent interest has been recorded as of December 31, 2025.


	December 31, 2024
(in thousands)	Contractual Maturity Date	Contractual Interest Rates	Net Carrying Value
2023 Unsecured Convertible Note	April 2024 (1)	4.27%	$	1,364
Notes Payable — China	April 2027	18.0%	4,382
Notes Payable on Demand — China	Due on Demand	—%	417
FFGP Note	Various (1)	4.27%	1,576
Convertible FFGP Note	May 2024 (1)	4.27%	250
Other Notes	Due on demand	12.00%	75
			$	8,064

Related party notes payable, current			$	5,310
Related party notes payable, long-term			$	2,754
_______________
(1) The term was extended upon receipt of waivers of enforcement rights and remedies under the loan agreements and was subsequently settled in 2025, as described below.


	Categories of Related Party Debt
(in thousands)	March 2025 Unsecured SPA Notes		Unsecured Convertible Note		Notes Payable — China		Notes Payable on Demand — China		Convertible FFGP Note		FFGP Note		Other Notes		Total
Balance as of December 31, 2024 (a)	$	—	$	1,364	$	4,382	$	417	$	250	$	1,576	$	75	$	8,064
New Issuances (b)	1,435		470		—		—		—		—		—		1,905

Repayment of Debt (c)	—		—		(714)		—		(250)		(1,576)		—		(2,540)

Conversion of Debt to Equity (d)	(1,837)		(727)		—		—		—		—		—		(2,564)


Fair Value Adjustments of Debt (e)	(49)		(656)		—		—		—		—		—		(705)

Reclassification of Debt Between Debt Categories (f)	451		(451)		—		—		—		—		—		—
Other Adjustments (g)	—		—		107		12		—		—		—		119
Balance as of December 31, 2025 (h)	$	—	$	—	$	3,775	$	429	$	—	$	—	$	75	$	4,279



(a) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2024.
(b) Debt instruments issued during the period, recorded at fair value upon issuance if the fair value option is elected, or at principal balance net of discounts. For notes measured at fair value, the aggregate fair value adjustment recognized at issuance reduced the principal amount of notes issued during the period by $2,826 thousand. This reduction reflects the allocation of total transaction proceeds between the SPA Notes and the related SPA Warrants and Incremental Warrants issued as part of the bundled transaction.

(c) Cash repayments of principal amounts during the period.

(d) Fair value of debt converted into equity during the period.


(e) Adjustments to debt fair value due to the fair value option election, embedded derivatives, or anti-dilution provisions. These adjustments are presented as a component of 'Change in fair value of notes payable, warrant liabilities, and call option derivatives' in the Consolidated Statements of Operations. Line item 'Change in fair value of notes payable, warrant liabilities, and call option derivatives' also includes debt issuance costs of $189 thousand, which are separately identifiable from the fair value adjustments noted above.

(f) Transfers of amounts between debt categories, such as from secured to unsecured classifications.
(g) Miscellaneous changes not captured in other columns, such as currency adjustments and reclassification to accrued expenses.
(h) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2025.


	Categories of Related Party Debt
(in thousands)	2023 Unsecured Convertible Note		Unsecured SPA Notes		Notes Payable — China		Notes Payable on Demand — China		Convertible FFGP Note		FFGP Note		Other Notes		Total
Balance as of December 31, 2023 (a)	$	542	$	—	$	3,789	$	5,103	$	—	$	326	$	—	$	9,760
New Issuances (b)	—		1,499		—		—		250		1,250		75		3,074

Repayment of Debt, including periodic interest on debt carried at fair value (c)	—		—		(125)		—		—		—		—		(125)

Conversion of Debt to Equity (d)	(435)		—		—		—		—		—		—		(435)


Fair Value Adjustments of Debt (e)	(107)		(135)		—		—		—		—		—		(242)


Other Adjustments (f)	—		—		718		(4,686)		—		—		—		(3,968)
Balance as of December 31, 2024 (g)	$	—	$	1,364	$	4,382	$	417	$	250	$	1,576	$	75	$	8,064



(a) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2023".
(b) Debt instruments issued during the period, recorded at fair value upon issuance if the fair value option is elected, or at principal balance net of discounts. For notes measured at fair value, the aggregate fair value adjustment recognized at issuance reduced the principal amount of notes issued during the period by $1 thousand. This reduction reflects the allocation of total transaction proceeds between the SPA Notes and the related SPA Warrants and Incremental Warrants issued as part of the bundled transaction.

(c) Cash repayments of principal amount and periodic interest, where fair value option is elected, during the period.

(d) Fair value of debt converted into equity during the period.


(e) Adjustments to debt fair value due to the fair value option election, embedded derivatives, or anti-dilution provisions. These adjustments are presented as a component of Change in fair value of notes payable, warrant liabilities, and call option derivatives in the Consolidated Statements of Operations.


(f) Miscellaneous changes not captured in other columns, such as currency adjustments.
(g) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2024.

Schedule of Notes Payable



	December 31, 2025
(in thousands)	Contractual Maturity Date	Contractual Interest Rates				Unpaid Principal Balance		Fair Value Measurement Adjustments		Original Issue Discount and Proceeds Allocated to Warrants		Net Carrying Value
2023 Unsecured SPA Notes	Various through November 2031	10	%	-	15%	$	8,100	$	(622)	$	(810)	$	6,668
Junior Secured SPA Notes	Various through December 2030	10%				12,107		(705)		—		11,402
2024 Unsecured SPA Notes	Various through December 2030	10%				6,070		(252)		—		5,818
2025 March Unsecured SPA Notes	Various dates in 2030	10%				5,508		(1,096)		(2,304)		2,108
2025 July Unsecured SPA Notes	August 2030	10%				37,592		(3,079)		(7,717)		26,796
Unsecured Convertible Notes	June 2026	4.27%				5,000		(1,558)		—		3,442
Notes payable – China other	Due on Demand	—%				4,290		—		—		4,290
2025 Convertible Note - AIXC	January 2026	—%				132		32		(22)		142

						$	78,799	$	(7,280)	$	(10,853)	$	60,666


Notes payable, current portion												$	4,432
Notes payable, long-term portion												$	56,234


	December 31, 2024
(in thousands)	Contractual Maturity Date	Contractual Interest Rates				Unpaid Principal Balance		Fair Value Measurement Adjustments		Original Issue Discount and Proceeds Allocated to Warrants		Net Carrying Value
Secured SPA Notes	Various	10	%	-	15%	$	3,118	$	2,651	$	(312)	$	5,457
2023 Unsecured SPA Notes	Various dates in 2029	10	%	-	15%	4,380		2,844		(508)		6,716
Junior Secured SPA Notes	September 2029	10%				28,840		13,163		(15,944)		26,059
2024 Unsecured SPA Notes	December 2029	10%				10,015		8,741		(11,724)		7,032
Notes payable – China other	Due on Demand	—%				4,173		—		—		4,173
Auto loans	October 2026	7%				51		—		—		51
						$	50,577	$	27,399	$	(28,488)	$	49,488

Notes payable, current portion												$	4,224
Notes payable, long-term portion												$	45,264

The future scheduled principal maturities of Related party notes payable as of December 31, 2025, are as follows:


(in thousands)
Years Ending December 31,	Amount
Due on demand	$	1,448



2026	2,059
2027	772



Thereafter	—
	$	4,279

- Definition

+ References

+ Details

Deposits (current and non-current) and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Deposits and Other Current Assets

Deposits and other current assets consist of the following as of:


(in thousands)	December 31, 2025		December 31, 2024
Deposits
Deposits for research and development, prototype and production parts, and other	$	21,280	$	29,318
Deposits for goods and services yet to be received (“Future Work”)	1,676		1,776
	$	22,956	$	31,094

Deposits, current portion	$	10,499	$	31,094
Deposits, non-current portion (1)	$	12,457	$	—

Other current assets	December 31, 2025		December 31, 2024

Prepaid expenses	$	7,117	$	4,832
Other current assets	1,846		1,295
	$	8,963	$	6,127

1) Non-current deposits presented as part of Other non-current assets in the Consolidated Balance Sheets

Notes Payable - 2025 July Unsecured SPA Notes Narrative (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Sep. 19, 2025	Jul. 14, 2025 USD ($) day closing $ / shares shares	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($)	Aug. 21, 2025 USD ($)	Aug. 20, 2025 USD ($)	Dec. 21, 2024 $ / shares	Jul. 31, 2024 $ / shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Exercise price (in dollars per share) \| $ / shares							$ 1.16	$ 110,400
2025 July Unsecured SPA Warrants
Debt Instrument [Line Items]
Debt instrument, term (in years)		5 years
2025 July Unsecured SPA Notes
Debt Instrument [Line Items]
Percent of purchaser's conversion shares		33.00%
2025 July Unsecured SPA Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 82,000			$ 83,500	$ 82,000
Debt instrument, number of closings \| closing		2
Debt instrument, term (in years)		5 years
Contractual Interest Rates		10.00%
Debt instrument, redemption price, percentage		10.00%
Redemption price, percentage		25.00%
Conversion price (in dollars per share) \| $ / shares		$ 1.75	$ 1.68
Debt instrument, floor price (in dollars per share) \| $ / shares		$ 1.048
Debt instrument, convertible, threshold percentage of stock price trigger	100.00%
Debt instrument, exercisable, threshold percentage of stock price trigger	120.00%
Exercise price (in dollars per share) \| $ / shares			$ 2.02
2025 July Unsecured SPA Notes \| Series B Preferred Stock
Debt Instrument [Line Items]
Pro rata aggregate cap (in shares) \| shares		6,813,785
Notes Payable
Debt Instrument [Line Items]
Notes and loans payable			$ 60,666	$ 49,488					$ 91,150
Gain (loss) on fair value adjustment of debts			$ 39,082	34,218
Notes Payable \| 2025 July Unsecured SPA Notes
Debt Instrument [Line Items]
Contractual Interest Rates		18.00%	10.00%
Redemption price, percentage		8.00%
Debt instrument, convertible, threshold consecutive trading days (in days) \| day		5
Notes and loans payable			$ 26,796	$ 0
Proceeds from debt, net of issuance costs			39,200
Gain (loss) on fair value adjustment of debts			$ 10,242

Deposits (current and non-current) and Other Current Assets - Schedule of Deposits and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deposits
Deposits for research and development, prototype and production parts, and other	$ 21,280	$ 29,318
Deposits for goods and services yet to be received (“Future Work”)	1,676	1,776
Deposits	22,956	31,094
Deposits, current portion	10,499	31,094
Deposits, non-current portion	12,457	0
Other current assets
Prepaid expenses	7,117	4,832
Other current assets	1,846	1,295
Other current assets	$ 8,963	$ 6,127

Related Party Transactions - Schedule of Principal Maturities of Related Party Notes Payable (Details) - Related Party - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Maturities of Long-Term Debt
Total	$ 4,279	$ 8,064
Notes Payable, Related Party
Maturities of Long-Term Debt
Due on demand	1,448
2026	2,059
2027	772
Thereafter	0
Total	$ 4,279

Inventory, net (Current and non current)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory, net (Current and non current)

Inventory, net, consists of the following as of:


(in thousands)	December 31, 2025			December 31, 2024
Raw materials (net of reserves)		$	8,357	$	27,440
Work in progress		395		46
Finished goods		199		—
		$	8,951	$	27,486

Inventory, current portion		$	3,258	$	27,486
Inventory, non-current portion (1)		$	5,693	$	—

1) Non-current inventory presented as part of Other non-current assets in the Consolidated Balance Sheets

The inventory reserve was $21.1 million and $3.3 million as of December 31, 2025 and December 31, 2024, respectively. During the year ended December 31, 2025 the Company increased its lower-of-cost-and-net-realizable-value inventory reserve by $17.8 million, respectively. Of these amounts, approximately $13.3 million related to market conditions such as anticipated tariffs and higher transportation costs, and approximately $4.6 million, related to excess and obsolete (“E&O”) inventory identified during the period.

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Cash flows from operating activities
Net loss	$ (397,082)	$ (355,847)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	64,807	71,442
Amortization of operating lease right-of-use assets	3,032	2,588
Non-cash interest expense	4,870	1,929
Loss (gain) on digital assets, net	4,117	0
Loss (gain) on disposal of property and equipment, net	2,459	1,667
Asset impairment	137,435	1,847
Goodwill impairment	4,450	0
Stock-based compensation	3,150	8,382
Reserve on inventory	17,829	476
Credit loss expense	4,294	0
Accrued interest on short-term note receivable	(189)	0
H.S.L. SRL. settlement adjustment	(295)	0
Settlement on accrued research and development expenses	0	(14,935)
Change in fair value of notes payable, warrant liabilities, and derivative liabilities	(49,093)	15,058
Change in fair value of related party notes payable, warrant liabilities, and derivative liabilities	1,627	(253)
Other	55	963
Changes in operating assets and liabilities
Accounts receivables	(257)	0
Inventory	706	6,267
Deposits	(376)	(706)
Accounts payable	(15,843)	(8,804)
Operating lease liabilities	(3,572)	0
Financing lease liabilities	0	2,876
Other current and non-current assets	(1,088)	(3,200)
Net cash used in operating activities	(107,576)	(70,186)
Cash flows from investing activities
Acquisition of AIXC, net of cash acquired	(1,121)	0
Proceeds from sale of equipment	32	198
Purchase of digital assets	(27,000)	0
Sale of digital assets	12,632	0
Payments for property and equipment	(7,644)	(7,580)
Purchase of short-term note receivable	(100)	0
Additions to intangible assets	(256)	0
Net cash used in investing activities	(23,457)	(7,382)
Cash flows from financing activities
Proceeds from AIXC follow-on capital contribution, net of issuance costs	9,899	0
Payments of notes payable and other financing obligations	(4,932)	(428)
Capital contributions	0	250
Proceeds from other financial obligations	5,081	11,812
Proceeds from exercise of warrants	1,441	0
Net cash provided by financing activities	161,402	80,733
Effect of exchange rate changes on cash and restricted cash	(2,589)	(16)
Net increase in cash and restricted cash	27,780	3,149
Cash and restricted cash, beginning of period	7,174	4,025
Cash and restricted cash, end of period	34,954	7,174
Cash and restricted cash
Cash and cash equivalents	34,927	7,144
Restricted cash	27	30
Cash, cash equivalents, restricted cash, and restricted cash equivalents	34,954	7,174
Supplemental disclosure of cash flow information
Cash paid for interest	6,180	4,865
Cash paid for income taxes	14	0
Supplemental disclosure of noncash investing and financing activities
Reclass of warrants from liability to equity	7,134	0
Conversion of notes payable and accrued interest into Class A Common Stock	84,310	67,113
Issuance of warrants and related party warrants with the SPA Portfolio Notes	49,364	34,440
Settlement of vendor liability in Class A Common Stock	1,833	0
Non-cash warrant exercise activity and fair value reclassifications to equity	20,251	0
Additions of property and equipment included in accounts payable and accrued expenses	40,002	44,540
Shares withheld for RSU tax obligations	0	10
Purchase of Class A Common Stock under the Salary Deduction and Stock Purchase Agreements	0	102
De-recognition of right-of-use assets and lease liabilities due to lease modifications	0	3,394
Cancellation of warrants	27,407	0
Obtaining right-of-use asset in exchange for operating lease liabilities	6,206	30
Supplemental disclosure of noncash operating activities
Settlement of Palantir dispute with issuance of Class A Common Stock	0	4,800
Nonrelated Party
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on settlement of notes payable	100,524	161,725
Changes in operating assets and liabilities
Accrued expenses and other current liabilities	4,069	16,907
Cash flows from financing activities
Payments of notes payable issuance costs	(2,540)	(2,087)
Proceeds from notes payable, net of original issuance discount	151,739	68,111
Related Party
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on settlement of notes payable	5,128	14,295
Changes in operating assets and liabilities
Accrued expenses and other current liabilities	1,667	(1,573)
Related party accrued interest expense	0	8,710
Cash flows from financing activities
Payments of notes payable issuance costs	(4,017)	0
Proceeds from notes payable, net of original issuance discount	$ 4,731	$ 3,075

Stockholders’ Equity - Series A and B Preferred Stock Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 22, 2025 vote $ / shares shares	Sep. 23, 2025 shares	Aug. 06, 2025 $ / shares shares	Jul. 14, 2025 shares	May 29, 2025 shares	May 28, 2025 vote $ / shares shares	Apr. 17, 2025 $ / shares shares	Apr. 03, 2025 vote $ / shares shares	Mar. 07, 2025 $ / shares	Jan. 28, 2025 $ / shares shares	Jul. 31, 2024 shares	Jul. 30, 2024 shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	5,931,000	10,000,000					10,000,000						114,245,313	12,582,813
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Preferred stock, number of votes per share \| vote								0		1
Conversion of notes payable and accrued interest into Class A Common Stock \| $	$ 189,962	$ 226,341
Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock series B to SPA noteholders (in shares)	14,720,914
Stock Issued During Period, Values, Preferred Stock \| $	$ 73,600
Conversion of notes payable and accrued interest into Class A Common Stock (in shares)	(7,536,154)
Conversion of notes payable and accrued interest into Class A Common Stock \| $	$ 25,400
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			7,000,000,000	1	1		12,900,000	5,000,000,000	1			1
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.0001						$ 0.0001			$ 0.0001
Purchase price per share (in dollars per share) \| $ / shares			$ 100.00		$ 100.00			$ 100.00	$ 100.00		$ 100.00	$ 100.00
Preferred stock, number of votes per share \| vote			0
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	12,000,000	0				3,000,000				9,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001								$ 0.0001

Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Total Stockholders’ Equity (Deficit) Attributable to the Company	Common Stock	Preferred Stock	Additional  Paid-in  Capital	Accumulated  Other  Comprehensive Income (Loss)	Accumulated Deficit	Noncontrolling Interests	Class A Common Stock Common Stock	Class B Common Stock Common Stock
Beginning balance (in shares) at Dec. 31, 2023									1,060,833	6,667
Beginning balance at Dec. 31, 2023	$ 228,236				$ 4,180,873	$ 5,862	$ (3,958,499)		$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of notes payable and accrued interest into Class A Common Stock (in shares)									62,101,798
Conversion of notes payable and accrued interest into Class A Common Stock	226,341				226,335				$ 6
Reclassification of SPA Warrants from liability to equity	160				160
Settlements with issuance of Class A Common Stock (in shares)									1,080,294
Settlements with issuance of Class A Common Stock	4,800				4,800
Issuance of common stock and warrants	10				10
Purchase of Class A Common Stock under Salary Deduction and Stock Purchase Agreements (in shares)									49,659
Purchase of Class A Common Stock under Salary Deduction and Stock Purchase Agreements	102				102
Grow Fandor Contribution	250				250
Related party debt restructuring	661				661
Reverse stock split related round up share issuances (in shares)									306,779
Stock-based compensation	8,382				8,382
Issuance of shares for RSU vesting net of tax withholdings (in shares)									1,319,764
Issuance of shares for RSU vesting net of tax withholdings	(10)				(10)
Foreign currency translation adjustment	1,882					1,882
Net loss	(355,847)						(355,847)
Ending balance (in shares) at Dec. 31, 2024				0					65,919,127	6,667
Ending balance at Dec. 31, 2024	114,967	$ 114,967		$ 0	4,421,563	7,744	(4,314,346)	$ 0	$ 6	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of notes payable and accrued interest into Class A Common Stock (in shares)				(7,536,154)					124,111,566
Conversion of notes payable and accrued interest into Class A Common Stock	189,962	189,962		$ 25,400	189,949				$ 13
Issuance of preferred stock series B to SPA noteholders (in shares)				14,720,914
Reclassification of SPA warrants from liability to equity (in shares)				0
Reclassification of SPA Warrants from liability to equity	7,134	7,134			7,134
Settlements with issuance of Class A Common Stock (in shares)									1,320,722
Settlements with issuance of Class A Common Stock	1,833	1,833			1,833
Issuance of equity-classified warrants	1	1			1
Related party debt restructuring	3,767	3,767			3,767
Cancellation of warrants	27,407	27,407			27,407
Stock-based compensation	447	447			447
Exercise of warrants (in shares)									7,516,026
Exercise of warrants	21,693	21,693			21,691				$ 2
Sell-to-cover tax withholding on equity awards (in shares)			12,069
Issuance of shares for RSU vesting net of tax withholdings (in shares)									251,217
Issuance of shares for RSU vesting net of tax withholdings	74	74			74
Foreign currency translation adjustment	(3,927)	(3,927)				(3,927)
Net loss	(397,082)	(390,696)					(390,696)	(6,386)
Noncontrolling interest - business combination	31,584							31,584
Noncontrolling interest - capital contribution	9,899							9,899
Ending balance (in shares) at Dec. 31, 2025				7,184,760					199,130,727	6,667
Ending balance at Dec. 31, 2025	$ 7,759	$ (27,338)		$ 0	$ 4,673,866	$ 3,817	$ (4,705,042)	$ 35,097	$ 21	$ 0

Notes Payable - Junior Secured SPA Note Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) trading_day $ / shares shares	Dec. 31, 2024 USD ($) shares	Jan. 28, 2025 $ / shares	Dec. 21, 2024 $ / shares	Sep. 05, 2024 $ / shares shares	Dec. 31, 2023 USD ($)
Junior SPA Warrants
Debt Instrument [Line Items]
Percent of purchaser's conversion shares					100.00%
Debt instrument, term (in years)	5 years
Warrants rights (in shares) \| shares	190,840
Junior SPA Warrants \| Class A Common Stock
Debt Instrument [Line Items]
Warrants rights (in shares) \| shares	190,840				202,768
Notes Payable
Debt Instrument [Line Items]
Notes and loans payable	$ 60,666	$ 49,488				$ 91,150
Gain (loss) on extinguishment of debt		(2,699)
Gain (loss) on fair value adjustment of debts	$ 39,082	34,218
Junior Secured SPA Notes \| Notes Payable
Debt Instrument [Line Items]
Notes payable bearing interest rate					10.00%
Debt instrument, floor price (in dollars per share) \| $ / shares					$ 1.05
Debt instrument, convertible, threshold consecutive trading days (in days) \| trading_day	5
Debt instrument, term (in years)	1 year
Conversion price (in dollars per share) \| $ / shares	$ 1.16		$ 5.24	$ 1.16	5.24
Notes and loans payable	$ 11,402	26,059				$ 0
Proceeds from debt, net of issuance costs	18,000	22,500
Gain (loss) on extinguishment of debt		0
Gain (loss) on fair value adjustment of debts	10,575	(9,665)
Junior Secured SPA Notes \| Notes Payable \| Class A Common Stock
Debt Instrument [Line Items]
Debt conversion, converted amount	$ 36,300	$ 1,100
Shares issued from conversion (in shares) \| shares	34,108,683	1,046,651
Gain (loss) on extinguishment of debt	$ (22,300)	$ (1,400)
Junior Secured SPA Notes Tranche One \| Notes Payable
Debt Instrument [Line Items]
Debt instrument, fixed price (in dollars per share) \| $ / shares					$ 1.16
Junior Secured SPA Notes Tranche Two \| Notes Payable
Debt Instrument [Line Items]
Debt instrument, fixed price (in dollars per share) \| $ / shares	$ 5.24

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 34,927	$ 7,144
Restricted cash	27	30
Digital assets	10,250	0
Accounts receivable	257	0
Notes receivable, net of allowance for credit losses of $4,555 at December 31, 2025	343	0
Inventory, net (see Note 4)	3,258	27,486
Deposits (see Note 5)	10,499	31,094
Other current assets (see Note 5)	8,963	6,127
Total current assets	68,524	71,881
Property, plant and equipment, net	155,303	348,587
Operating lease right-of-use assets, net	4,950	1,761
Intangible assets, net	4,639	1,042
Goodwill	25,764	0
Other non-current assets (see Notes 4 and 5)	18,682	2,129
Total assets	277,862	425,400
Current liabilities
Accounts payable	57,277	71,414
Accrued expenses and other current liabilities	58,678	56,754
Other financing liabilities, current portion	951	761
Operating lease liabilities, current portion	1,443	2,128
Total current liabilities	148,171	192,707
Other financing liabilities, long term portion	46,867	38,698
Operating lease liabilities, long term portion	3,471	14
Other liabilities	2,042	1,287
Total liabilities	270,103	310,433
Commitments and Contingencies (Note 12)
Stockholders equity (deficit)
Preferred stock	0	0
Additional paid-in capital	4,673,866	4,421,563
Accumulated other comprehensive income	3,817	7,744
Accumulated deficit	(4,705,042)	(4,314,346)
Total stockholders’ equity (deficit) attributable to the Company	(27,338)	114,967
Noncontrolling interest	35,097	0
Total stockholders' equity (deficit)	7,759	114,967
Total liabilities and stockholders’ equity (deficit)	277,862	425,400
Level 3
Current assets
Digital assets	0
Level 2
Current assets
Digital assets	10,250
Nonrelated Party
Current liabilities
Accrued expenses and other current liabilities	45,499	45,677
Warrant liabilities	1,950	28,864
Accrued interest	0	25
Notes payable, current portion	4,432	4,224
Notes payable, long term portion	56,234	45,264
Derivative call options	10,042	29,709
Related Party
Current liabilities
Accrued expenses and other current liabilities	13,179	11,077
Accrued interest	19,933	23,227
Notes payable, current portion	3,507	5,310
Notes payable, long term portion	772	2,754
Derivative call options	2,504	0
Class A Common Stock
Stockholders equity (deficit)
Common stock	21	6
Class B Common Stock
Stockholders equity (deficit)
Common stock	0	0
Series B Preferred Stock
Stockholders equity (deficit)
Preferred stock	$ 0	$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the Consolidated Financial Statements were issued. Subsequent SPA Portfolio Notes Activity Subsequent to December 31, 2025, the Company received gross proceeds in connection with issuance of SPA Portfolio Notes to third parties totaling $8.7 million, with maturity period of five or six years and 10.00% or 15.00% interest. Principal and accrued interest are convertible at the option of the holder into Common Stock of the Company at a conversion price per share equal to the lower of a) stated conversion price or b) lowest VWAP of the five trading days immediately prior to the day on which lender provides conversion notice or 90% of the previous trading day VWAP. Additionally, $16.3 million of principal and $0.8 million of interest of the Company’s SPA Portfolio Notes were converted into 35,576,389 shares of the Company’s Class A Common Stock. The Securities Purchase Agreement and Entrusted Investment Agreement On January 30, 2026 (the “Signing Date”), subsequent to the balance sheet date of December 31, 2025, the Company entered into a Securities Purchase Agreement (the “SPA”) with Gold King Arthur Holding Limited (“GKA”), pursuant to which the Company agreed to sell, and GKA agreed to purchase, an aggregate of $10.0 million (the “Subscription Amount”) of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”). The number of shares to be issued (the “Subject Shares”) will be determined based on a per share purchase price equal to 100% of the closing price of the Class A Common Stock on The Nasdaq Stock Market LLC on the trading day immediately prior to the closing date. The closing of the SPA is subject to the satisfaction of certain customary closing conditions. The SPA includes customary provisions, including anti-dilution true-up share issuance provisions in the event of certain dilutive issuances, registration rights requiring the Company to file a resale registration statement covering the Subject Shares, and customary representations, warranties, covenants, and indemnification obligations. On the signing date, AIxCrypto Holdings Inc. (“AIXC”), a consolidated subsidiary of the Company, entered into an Entrusted Investment Agreement with GKA in connection with the SPA. Pursuant to the Entrusted Investment Agreement, GKA was entrusted to acquire, hold, manage, tokenize and potentially dispose of the Subject Shares on AIXC’s behalf. The Subscription Amount was funded in full by AIXC, with GKA acting as investment manager in a fiduciary capacity with respect to the Subject Shares. As of the date of issuance of these consolidated financial statements, the closing of the SPA had not occurred. The Company will evaluate the accounting treatment at the time of closing of the transaction. Engineering Service Agreement On February 4, 2026, GlobeX AI Hong Kong Holding Limited (“GlobeX”), a special purpose entity controlled by the Company, entered into a strategic cooperation agreement and an engineering services agreement with a third-party automotive partner in connection with the development and manufacturing support for a battery electric version of the FF Super One intended for the United States market. Under the agreements, the partner will supply vehicle modules and provide engineering services supporting research and development, certification, manufacturing preparation, and production operations. GlobeX may be required to make installment payments for research and development services, including a non-refundable advance payment of approximately 300 million RMB (approximately $43 million) payable within six months of the signing date and remaining milestone payments totaling approximately 320 million RMB (approximately $46 million). Because the agreements were executed after December 31, 2025, they are treated as a non-recognized subsequent event under ASC 855, and no amounts related to these agreements were recognized in the Company’s consolidated financial statements as of December 31, 2025. Battery Sales Agreement On February 6, 2026, the Company entered into an amended goods sale and purchase agreement with a third-party customer for the sale of certain high-voltage battery packs held in inventory. The agreement established a total purchase price of 130.1 million RMB (approximately $1.7 million) and provides for delivery of the battery packs in multiple batches beginning in February 2026. Management evaluated the agreement as additional evidence of market conditions that existed as of December 31, 2025 affecting the net realizable value of the related inventory. Accordingly, the Company considered this information in its lower of cost or net realizable value analysis performed as of December 31, 2025, and the related inventory reserve recorded during the year ended December 31, 2025 reflects those conditions, as discussed in Note 4, Inventory. El Segundo, California Lease On February 12, 2026, the Company executed a new lease agreement in El Segundo, California which will replace the Gardena lease. The El Segundo location has a total of 99,209 square feet, and the initial lease term is 72 months. Because the lease was executed after December 31, 2025, no amounts related to this lease were recognized as of year end; however, future base rent payments under the executed lease are estimated to total approximately $16.9 million. Increase in Authorized Shares On February 13, 2026, the Company held a special meeting of stockholders at which stockholders approved an increase in the Company’s authorized shares to support capital planning, FX Super One vehicle milestones, and expansion of embodied artificial intelligence (“EAI”) robotics initiatives. On February 18, 2026, the Company filed a Certificate of Amendment to increase its authorized Class A common stock from 232,470,985 shares to 312,285,439 shares and its authorized preferred stock from 17,931,000 shares to 24,087,265 shares. The additional authorized share capacity is intended to support near-term capital planning needs, existing obligations to issue shares of Class A common stock, and potential future financings, strategic transactions, stock issuances pursuant to employee benefit plans, and other proper corporate purposes aligned with the Company’s 2026 business strategy. The approval relates solely to the authorization of additional shares and does not, by itself, result in the issuance of any shares. Elimination of Series A Preferred Stock On February 18, 2026, the Company filed a certificate of elimination with respect to the Company’s Series A Preferred Stock, par value $0.0001 per share, following the automatic redemption of all outstanding shares of FFAI Series A Preferred Stock after the conclusion of the Company’s stockholders’ special meeting. The certificate of elimination (i) eliminated the previous designation of one share of FFAI Series A Preferred Stock from the charter, and (ii) caused such share of FFAI Series A Preferred Stock to resume its status as an authorized but unissued and non-designated share of preferred stock. Departure of a Director On February 26, 2026, Chui Tin Mok, an executive member of the Board of the Company, notified the Board of his intention to resign as a director of the Company upon the Board’s confirmation of a successor nominee in order to focus his time and efforts on the Company’s business execution in the United Arab Emirates and the broader Middle East. Mr. Mok will continue to serve as an executive officer of the Company and as Head of FF Middle East. Supplemental Agreements with Chongqing LeTV Microloan Co., Ltd. On March 6, 2026, the Company entered into two supplemental agreements with Chongqing LeTV Microloan Co., Ltd. to settle certain previously assigned debt obligations for an aggregate settlement amount of CNY25.4 million (approximately $3.5 million), payable in installments through December 31, 2028. In connection with these agreements, certain penalty provisions were eliminated, which is expected to result in the reversal, in the quarter ending March 31, 2026, of approximately $19.9 million of accrued interest and penalties that were included in related party accrued interest as of December 31, 2025. Because these agreements were executed after December 31, 2025, no adjustment was recorded in the Company’s consolidated financial statements for the year ended December 31, 2025. Conversion of AIXC Series B Preferred Shares On March 18, 2026, the Company converted all 29,441 Series B preferred shares of AIXC into 13,108,357 shares of AIXC common stock, par value $0.001 per share. Nasdaq Minimum Bid Price Non-Compliance Notice On March 20, 2026, the Company received written notice from Nasdaq stating that it was not in compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2), because the closing bid price of the Company’s Class A common stock remained below $1.00 per share for 30 consecutive trading days. The Company has until September 16, 2026 to regain compliance. During this compliance period, the Company’s Class A common stock will continue to trade on the Nasdaq Capital Market.

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company determines if an arrangement is a lease at its commencement if the Company is both able to identify an asset and conclude the Company has the right to control the identified asset. Leases are classified as finance or operating based on the principle of whether or not the lease is effectively a financed purchase by the lessee. An ROU asset represents the Company’s right to use an underlying asset for the lease term and a lease liability represents the Company’s obligation to make lease payments related to the lease. The Company recognizes operating and finance lease ROU assets and liabilities at the commencement date based on the present value of lease payments over the lease term. The lease term includes renewal options when it is reasonably certain that the option will be exercised and excludes termination options. The Company’s leases do not provide an implicit rate. Therefore, the Company uses its incremental borrowing rate based on information available at the commencement date to determine the present value of lease payments. The incremental borrowing rate used is estimated based on what the Company would be required to pay for a collateralized loan for a similar asset over a similar term. The Company’s

leases do not include any material residual value guarantees, or bargain purchase options.

To the extent that the Company’s agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate in the measurement and classification of a lease and exclude those that depend on facts or circumstances occurring after the commencement date, other than the passage of time. Lease expense for operating leases is recognized on a straight-line basis over the lease term and is recorded in operating expenses in the Consolidated Statements of Operations and Comprehensive Loss. Amortization of ROU assets on finance leases is recorded on a straight-line basis within operating expenses in the Consolidated Statements of Operations and Comprehensive Loss. Interest expense incurred on finance lease liabilities is recorded in Interest expense in the Consolidated Statements of Operations and Comprehensive Loss. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. Additionally, the Company does not separate lease and non-lease components. Operating leases are included in Operating lease right-of-use assets, net, Operating lease liabilities, current portion and Operating lease liabilities, long term portion in the Company's Consolidated Balance Sheets.

The Company’s lease arrangements primarily consist of corporate office, warehouse, store, and vehicle lease agreements. The leases expire on various dates through 2030.

As part of the Company’s plan to expand its operations within the United Arab Emirates, the Company signed a lease on May 01, 2025 with Ras Al Khaimah Economic Zone Authority (“RAKEZ”) to rent a warehouse with 10,000 square meters total rentable surface for 5 years and an annual lease payment of AED 3,800,000. Additionally, the Company has a $0.5 million deposit for a future lease expected to commence in 2026 with Master Investment Group (MIG). MIG is also the holder of the July 2025 Unsecured Notes and the Junior Senior Secured Notes, which had a combined fair value of $2.3 million as of December 31, 2025.

Incremental Lease Commitments

On February 12, 2026, the Company executed a new lease agreement in El Segundo, California which will replace the Gardena lease. The El Segundo location has a total of 99,209 square feet. The initial lease term is 72 months. Estimated base rent lease payments related to this new lease total $16.9 million. These base rent lease payments are not included in the lease balances in the Consolidated Balance Sheets, as the lease has not yet commenced. See Note 19, Subsequent Events for more details.

Lease Impairment

During the year ended December 31, 2024, the Company vacated a leased store facility and a leased research facility while working with the landlords to negotiate the related lease terminations. As a result, the Company recognized a write-down of lease right-of-use (ROU) assets and lease liabilities in an aggregate amount of $8.8 million and $7.0 million, respectively. The Company also recognized less than $0.1 million in lease termination costs during 2024. The net impact of the right-of-use asset write down and lease termination costs of $1.8 million is reported in Impairment of long-lived assets and deposits on the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2024. There were no lease impairments for the year ended December 31, 2025.As a

Sublease

In June 2025, the Company entered into a sublease arrangement with Grow Fandor, a related party, whereby Grow Fandor leases 3,000 square feet of office space at the Gardena Corporate Office location for ten months. The area subleased constitutes roughly 2% of the overall rentable space at the Gardena location. The monthly base rent is insignificant and is recorded as other income. Grow Fandor has evacuated the premises as of December 31, 2025 and the Company is in negotiations to resolve the outstanding balance and formalize the termination terms.

Short Term Leases

As of December 31, 2025, the Company’s short-term leases consist of offices in Beijing and Zhuhai, China. Lease terms do not exceed twelve months. short-term lease obligations are included in accrued expenses and other current liabilities on our Consolidated Balance Sheets.

ASC 842 Disclosures



(in thousands)	2025		2024





Operating lease cost	3,509		4,389
Variable lease cost	991		398
Total lease cost	$	4,500	$	4,787

The following table summarizes future lease payments:


(in thousands)
Years Ending December 31,	Operating Leases
2026	$	1,800
2027	1,098
2028	1,122
2029	1,156
2030	678
Thereafter	—
Total	5,854
Less: Imputed Interest	940
Present value of net lease payments	$	4,914

Lease liability, current portion	$	1,443
Lease liability, net of current portion	3,471
Total lease liability	$	4,914

Supplemental information and non-cash activities related to operating and finance leases are as follows:



(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,572	$	3,230





Lease assets obtained in exchange for operating lease liabilities	$	6,206	$	30



	2025		2024
Weighted average remaining lease term (in years)
Operating leases	3.93		0.70


Weighted average discount rate
Operating leases	9.6	%	16.4	%

Leases

leases do not include any material residual value guarantees, or bargain purchase options.

The Company’s lease arrangements primarily consist of corporate office, warehouse, store, and vehicle lease agreements. The leases expire on various dates through 2030.

Incremental Lease Commitments

Lease Impairment

Sublease

Short Term Leases

ASC 842 Disclosures



(in thousands)	2025		2024





Operating lease cost	3,509		4,389
Variable lease cost	991		398
Total lease cost	$	4,500	$	4,787

The following table summarizes future lease payments:


(in thousands)
Years Ending December 31,	Operating Leases
2026	$	1,800
2027	1,098
2028	1,122
2029	1,156
2030	678
Thereafter	—
Total	5,854
Less: Imputed Interest	940
Present value of net lease payments	$	4,914

Lease liability, current portion	$	1,443
Lease liability, net of current portion	3,471
Total lease liability	$	4,914

Supplemental information and non-cash activities related to operating and finance leases are as follows:



(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,572	$	3,230





Lease assets obtained in exchange for operating lease liabilities	$	6,206	$	30



	2025		2024
Weighted average remaining lease term (in years)
Operating leases	3.93		0.70


Weighted average discount rate
Operating leases	9.6	%	16.4	%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions				12 Months Ended
	Sep. 19, 2025 shares	Apr. 23, 2025 USD ($) $ / shares	Jul. 31, 2024 shares	Dec. 31, 2025 USD ($) day shares	Dec. 31, 2024 USD ($) shares	Jul. 31, 2021 shares	May 02, 2019 shares	Feb. 01, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation trading days \| day				15
Market Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market capitalization amount		$ 76.4
Consideration transferred				$ 10.3
Derived service periods				7 years 7 months 9 days
Consideration yet to be transferred				$ 19.3
Award service remaining period				6 years 5 months 8 days
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock available for future issuance (in shares) \| shares				260,075	530,131	5,164
Percent threshold of common stock issued and outstanding for annual increase of shares available for issue						5.00%
Share-based compensation arrangement by share-based payment award, number of additional shares authorized (in shares) \| shares	9,500,000		2,206,324
Granted (in shares) \| shares				0	0
Options vested in period, fair value				$ 0.1	$ 2.0
Stock-based compensation expense for unvested awards				0.5
Stock Incentive Plan \| Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense for unvested stock options				$ 0.1	$ 0.1
Expected weighted average period (in years)				1 year	2 years 3 months 3 days
Share-based compensation arrangement by share-based payment award, award vesting period (in years)				4 years
Stock Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted average period (in years)				3 months 14 days
Share-based compensation arrangement by share-based payment award, award vesting period (in years)				4 years
Vested in period, fair value				$ 0.5	$ 8.4
Stock Incentive Plan \| Restricted Stock Units (RSUs) \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period (in years)				1 year
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vested in period, fair value					2.3
Authorized to grant (in shares) \| shares								4,416
Compensation expense recognized				$ 2.4	0.0
Equity Incentive Plan \| Phase One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increased stock option (in dollars per share) \| $ / shares		$ 5.00
Market capitalization amount		$ 700.0
Capitalized outstanding shares percentage		1.00%
Outstanding shares capped percentage		5.00%
Equity Incentive Plan \| Phase Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increased stock option (in dollars per share) \| $ / shares		$ 20.00
Market capitalization amount		$ 3,000.0
Capitalized outstanding shares percentage		1.00%
Cumulative outstanding shares		9.00%
STI Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vested in period, fair value					$ 7.8
Authorized to grant (in shares) \| shares							1,472

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue	$ 536	$ 539
Cost of revenue	98,302	84,029
Gross profit	(97,766)	(83,490)
Operating expenses
Research and development	16,603	25,227
Settlement on accrued research and development expenses	0	(14,935)
Sales and marketing	12,310	9,278
General and administrative	55,733	43,164
Loss on disposal of property, plant, and equipment	2,459	1,667
Impairment of long-lived assets and deposits	137,435	1,847
Impairment of goodwill	4,450	0
Credit loss expense - short-term note receivable	4,294	0
Total operating expenses	233,284	66,248
Loss from operations	(331,050)	(149,738)
Net loss on digital assets	(4,117)	0
Other income (loss), net	4,983	(1,448)
Loss before income taxes	(397,019)	(356,114)
Income tax (expense) benefit	(63)	267
Net loss	(397,082)	(355,847)
Less: Net Loss attributable to noncontrolling interest	6,386	0
Net Loss attributable to Faraday Future Intelligent Electric Inc.	(390,696)	(355,847)
Total comprehensive loss
Net loss	(397,082)	(355,847)
Foreign currency translation adjustment	(3,927)	1,882
Total comprehensive loss	$ (401,009)	$ (353,965)
Class A Common Stock
Net loss per share of Class A and B Common Stock attributable to common stockholders:
Basic (in dollars per share)	$ (3.14)	$ (19.61)
Diluted (in dollars per share)	$ (3.14)	$ (19.61)
Weighted average common shares used in computing net loss per share of Class A and Class B Common Stock:
Basic (in shares)	124,299,591	18,529,525
Diluted (in shares)	124,299,591	18,529,525
Class B Common Stock
Net loss per share of Class A and B Common Stock attributable to common stockholders:
Basic (in dollars per share)	$ (3.14)	$ (19.61)
Diluted (in dollars per share)	$ (3.14)	$ (19.61)
Weighted average common shares used in computing net loss per share of Class A and Class B Common Stock:
Basic (in shares)	124,299,591	18,529,525
Diluted (in shares)	124,299,591	18,529,525
Nonrelated Party
Operating expenses
Change in fair value of notes payable, warrant liabilities, and derivative call options	$ 49,093	$ (12,556)
Loss on settlement of notes payable	(100,524)	(161,725)
Interest expense	(8,649)	(7,895)
Related Party
Operating expenses
Change in fair value of notes payable, warrant liabilities, and derivative call options	(1,627)	253
Loss on settlement of notes payable	(5,128)	(14,295)
Interest expense	$ 0	$ (8,710)

Notes Payable - Promissory Notes AIXC (Details) - Promissory Notes - AIXC - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt instrument, term (in years)		6 months
Notes payable bearing interest rate		30.00%
Repayment of debt	$ 3.3
Interest expense			$ 0.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Narrative (Details) $ in Thousands, د.إ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2025 ft²	Dec. 31, 2025 USD ($) m²	Dec. 31, 2025 AED (د.إ)	Dec. 31, 2024 USD ($)	Feb. 12, 2026 ft²
Lessee, Lease, Description [Line Items]
Area of land	3,000	10,000
Lease term (in years)		5 years
Rent payments \| د.إ			د.إ 3.8
Lease deposit liability		$ 500
Debt instrument, fair value disclosure		2,300
Lessee, operating lease, liability, to be paid		5,854
Operating lease, right-of-use asset, write-down				$ 8,800
Lease, liability				7,000
Business exit costs				100
Asset impairment		0		$ 1,800
Sublease term (in months)	10 months
Rental space as percent	2.00%
El Segundo, California Lease - Land
Lessee, Lease, Description [Line Items]
Lessee, operating lease, liability, to be paid		$ 16,900
Subsequent Event \| El Segundo, California Lease - Land
Lessee, Lease, Description [Line Items]
Lease term (in years)					72 months
Lessee, operating lease, area of land \| ft²					99,209

Inventory, net (Current and non current) (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory, net, consists of the following as of:


(in thousands)	December 31, 2025			December 31, 2024
Raw materials (net of reserves)		$	8,357	$	27,440
Work in progress		395		46
Finished goods		199		—
		$	8,951	$	27,486

Inventory, current portion		$	3,258	$	27,486
Inventory, non-current portion (1)		$	5,693	$	—

1) Non-current inventory presented as part of Other non-current assets in the Consolidated Balance Sheets

Notes Payable - Unsecured Convertible Notes Narrative (Details) - Notes Payable - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes and loans payable	$ 60,666	$ 49,488	$ 91,150
Gain (loss) on fair value adjustment of debts	$ 39,082	34,218
Gain (loss) on extinguishment of debt		$ (2,699)
Unsecured Convertible Notes
Debt Instrument [Line Items]
Debt instrument, term (in months)	6 months	3 months
Notes payable bearing interest rate	4.27%	4.27%
Notes and loans payable	$ 3,442	$ 0	$ 0
Proceeds from debt, net of issuance costs	5,000	34,900
Gain (loss) on fair value adjustment of debts	$ 93	(328)
Gain (loss) on extinguishment of debt		$ 65

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Business Acquisition - Narrative (Details) - AIXC $ in Thousands			12 Months Ended
	Nov. 12, 2025 shares	Sep. 29, 2025 USD ($)	Dec. 31, 2025 USD ($) shares
Business Combination [Line Items]
Payments to acquire businesses, gross		$ 30,000	$ 30,000
Business combination, issuance costs		$ 8,900
Business combination, consideration transferred, equity interest shares (in shares) \| shares	23,200,000		248,722
Business combination, after conversion of ownership as converted basis (as a percent)		0.079
Conversion basis of shares (in shares) \| shares	13,400,000
Business combination, equity interest acquired (as a percent)	57.50%	100.00%
Business combination, remaining issuance costs		$ 800
Fair Value of Non-Controlling Interest		31,600	$ 31,584
Business combination, contemporaneous equity investments		9,900
Business combination, contemporaneous equity investments, gross		10,700
Business combination, contemporaneous equity investments, issuance cost		800
Intangibles (in-process R&D)			3,629
Business combination, recognized liability assumed, deferred tax liability			$ 900
Cash
Business Combination [Line Items]
Business combination, issuance costs		3,000
Shares
Business Combination [Line Items]
Business combination, issuance costs		500
Fair Value of Stock Warrants Issued
Business Combination [Line Items]
Business combination, issuance costs		5,300
Allocated to Business Combination
Business Combination [Line Items]
Business combination, issuance costs		2,200
Series B Convertible Preferred Stock
Business Combination [Line Items]
Business combination, consideration transferred, equity interest shares (in shares) \| shares			13,108,358
Acquirer and Other Investor
Business Combination [Line Items]
Business combination, issuance costs		3,000
Common Stock and Preferred Stock
Business Combination [Line Items]
Business combination, consideration transferred, equity interest		$ 40,700

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation 2024 (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal income tax expense	21.00%	21.00%
State income taxes (net of federal benefit)	5.00%	2.30%
Other permanent differences		(1.40%)
Fair value debt adjustments	(0.031)	(0.103)
Disallowed interest	(1.90%)	(1.80%)
Foreign tax rate difference		0.10%
Prior year true-up on deferred taxes		(0.20%)
Return-to-provision adjustment		(1.30%)
Uncertain tax benefit		0.80%
Expiration of tax attributes		(0.30%)
Valuation allowance	(14.90%)	(9.00%)
Effective Tax Rate	0.00%	0.10%

Notes Payable - Schedule of Maturities of Long-term Debt (Details) - Notes Payable - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Maturities of Long-Term Debt
Due on demand	$ 4,290
2026	5,132
2027	0
2028	0
2029	0
2030	61,277
Thereafter	8,100
Total	$ 78,799	$ 50,577

Net Loss per Share - Schedule of Net Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss	$ (390,696)	$ (355,847)
Less: Deemed Dividend	0	(7,576)
Net loss available to common stockholders	(390,696)	(363,423)
Net loss available to common stockholders	$ (390,696)	$ (363,423)
Class A Common Stock
Weighted average shares used in computing net loss per share of Class A and B Common Stock:
Basic (in shares)	124,299,591	18,529,525
Diluted (in shares)	124,299,591	18,529,525
Net loss per share of Class A and B Common Stock attributable to common stockholders:
Basic (in dollars per share)	$ (3.14)	$ (19.61)
Diluted (in dollars per share)	$ (3.14)	$ (19.61)
Class B Common Stock
Weighted average shares used in computing net loss per share of Class A and B Common Stock:
Basic (in shares)	124,299,591	18,529,525
Diluted (in shares)	124,299,591	18,529,525
Net loss per share of Class A and B Common Stock attributable to common stockholders:
Basic (in dollars per share)	$ (3.14)	$ (19.61)
Diluted (in dollars per share)	$ (3.14)	$ (19.61)

Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 1,800
2027	1,098
2028	1,122
2029	1,156
2030	678
Thereafter	0
Total	5,854
Less: Imputed Interest	940
Present value of net lease payments	4,914
Lease liability, current portion	1,443	$ 2,128
Lease liability, net of current portion	3,471	$ 14
Total lease liability	$ 4,914

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,150	$ 8,382
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	124	2,670
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	36	915
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,990	$ 4,797

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Schedule of Restricted Stock Units (Details) - Stock Incentive Plan - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Shares
Beginning balance (in shares)	440,407	2,885
Granted (in shares)	441,177	1,797,111
Released (in shares)	(263,311)	(1,322,382)
Forfeited (in shares)	(170,909)	(37,207)
Ending balance (in shares)	447,364	440,407
Weighted Average Fair Value
Beginning balance (in dollars per share)	$ 3.61	$ 3,784.8
Granted (in dollars per share)	1.69	3.72
Released (in dollars per share)	4.35	1.31
Forfeited (in dollars per share)	2.93	2.32
Ending balance (in dollars per share)	$ 2.05	$ 3.61

Income Taxes - Schedule of Cash Paid for Income Taxes, Net of Refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 0
Foreign	0
Total cash paid for income taxes, net of refunds	14	$ 0
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	$ 14

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2021 Plan

In July 2021, the Company adopted the 2021 Stock Incentive Plan (“2021 Plan”). The 2021 Plan allows the Board to grant up to 5,164 incentive and nonqualified stock options, restricted shares, unrestricted shares, restricted share units, and other stock-based awards for the Class A Common Stock to employees, directors, and non-employees. The number of shares of Class A Common Stock available under the 2021 Plan will increase annually on the first day of each calendar year, beginning with the calendar year ending December 31, 2024, and continuing until (and including) the calendar year ending December 31, 2031.

Annual increases are equal to the lesser of (i) 5 percent of the number of shares of Class A Common Stock issued and outstanding on December 31 of the immediately preceding fiscal year and (ii) an amount determined by the Board.

As of the effective date of the 2021 Plan, no further stock awards have been or will be granted under the EI Plan or STI Plan (defined below).

At the annual meeting of stockholders held on July 31, 2024, the Company’s stockholders approved (among other proposals) an amendment to the 2021 Plan to increase the number of shares of Class A Common Stock available for issuance under the 2021 Plan by an additional 2,206,324 shares, subject to proportionate adjustment for stock splits and similar events as provided in the 2021 Plan.

At the stockholder’s meeting held September 19, 2025, the Company’s stockholders approved an amendment to the Company’s Amended and Restated 2021 Stock Incentive Plan in order to increase the number of shares of FFAI Class A Common Stock available for issuance under the 2021 Plan by an additional 9.5 million shares. The intent of this increase is to bring authorized shares under the 2021 Plan close to industry level. As of December 31, 2025, and 2024 the Company had 260,075 and 530,131 shares of Class A Common Stock available for future issuance under the 2021 SI Plan.

Option Awards

As of December 31, 2025, the total unrecognized stock-based compensation expense for stock options granted under the 2021 Plan was less than $0.1 million, which is expected to be recognized over a weighted average period that is less than 1.00 year. Most options granted under the 2021 Plan vest over a four-year period and are contingent upon the grantee’s continued service.

There were no options granted under the 2021 Plan during the year ended December 31, 2025.

As of December 31, 2024, the total unrecognized stock-based compensation expense for stock options granted under the 2021 Plan was less than $0.1 million, which is expected to be recognized over a weighted average period of 2.26 years. There were no options granted under the 2021 Plan during the year ended December 31, 2024.

The total grant date fair value of options vested during the years ended December 31, 2025, and 2024 was less than $0.1 million and $2.0 million, respectively.

A summary of the Company’s stock option activity under the 2021 Plan is as follows:


(dollars in thousands except weighted average exercise price)	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2023	798	$	19,885.20	8.74	$	5,351


Expired/forfeited	(390)	$	20,794.36
Outstanding as of December 31, 2024	408	$	21,156.47	7.59	$	8,317


Expired/forfeited	(24)	$	19,176.00
Outstanding as of December 31, 2025	384	$	21,280.25	6.60	$	—

Exercisable as of December 31, 2025	315	$	21,774.93	6.59	$	—

Restricted Stock Units

As of December 31, 2025, the total unrecognized stock-based compensation expense for RSUs granted under the 2021 Plan was $0.5 million which is expected to be recognized over a weighted average period of 0.29 years. Most RSUs granted under the 2021 Plan vest over a four-year period and are contingent upon the grantee’s continued service, except for RSUs granted to members of the Board of Directors, which generally vest over an approximately one-year period.

The total grant date fair value of RSUs vested during ended December 31, 2025, and 2024 was $0.5 million and $8.4 million, respectively.

A summary of the Company’s RSU activity under the 2021 Plan is as follows:


(dollars in thousands except weighted average fair value)	Shares	Weighted Average Fair Value
Outstanding as of December 31, 2023(1)	2,885	$	3,784.80
Granted	1,797,111	$	3.72
Released	(1,322,382)	$	1.31
Forfeited	(37,207)	$	2.32
Outstanding as of December 31, 2024	440,407	$	3.61
Granted	441,177	$	1.69
Released	(263,311)	$	4.35
Forfeited	(170,909)	$	2.93
Outstanding as of December 31, 2025	447,364	$	2.05

EI Plan

On February 1, 2018, the Board adopted the Equity Incentive Plan (“EI Plan”), under which the Board authorized the grant of up to 4,416 incentive and nonqualified stock options, restricted stock, unrestricted stock, restricted stock units, and other stock-based awards for Legacy FF’s Class A Ordinary Stock to employees, directors and non-employees.

On the closing date and in connection with the Business Combination, each of the Legacy FF’s outstanding options under the EI Plan immediately prior to the closing of the Business Combination remained outstanding and converted into the right to purchase the Company’s Class A Common Stock based on the Exchange Ratio.

The total grant date fair value of options vested during the years ended December 31, 2025, and 2024 was less than $0.1 million and $2.3 million, respectively.

As of December 31, 2025, there were no unrecognized stock-based compensation expense for stock options granted under the EI Plan.

A summary of the Company’s stock option activity under the EI Plan is as follows:


(dollars in thousands except weighted average exercise price)	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2023	2,031	$	26,408.80	5.92	$	31,743


Expired/forfeited	(82)	$	28,973.01
Outstanding as of December 31, 2024	1,949	$	26,237.95	4.84	$	50,054


Expired/forfeited	(180)	$	25,209.72
Outstanding as of December 31, 2025	1,769	$	26,342.58	3.58	$	—

Exercisable as of December 31, 2025	1,753	$	26,277.84	3.56	$	—

STI Plan

On May 2, 2019, the Company adopted its Special Talent Incentive Plan (“STI Plan”) under which the Board may grant up to 1,472 incentive and nonqualified stock options, restricted shares, unrestricted shares, restricted share units, and other stock-based awards for Legacy FF’s Class A Ordinary Stock to employees, directors, and non-employees.

The STI Plan does not specify a limit on the number of stock options that may be issued under the plan. Under the terms of the STI Plan, the Company is required to reserve and keep available a sufficient number of shares to satisfy the plan’s requirements. The Company no longer issues equity awards under this plan.

The total grant date fair value of options vested during the years ended December 31, 2025, and 2024 was less than $0.1 million and $7.8 million, respectively.

As of December 31, 2025, there were no unrecognized stock-based compensation expense for stock options granted under the STI Plan.

A summary of the Company’s stock option activity under the STI Plan is as follows:


(dollars in thousands except weighted average exercise price)	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value




Outstanding as of December 31, 2023	564	$	60,169.20	6.64	$	16,318


Expired/forfeited	(77)	$	95,528.84
Outstanding as of December 31, 2024	487	$	52,893.32	5.50	$	25,481
Expired/forfeited	(56)	$	101,355.16
Outstanding as of December 31, 2025	431	$	46,596.66	4.87	$	—

Exercisable as of December 31, 2025	195	$	58,591.00	5.11	$	—

Equity Awards Outside of Company’s Equity Incentive Plans (Market Awards)

Effective April 23, 2025, the Company entered into an offer letter with Mr. Yueting Jia, under which he was appointed to serve as Global Co-CEO. In connection with his service, Mr. Jia is eligible to receive contingent equity awards if the Company achieves certain stock price or market capitalization milestones. These awards are made outside of the Company’s existing equity incentive plans.

The equity award structure consists of two phases:

•Phase 1: For every $5.00 increase in the Company's daily closing stock price or $700.0 million increase in market capitalization, measured from April 23, 2025, Mr. Jia is eligible to receive restricted stock units (RSUs) equal to 1% of the Company's outstanding shares at the time the milestone is achieved. Awards under this phase are capped at 5% of the Company’s outstanding shares.

•Phase 2: After reaching the 5% cap under Phase 1, Mr. Jia is eligible to receive additional RSUs for each $20.00 increase in stock price or $3.0 billion increase in market capitalization, again equal to 1% of outstanding shares per milestone, up to a cumulative total of 9% of outstanding shares.

To qualify for any award, the applicable stock price or market capitalization level must be sustained for at least 15 consecutive trading days. The effects of stock splits, dividends, mergers, or acquisitions are excluded from milestone calculations. There is no expiration date associated with achievement of the award. The award qualifies for equity accounting pursuant to the provisions of ASC 718, however, since the Company has insufficient authorized but unissued shares the award is presented as a liability within Accrued Expenses and Other Current Liabilities in the Consolidated Balance Sheet for the period ended December 31, 2025.

The fair value of Mr. Jia’s award at grant date was $10.3 million with an estimated total derived service period of 7.61 years, with expected milestone achievement dates between 2029 and 2032. As of December 31, 2025 the fair value of Mr. Jia’s award is $19.3 million with a remaining total derived service period of 6.44 years. The Company recognizes expense for Mr. Jia’s award using the accelerated attribution method.

Mr. Jia’s award was valued using a Monte Carlo simulation model based on a Geometric Brownian Motion framework. While Mr. Jia’s award is liability classified due to the Company’s insufficient authorized but unissued share reserves, the Company has made the election not to revise the estimated derived service period in connection with the periodic re-measurement of the award. Details on key assumptions and inputs used in valuing Mr. Jia’s award can be found at Note 15, Fair Value of Financial Instruments.

The Company began recognizing expense for Mr. Jia’s market-based awards, which are in addition to his annual equity plan, at the inception of the arrangement. The compensation expense recognized in the years ended December 31, 2025, and 2024 was $2.4 million and $0.0 million, respectively.

Stock-based compensation expense



(in thousands)	2025		2024
Research and development	$	124	$	2,670
Sales and marketing	36		915
General and administrative	2,990		4,797
	$	3,150	$	8,382

Subsequent Events (Details) $ / shares in Units, $ in Thousands, ¥ in Millions							3 Months Ended	12 Months Ended
	Mar. 20, 2026 $ / shares	Feb. 06, 2026 USD ($)	Feb. 06, 2026 CNY (¥)	Feb. 04, 2026 USD ($)	Feb. 04, 2026 CNY (¥)	Jan. 30, 2026 USD ($) $ / shares	Mar. 31, 2026 USD ($) day shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Mar. 18, 2026 $ / shares shares	Mar. 06, 2026 USD ($) agreement	Mar. 06, 2026 CNY (¥) agreement	Feb. 18, 2026 $ / shares shares	Feb. 13, 2026 shares	Feb. 12, 2026 ft²	Dec. 22, 2025 $ / shares shares	Sep. 23, 2025 shares	Aug. 06, 2025 shares	Jul. 14, 2025 shares	May 29, 2025 shares	May 28, 2025 shares	Apr. 17, 2025 $ / shares shares	Apr. 03, 2025 $ / shares shares	Mar. 07, 2025 shares	Mar. 06, 2025 shares	Jan. 28, 2025 $ / shares shares	Aug. 16, 2024 shares	Jul. 31, 2024 shares	Jul. 30, 2024 shares
Subsequent Event [Line Items]
Payment to related party \| $								$ 1,300
Lease term (in years)								5 years
Lease cost \| $								$ 4,500	$ 4,787
Lessee, operating lease, liability, to be paid \| $								$ 5,854
Common stock, shares authorized (in shares)																				124,815,625					104,245,313		104,245,313	104,245,313	11,582,813
Preferred stock, shares authorized (in shares)								5,931,000	10,000,000											10,000,000								114,245,313	12,582,813
Preferred stock, par value (in dollars per share) \| $ / shares								$ 0.0001	$ 0.0001
El Segundo, California Lease - Land
Subsequent Event [Line Items]
Lease cost \| $								$ 0
Lessee, operating lease, liability, to be paid \| $								$ 16,900
Chongqing LeTV Microloan Co., Ltd. \| Forecast
Subsequent Event [Line Items]
Accrued interest \| $							$ 19,900
Class A Common Stock
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) \| $ / shares								$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)								228,041,297	99,815,625											162,815,625
Common stock, shares issued (in shares)								199,130,727	65,919,127
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares authorized (in shares)																7,000,000,000	1	1		12,900,000	5,000,000,000	1				1
Preferred stock, par value (in dollars per share) \| $ / shares																$ 0.0001						$ 0.0001				$ 0.0001
Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock, shares authorized (in shares)								12,000,000	0										3,000,000				9,000,000
Preferred stock, par value (in dollars per share) \| $ / shares								$ 0.0001	$ 0.0001														$ 0.0001
Common Stock
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)																				167,245,313				129,245,313
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)													312,285,439	232,470,985
Preferred stock, shares authorized (in shares)													24,087,265	17,931,000
Nasdaq minimum closing bid price for common stock (in dollars per share) \| $ / shares	$ 1.00
Minimum number of consecutive trading days remained to maintain closing bid price	30 days
Subsequent Event \| El Segundo, California Lease - Land
Subsequent Event [Line Items]
Lessee, operating lease, area of land \| ft²															99,209
Lease term (in years)															72 months
Subsequent Event \| Gold King Arthur Holding Limited
Subsequent Event [Line Items]
Stock purchase agreement closing price percentage						1
Subsequent Event \| GlobeX AI Hong Kong Holding Limited
Subsequent Event [Line Items]
Contract with customer, liability, non-refundable advance payable				$ 43,000	¥ 300.0
Contract with liability, contract duration				6 months	6 months
Payments of milestone				$ 46,000	¥ 320.0
Subsequent Event \| Chongqing LeTV Microloan Co., Ltd.
Subsequent Event [Line Items]
Number of supplemental agreements \| agreement											2	2
Debt instrument settlement value											$ 3,500	¥ 25.4
Subsequent Event \| Class A Common Stock \| Gold King Arthur Holding Limited
Subsequent Event [Line Items]
Sale of stock, subscription amount \| $						$ 10,000
Common stock, par value (in dollars per share) \| $ / shares						$ 0.0001
Subsequent Event \| Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares													$ 0.0001
Preferred stock, shares subscribed but unissued (in shares)													1
Subsequent Event \| Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock, convertible (in shares)										29,441
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) \| $ / shares										$ 0.001
Common stock, shares issued (in shares)										13,108,357
Related Party
Subsequent Event [Line Items]
Accrued interest \| $								$ 19,933	$ 23,227
Related Party \| Subsequent Event
Subsequent Event [Line Items]
Payment to related party		$ 1,700	¥ 130.1
SPA Loans \| Subsequent Event
Subsequent Event [Line Items]
Debt conversion, converted amount \| $							16,300
Converted interest \| $							$ 800
SPA Loans \| Subsequent Event \| Class A Common Stock
Subsequent Event [Line Items]
Shares issued from conversion (in shares)							35,576,389
SPA Loans \| Notes Payable \| Related Party \| Subsequent Event
Subsequent Event [Line Items]
Proceeds from Loans \| $							$ 8,700
Debt instrument, convertible, threshold consecutive trading days (in days) \| day							5
Debt instrument, convertible, threshold consecutive trading days, percentage							90.00%
SPA Loans, Maturity of Five Year \| Notes Payable \| Related Party \| Subsequent Event
Subsequent Event [Line Items]
Debt instrument, term (in years)							5 years
Contractual Interest Rates							10.00%
SPA Loans, Maturity of Six Year \| Notes Payable \| Related Party \| Subsequent Event
Subsequent Event [Line Items]
Debt instrument, term (in years)							6 years
Contractual Interest Rates							15.00%