Net Loss per Share

3 Months Ended

Mar. 31, 2026

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:


	Three Months Ended March 31,
(in thousands, except share and per share amounts)	2026		2025
Net loss attributable to Faraday Future Intelligent Electric Inc.	$	(38,856)	$	(10,278)
Less: Deemed Dividend	(85)		—
Net loss available to common stockholders	$	(38,941)	$	(10,278)

Weighted average shares used in computing net loss per share of Class A and B Common Stock:
Basic	214,502,895		75,749,893
Diluted	214,502,895		75,749,893

Net loss per share of Class A and B Common Stock attributable to common stockholders:
Basic	$	(0.18)	$	(0.14)
Diluted	$	(0.18)	$	(0.14)

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 Unaudited Condensed 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:


	Three Months Ended March 31,
	2026	2025
Shares issuable upon conversion of SPA Portfolio Notes	199,202,056	44,298,705
Shares issuable upon conversion of Unsecured Convertible Notes	25,311,924	1,809,969
Shares issuable upon exercise of equity classified SPA Portfolio Note warrants	12,907,780	15,238
Shares issuable upon exercise of liability classified SPA Portfolio Note warrants	6,998,837	35,244,948
Other warrants	5,776,657	5,776,657
Stock-based compensation awards – Options	2,273	2,514
Stock-based compensation awards – RSUs	6,095	155,134
Public warrants	2,453	2,453
Private warrants	12	12
	250,208,087	87,305,630