Good afternoon, ladies and gentlemen, and welcome to the Faraday Future Intelligent Electric First Quarter 2025 earnings conference call. All participants will be in listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press the star key and then zero on your telephone keypad. Please note that this event is being recorded. I will now hand you over to John Schilling. You may proceed. Welcome, everyone, to Faraday Future's First Quarter 2025 earnings call. This is John Schilling, Director of PR and Communications at FF. Today, I'm joined by a few members of our leadership team, including our Global Co-CEO, Matthias Aydt, our Global President, Jerry Wang, our CFO, Cody Meka, and our Founder and Global Co-CEO, YT Jia. Today, we will be sharing details from our First Quarter 2025 results. The press release, as well as today's presentation, will be available in the Investor Relations section of our website at investors.ff.com. A replay of this call will also be posted there later today. Please note that on the call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today, should not be relied upon as representative of views as of any subsequent date, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC. In today's call, we will be covering the following topics: the First Quarter Overview and Financial Highlights, our development progress together with our Second Quarter and full-year outlook. The management team will also address frequently asked questions from our shareholders. With that, I will now turn the call over to Matthias. Thank you, John. Hi, everyone. This is Matthias, the Global Co-CEO of Faraday Future, and pleased to share our key developments for the first quarter of 2025 through today, which reflect growing operational maturity, expanding market reach, and strategic execution across our AI-driven mobility roadmap. We began the quarter by announcing our plans for the FX Super One, which would be our first-class AI MPV product. This marks a pivotal moment in our mass-market strategy. We also officially entered the East Coast market with the delivery of our first FF91 2.0 in New York, expanding our regional footprint beyond California. To support FX development, we have kicked off U.S. homologation and road testing for the FX Super One and FX Six prototype mules to keep us on track toward regulatory and production milestones. In alignment with our long-term focus on implementing AI technology to our cars, building the next generation AI EV, we completed our ticker symbol change to FFAI, underscoring our strategic focus on AI integration across our product and operational ecosystem. We also established a new subsidiary, Future AI Hybrid Extended Range, AI Her, which will lead the design and development of the world's first AI-powered hybrid extended range electric powertrain. This is a core enabler of our long-term platform strategy. Internally, we enhanced our capital and operational leadership, with Jerry Wang appointed as Global President to drive global execution, product delivery, and organizational efficiency. Just recently, we finally invited YT Jia, our founder, to come back to the helm and co-lead the company as Co-CEO together with me. Now turning to vehicle delivery, we continue to expand our client base with two FF91 2.0 deliveries, one in California and one in New York. In technology and AI, we have made strong progress across product planning and software enhancement. We have begun technology planning for our AI hybrid extended range system, which could power the next generation of FF products. We have also successfully delivered the first internal development version of our AI-powered vehicle operating system, built on our AI agent framework, enabling intelligent in-cabin and driving experiences. Our FF91 software continues to evolve, with the version 57 update released during the quarter, further enhancing user experience stability and performance. In capital and investor relations, we received $20 million from a prior financing round and secured an additional $41 million in new funding, subject to closing conditions. These funds are crucial to support FX ramp-up, AI R&D, and market expansion. We also hosted a successful investor event in New York, where we engaged stakeholders, shared strategy updates, and announced plans to open a New York metro office to deepen our presence in this key market. As part of our global strategy, our Middle East facility in Ras Al Khaimah Economic Zone is now ready for occupancy. The local team will be taking over shortly, bringing our international production capacity another step closer to activation. Finally, on the operations front, we remain laser-focused on executing our FX strategy and enhancing work efficiency. We hosted our first FF Open AI Day, not only to spotlight our AI capabilities, but also to attract top engineering and data science talent, aligned with our long-term platform roadmap. We also continue to improve our operation efficiency and compliance through different methods, including AI-powered management systems. Now let's welcome Cody Meka, our CFO, to talk about the financials. Thank you, Matthias. Hello, everyone. I will walk you through several key metrics that highlight both our operational execution and improving financial position. For the quarter, we reported revenue of $0.3 million, primarily driven by the delivery of one newly leased FF91 vehicle, alongside leased revenue from the vehicles delivered in prior periods. This reflects continued monetization of our flagship product. Our net loss from operations was $43.8 million, in line with the $43.6 million reported in Q1 2024. This stability underscores our disciplined approach to cost control, even as we advance our FX strategy. Operating cash outflow totaled $20.3 million, a 38% increase from Q1 2024. This change was largely due to variations in net working capital changes between the two quarters. Our total operating expenses were $22.8 million, representing a modest decrease of $0.2 million compared to Q1 2024. Our financing activities generated $24.6 million in Q1 2025. Although slightly below the $25 million raised in Q4 2024, this marks the third consecutive quarter where financing inflows exceeded operating outflows, a positive and sustained trend that continues to support our operations. Our net assets grew 21% compared to the prior quarter end to $139.8 million. Our debt-to-asset ratio improved by approximately 700 basis points to 66%. This increase in net assets was primarily driven by a $25.8 million reduction in outstanding notes payable. These developments reflect a meaningful improvement in our capital structure and overall financial stability since the first half of 2024. In summary, our performance this quarter demonstrates clear progress on both financial and operational fronts. We remain focused on strategic investments in our core roadmap while optimizing capital and driving toward long-term growth. I will now invite Jerry Wang, Global President of Faraday Future, to provide some comments. Thank you, Cody. This is Jerry Wang, the Global President of Faraday Future. I will now share our recent progress. Our FX development is progressing and showing early signs of strong market traction. We have already received 1,000 B2B non-binding paid pre-orders from an East Coast company and another 300 non-binding paid pre-orders from a West Coast company, a clear signal of demand for our FX product. We are currently in the midst of a testing and validation program for the FX platform, including ADAS, Advanced Driver Assistance System testing. This progress is focused on ensuring the highest standards in quality, performance, technology integration, and user experience. Currently, we are testing on the public roads in the United States. At the management level, we have made fundamental changes to strengthen strategic execution. FF founder YT Jia has been appointed Co-CEO. His incentive follows stockholders' first approach tied to market capitalization and stock price. His leadership and product vision are pivotal as we accelerate into the next stage of growth. On the capital markets front, we remain committed to protecting stockholder interests. We issued a public statement regarding potential illegal short-selling activity and online infringement. This was an important step to defend the company and its investors against market manipulation and reputational harm. We have also adopted a zero-tolerance policy towards illegal short-selling and the deliberate spread of false or misleading information. Some misleading content has already been removed or addressed. We will continue to take appropriate actions to address those issues and ensure transparency, reinforcing the importance of accountability and truth in capital markets. For the manufacturing and supply chain, we improved supplier relations and strengthened supply chain stability for win-win collaboration. Investor interaction has also intensified. We've increased the frequency of co-creation events to promote openness and direct stakeholder participation. This includes the FX Developer Co-creation Program, where participants test drive the FX prototype mule, and the FX AI Investor Community and FX Developer Co-creation Day, which received powerful endorsements from California political leaders, validating our global automotive space strategy and reaffirmed our investment of over $3 billion in California, focusing on the research, development, and manufacturing of next-generation artificial intelligence electric vehicles. In addition to our hosted events, we participated in the Jones Technology and Innovation Conference in Las Vegas and joined a business roundtable at the White House in Washington, D.C., strengthening our dialogue with national leaders and innovation partners. Now, let's welcome YT Zha, founder and Co-CEO of Faraday Future. Thank you, Jerry. Hello, everyone. This is YT. I'll now walk you through our outlook, with a primary focus on Q2, structured around our seven tier-one strategic goals and the pillars from S1 to S7. For S1, you're the ecosystem. First, to start with, we're planning to host the first product launch event for the FX Super One around the end of June, which will also mark the official countdown to user deliveries. The product launch will also fully open our online B2C paid per-order collection. Our target is to achieve around 10,000 paid per-orders, including binding B2B per-order agreements with non-refundable deposit and non-binding reservations, and B2C per-orders with refundable deposit and non-binding reservations, placed before and within 48 hours of the launch event. We are on track to have the first FX Super One offline by the end of 2025, and our ambition is to establish Super One as the number one first-class AI MPV brand in the U.S. This launch will mark the official birth year of first-class AI MPV in the U.S., setting the stage for disruption in the premium business and family vehicle segment, largely untapped Blue Ocean market. The FX Super One aims to disrupt the Toyota Alphard in Asia and Cadillac Escalade in the U.S. in the AI EV era for three key reasons. Number one, as the first first-class AI MPV in the U.S. market, we believe that the FX Super One will deliver a level of product performance and technology that could go far beyond today's mainstream business and family vehicles. Number two, the superior product power is expected to come at a much lower price point than the Escalade in the U.S. and the Alphard in Asia. This extreme price-to-performance ratio could help it beat the best beyond its class. Number three, in the future, the mass-market FX product line could benefit from the technology stack developed for our $300,000 flagship FF91, which is fully compliant with current U.S. ICTS regulations. This could help make the ultimate AI tech luxury accessible to every household. At the same time, we are continuing to scale up our B2B sales efforts. In phase one, we aim to enter seven U.S. states with strong AI EV demand: California, Nevada, Texas, Florida, New York, New Jersey, and Washington. We welcome new FF power candidates to join our co-creation ecosystem online direct sales system and also invite B2B partners, such as rental car companies and MCN agencies, to visit us in Los Angeles to explore co-creation and win-win opportunities in this promising Blue Ocean market. FX co-creation model will deeply empower FX by engaging users, stockholders, celebrities, and partners across industries and communities. We are building a truly collaborative ecosystem together. Now, let's move on to S2 and S3 products and technology. First, I'd like to share with you now the rear design rendering of the planned production version of the FX Super One. Please take a look at the slides. Two, in Q3, FX plans to unveil a new potential FX model designed to potentially disrupt the market dominance of REV4 in the AI EV era, bringing us one step closer to our vision: an AI EV for everyone. Third, we are going all in on AI, accelerating the design and the development of our Super AI hybrid extended range system, AI Her, and pushing forward with our AI cabin and AI driving platform. The AI Her company has already submitted three core technology patent applications. From there, let's look at S4, where we'll cover progress on supply chain, industrialization, and delivery. Our Hanford factory is now preparing a flexible production line for FX units. We then add new capacity of over 30,000 total units, including FF. The facility would support mixed line manufacturing or assembly for multiple models. With our light, swift, and empowering model, we expect to achieve a fully competitive supply chain and manufacturing system, targeting less than 25% of the typical R&D cost of traditional OEMs. This would allow us to launch mass-market hit products with extreme price-to-performance ratio and reach our goal of tens of thousands of units sold within two years of mass production, subject to securing necessary agreements and funding. Now, turning to S6, our efforts in the Middle East and China, our two other key markets beyond the U.S., we are advancing FX production and sales preparation in the Middle East. A regional launch event will be held in parallel with the FX Super One product launch in June, underscoring the region's strategic role as the third pole in our global strategy. Let's take a look at our financial strategy and capital market activities under S5. We are ready to launch a new round of executive stock purchases set to gradually roll out after this quarterly report. Meanwhile, I invite the entirety of the after-tax amount of my $1.2 million Co-CEO appointment bonus into FF stock open market purchases with at least a one-year lockup. We remain firmly committed to avoiding a reverse stock split and to protecting our Nasdaq listing. Future equity offerings will be carefully considered and focused on maximizing long-term value and managing stockholder dilution. Firstly, we continue to refine our capital strategy for raising the funds needed to support the FF and FX product roadmap. Secondly, our counterattack against illegal short-selling is already shown in results. We have issued notices to several suspected parties, and several misleading videos have since been removed or addressed. We will not hesitate to take further action if necessary. In addition, we are enhancing investor communication by setting up official and executive accounts on major stock forums to better engage with stockholders and promptly correct misinformation. We are leveraging our unique advantage to launch a global M&A initiative targeting high-value, cost-efficient acquisition of AI technology companies and others in the mobility ecosystem, which could accelerate the realization of our intrinsic capital value. We are building a compliant, efficient financial system to reduce the risk of delayed financial reporting and protect stockholder interests. At the same time, we are enforcing strict cost controls and focusing resources on core operations to ensure steady progress toward our strategic goals. Finally, let's close with S7 operations system build-up. We've established a global strategic policy research center to track international policy trends, including around tariffs, and strengthen our engagement with policymakers. Our goal is to secure support from government agencies at all levels, including incentives such as tax relief and subsidies, to ensure we stay ahead of regulatory changes worldwide. Looking ahead, I'm fully committed to delivering the KPIs tied to the stockholder's first equity incentive as soon as possible. We aim to reward stockholders with meaningful long-term returns. Thank you. Thank you, YT, and thank you to everyone who presented today. As we wrap up, I'd like to briefly highlight the materials included in the appendix. In the appendix, you'll find our unaudited balance sheets and financial statements as of and for the three months ended March 31, 2025, providing additional detail on our financial position. These materials offer helpful context to support everything we've shared today. With that, we'd now like to open the floor for Q&A. Hello, this is John Schilling again. Now I would like to begin our question and answer session. I will read off some selected questions from emails sent to us, and Matthias Aydt will give his answers. First question: Will all FX vehicle models have clear published pricing? And if not, why? Faraday Future is committed to provide clear and competitive pricing across our vehicle lineup. While we are actively working on the first FX product to roll off the line by end of 2025, we will publish the detailed pricing when the timing gets closer, consistent with industry standard practice. Please note that any deviations from published estimate pricing would be driven by market-specific factors, for example, tariffs, local incentives, dynamic supply chain conditions affecting material cost, and strategic adjustments based on competitive positioning. We will ensure that stakeholders receive timely updates as pricing is finalized. The next question: Given FF's historic high-end positioning, how will the company reconcile brand identity with FX's mass-market target? The FF91 established our technological leadership in the ultra-premium segment, the ultimate tech luxury. The key takeaway from its launch and co-creation experience, including pricing strategy and customer demand, is being applied to the FX models through technology transfer in future iterations, incorporating high-end features designed for the FF91, for example, connectivity, AI cabin, into accessible configurations. Streamlined offerings, global bridge strategy for mature supply chain to lower the production cost, brand architecture positioning the FX as a high-value entry point, while the FF91 remains our flagship innovation showcase. The next question: Regarding the 1,300-plus FX Super One B2B orders, are these reflected in Q1 or Q2 guidance? What types of clients place these orders? These pre-orders were placed by a fleet provider, Skyhorse Auto in Orange County, and a regional dealership in New York, JC Auto, which is considering building a fleet service. Revenue recognition will follow delivery timelines and contractual terms. The pre-order by JC Auto happened in late April, and the order by Skyhorse happened in early May. While these pre-orders are non-binding, their respective deposits of $100,000 and $30,000 are non-refundable and can be used forward to purchase the FX vehicles. JC Auto is a regional used car dealership in New York with many vehicle shopping options available. JC Auto differentiates itself by understanding the local car buying community and satisfying its needs. It is considering building a fleet service which could utilize FX vehicles. Founded in 2019, Skyhorse Auto is a mobility solution provider based in Southern California, specializing in premium car rental services and custom travel experiences for international travelers. Skyhorse has a fleet of over 100 vehicles and is recognized for its personalized service and convenience. The next question: Will management resume open market insider stock purchases immediately after the post-earnings blackout period? Is there a defined timeline or scale for such transactions? FF leadership remains committed to align with stakeholder interests. Any open market purchase post-blackout will comply with SEC regulations and corporate policies. Our management team does have plans to purchase stock from the open market and will disclose 10b5-1 trading plans or transactions as required by SEC regulations. The last question: FX products appear to rely significantly on components sourced from China, owing to the maturity and cost advantages of its supply chain. What impact will the recent tariff increases on Chinese goods have on FX's strategy, and how will the company respond? The recent tariff increase has had a broad impact on the U.S. automotive industry. China's supply chain, known for its cost-effectiveness and high quality-to-cost ratio, has long supported U.S. automotive operations. In response to the tariff hikes, FX is taking a dual approach. Besides purchasing from Chinese suppliers, first, FX will look to leverage its existing domestic supply chain, which already accounts for up to 50% of the FF91's components. Second, FX is actively collaborating with suppliers to localize more production in the United States. Furthermore, FX is working closely with both federal and state governments to seek support in mitigating the impact of tariffs. As a brand focused on producing high-volume mainstream vehicles, FX's efforts could contribute significantly to U.S. job creation and tax revenue. All these actions could provide a competitive advantage for FX. Thank you for your time, and thank you, Matthias, for your answers. This concludes our investor Q&A session. We appreciate all the questions submitted and apologize if we could not get to all of them today. We remain committed to maintaining open communication with our investors. That concludes today's conference call. Thank you for your participation. Thank you. Ladies and gentlemen, that concludes today's event. Thank you for attending, and you may now disconnect your line.