Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

Equity Bottom-Up

Faraday Future Intelligent Ele / Equity Bottom-Up

<ul>
<li>Fardaday Future (FF) announced it lined up at least $100m in funding from two investors but gave little detail. Deal is set to close on or before August 8th. </li>
<li>Given that it's a senior secured convert deal, we doubt more than $100m-$200m can be raised, despite FF's release saying the deal has capacity for $600m.</li>
<li>FF only had $222m in cash in April after -$173m in FCF in Q1. They need $1bn to last through 2023. Anything less than $600m in funding would be negative.</li>
</ul>


Fardaday Future (FF) announced it lined up at least $100m in funding from two investors but gave little detail. Deal is set to close on or before August 8th. 
Given that it's a senior secured convert deal, we doubt more than $100m-$200m can be raised, despite FF's release saying the deal has capacity for $600m.
FF only had $222m in cash in April after -$173m in FCF in Q1. They need $1bn to last through 2023. Anything less than $600m in funding would be negative.


Faraday Future (FFIE) Claims It Lined Up Funding but Details Are Vague

<ul>
<li>EV start-up Faraday Future released their delayed Q1 2022 results &amp; had some hair-raising disclosures on their first-ever earnings call. </li>
<li>Cash halved in the 3 months since Q4 2021 &amp; dropped another 20% as of April 30th. Faraday didn't deny that they have roughly a quarter's worth of cash left. </li>
<li>We can't see how Faraday raises cash in the current risk-adverse markets. And we don't see any assets worth buying them out for. Faraday is in need of a miracle. </li>
</ul>


EV start-up Faraday Future released their delayed Q1 2022 results &amp; had some hair-raising disclosures on their first-ever earnings call. 
Cash halved in the 3 months since Q4 2021 &amp; dropped another 20% as of April 30th. Faraday didn't deny that they have roughly a quarter's worth of cash left. 
We can't see how Faraday raises cash in the current risk-adverse markets. And we don't see any assets worth buying them out for. Faraday is in need of a miracle. 


Faraday Future (FFIE)--Hanging by a Thread With 3 Months of Cash Left

<ul>
<li>EV start-up Faraday Future (FF) will be de-listed by the Nasdaq if it fails to file its 2021 annual report &amp; Q1 2022 results by May 16th.   </li>
<li>FF has no revenues yet, but plans to start production in Q3. Cash as of March-end was only $273m vs cash burn of $181m &amp; payment obligations of $193m.</li>
<li>FF's growth strategy is risky &amp; relies on the ultra-luxury car market, which is peaking. Without financing, FF may struggle to survive this year.    </li>
</ul>


EV start-up Faraday Future (FF) will be de-listed by the Nasdaq if it fails to file its 2021 annual report &amp; Q1 2022 results by May 16th.   
FF has no revenues yet, but plans to start production in Q3. Cash as of March-end was only $273m vs cash burn of $181m &amp; payment obligations of $193m.
FF's growth strategy is risky &amp; relies on the ultra-luxury car market, which is peaking. Without financing, FF may struggle to survive this year.    


Faraday Future (FFIE): Not Looking So Bright

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>The WTR Sustainable Index was up 3.5% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (up 3.6%) and the Nasdaq Index (up 1.1%).</li><li>Energy Technology (13.9% of the index) was up 4.2%, while Industrial Climate and Ag Technology (46.1% of the index) was up 3.3%, ClimateTech Mining was up 1.7%, and Advanced Transportation Solutions (20.5% of index) was up 5.3%.</li><li>Top 10 Performers: SUNW, MAXN, ELBM, REVV, EVTV, FFIE, LCID, STEM, NOVA, LNZA</li></ul>

The WTR Sustainable Index was up 3.5% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (up 3.6%) and the Nasdaq Index (up 1.1%).Energy Technology (13.9% of the index) was up 4.2%, while Industrial Climate and Ag Technology (46.1% of the index) was up 3.3%, ClimateTech Mining was up 1.7%, and Advanced Transportation Solutions (20.5% of index) was up 5.3%.Top 10 Performers: SUNW, MAXN, ELBM, REVV, EVTV, FFIE, LCID, STEM, NOVA, LNZA

Sustainable Investing Surveyor - Focus on Aemetis, Inc. (AMTX)

Pioneer Power Solutions  / Equity Bottom-Up

<ul><li>The WTR Sustainable Index was down 0.7% W/W versus the S&amp;P 500 Index (down 0.1%), the Russell 2000 Index (up 1.3%), and the Nasdaq Index (down 0.1%).</li><li>Energy Technology (14.2% of the index) was down by 2.7%, while Industrial Climate and Ag Technology (60.5% of the index) was down 0.4%, ClimateTech Mining was down 6.2%, and Advanced Transportation Solutions (19.7% of index) was down 0.2%.</li><li>Top 10 Performers: HLGN, OPTT, EOSE, ARVL, LTBR, NVVE, EGT, ENVX, FFIE, LICY</li></ul>

The WTR Sustainable Index was down 0.7% W/W versus the S&amp;P 500 Index (down 0.1%), the Russell 2000 Index (up 1.3%), and the Nasdaq Index (down 0.1%).Energy Technology (14.2% of the index) was down by 2.7%, while Industrial Climate and Ag Technology (60.5% of the index) was down 0.4%, ClimateTech Mining was down 6.2%, and Advanced Transportation Solutions (19.7% of index) was down 0.2%.Top 10 Performers: HLGN, OPTT, EOSE, ARVL, LTBR, NVVE, EGT, ENVX, FFIE, LICY

Sustainable Investing Surveyor - Focus on Pioneer Power Solutions, Inc. (PPSI) July 2, 2024

United States

Faraday Future Intelligent Electric Inc. operates as a mobility ecosystem company. The Company develops mobility ecosystem that integrates clean energy, AI, internet, and usership models. Faraday Future Intelligent Electric serves customers worldwide.

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Faraday Future Intelligent Ele (FFIE US)

Faraday Future (FFIE) Claims It Lined Up Funding but Details Are Vague

Faraday Future (FFIE) spiked by 21% yesterday on news that it's found investors with at least $100m in funding. They need $1.5bn. Their vague...

SC Capital

Faraday Future (FFIE)--Hanging by a Thread With 3 Months of Cash Left

After a short squeeze that spiked the stock by 80%+, Faraday reveals it only has around one quarter's worth of cash left & slashes sales estimates....

SC Capital

Faraday Future (FFIE): Not Looking So Bright

This could be a rollercoaster long/short event by Monday, May 16th on yet another fraudulent electric vehicle SPAC, which happens to have...

SC Capital

Sustainable Investing Surveyor - Focus on Aemetis, Inc. (AMTX)

The WTR Sustainable Index was up 3.5% W/W versus the S&P 500 Index (up 1.4%), the Russell 2000 Index (up 3.6%) and the Nasdaq Index (up 1.1%).

Water Tower Research

Sustainable Investing Surveyor - Focus on Pioneer Power Solutions, Inc. (PPSI) July 2, 2024

The WTR Sustainable Index was down 0.7% W/W versus the S&P 500 Index (down 0.1%), the Russell 2000 Index (up 1.3%), and the Nasdaq Index (down 0.1%).

Water Tower Research

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