Reported a net loss of $397.1 million for the year ended December 31, 2025, an increase from $355.8 million in 2024. Revenue remained limited at $0.536 million in 2025, essentially flat compared to $0.539 million in 2024, indicating a pre-commercial production phase. Net cash used in operating activities increased to $107.6 million in 2025 from $70.2 million in 2024. The company has an accumulated deficit of $4.7 billion and negative working capital of $79.7 million as of December 31, 2025, leading to substantial doubt about its ability to continue as a going concern. Recorded $137.4 million in asset impairment charges in 2025, primarily due to a strategic shift from the FF 91 program to the planned FF 92 upgrade and FX Super One, alongside external factors like the elimination of federal EV tax credits and U.S.-China trade tensions. A goodwill impairment of $4.5 million and a credit loss expense of $4.3 million were recognized in 2025, related to the AIXC acquisition and a promissory note, respectively. The company is ineligible to access its At-The-Market (ATM) equity program until at least December 1, 2026, due to a late filing of a prior quarterly report. Received a Nasdaq non-compliance notice on March 20, 2026, for failing to meet the minimum bid price requirement, with a deadline of September 16, 2026, to regain compliance. The company's five-year production plan targets cumulative production and sales of approximately 400,000 to 500,000 vehicles, subject to securing additional financing and strategic partner agreements. Pre-production of the FX Super One began in December 2025, with initial deliveries expected in the second quarter of 2026. Launched a robotics initiative in February 2026, with initial robot deliveries planned for late February 2026, and received over 1,200 non-binding B2B deposits. The SEC staff concluded its investigation into the company and certain executives, stating on March 18, 2026, that it does not intend to recommend an enforcement action. Eight of nine identified material weaknesses in internal control over financial reporting were remediated by December 31, 2025, but one related to formal accounting policies and procedures remains in progress.