Asia Tech Wire (July 31) -- California-based electric car maker Faraday Future (NASDAQ: FFIE) reported that its operating loss for the first quarter of 2024 narrowed to $43.6 million.

Faraday Future released a business update Tuesday highlighting key strategic developments and operational progress, including renewed compliance with Nasdaq's requirements for timely filing of earnings reports.

The company said its operating loss narrowed significantly to $43.6 million in the first quarter of 2024, compared to a loss of $95.8 million in the same period last year.

Additionally, the company saw a significant improvement in cash flow from operating activities during the same period, with a loss of $14.7 million compared to negative $103 million in the same period last year.

Faraday Future disclosed that as of March 31, 2024, the company had book assets of $499.9 million, liabilities of $298.4 million and net assets of $201.5 million.