Jia Yueting's letter to investors: Completed 70 million USD financing, launched five major reforms to solidify five core values, market cap returned to the peak at the 21-year IPO high. Within five years, rank among the top three in North America for real-world robotic deployments; within two years, achieve dreams unfulfilled over the past 12 years

Dear investors, shareholders, and Futurists:

Hello everyone!

Ten days ago, FF just celebrated its 12th anniversary. Last week, after seven years, I returned to the position of FF Global CEO. Two days ago, FF completed the latest round of $25 million in financing. The recent cumulative financing of $70 million is sufficient to support the first phase of the robotics business strategic goals.

Today, standing at the forefront of a new wave of industrial revolution, I am excited to issue this letter to our investors.

Our goal is to lead the team to achieve the dream that has not been fulfilled in the past 12 years within two years. With AI First and Shareholders First as our core concepts, we will revolve around EAI to build a 'trinity' ecosystem strategy, truly transforming FF into a Physical AI ecosystem company.

This mission cannot fail, and there are no excuses.

After years of ups and downs and refinement, FF's differentiated advantages and value in this new round of industrial competition have become increasingly prominent. We hope to seize the opportunity and quickly consolidate the company’s five unique values through five new transformations:

First, the terminal scaling value formed by the first delivery and full-scale ramp-up of EAI terminals. Achieving large-scale deployment in real-world scenarios first will consolidate our early-mover advantage.

Second, the continuous evolution value of the EAI brain and developer platform.

Third, the data value from real-world scenarios generated by the EAI data factory. The core competitiveness in the AI era lies not only in models and computing power but also in the ability to acquire high-frequency, multidimensional data from the real world.

Fourth, the cost and efficiency value of serving as a global bridge for the EAI industry. Connecting advanced technology chains, premium industry chains, and valuable users and scenarios globally, thereby achieving deep integration, collaboration, and value amplification of global industrial resources.

Fifth, strategic foresight and focus: the four values mentioned above—forming a trinity plus the bridge—will create an evolutionary flywheel for the EAI ecosystem, representing our most crucial long-term comprehensive value and competitive moat.

In terms of implementation pathways, compared with the top embodied intelligence company Tesla, FF has six unique differentiating features:

– 1. Ecosystem model: FF is self-developed + open-source developer platform + data factory, while Tesla is fully self-developed + proprietary data usage;

– 2. EAI terminal form: FF robots come in three forms: humanoid + biomimetic multi-forms, while Tesla focuses on a single general-purpose humanoid;

– 3. Price range: FF offers a killer price starting at $10,000, whereas Tesla starts at $20,000 to $30,000;

– 4. First-phase market: FF pioneers and focuses on educational scenarios, particularly ToC family education, while Tesla operates purely in ToB industrial scenarios;

– 5. Technical approach: FF combines generalization with specialization for its universal AI brain, while Tesla focuses on a generalized universal brain.

– 6. Capital Investment: FF's core AI is self-developed using a 'bridge model' with light capital, whereas Tesla follows full-stack self-development with heavy capital investment.

Going forward, we will drive comprehensive transformation across five key areas—strategy, product technology and operations, finance, capital, and AI systems—over three phases: 2026, two years, and five years, to maximize our five unique values.

First, Strategic Transformation:

FF has officially upgraded to become a U.S.-based Physical AI Ecosystem company, adhering to the 'AI First' philosophy, focusing on embodied intelligence robot technologies and two major product engines: one being EAI humanoid and biomimetic robots, and the other being EAI automotive robots. We aim to build three sub-strategies: 'EAI terminals, EAI data factories, and EAI brains alongside an open-source platform,' forming a 'trinity' EAI ecosystem that creates a flywheel effect of continuous evolution to maximize commercial value.

Our goal is to rank among the top three robot companies in North America in terms of real-world deployment of EAI humanoid and biomimetic robots within five years, and to become a leader in the North American EAI MPV sector for EAI automotive robots.

Second, Product Technology and Business Transformation:

In the first phase, the company will focus resources to prioritize breakthroughs in the EAI humanoid and biomimetic robot business.

Regarding EAI terminalsBased on our four major product lines and application scenarios—including education, security and inspection, reception and guidance, performance, and university research—we have raised our full-year 2026 robot shipment target from 1,000 units to 1,500 units. We believe that the education sector, particularly home-based education, will become the largest use case in the first phase of the consumer (To C) robotics market. FF aims not only to be a pioneer in educational robotics products but also a key driver of the inaugural year of the EAI robotics education ecosystem in the U.S.

EAI Brain and Developer Platform:Through a 5x4 architecture, we are leveraging VAM, world models, and WBC force control to evolve robots from task-level autonomy toward long-horizon autonomy. Using shadow mode, we can validate iterative improvements over weeks or months. Concurrently, we are driving productization of the EAI Brain, building an open-platform architecture, and closing the loop of 'platform deployment → data feedback.' This has already attracted over 100 developers and yielded more than 100 Skills and Agents, significantly enhancing the practical utility of our robots.

EAI Data Factory:We are turning real-world scenario data collection and practical implementation into benchmark cases for the industry chain. We have completed fully in-house development of our data software stack and achieved data-related business revenue at the million-dollar scale.

Middle East Operations: We have achieved positive operating cash flow, with over 200 robots sold and deployed across three countries in the Middle East.

The upside of our Phase One strategy is that, assuming we secure mid-to-long-term or strategic investor financing—and thereby obtain all necessary capital for Super One mass production—we will fully advance our EAI automotive business, creating a dual-engine growth model.

III. Financial Transformation:

We will continue to balance financial discipline with business-driven priorities, accelerate improvements in operational quality and financial metrics, and target achieving positive operating cash flow by Q4 2027.

Core initiatives include: maintaining a positive gross margin for humanoid and bionic robot terminal businesses, while ensuring high-margin revenue from ecosystem businesses; shifting from reliance on financing cash flow to focusing on operating cash flow; reconstructing real-time cost control and operational analysis capabilities through an AI system; managing the income statement, cash flow statement, and balance sheet to maximize integrated business performance.

4. Capital Transformation:

Our most important commitment to shareholders is to restore FFAI's market value to its 2021 Nadsaq IPO level within two years, which also serves as the company’s core internal evaluation benchmark.

The recent $70 million institutional investor fundraising marks a crucial starting point in transitioning the company’s financing structure from 'liquidity-driven' to 'capital structure governance-driven.'

We will gradually introduce medium- to long-term financial investors and strategic investors, prioritizing operating cash flow, industrial collaboration, and long-term capital as the core financing structure, reducing reliance on highly dilutive short-term convertible bond-like financing products. This will promote a long-term shareholder structure and support continued legal action against illegal short-selling and market manipulation.

5. AI System Transformation:

We aim not only to transform robots into AI but also to build the company itself as an AI entity. We will comprehensively upgrade to an AI-First management system, transitioning from 'PPTIA' to 'AI-PPTI,' establishing an AI-Native enterprise operating system and a hybrid organization of 'humans + AI agents' to accelerate AI implementation in governance, decision-making, operations, products, technology, and execution.

More detailed information on the first phase, along with goals and actions for the second and third phases, will be announced at the upcoming company-wide meeting.

Over the years, many things have changed, but for me personally, three things have remained constant: my belief in original technological and product value, my初心 to reward shareholders, and my determination to fulfill commitments.

FF will reshape organizational execution with the spirit of the founder and partnership principles, entering a 'zero-excuses, zero-internal-friction, results-oriented' battle mode to fully deliver on promises made to shareholders and users.

Every day, as I walk into the office and see the fire in the eyes of the team, I become even more convinced: the spark that I personally ignited 12 years ago is now burning more fiercely. The next two years will be the most critical for FF. The era of Physical AI has arrived, and FF has the opportunity to once again stand at the forefront of the times, becoming a significant driver in the commercial implementation of real EAI scenarios. FF's brightest days lie ahead!

Thank you all.

(Source: FF APP)

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