FF EAI Robotics (FFR) Q3 2026 Earnings Call Transcript

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DATE

Thursday, Nov. 12, 2026

CALL PARTICIPANTS

• Head of Investor Relations - Jimmy Xia
• Chief Executive Officer - Yueting Jia
• Executive Chairman - Jiawei Wang

TAKEAWAYS

• Cash and Cash Equivalents -- $3.2 million for the standalone entity as of Sept. 30, 2026, representing the financial position prior to the robotics acquisition closing.
• Total Assets -- $6.9 million for FF Robotics as of Sept. 30, 2026, which predates the transfer of the robotics business assets.
• Net Loss -- $2.7 million for the third quarter, driven by continued investment in the company's strategic transition and growth.
• Stockholders' Equity -- $5 million for the company prior to the October all-stock transaction.
• Acquired Business Revenue -- $2.3 million for the first nine months of 2026, indicating initial commercial progress for the robotics operations.
• Q3 Acquired Revenue -- $1.1 million, representing nearly half of the nine-month total and reflecting an acceleration in commercial activity.
• Acquired Gross Profit -- $593,000 for the nine-month period, resulting in a gross margin of 26%.
• Acquired Operating Expenses -- $28 million for the nine-month period, which includes a lean operating structure funded largely by capital contributions.
• Research and Development Expenses -- $7.3 million for the acquired robotics operations, representing 26.2% of its total operating expenses.
• Acquired Net Loss -- $27.4 million for the nine-month period, with an average monthly net loss of approximately $3 million.
• Acquired Business Cash -- $4.9 million as of Sept. 30, 2026, held by the robotics entity at the end of the third quarter.
• Acquired Total Liabilities -- $1.4 million, resulting in a positive net asset position of approximately $6.8 million for the robotics business.
• Unit Sales and Shipments -- 351 devices in Oct., setting a new monthly record for the organization.
• Cumulative Device Shipments -- 1,168 units, a total that include shipments made prior to the transaction closing.
• Full-Year 2026 Guidance -- 2,000 units sold and shipped, a target reaffirmed by management based on current delivery momentum.
• FF Nova Pricing -- $2,490 for the entry-level physical AI humanoid robot, with an additional $390 for the developer skills pack.
• FF Nova Mini Pricing -- $299 for the education model, which is paired with a companion course priced at $499.
• RoboShare Fleet Size -- 100 robots from 10 third-party companies, establishing the platform's initial rental and service capacity.
• Commercial Data Factory -- Completed a full commercial cycle including payment collection for data deliveries to leading research labs.
• Phase 2 Built in USA Timeline -- Year-end 2026 target for factory operation, followed by the first locally produced robot body in the first quarter of 2027.

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RISKS

• Wang stated, "the company's financial statements have been prepared on a going concern basis and the related disclosures in the Form 10-Q describe conditions that raise substantial doubt about the company's ability to continue as a going concern," indicating a critical need for additional capital.
• Wang noted that "regulation could affect which projects we can deploy, when we can deploy them and the cost of doing so," following the SEC addition of foreign-produced advanced robotic devices to its coverage list.

SUMMARY

FF EAI Robotics Ecosystem Inc. (NASDAQ:FFR) transitioned to a pure-play robotics and artificial intelligence model following the Oct. 23, 2026, acquisition of robotics assets from its majority stockholder. Management reported that the company has exited its digital asset treasury strategy to focus exclusively on a "Four-Core Full-Stack" AI ecosystem that integrates physical AI devices, industry productivity solutions, and a data factory. The company stated it is currently executing Phase 2 of its domestic manufacturing program with a goal of starting factory operations by the end of 2026 to mitigate regulatory risks associated with foreign-produced hardware.

• Management introduced the "One Brain, All Robots, Diverse Capabilities" philosophy, utilizing the OmniMind AI platform to drive autonomy across humanoid, quadruped, and mobile manipulator forms.
• The company reported that its OmniMind model ranked first overall on the RoboColiseum global leaderboard, outperforming invited models such as GPT-6 Astra and Claude Opus 5.5.
• Executive Chairman Wang stated, "We believe FRR has become the #1 provider of K-12 robotics education in the United States," as the company plans a 100-City robotics education expansion for the first quarter of 2027.
• The company is expanding its RoboShare platform to include rental and onsite services in major markets including Chicago, Dallas, Boston, and Miami by early 2027.
• The physical AI data factory has begun generating revenue by delivering first-person training data and completing pilot orders for frontier research laboratories.

INDUSTRY GLOSSARY

• Four-Core Full-Stack: The company's strategic framework consisting of the physical AI brain, robot devices, industry productivity solutions, and a physical AI data factory.
• OmniMind: The company's unified AI platform designed to provide foundation models and motion control for various robot forms.
• RoboShare: A robot sharing and service platform that connects robot owners with commercial and educational users for rental access.
• Built in USA: A three-phase program aimed at establishing domestic manufacturing and local production of robot bodies in the United States.
• RoboColiseum: A global leaderboard that tests and ranks artificial intelligence models within a simulated robotics environment.
• NVIDIA SONIC: A software platform for robot development that the company has integrated across its multiform robot hardware.
• RMS 1.0: The Robotics Management System, a cloud-based software suite for managing inspection workflows and unattended robot operations.
• Physical AI Data Factory: A segment focused on collecting, cleaning, and delivering real-world robot operational data for AI model training.

Full Conference Call Transcript

Operator: Welcome to the FFE AI Robotics Ecosystem, Inc. Third Quarter 2026 Earnings Call. Please note that this conference is being recorded. [Operator Instructions] As a reminder, this call is being recorded, and a replay will be available on the company's Investor Relations website. I am pleased to turn the call over to today's host, Jimmy Xia, Head of Investor Relations at FFR. Jimmy, please begin.

Jimmy Xia: Welcome, everyone, to FF Robotics Third quarter 2026 Earnings Call, our first quarterly call since we completed the acquisition of the Robotics business on October 23. Joining me are YT Jia, our Chief Executive Officer; and Jerry Wang, our Executive Chairman. Before we begin, please note that today's discussion contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding the company's strategy, product plans and time lines, targeted milestones, expected expenses, liquidity and capital resources and anticipated business developments.

Forward-looking statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including the risk factors described in the company's annual report on Form 10-K and its quarterly reports on Form 10-Q filed with the SEC. The company's financial statements have been prepared on a going concern basis and the related disclosures in the Form 10-Q describe conditions that raise substantial doubt about the company's ability to continue as a going concern. The company undertakes no obligation to update forward-looking statements, except as required by law.

All figures discussed today are unaudited including stand-alone combined financial results of the Robotics business acquired from FFAI for the 9 months ended September 30, 2026, prior to the acquisition. These results are not included in FFR's reported third quarter 2026 financial results. Following prepared remarks, we will take a few investor questions submitted in events. Today's discussion covers FFR's third quarter results and developments since quarter end. With that, I will turn the call over to Jerry.

Jiawei Wang: Thank you, Jimmy, and thank you to everyone for joining us. This is our first quarterly report as FFR after the October 23 closing. We now operate as a pure-play robotics company built around the Four Core full-stack AI ecosystem focus on humanoid and bionic robot projects, physical AI technology and industry solutions. Our product philosophy is One Brain, All Robots, Diverse Capabilities, a unified AI and software platform designed to support 3 primary robot forms, humanoid, quadrupeds and mobile manipulators.

I'll begin by highlighting the third quarter performance of the Robotics business that is now part of FFR, provide an update on progress since the transaction closed and discuss how we are bringing our products, services to customers and financial results. YT will provide our business outlook. First, let me provide some context on the third quarter operating performance of the acquired robotics business. These metrics reflect the July through September period prior to the transaction closing. As such, they are not included in FFR's consolidated third quarter results and remain subject to final review and confirmation.

The company's business covers R&D, manufacturing, commercialization and deployment supported by the Four Core, full-stack AI ecosystem and RoboShare, a robot sharing and service platform across our four cores, namely physical AI brain and developer platform, physical AI devices, industry productivity solutions and the physical AI data factory. Our strategy is to create a continuous value loop, deploying solutions in real-world environments, gathering operational data, using that data to enhance the physical AI brain and delivering increasingly capable products and services to customers. On the robot device front, we have launched more than 20 rollout products across 3 form factors and have been delivering them to customers.

We are building the FF robot world 2.0, that is our physical AI devices portfolio across humanoid, quadruped and mobile manipulator form factors. FF Robotics sold and shipped 351 devices in October, a new monthly record and cumulative sales and shipments reached 1,168 units. Those totals include periods before the acquisition, the yearly sales and shipment target in 2026 remains at 2,000 units. On October 14, we jointly launched 2 robots, FF Nova and FF Nova Mini. As previously announced, Nova is our entry-level physical AI humanoid robot priced at $2,490 with a developer skills pack at $390. Nova Mini for early education is priced at $299 with a companion course at $499.

We also launched the Nova reinforcement learning development program, developer community recruitment and the physical AI Spark program curriculum. In terms of physical AI brain and developer platform, we unveiled FF OmniMind as a brand name for FF Brain on our first Investor Day. OmniMind combined foundation models, motion control and skills and is designed to work across robust forms, tasks and scenarios driving FF robots from task autonomy to general autonomy. As of November 6, OmniMind and its model ranked #1 overall on RoboColiseum's global leaderboard where RoboColiseum tests global invited AI models in simulation, including GR00TN1.7, GPT-6 Astra, Claude Opus 5.5 and pi0.5. FFR is accelerating the deployment of NVIDIA SONIC across its multiform robot platforms.

The NVIDIA SONIC data models and deployment solutions based on FF Master has been fully open sourced, 100% via GitHub and Hugging Face, while the FF All-New Futurist robot now fully supports SONIC, further expanding its development and application on more advanced robot platforms. On the developer platform, we previously introduced Six Developer Tools: Brain Blocks, a block-based programming tool for K-12 students. Create Studio, a motion skill creation tool based on teleoperation and video invitation. EAI Soul, which helps shape a robot personality and conversational style. EAI Scribe, which generate skills from natural language instructions. EAI Studio, which supports the full workflow from data collection to inference, and the SDK and API for professional engineers.

Brain Blocks recently introduced an AI module and motion recording and playback with support for FF Nova Mini. The AI module can recognize gestures, body poses, objects and sounds. Users can train it to recognize new gestures and sounds and incorporate them into block-based programs. They can also report a sequence of movements by positioning the robot in a series of projects, then have robots play them back without writing code. In addition, a simulation sandbox for FF Nova is currently in beta testing and is expected to launch by the end of November, providing developers with a simulated environment for development and testing.

For the industry Productivity Solutions core, we launched our robotics education ecosystem solution 1.0 and has continued to improve it. In October, we also introduced the physical AI Spark program curriculum to help educational institutions and families learn about physical AI through hands-on experience with robots. The physical AI data factory has active data orders and has completed the full commercial cycle, from device deployment and data collection through cleaning, annotation, quality control, delivery and payment collection. We continue to deliver first person data and have received payments for those deliveries. We have also completed a pilot order for a leading frontier research lab which is now in final evaluation.

In addition, we have made a portion of our real-robot teleoperation data set openly available on Hugging Face. RoboShare, our robot sharing and service platform connects robot owners with businesses, educational institutions and other organizations seeking flexible access to robotic solutions. We have expanded its core operations team, established standard service procedures and onboarded 10 third-party companies and more than 100 robots. Our goal is for RoboShare to become the robot sharing platform with the largest fleet and broadest range of robots in North America. Our initial focus includes 4 industries, including education and research, security and inspection, industrial and logistics, and commercial and service applications. Our education and research ecosystem, serves both schools and families.

Our offering combines with robots with curriculum skills and the developer program. Our joint robotics lab with California Science and Technology University and Boston International Business School is part of that work. As we reported during our Investor Day, we believe FRR has become the #1 provider of K-12 robotics education in the United States, and we are working toward a broader national education position. Security and inspection ecosystem entered proof of concept with an initial group of customers and industry partners. Industrial warehousing solution entered a technical feasibility assessment. Security and inspection will use professional system integrators as a core sales channel.

Our industrial and logistics ecosystem has entered the technical feasibility assessment stage, and we aim to initiate the proof-of-concept POC phase as soon as possible. We are working with partners to advance the application of mobile manipulative robots in warehouse sorting, material handling and other scenarios, accelerating customer validation and commercialization. In the third quarter, we advanced our commercial and services ecosystem across use cases, including robot performances, guided tours, guest reception and interactive experiences. Through RoboShare, we deployed multiple robots at [ paid ] commercial events. These deployments provide early evidence of the commercial potential in entertainment, brand promotion and customer engagement. We are also exploring guided tour and reception services in showrooms, commercial facilities and corporate settings.

By expanding our regional partner network and standardizing service operations, we are laying the groundwork for a broader deployment. Let me turn to how we reach customers, to our partners and direct sales. Recently, we have announced strategic partnerships with KYA Group intended to support access to U.S. government and institutional channels with California Science and Technology University and Boston International Business School to establish the BIBS-FF-CSTU Joint Robotics Lab and with Pinnacle on business-to-business real estate brokerage solution and consumer home security applications. We are developing top-tier K-12 school customers and plan to replicate our physical AI education and training solutions and K-12 school solutions across the U.S.

In our November 8 update, we reported security and inspection sales contract with North American integrators and distributors. Our home security work with Pinnacle remains in proof of concept. We have completed the initial build-out of core capabilities under Phase 1 of its Building USA acceleration program by the end of July 2026 and unveiled its 3-phase road map at the FF Robotics Building USA Launch and Business Partner Conference held in August. On the financial side, I will cover 3 things: our third quarter results in 2 segments: the financial implications of the October 23 closing and our outlook with a near-term emphasis on the fourth quarter of 2026. First, how to read the quarter.

Our third quarter results do not include the robotics business. That acquisition closed on October 23, after the end of the quarter. Financial statements of the robotics business and pro forma financial information will be filed with the SEC. Within those third quarter results, RoboShare reached an important commercialization milestone by recognizing revenue for the first time, consistent with the target we communicated last quarter to begin generating revenue in Q3. We ended the third quarter with $3.2 million in cash and $6.9 million in total assets, with net loss of approximately $2.7 million as we continued to invest in growth.

During the quarter, the company also completed an orderly exit from its legacy digital asset holdings by September 30, 2026. Now turning to the acquired robotics business which represents an important part of FFR's operating strategy going forward. As noted earlier, the acquisition closed on October 23, 2026. Therefore, the Robotics business' operating results for the third quarter are not included in FFR's consolidated third quarter 2026 financial results. The following are unaudited combined financial results of the acquired robotics Business for the 9 months ended September 30, 2026, prior to the acquisition.

For the first 9 months of 2026, the acquired robotics business generated approximately $2.3 million in revenue, of which approximately $1.1 million was recognized in the third quarter alone. This represents nearly half of the 9-month total and reflects an acceleration in commercial activity, with third quarter revenue nearly matching that of the entire first half of 2026. Gross profit for the 9-month period was approximately $593,000, representing a gross margin of approximately 26%. Operating expenses were approximately $28 million, including approximately $7.3 million in research and development expenses, representing 26.2% of total operating expenses. Net loss for the 9-month period was approximately $27.4 million, representing an average monthly net loss of approximately $3 million.

Of this amount, approximately $24.4 million of cost were funded directly by the parent and recorded capital contributions and net cash used in operating activities was approximately $2.5 million. This reflects a relatively lean operating structure. As FFR integrates and scale the robotics business, we intend to maintain a disciplined cost structure, improve operating efficiency and closely manage cash consumption. From a balance sheet perspective, the acquired robotics business entered the transaction with a relatively light liability structure and positive net asset position. As of September 30, 2026, the acquired robotics business has approximately $4.9 million of cash and cash equivalents and $8.2 million of total assets.

Total liabilities were approximately $1.4 million. resulting in approximately $6.8 million of net assets and $6.7 million of working capital. The robotics business came into FFR at closing with a clean balance sheet and a light capital structure as of September 30, 2026, we have no outstanding borrowings or convertible debt, and FFR do not assume any of FFAI's financing obligations in the acquisition. Now turning briefly to the closing of the acquisition. On October 23, FFR completed its all-stock acquisition as FFAI's robotics business. As previously disclosed, FFR issued common shares and nonvoting convertible preferred shares to the Cayman Seller as transaction consideration. With the acquisition completed, the robotics business and related assets have been transferred to FFR.

Following the transaction, FFR continues trading on Nasdaq as a pure-play company focused on human noise and bionic physical AI robotics within a Four core, full-stack AI ecosystem. Further details of the transaction structure and consideration are available in our SEC filings. At the acquisition closing, YT Xia became Chief Executive Officer; I, became Executive Chairman; and Chen Shi became Lead Independent Director. Jason Dodier remain on the Board as an independent director. YT will discuss our outlook, including the remainder of 2026 and beyond. YT, please go ahead.

Yueting Jia: Thank you, Jerry, and thank you, everyone, for joining us. First thing first, I want to emphasize that we have completed our orderly exit from the digital asset treasury strategy and redeployed the resources previously committed to it toward our robotics operation. We have continued to build the governance and SEC reporting processes appropriate for NASDAQ-listed operating company, and we will keep those systems in place as we integrate the acquired robotics business. We also continue to advance the company's AI governance framework and achieved positive progress across organization, governance, business processes, data models and token governance. Looking further at our business and operating plans by Q1 2027.

We intend to formally launch a robotics education 100-City initiative for security and inspection we target to complete POC in real industrial scenarios and plan a self-developed lightweight mobile manipulator robot. For industry and logistics, we hope to empower third-party integrators, build a self-developed liquidity and inspection turnkey solution and a campus-based security solution. For commercial and service, we will create a new robot entertainment and performance model, as well as a campus ecosystem navigation solution. We also plan to expand our sales channels to 30 cities across 5 states. Now let me share a few updates on our plan for the forecast of our robotic ecosystem.

Starting with the brain and developer platform, we plan to introduce our physical cloud technology platform and productivity token during CES time period. By bringing together our robotics brain and developer platform capabilities, we aim to make a robust with different forms and capabilities, more affordable and accessible to educational institutions and K-12 schools. Looking ahead, FFR's brain strategy will focus on aggregation plus small models, plus vertical technology solutions. We're building the platform to support different robots and applications through shared AI capabilities, software architecture and developer tools we are exploring commercialization through software licensing, platform services, technology integration and partnerships across the developer ecosystem.

For the devices core, our focus is on continuing to grow robust sales and deployments while maintaining positive unit gross margins on deliveries. We will also continue to expand and upgrade FF robot world. For industry productivity solutions, we plan to continue improving our education solution and introduce version 2.0. For our security and inspection solutions, we have established a phased development and acceptance plan for a robust management system or RMS 1.0. In the first half of 2027, we plan to validate the cloud-based inspection workflow followed by single robot inspection and unattended operation using a physical robot. We also plan to advance customer size pilots.

After that, we plan to expand RMS capabilities to include management of multiple robot models, mobile operation and automatic return to the charging dock and resumption of patrols. These capabilities are intended to support the deployment of our security and inspection solutions across multiple sites. For the data factory, we'll continue building our capabilities in data collection, processing and notation management, quality control and utilization. We plan to combine simulation and real-world operating data to train, validate and improve our physical AI models while exploring opportunities in data licensing, processing and related services. For RoboShare, in the fourth quarter, we will focus on strengthening its rental and on-site services in the Bay Area.

We plan to expand the robust available for rent through dealers and third-party equipment owners while local operating partners support deployment and operation at customer sites. In the first quarter of 2027, we plan to advance the next phase of our 10-City strategy, entering Chicago and Dallas through the events market, expanding from New York into Boston and Miami and working with partners in the UAE to explore opportunities in the Middle East. We are also exploring how to bring skills from FF OmniMind and the EAI developer platform into rental projects, so customers can configure robots for their tasks using existing skills and reduce the need to set them up from scratch.

On Build in U.S.A., Phase II is underway. We are working towards factory operation by year-end and towards the first locally produced robot in the U.S. and our factory by first quarter of 2027. Lastly, I want to reaffirm our full year 2026 guidance of approximately 2,000 robots sold and shipped with positive unit gross margins for the acquired robotics business on a stand-alone basis. That guidance includes preacquisition periods and is not FFR's reported consolidated results. Jimmy, back to you for investor questions.

Jimmy Xia: Thank you, YT. We will now take a few investor questions submitted in advance. Question one, how confident is management in the full year 2026 guidance and the near-term growth potential for the business?

Jiawei Wang: As I just noted, we reaffirm our full year 2026 stand-alone guidance of approximately 2,000 robots sold and shipped with positive unit gross margins for the acquired business. Our confidence is supported by the delivery progress already reported. Cumulative sales and shipments reached 870 units at the end of September as reported by FFAI before the closing. October then reached a record 351 devices bringing the cumulative total to 1,168. The remainder of 2026 and especially the fourth quarter is our near-term focus. On the next few quarters, we are targeting more record performance in sales and shipments. We will certainly provide additional details to the market in due time.

Jimmy Xia: Question two, what is the current position of FFR's balance sheet and how should stockholders read the third quarter results given the October 23 closing?

Jiawei Wang: Our third quarter results do not include the acquired robotics business because the acquisition closed after the end of the quarter. As of September 30, 2026, we have $3.2 million in cash and cash equivalents in total assets and $5 million in stockholders' equity. These balances reflect our financial position prior to the acquisition. Those balances predate the acquisition. The acquisition was completed entirely in stock and brought no cash proceeds from that issuance. As disclosed in our Form 10-Q, there is substantial doubt about our ability to continue as a going concern, and we will need to raise additional capital to fund our operations.

Jimmy Xia: Question three, what is FFR's current sales reach across geographies, channels and industries and what can you share with our customers and how the robots are being used?

Jiawei Wang: Sales reach is now a core part of how we describe the business alongside the hardware and software. Education and research serves educational institutions and families through Nova, Nova Mini, curriculum, skills and the developer program. Nationwide implementation has begun and join that with California Science and Technology University and Boston International Business School is part of that work. We intend to launch a K-12 robotics education 100 city plan. As mentioned earlier, beyond education, applications include campus control, facility infection and warehouse security. Our November 8 update, reported security and inspection sales contracts with integrators and distributors. The Pinnacle home security proof-of-concept remains in progress.

For commercial and services, we are developing offerings in robot entertainment, rentals, experiential and event marketing and reception services with a geographic focus that includes Northeastern U.S. with a focus in New York, New Jersey, Connecticut and Pennsylvania, among others. We also cover Southern California and Las Vegas areas. Our physical AI data factory has also delivered Eagle-centric training data and receive payment.

Jimmy Xia: Question four, how is the Built in USA program progressing? And how could changes in the U.S. regulatory environment, including restrictions on foreign made robotics hardware and software affect FFR?

Jiawei Wang: Phase 1 of Built in U.S.A. was completed before the closing. Phase 2 is now the operating focus. As previously mentioned, we are working towards factory production by year-end and towards the first locally produced robot body in the first quarter of 2027, subject to the timing confirmation already noted. Regulation could affect which projects we can deploy, when we can deploy them and the cost of doing so. On July 28, 2026, the SEC added foreign produced advanced robotic devices, including humanoid and quadruped robots to its coverage list. We continue to monitor developments in this area.

Jimmy Xia: Question five, when do you expect the transaction shares to be registered? And what does the transaction mean for shares outstanding and the public float?

Jiawei Wang: The acquisition consideration was issued at closing, including nonvoting convertible preferred shares. Conversion of those preferred shares into common stock require stockholder approval, completion of the applicable regulation 14C process and other conditions. As we presented at Investor Day, FFAI's consideration shares are subject to an 18-month lockup from the October 23 closing. That lockup continues after conversion, subject to specified exceptions in the agreements. As presented at our October 26 Investor Day, existing public stockholders represented the freely tradable public float at closing or approximately 11% on an as-converted fully diluted basis after stockholder approval, assuming the then described capitalization. The remainder is subject to lockup employee investing or registration.

That presentation is illustrative, is not today's common share count or freely tradable float and conversion of preferred shares does not by itself increase the shares that can be freely sold.

Jimmy Xia: At this time, there are no additional questions. This concludes the FF Roboticsearnings call Thank you for participating. You may now disconnect.

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