Revenue and Sales Performance - Revenue from vehicle sales for the three months ended March 31, 2025, was approximately $4.95 million, a significant increase of 14,750% compared to $33,335 for the same period in 2024[280] - Vehicle sales for the six months ended March 31, 2025, were $7,870,625, a significant increase of 23,511% compared to $33,335 in the same period in 2024[291] - The company recognized revenue of $3.7 million in January 2025 after a customer waived their right of return for 60 vehicles[281] Financial Losses and Impairments - The net loss attributable to common stockholders for Q1 2025 was approximately $47.1 million, or $489.24 per share, compared to a net loss of approximately $132.5 million, or $12,041,273 per share, in Q1 2024[290] - The net loss attributable to common stockholders for the six months ended March 31, 2025, was approximately $162.0 million, or $3,338.65 net loss per share, compared to a net loss of approximately $193.9 million, or $21,493.37 loss per share, in the prior year[300] - The company incurred a net loss of $172.7 million for the six months ended March 31, 2025, with an accumulated deficit of approximately $2.5 billion as of the same date[311] - The company recognized an impairment loss of $12.0 million on patents acquired in September 2022 due to unfavorable market conditions[286] - The company recognized impairment losses of $12.0 million on intangible assets during the six months ended March 31, 2025, compared to $73.4 million in the same period in 2024[296] - The company recognized an impairment loss of $12.0 million related to patents in the Bollinger segment as of March 31, 2025[330] Expenses and Cost Management - Cost of revenues for the same period was approximately $6.99 million, resulting in a gross loss of approximately $2.05 million, compared to a gross loss of $2.07 million in the prior year, reflecting a decrease of 10,388%[280] - Research and development expenses decreased by $13.7 million, or 57%, from $24.0 million in Q1 2024 to $10.4 million in Q1 2025, due to cost reduction initiatives[283] - General and administrative expenses decreased by approximately $6.5 million, or 14%, from approximately $47.9 million in Q1 2024 to approximately $41.4 million in Q1 2025[284] - Research and development expenses decreased by $18.5 million, or 46%, from $40.2 million in the six months ended March 31, 2024, to $21.6 million in the same period in 2025[294] - General and administrative expenses decreased by approximately $13.3 million, or 15%, from approximately $91.1 million in the six months ended March 31, 2024, to approximately $77.9 million in the same period in 2025[295] Financing and Debt - Other financing costs related to the initial recognition of warrants amounted to $21.1 million in Q1 2025, with no such costs in Q1 2024[287] - Other financing costs related to the initial recognition of warrants amounted to $37.2 million during the six months ended March 31, 2025[297] - Interest expense increased by $7.3 million in Q1 2025 compared to Q1 2024 due to a higher volume of debt outstanding[289] - As of March 31, 2025, the total debt amounted to $40.9 million, with $10 million due in the next six months[324] - The interest rate on remaining senior convertible notes increased from 15% to 20% due to cross-default conditions as of April 15, 2025[317] Cash Flow and Liquidity - The company has approximately $2.3 million in existing cash and restricted cash as of March 31, 2025, and used approximately $48.6 million of cash for operating activities during the same period[311] - Net cash used in operating activities was $48.6 million for the six months ended March 31, 2025, a 55% decrease from $108.5 million in the same period of 2024[320] - Net cash used in investing activities was $3.9 million for the six months ended March 31, 2025, a 69% decrease from $12.5 million in the same period of 2024[321] - Net cash provided by financing activities was $44.0 million for the six months ended March 31, 2025, compared to a net cash outflow of $4.9 million in the same period of 2024[322] - The company is pursuing strategies to address liquidity concerns, including equity or debt financing and operational restructuring, but there is substantial doubt about its ability to continue as a going concern[312] Other Financial Metrics - The net gain on revaluation of warrants was $98.2 million in Q1 2025, compared to $3.6 million in Q1 2024, reflecting significant changes in the company's stock price[288] - During the six months ended March 31, 2025, approximately $24.8 million of senior secured convertible notes and $1.5 million of accumulated interest were converted into common stock, resulting in a gain on extinguishment of $1.5 million[316] - A write-down to net realizable value of $0.8 million was recorded by the Mullen Commercial segment during the six months ended March 31, 2025[334] - Total future minimum lease payments as of March 31, 2025, are estimated at $25.4 million[323]

Financial Performance - Mullen achieved a revenue of $5 million for the quarter ending March 31, 2025, outperforming Q2 2024 revenue of $33,000 by more than 143 times[2] - The company's net loss decreased from $132.4 million in fiscal Q2 2024 to approximately $47.1 million in the comparable quarter ending March 31, 2025[1] - The net loss attributable to common shareholders for the six months ended March 31, 2025, was $162.0 million, compared to $193.9 million for the same period in 2024[6] - Mullen Automotive reported a net loss of $172.68 million for the six months ended March 31, 2025, compared to a net loss of $235.36 million for the same period in 2024, representing a 26.6% improvement[23] - The company reported a net loss before income tax benefit of $(53,880,314) for the three months ended March 31, 2025[21] Cash Flow and Expenses - Total cash spent on operating and investing activities decreased by $68.5 million, or 56.6%, from $120.9 million in the six months ended March 31, 2024, to $52.4 million in the same period of 2025[11] - The company had total cash of $2.3 million on March 31, 2025, down from $10.7 million on September 30, 2024[10] - Cash and cash equivalents decreased from $10,321,827 as of September 30, 2024, to $1,404,708 as of March 31, 2025[18] - Mullen's cash and restricted cash at the end of the period was $2.32 million, down from $29.81 million at the beginning of the period[23] - The company incurred $3.86 million in cash used for investing activities, primarily for equipment purchases[23] Revenue Sources - Mullen invoiced for 69 vehicles valued at $5.7 million during the six months ended March 31, 2025, and recorded $7.9 million in revenues[9] - Revenue from vehicle sales for the three months ended March 31, 2025, was $4,950,140, compared to $33,335 for the same period in 2024, representing a significant increase[21] Operating Expenses - Total operating expenses for the three months ended March 31, 2025, were $63,742,549, compared to $91,137,744 for the same period in 2024, indicating a reduction in expenses[21] - Research and development expenses for the three months ended March 31, 2025, were $10,364,113, compared to $24,023,526 for the same period in 2024, showing a decrease[21] - Non-cash expenses accounted for $118.5 million, or 73% of the loss for the six months ended March 31, 2025[7] Assets and Liabilities - Total current assets decreased from $63,174,638 as of September 30, 2024, to $52,900,124 as of March 31, 2025[18] - Total liabilities increased from $195,177,166 as of September 30, 2024, to $219,630,029 as of March 31, 2025[18] - The company had a total stockholders' equity (deficit) of $(69,540,529) as of March 31, 2025, compared to $(16,545,877) as of September 30, 2024[18] Partnerships and Production - Mullen signed a partnership and supply agreement with Enpower Greentech Inc. to build and deliver its SWIFT series SSB batteries, with production slated to begin in early 2026[5] - Mullen began commercial vehicle production in Tunica, Mississippi, in August 2023, and received IRS approval for federal EV tax credits of up to $7,500 per vehicle[24] - The Mullen ONE and Mullen THREE vehicles are now CARB and EPA certified and available for sale in the U.S.[24] - Mullen's commercial dealer network has expanded with new partnerships, enhancing sales and service coverage in key markets[24] - Bollinger Motors, a majority-owned subsidiary, launched production of its B4 Class 4 electric truck on September 16, 2024[25] Risks and Challenges - Mullen faces significant risks and uncertainties, including the ability to secure additional financing and manage acquisitions effectively[27] - Bollinger Motors, a majority-owned segment of Mullen, was placed into court-appointed receivership on May 7, 2025, following a legal complaint[13]

Core Insights - Mullen Automotive reported a significant increase in revenue for Q2 2025, achieving $5 million compared to $33,000 in Q2 2024, marking a growth of over 143 times [2][5] - The company's net loss decreased substantially from $132.4 million in Q2 2024 to approximately $47.1 million in Q2 2025 [5][23] - Mullen's total revenue for the six months ending March 31, 2025, was $7.9 million, with a notable reduction in cash spending from $120.9 million to $52.4 million during the same period [5][11] Financial Performance - The net loss attributable to common shareholders for the six months ended March 31, 2025, was $162.0 million, or $3,338.65 per share, compared to a net loss of $193.9 million, or $21,493,370.73 per share, for the same period in 2024 [5][12] - Non-cash expenses accounted for $118.5 million, or 73% of the total loss for the six months ended March 31, 2025, compared to $135.1 million (70%) in the previous year [6][12] - The company reported a gross loss of $5.7 million for the six months ended March 31, 2025, with operating expenses totaling $77.9 million [22] Operational Highlights - Mullen has secured orders for its commercial electric vehicles, including a $1.4 million order for 20 Class 3 vehicles from Cashflow on Wheels and additional orders from local governments and universities [3][8] - The company has entered a strategic partnership with EO Charging to provide electrification solutions for its commercial fleet customers [8] - Mullen's production of advanced lithium-ion batteries is set to begin in early 2026, with plans to integrate these batteries into its existing vehicle programs [8] Liquidity and Cash Flow - As of March 31, 2025, Mullen had total cash (including restricted cash) of $2.3 million, down from $10.7 million on September 30, 2024 [10] - The company reported a negative working capital of $156.1 million, which improves to $56.7 million when adding back derivative liabilities [10] - Cash spent on operating and investing activities decreased by 56.6%, from $120.9 million in 2024 to $52.4 million in 2025 [11] Recent Developments - Bollinger Motors, a majority-owned subsidiary of Mullen, was placed into court-appointed receivership on May 7, 2025, following a legal complaint regarding a breach of contract [13][14] - Mullen is exploring options to challenge this receivership and has engaged litigation counsel [13][15] - The company continues to expand its commercial dealer network and has received IRS approval for federal EV tax credits on its commercial vehicles [27]

Core Viewpoint - Mullen Automotive has secured a significant order from Cashflow on Wheels for 20 all-electric Mullen THREE vehicles, valued at approximately $1.4 million, aimed at enhancing last-mile delivery efficiency for FedEx and Amazon [2][4]. Group 1: Company Overview - Mullen Automotive is an electric vehicle manufacturer based in Southern California, with production facilities in Tunica, Mississippi, and Mishawaka, Indiana [6]. - The company has recently expanded its commercial dealer network to seven dealers across key U.S. markets, enhancing its sales and service capabilities [6]. - Mullen's vehicles, including the Mullen ONE and Mullen THREE, are certified by the California Air Resource Board and EPA, making them available for sale in the U.S. [6]. Group 2: Cashflow on Wheels - Cashflow on Wheels, founded in 2023, is a logistics company focused on last-mile delivery and transportation solutions, primarily for FedEx and Amazon [5]. - The company emphasizes sustainability and efficiency in its operations, aiming to transition traditional fleets to electric vehicles [3][5]. - Cashflow on Wheels has reported savings of over $500 per route per week by testing electric vehicles, which supports its growth strategy [4]. Group 3: Market Trends - The order from Cashflow on Wheels reflects a growing demand for environmentally friendly commercial vehicles, indicating a shift in the logistics industry towards sustainable practices [4]. - The transition to electric vehicles is seen as a way to reduce operational costs and support future expansion for logistics companies [4].

Core Points - Mullen Automotive's subsidiary, Bollinger Motors, has delivered the first Bollinger B4 truck to EnviroCharge for conversion into a mobile charging unit, highlighting a partnership aimed at expanding EV charging infrastructure [1][2] - The Bollinger B4 truck will be showcased at the Advanced Clean Trucking (ACT) Expo 2025, with plans for additional trucks to be deployed in California to meet the growing demand for EV infrastructure [3] - Bollinger Motors has qualified for multiple federal and state incentive programs, enhancing the financial viability of its electric vehicle offerings [5][13] Company Overview - Bollinger Motors, founded in 2015 and headquartered in Oak Park, Michigan, specializes in all-electric commercial vehicles, particularly the Class 4 B4 truck [5][8] - Mullen Automotive, which became the majority owner of Bollinger Motors in September 2022, operates two vehicle plants in the U.S. and has expanded its commercial dealer network to seven dealers across key markets [7][8] Product Details - The Bollinger B4 is designed as an all-electric Class 4 commercial truck, featuring a unique chassis design that protects its 158-kWh battery pack, ensuring safety and capability in commercial applications [4] - EnviroCharge will upfit the B4 trucks with custom EV Level 3, 120 kilowatt-charging units, enhancing their utility as mobile charging solutions [2][4]

Group 1 - A class action has been filed against Mullen Automotive, Inc. for allegedly misleading investors regarding its business prospects during the period from February 3, 2023, to March 13, 2024 [1][2] - The allegations include that Mullen had no intent to implement a reverse stock split while the CEO believed it was necessary, overstated partnerships and battery technology capabilities, and failed to disclose material information about financing agreements [2] - Shareholders are encouraged to participate in the class action, with a deadline to file as lead plaintiff by April 14, 2025 [3] Group 2 - Robbins LLP, a firm specializing in shareholder rights litigation, is representing the class action on a contingency fee basis, meaning shareholders pay no fees or expenses [4] - The firm has been dedicated to helping shareholders recover losses and improve corporate governance since 2002 [4]

Initial order includes Mullen ONE Class 1 EV cargo van for maintenance and material transport tasks with additional orders to follow Global Expert is a licensed freight forwarding company providing shipping solutions between the US and Armenia to worldwide destinations BREA, Calif., April 14, 2025 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces a sale of the all-electric Mullen ONE Class 1 cargo van t ...

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Mullen Automotive, Inc. due to allegations of violations of federal securities laws, encouraging affected investors to come forward [3][5]. Group 1: Allegations Against Mullen Automotive - The complaint alleges that Mullen and its executives made false and misleading statements, including the lack of intent to implement a reverse stock split while believing it was necessary [5]. - Mullen is accused of overstating its business partnerships and battery technology capabilities, as well as failing to disclose material information about financing agreements [5]. - The company's stock price fell over $3.25 per share, or 96%, closing at approximately $0.015 per share on March 13, 2024, due to these misleading statements [6]. Group 2: Legal Proceedings and Investor Actions - Investors who suffered losses exceeding $75,000 between February 3, 2023, and March 13, 2024, are encouraged to contact Faruqi & Faruqi to discuss their legal rights [1]. - There is an April 14, 2025, deadline for investors to seek the role of lead plaintiff in the federal securities class action against Mullen [3][7]. - The lead plaintiff is defined as the investor with the largest financial interest who directs the litigation on behalf of the class [7].

Core Viewpoint - Mullen Automotive Inc. has signed a Partnership and Supply Agreement with Enpower Greentech Inc. to manufacture and deliver advanced semi solid-state batteries (SSB) for various commercial and industrial applications, marking a significant step in Mullen's strategy to enhance its domestic battery production capabilities [1][2][3]. Group 1: Partnership Details - The agreement focuses on the domestic manufacturing of SWIFT SSB modules and battery packs at Mullen's Battery Center in Fullerton, California, which is equipped with three production lines for lithium-iron-phosphate (LFP) battery modules [2]. - Mullen aims to ramp up its engineering staff to achieve full production and implement this technology by early 2026 [2][5]. - The partnership is expected to reduce supply chain vulnerabilities and mitigate increased costs due to tariffs, aligning with Mullen's vision of providing domestically produced battery solutions [3][4]. Group 2: Battery Technology and Manufacturing - EGI's SWIFT Series SSB Cells utilize advanced silicon-anode-based technology, offering twice the energy density, ultra-fast charging capabilities, and extended cycle life compared to traditional batteries [4]. - EGI plans to start domestic manufacturing of these batteries in late Q3 2025 at its facility in Ann Arbor, Michigan, with plans to expand manufacturing capacity throughout 2026 [4]. - The SWIFT cells have been tested and validated by leading U.S. automotive OEMs and drone manufacturers, indicating strong market acceptance [4]. Group 3: Company Background - Mullen Automotive is focused on building the next generation of commercial electric vehicles (EVs) and operates two vehicle plants in the U.S., with production of commercial vehicles having commenced in August 2023 [8]. - The company has developed a commercial dealer network consisting of seven dealers across key U.S. markets, enhancing its sales and service coverage [8]. - Mullen's acquisition of Bollinger Motors has further strengthened its position in the EV market, with Bollinger's Class 4 electric truck production launched in September 2024 [9].

EGI SWIFT semi solid-state batteries (SSB) are intended for use in commercial vehicles as well as other industrial applications including drone, E-aviation, robotics, aerospace, marine two-wheelers, power tools, and medical applications.Mullen has long been advancing a semi-solid-state battery solution and has worked on other initiatives with EGI for the past 18 months.Mullen’s production of EGI SWIFT batteries is slated to begin early 2026. Mullen will integrate the EGI SWIFT battery into its existing SSB ...