Company cost cutting initiatives include: • Additional reduction of staff as Company continues to integrate operations.• Further elimination of facilities.• Additional reduction of operating expense burn rate. Mullen continues focus on cell and battery pack developments BREA, Calif., March 27, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces record GAAP revenue of $3.18 million to date for quarter ...

Company sees 189% increase in second fiscal quarter GAAP revenue compared to entire 2024 fiscal year GAAP revenue Increase shows continued significant positive revenue growth for Company BREA, Calif., March 26, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces record GAAP revenue of $3.18 million as of March 21, 2025. This quarterly revenue to date represents an 189% increase when compared to $1.1 ...

The Mullen Class 1 to be utilized by Orange County's Waste Management Department Orange County is located just outside of Raleigh-Durham, NC, metro area. The Mullen ONE EV cargo van will be deployed by Orange County’s Solid Waste Management Department, supporting its Climate Action Plan, which aims to transition the county’s fleet to all-electric vehicles Mullen Commercial EVs are now available for purchase on Sourcewell under NAFG’s Sourcewell Contract # 091521-NAF, which offers Class 1-3 electric vehi ...

Mullen Commercial EVs available for purchase on Sourcewell under NAFG's Sourcewell Contract # 091521-NAF which offers Class 1-3 light duty trucks, cars, vans, SUVs, cab chassis, and electric vehicles with related equipment and accessories to U.S. government agencies Approval provides opportunity to satisfy backlog of municipal orders Sourcewell is a government agency that has fulfilled bidding requirements and holds hundreds of competitively solicited contracts ready for use by 50,000 municipalities and rel ...

NEW YORK, Feb. 24, 2025 /PRNewswire/ -- Why: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of securities of Mullen Automotive, Inc. f/k/a Net Element, Inc. (NASDAQ: MULN, NETE) between February 3, 2023 and March 13, 2024, both dates inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 14, 2025.So what: If you purchased Mulle ...

LOS ANGELES, Feb. 21, 2025 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Mullen Automotive, Inc. ("Mullen" or "the Company") (NASDAQ: MULN) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.Investors who purchased the Company's securities between February 3, 2023, and March 13, 2024, inclusive (the "Class Perio ...

Core Insights - Mullen Automotive has formed a strategic partnership with EO Charging to provide electrification solutions for Bollinger Motors' commercial fleet customers [1][2] - The partnership aims to enhance the transition to electric vehicles (EVs) by offering comprehensive charging infrastructure and support [3][4] Company Overview - Mullen Automotive, Inc. is an electric vehicle manufacturer based in Southern California, with production facilities in Tunica, Mississippi, and Mishawaka, Indiana [6] - Bollinger Motors, founded in 2015, specializes in all-electric commercial vehicles and became a majority-owned subsidiary of Mullen Automotive in September 2022 [5][7] Partnership Details - EO Charging will provide a full charge assurance solution, including charger installation, a complete tech stack, and 24/7 support, ensuring over 99% uptime [2][3] - The partnership will facilitate the deployment of the Bollinger B4 Chassis Cab, an all-electric Class 4 truck designed for commercial use [4][10] Product Information - The Bollinger B4 features a 158-kWh battery pack and is designed with input from fleet operators to ensure safety and capability [4][11] - Production of the Bollinger B4 began on September 16, 2024, with deliveries to customers starting in October 2024 [10][11] Market Position - EO Charging has successfully completed over 50 million charging sessions and has deployed over 100,000 charging units globally [2] - The partnership is expected to support the electrification of commercial fleets, enhancing sustainability and operational efficiency for businesses [4]

Core Viewpoint - Rosen Law Firm has announced the filing of a class action lawsuit on behalf of purchasers of Mullen Automotive, Inc. securities between February 3, 2023, and March 13, 2024, due to alleged misleading statements and failures to disclose material information by the company and its executives [1][5]. Group 1: Lawsuit Details - The class action lawsuit claims that Mullen Automotive made false and misleading statements regarding its intent to implement a reverse stock split, overstated deals with business partners, and misrepresented its battery technology capabilities [5]. - Specific allegations include the failure to disclose the CEO's belief in the necessity of a reverse stock split, misleading information about financing agreements, and the prior convictions of a key individual associated with the company [5]. Group 2: Participation Information - Investors who purchased Mullen securities during the class period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - To join the class action, interested parties can visit the provided link or contact the law firm directly for more information [3][6].

Revenue and Sales Performance - Revenue from vehicle sales for the three months ended December 31, 2024, was $2,920,485, an increase of $3.0 million compared to the same period in 2023, primarily due to the sale of 20 Bollinger B4 vehicles[289]. Financial Losses and Expenses - The net loss attributable to common stockholders for the three months ended December 31, 2024, was approximately $114.9 million, or $661.33 net loss per share, compared to a net loss of approximately $61.4 million, or $91,940.42 loss per share, for the same period in 2023[299]. - Research and development expenses decreased by $4.9 million, or 30%, from $16.2 million in the three months ended December 31, 2023, to $11.3 million in the same period in 2024[293]. - General and administrative expenses decreased by approximately $6.7 million, or 16%, from approximately $43.2 million in the three months ended December 31, 2023, to approximately $36.5 million in the same period in 2024[295]. - The company recognized other financing costs of $16.1 million during the three months ended December 31, 2024, due to additional notes with detached warrants issued during the period[296]. - Loss on revaluation of warrant obligations was $34.6 million during the three months ended December 31, 2024, compared to $6.7 million in the same period in 2023, reflecting a significantly higher volume of warrant liabilities[297]. - Interest expense increased by $18.4 million compared to the three months ended December 31, 2023, due to a significantly higher volume of debt outstanding[298]. - The company incurred a net loss of $118.8 million for the three months ended December 31, 2024, with an accumulated deficit of $2.4 billion[306]. Cash Flow and Liquidity - As of December 31, 2024, the company had approximately $2.7 million in cash and a net working capital deficit of approximately $186.2 million[306]. - During the same period, cash used in operating activities was $25.6 million, a 57% decrease from $59.9 million in the prior year[320]. - Cash used in investing activities was $2.2 million, representing a 68% decrease from $6.9 million in the same quarter of the previous year[321]. - The company received $19.8 million from financing activities for the three months ended December 31, 2024, compared to $0.0 million in the same period of 2023[322]. - The company has substantial doubt about its ability to continue as a going concern and has temporarily shut down key production facilities due to liquidity constraints[307]. - Management is pursuing strategies to address liquidity concerns, including equity or debt financing and operational restructuring[307]. - As of December 31, 2024, total debt outstanding was approximately $22.6 million, with significant portions converted into common stock[315]. Inventory and Asset Valuation - The company recorded a write-down to net realizable value of $0.8 million as of December 31, 2024, related to inventory adjustments[334]. - Future minimum lease payments total approximately $27.2 million, with scheduled payments due over the next several years[323]. - The net realizable value assessment for Mullen One, Mullen Three, and Bollinger B4 vehicles is based on current expected selling prices and market demand, indicating potential future write-downs if sales prices decline[335]. Market and Industry Trends - The EV industry is experiencing competitive pricing trends influenced by consumer demand, regulatory incentives, and competitor strategies, which may affect future revenue[337]. - Production costs are impacted by supply chain fluctuations and raw material prices, such as lithium and nickel, potentially exceeding expected selling prices[337]. - Technological advancements in battery and vehicle technology may necessitate discounting or write-downs of older inventory to maintain competitiveness[337]. - Changes in government incentives, infrastructure development, and interest rates could influence consumer adoption rates and inventory valuation[337]. Corporate Actions - The company acquired controlling interest in Bollinger Motors on September 7, 2022, expanding into medium-duty truck classes and electric vehicle segments[301]. - A reverse stock split at a ratio of 1-for-60 shares was implemented effective February 18, 2025, to comply with Nasdaq listing requirements[302].

Financial Performance - Mullen reduced cash spend by $85.4M in FY2024 compared to FY2023[2] - Mullen's net loss for FY2024 was $471.0M, compared to $964.9M in FY2023[16] - Total cash and cash equivalents decreased to $10.7 million as of Sept. 30, 2024, from $155.7 million as of Sept. 30, 2023, indicating a significant liquidity challenge[26] - Net loss for the year ended Sept. 30, 2024, was $505.8 million, compared to $1.0 billion in the previous year, showing a reduction in losses[36] - Cost of revenues for 2024 was $16.9 million, including $1.3 million for vehicle sales and $15.6 million in non-cash inventory adjustments[25] - Shareholders' equity/(deficit) was ($16.6) million as of Sept. 30, 2024, compared to $272.8 million as of Sept. 30, 2023, reflecting significant impairment charges and net losses[30] - Impairment charges for goodwill and intangible assets totaled $103.5 million in 2024, compared to $69.9 million in 2023[36] - The company's working capital was negative $120.0 million as of Sept. 30, 2024, compared to positive $58.5 million as of Sept. 30, 2023[26] - Net loss for the year ended September 30, 2024, decreased to $(505.8 million) from $(1.006 billion) in 2023, representing a 49.7% improvement[38] - Net cash used in operating activities for 2024 was $(185.6 million), slightly higher than $(179.2 million) in 2023[38] - Stock-based compensation decreased to $40.4 million in 2024 from $85.4 million in 2023[38] - Impairment of intangible assets increased significantly to $73.4 million in 2024 from $5.9 million in 2023[38] - Net cash provided by financing activities decreased to $56.8 million in 2024 from $358.4 million in 2023[38] - Cash and restricted cash at the end of the period decreased to $10.7 million in 2024 from $155.7 million in 2023[38] Revenue and Sales Growth - Bollinger Motors delivered 31 B4 trucks, generating $4.2M in revenue by FY2025[10] - Mullen invoiced 443 vehicles valued at $21M in FY2024, up from 35 vehicles valued at $1M in FY2023[13][18] - Revenue from vehicle sales increased to $1.1 million in 2024, up from $366,000 in 2023, reflecting growth in this segment[36] Production and Manufacturing - Mullen added three battery production lines in Fullerton, California, including a solid-state polymer R&D line[10] - Mullen Automotive expanded its commercial dealer network to seven dealers, covering key markets in the West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic regions[40] - The company began commercial vehicle production in Tunica, Mississippi, in August 2023, with both Mullen ONE and Mullen THREE vehicles now CARB and EPA certified and available for sale in the U.S.[40] - Mullen Automotive has two U.S.-based vehicle plants: Tunica, Mississippi (120,000 sq ft) and Mishawaka, Indiana (650,000 sq ft)[40] - The company applied for $55 million in matching DOE funds to support its U.S. manufacturing capabilities[42] Incentives and Rebates - Bollinger B4 Class 4 electric trucks qualify for up to $60,000 HVIP rebate and $40,000 federal tax credit[14] - Mullen's Class 3 EV truck received a $45,000 HVIP cash voucher per vehicle sold in California[13] - Mullen's Class 1 EV cargo van received a $3,500 MOR-EV rebate in Massachusetts, reducing net cost to $23,500[13] Inventory and Working Capital - Inventory increased to $37.5 million as of Sept. 30, 2024, from $16.8 million as of Sept. 30, 2023, indicating higher stock levels[33] - Total cash spent (operating and investing cash flows) for the year ended Sept. 30, 2024, was $201.7 million, down from $287.1 million in 2023[28] Funding and Financing - Mullen seeks $55M in DOE matching funds for U.S.-based battery and pack production[11] - The company issued new senior secured convertible notes totaling $61.7 million during the year ended Sept. 30, 2024[27]