Mullen Reports Financial Results for the Three Months Ended Dec. 31, 2024

Core Insights - Mullen Automotive Inc. reported its strongest quarter to date, invoicing $4.4 million and receiving$6 million for vehicles delivered, surpassing revenue from the previous two fiscal years [1][2] - The company has implemented cost-cutting measures, reducing annual cash spend by approximately $13 million through headcount and personnel cost reductions [1][2] Financial Performance - For the three months ended December 31, 2024, Mullen recorded a net loss of$114.9 million, or $661.33 per share, compared to a net loss of$61.4 million, or $91,940.42 per share, for the same period in 2023 [5][22] - Non-cash expenses accounted for$91 million, or 79% of the total loss for the quarter, compared to $23.3 million, or 38$2.9 million, with 58 vehicles invoiced during the quarter [8][22] Sales and Orders - Recent sales include the Mullen ONE EV cargo van purchased by Mr. Appliance and Mullen THREE Class 3 EV trucks sold to Westland Floral and Associated Coffee [4] - Two California universities placed orders for Class 1 EV cargo vans, indicating growing adoption of Mullen's commercial EVs [4] Operational Developments - Mullen has made progress in U.S. battery production, with three battery lines installed in Fullerton, California, and is seeking $55 million in matching funds from the U.S. Department of Energy [11] - Bollinger Motors, a subsidiary, delivered 20 B4 trucks, generating additional revenues of$2.8 million and expanding its sales and service network to over 50 locations [4][9] Liquidity and Financing - As of December 31, 2024, Mullen had total cash of $2.7 million, down from$10.7 million on September 30, 2024, with negative working capital of $186.2 million [13][22] - The company raised$8.8 million through senior secured convertible notes and warrants during the quarter, and Bollinger Motors received a $10 million long-term loan [14][15]