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 spending by approximately $13 million [1][2] Financial Performance - For the three months ended December 31, 2024, Mullen reported 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, representing 79% of the total loss for the quarter, compared to $23.3 million, or 38% of the loss in the same quarter of the previous year [6][17] - Revenue from vehicle sales was recorded at $2.9 million, with a total of 58 vehicles invoiced [8][22] Sales and Orders - Recent sales include the Mullen ONE EV cargo van to Mr. Appliance and Mullen THREE Class 3 EV trucks 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] - Bollinger Motors delivered 20 B4 trucks, generating additional revenues of $2.8 million [4][9] Cost Management - Total cash spent during the quarter was $27.8 million, a decrease of 58.4% from $66.8 million in the same period last year [16] - The company aims to maintain momentum in reducing cash outflows through operational cost cuts and restructuring liabilities [16] 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][14] - The company raised $8.8 million through senior secured convertible notes and warrants during the quarter [14][15] Battery Production Initiatives - Mullen is advancing its U.S. battery production capabilities with the installation of three battery lines in Fullerton, California, and is seeking $55 million in matching funds from the U.S. Department of Energy [11][25]