Mullen Announces Quarterly Results for 3 Months Ended March 31, 2025
- Revenue grew significantly to $5M in Q2 2025, up from $33,000 in Q2 2024
- Net loss decreased substantially from $132.4M to $47.1M year-over-year
- Cash spend reduced by 56.6% to $52.4M from $120.9M
- Secured multiple commercial vehicle orders including a $1.4M deal with Cashflow on Wheels
- Established strategic partnership with EO Charging for fleet solutions
- Bollinger Motors entered court-appointed receivership after the reporting period
- Negative working capital of $156.1M as of March 31, 2025
- Low cash position of $2.3M, down from $10.7M in September 2024
- Gross loss of $2.04M in Q2 2025 despite revenue growth
- Heavy reliance on convertible notes and warrants for financing operations
Insights
Mullen shows revenue growth but faces significant challenges with ongoing substantial losses, cash burn, and subsidiary Bollinger entering receivership.
Mullen Automotive's Q2 2025 results present a mixed financial picture. While revenue grew significantly to
The company's cash position is critically low at just
The financial structure reveals heavy reliance on non-cash items. Of the
A major post-quarter development is Bollinger Motors entering court-appointed receivership on May 7, 2025. This subsidiary represented a significant segment of Mullen's operations, though management claims the loss won't materially impact liquidity or capital resources. This situation adds uncertainty to Mullen's future production capabilities and asset value.
The vehicle sales dynamics show revenue recognition challenges—Mullen invoiced 69 vehicles valued at
Company fiscal Q2 outperforms all previous quarterly revenue results
Mullen achieves strong results with
Company revenue is
Company net loss decreased substantially from
Company cash spend reduced significantly from
BREA, Calif., May 20, 2025 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces financial results for the three months ended March 31, 2025, and a current business update.
Commenting on the results for the three months that ended March 31, 2025, and recent Company highlights, CEO and Chairman David Michery stated: “Our Q2 2025 revenue of
Recent and Fiscal Q2 Highlights
Mullen Commercial – Troy, Michigan
Class 1 and 3 Commercial Vehicles
- Sale and order activity for Mullen commercial EVs in the last quarter include:
- Cashflow on Wheels, a leading logistics company with a focus on transitioning FedEx and Amazon last-mile local delivery to electric vehicles, placed an order and took delivery on 20 Class 3 vehicles. The order includes a retail value of approximately
$1.4 million . - Global Expert Shipping (“Global Expert”) located in Glendale, California, purchased the all-electric Mullen ONE Class 1 cargo van for maintenance and material transport tasks, with additional orders to follow.
- Local government of Orange County, North Carolina, purchased the Mullen ONE, Class 1 EV cargo van. The vehicle will be deployed by Orange County’s Solid Waste Management Department, and the order was fulfilled by National Auto Fleet Group (NAFG).
- Additional Class 1 and Class 3 vehicles delivered to national leading universities in Northern and Southern California.
- Cashflow on Wheels, a leading logistics company with a focus on transitioning FedEx and Amazon last-mile local delivery to electric vehicles, placed an order and took delivery on 20 Class 3 vehicles. The order includes a retail value of approximately
- Mullen Commercial EVs have been added to National Auto Fleet Group’s (NAFG) Sourcewell contract and are approved for public sector government purchasing through NAFG’s 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.
- Ride-and-drive events, conducted in the last quarter to increase awareness in many commercial fleet verticals, include ACT Expo, NTEA’s Work Truck Week and ZEV Tour – Clean Fleet Experience.
Bollinger Motors – Oak Park, Michigan
Class 4 Commercial Truck
- In May 2025, Bollinger Motors delivered a Bollinger B4 Class 4 electric vehicle to The Lower East Side (“LES”) Ecology Center. The vehicle will be used as both a work truck and delivery truck, supporting various LES Ecology Center environmental initiatives including the longest running compost program in New York City.
- In April 2025, Bollinger Motors delivered the first 2025 Bollinger B4 truck of multiple orders to EnviroCharge for conversion into a mobile charging unit. Initial EnviroCharge Bollinger B4 Truck was upfitted as Mobile Charging Unit for reveal at ACT Expo on April 28, 2025.
- Bollinger announced a strategic partnership with EO Charging (“EO”), a global pioneer in electric vehicle charging solutions for depot-based fleets, which will provide comprehensive electrification solutions for Bollinger Motors’ commercial fleet customers and dealers.
- After the balance sheet date, on May 7, 2025, the U.S. District Court for the Eastern District of Michigan entered an order placing Bollinger Motors, Inc., a majority-owned and material operating segment of Mullen Automotive Inc., into court-appointed receivership. Mullen is exploring various options to challenge and resolve this matter and has engaged litigation counsel.
Battery Technology – Fullerton, California
- Mullen signed a partnership and supply agreement with Enpower Greentech Inc. (EGI), a global leader in advanced lithium-ion battery manufacturing and technology, to build and deliver its SWIFT series SSB.
- The Enpower EGI SWIFT SSB are intended for use in commercial vehicles as well as other industrial applications including aerospace, marine, hobby vehicles, material handling, power tools, medical and drone applications.
- Mullen’s production of EGI SWIFT batteries is slated to begin early 2026. Mullen will integrate the EGI SWIFT battery into its existing SSB program in Fullerton, California.
- The Company showcased two battery packs consisting of a 30 kWh and 80 kWh battery packs at the ACT show in Anaheim, California, in May 2025.
Financial Results for the Three and Six Months Ended March 31, 2025
Losses and non-cash expenses
The net loss attributable to common shareholders after preferred dividends was
Major part of the losses during the six months ended March 31, 2025, related to non-cash expenses:
| Six months ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Non-cash expenses and gains during the period: | |||||||
| Revaluation of warrants and derivative liabilities | $ | (63,617,277 | ) | $ | 3,106,223 | ||
| Loss on exchange of warrants | 57,770,454 | — | |||||
| Stock-based compensation | 42,272,019 | 15,609,276 | |||||
| Other financing costs - initial recognition of warrants | 37,184,192 | — | |||||
| Amortization of debt discount and other non-cash interest expense | 24,026,629 | — | |||||
| Impairment of intangible assets | 12,006,452 | 73,447,067 | |||||
| Depreciation and amortization | 9,519,559 | 14,310,450 | |||||
| Impairment of goodwill | — | 28,846,832 | |||||
| Gain on extinguishment of debt | (1,553,771 | ) | (34,625 | ) | |||
| Write-down of inventory to net realizable value | 838,765 | — | |||||
| Deferred income taxes | — | (3,891,300 | ) | ||||
| Loss/(gain) on assets disposal | — | 323,865 | |||||
| Impairment of right-of-use assets | — | 3,167,608 | |||||
| Non-cash interest and other operating activities | — | 216,021 | |||||
| Total non-cash expenses and gains | $ | 118,447,022 | $ | 135,101,417 | |||
Revenue
During the six months ended March 31, 2025, we invoiced for 69 vehicles valued at
Liquidity
We had total cash (including restricted cash) of
The total cash spent on operating and investing activities during the six months ended March 31, 2025 and 2024, was
| Six months ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Net loss | $ | (172,678,759 | ) | $ | (235,355,627 | ) | |
| Non-cash adjustments (see table above for details) | 118,447,022 | 135,101,417 | |||||
| Changes in working capital | 5,643,881 | (8,218,766 | ) | ||||
| Net cash used in operating activities | (48,587,856 | ) | (108,472,976 | ) | |||
| Net cash used in investing activities | (3,860,723 | ) | (12,470,001 | ) | |||
| Cash spent | $ | (52,448,579 | ) | $ | (120,942,977 | ) | |
Bollinger Motors – receivership after the balance sheet date
After the balance sheet date, on May 7, 2025, the U.S. District Court for the Eastern District of Michigan entered an order placing Bollinger Motors, Inc., a majority-owned and material operating segment of Mullen Automotive Inc., into court-appointed receivership. Mullen is exploring various options to challenge and resolve this matter and has engaged litigation counsel.
This action followed a legal complaint filed on March 21, 2025, by Robert Bollinger, who alleged a breach of contract related to a
The promissory note at issue was not guaranteed by Mullen, and no current legal proceedings or court orders impose an obligation on Mullen to fund any shortfall if the assets of Bollinger Motors are insufficient to cover its liabilities. The company does not expect the loss of Bollinger Motors to have a material adverse impact on its liquidity or capital resources.
Financial statements
Following are our unaudited Condensed Consolidated Balance Sheets as of March 31, 2025, and Consolidated Balance Sheets as of Sept. 30, 2024, Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2025 and 2024.
| MULLEN AUTOMOTIVE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
| March 31, 2025 | Sept. 30, 2024 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 1,404,708 | $ | 10,321,827 | ||||
| Restricted cash | 915,751 | 426,851 | ||||||
| Inventory | 38,283,363 | 37,503,112 | ||||||
| Prepaid expenses and other current assets | 12,296,302 | 14,798,553 | ||||||
| Accounts receivable | — | 124,295 | ||||||
| TOTAL CURRENT ASSETS | 52,900,124 | 63,174,638 | ||||||
| Property, plant, and equipment, net | 32,695,083 | 82,180,266 | ||||||
| Intangible assets, net | 13,302,625 | 27,056,030 | ||||||
| Right-of-use assets | 2,864,917 | 3,041,485 | ||||||
| Noncurrent assets held for sale due to settlement | 45,175,558 | — | ||||||
| Other noncurrent assets | 3,151,193 | 3,178,870 | ||||||
| TOTAL ASSETS | $ | 150,089,500 | $ | 178,631,289 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 49,961,959 | $ | 41,335,509 | ||||
| Accrued expenses and other current liabilities | 44,559,907 | 51,612,166 | ||||||
| Derivative liabilities | 95,700,233 | 79,742,180 | ||||||
| Liability to issue shares | 3,687,548 | 1,771,025 | ||||||
| Lease liabilities, current portion | 2,725,580 | 2,893,967 | ||||||
| Notes payable, current portion | 11,927,046 | 5,399,777 | ||||||
| Refundable deposits | 406,572 | 417,674 | ||||||
| TOTAL CURRENT LIABILITIES | 208,968,845 | 183,172,298 | ||||||
| Liability to issue shares, net of current portion | 133,684 | 356,206 | ||||||
| Lease liabilities, net of current portion | 10,527,500 | 11,648,662 | ||||||
| TOTAL LIABILITIES | $ | 219,630,029 | $ | 195,177,166 | ||||
| Contingencies and claims | ||||||||
| STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| Preferred stock; | ||||||||
| Preferred Series D; 84,572,538 shares authorized; 363,097 shares issued and outstanding at March 31, 2025 and September 30, 2024 (preference in liquidation of | 363 | 363 | ||||||
| Preferred Series C; 24,874,079 shares authorized; 458 shares issued and outstanding at March 31, 2025 and September 30, 2024 (preference in liquidation of | — | — | ||||||
| Preferred Series A; 83,859 shares authorized; 648 shares issued and outstanding at March 31, 2025 and September 30, 2024 (preference in liquidation of | 1 | 1 | ||||||
| Common stock; | 1,021 | 1 | ||||||
| Additional paid-in capital (*) | 2,408,229,398 | 2,290,664,547 | ||||||
| Accumulated deficit | (2,481,185,386 | ) | (2,319,220,938 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY (DEFICIT) ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS | (72,954,603 | ) | (28,556,026 | ) | ||||
| Noncontrolling interest | 3,414,074 | 12,010,149 | ||||||
| TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (69,540,529 | ) | (16,545,877 | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 150,089,500 | $ | 178,631,289 | ||||
| MULLEN AUTOMOTIVE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||||||||
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue from sale of vehicles | $ | 4,950,140 | $ | 33,335 | $ | 7,870,625 | $ | 33,335 | ||||||||
| Cost of revenues | 6,996,936 | 13,440 | 13,585,869 | 13,440 | ||||||||||||
| Gross loss | (2,046,796 | ) | 19,895 | (5,715,244 | ) | 19,895 | ||||||||||
| Operating expenses: | ||||||||||||||||
| General and administrative | $ | 41,372,436 | $ | 47,903,692 | $ | 77,856,845 | $ | 91,137,744 | ||||||||
| Research and development | 10,364,113 | 24,023,526 | 21,646,488 | 40,193,493 | ||||||||||||
| Impairment of intangible assets | 12,006,452 | 73,447,067 | 12,006,452 | 73,447,067 | ||||||||||||
| Impairment of right-of-use assets | — | 3,167,608 | — | 3,167,608 | ||||||||||||
| Impairment of goodwill | — | 28,846,832 | — | 28,846,832 | ||||||||||||
| Loss from operations | (65,789,797 | ) | (177,368,830 | ) | (117,225,029 | ) | (236,772,849 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Other financing costs - initial recognition of warrants | (21,105,570 | ) | — | (37,184,192 | ) | — | ||||||||||
| Gain/(loss) on warrants and derivative liability revaluation | 98,247,063 | 3,622,758 | 63,617,277 | (3,106,223 | ) | |||||||||||
| Loss on exchange of warrants | (57,770,454 | ) | — | (57,770,454 | ) | — | ||||||||||
| Gain on extinguishment of debt | — | 34,625 | 1,553,771 | 34,625 | ||||||||||||
| Loss on disposal of fixed assets | — | (449,855 | ) | — | (373,865 | ) | ||||||||||
| Interest expense | (7,526,542 | ) | (259,700 | ) | (26,191,911 | ) | (517,723 | ) | ||||||||
| Other income, net | 64,986 | 893,692 | 522,979 | 1,489,108 | ||||||||||||
| Total other income (expense) | 11,909,483 | 3,841,520 | (55,452,530 | ) | (2,474,078 | ) | ||||||||||
| Net loss before income tax benefit | $ | (53,880,314 | ) | $ | (173,527,310 | ) | $ | (172,677,559 | ) | $ | (239,246,927 | ) | ||||
| Income tax benefit/ (provision) | (600 | ) | 2,165,062 | (1,200 | ) | 3,891,300 | ||||||||||
| Net loss | (53,880,914 | ) | (171,362,248 | ) | (172,678,759 | ) | (235,355,627 | ) | ||||||||
| Net loss attributable to noncontrolling interest | (6,805,023 | ) | (38,930,288 | ) | (10,714,311 | ) | (41,528,769 | ) | ||||||||
| Net loss attributable to stockholders | $ | (47,075,891 | ) | $ | (132,431,960 | ) | $ | (161,964,448 | ) | $ | (193,826,858 | ) | ||||
| Waived/(accrued) accumulated preferred dividends and other capital transactions with preferred stockholders | (25,310 | ) | (22,043 | ) | (50,038 | ) | (43,346 | ) | ||||||||
| Net loss attributable to common stockholders after preferred dividends and other capital transactions with preferred stockholders | $ | (47,101,201 | ) | $ | (132,454,003 | ) | $ | (162,014,486 | ) | $ | (193,870,204 | ) | ||||
| Net Loss per Share | $ | (489.24 | ) | $ | (12,041,273 | ) | $ | (3,338.65 | ) | $ | (21,493,371 | ) | ||||
| Weighted average shares outstanding, basic and diluted | 96,275 | 11 | 48,527 | 9 | ||||||||||||
| MULLEN AUTOMOTIVE INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | ||||||||
| Six Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net loss | $ | (172,678,759 | ) | $ | (235,355,627 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 42,272,019 | 15,609,276 | ||||||
| Revaluation of warrants and derivative liabilities | (63,617,277 | ) | 3,106,223 | |||||
| Loss on exchange of warrants | 57,770,454 | — | ||||||
| Other financing costs - initial recognition of warrants | 37,184,192 | — | ||||||
| Amortization of debt discount and other non-cash interest expense | 24,026,629 | — | ||||||
| Depreciation and amortization | 9,519,559 | 14,310,450 | ||||||
| Gain on extinguishment of debt | (1,553,771 | ) | (34,625 | ) | ||||
| Write-down of inventory to net realizable value | 838,765 | — | ||||||
| Impairment of intangible assets | 12,006,452 | 73,447,067 | ||||||
| Impairment of goodwill | — | 28,846,832 | ||||||
| Impairment of right-of-use assets | 3,167,608 | |||||||
| Deferred income taxes | — | (3,891,300 | ) | |||||
| Non-cash interest and other operating activities | — | 216,021 | ||||||
| Loss on assets disposal | — | 323,865 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 124,295 | 671,750 | ||||||
| Inventories | (1,619,016 | ) | (16,154,711 | ) | ||||
| Prepaids and other assets | 2,998,265 | (726,490 | ) | |||||
| Accounts payable | 9,025,613 | 9,523,141 | ||||||
| Accrued expenses and other liabilities | (3,772,295 | ) | (77,010 | ) | ||||
| Right-of-use assets and lease liabilities | (1,112,981 | ) | (1,455,446 | ) | ||||
| Net cash used in operating activities | (48,587,856 | ) | (108,472,976 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Purchase of equipment | (3,860,723 | ) | (12,470,001 | ) | ||||
| Net cash used in investing activities | (3,860,723 | ) | (12,470,001 | ) | ||||
| Cash Flows from Financing Activities | ||||||||
| Proceeds from issuance of notes payable with detachable warrants | 33,003,225 | — | ||||||
| Proceeds from issuance of notes payable by subsidiary | 10,000,000 | — | ||||||
| Payment of notes payable | — | (4,945,832 | ) | |||||
| Issuance of stock under equity line of credit | 1,017,135 | — | ||||||
| Net cash provided by financing activities | 44,020,360 | (4,945,832 | ) | |||||
| Change in cash | (8,428,219 | ) | (125,888,809 | ) | ||||
| Cash and restricted cash (in amount of | 10,748,678 | 155,696,470 | ||||||
| Cash and restricted cash (in amount of | $ | 2,320,459 | $ | 29,807,661 | ||||
| Supplemental disclosure of Cash Flow information: | ||||||||
| Cash paid for interest | $ | 625,000 | $ | 37,458 | ||||
| Supplemental Disclosure for Non-Cash Activities: | ||||||||
| Exercise of warrants recognized earlier as liabilities | 45,990,081 | 59,163,019 | ||||||
| Reclassification of property, plant and equipment to noncurrent assets held for sale due to settlement | 45,175,558 | — | ||||||
| Convertible notes and interest - conversion to common stock | 26,291,423 | — | ||||||
| Extinguishment of debt and interest (in exchange for own common stock) | 4,553,771 | — | ||||||
| Change in noncontrolling interest upon additional investments into subsidiary | 1,863,420 | — | ||||||
| Right-of-use assets obtained in exchange of operating lease liabilities | — | 11,185,901 | ||||||
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to
In September 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has passed numerous milestones including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer and service network with over 50 locations across the United States.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, future revenues and earnings of the Company, whether the partnership and supply agreement with Enpower Greentech Inc. (EGI), to build and deliver its SWIFT series SSB will be successful, whether the company will meet the anticipated timeline for production of EGI SWIFT batteries and whether the company will be successful with its initiatives to resolve the Bollinger receivership matter. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
IBN
Austin, Texas
www.InvestorBrandNetwork.com
512.354.7000 Office
Editor@InvestorBrandNetwork.com
FAQ
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