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Mullen Announces Significant Revenue Increase and Reduction in Spending

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Mullen Automotive Inc. (NASDAQ: MULN) announces significant revenue growth and reduced spending for Q3 2024. The company expects to report $4.5 million in revenue for the quarter ended Sept. 30, 2024, a 6791% increase from the previous quarter's $65,235. Mullen has also reduced its monthly cash burn to $12.7 million in Q3 2024, down from $18.1 million in Q1 2024. The company aims to achieve breakeven on a cash basis by December 2025.

Additional updates include receiving $11.9 million from investors, with an expected $600,000 more incoming. Mullen has a $150 million investment commitment through its equity line. CEO David Michery expressed optimism about the company's momentum for the remainder of 2024.

Mullen Automotive Inc. (NASDAQ: MULN) annuncia una significativa crescita dei ricavi e una riduzione della spesa per il terzo trimestre del 2024. L'azienda prevede di riportare 4,5 milioni di dollari in ricavi per il trimestre conclusosi il 30 settembre 2024, un 6791% di aumento rispetto ai 65.235 dollari del trimestre precedente. Mullen ha anche ridotto il suo consumo mensile di liquidità a 12,7 milioni di dollari nel Q3 2024, in calo rispetto ai 18,1 milioni di dollari nel Q1 2024. L'azienda mira a raggiungere il pareggio in termini di liquidità entro dicembre 2025.

Tra gli aggiornamenti aggiuntivi, Mullen ha ricevuto 11,9 milioni di dollari da investitori, con altri 600.000 dollari attesi in arrivo. Mullen ha un impegno a investire di 150 milioni di dollari attraverso la sua linea di capitale. Il CEO David Michery ha espresso ottimismo riguardo al slancio dell'azienda per il resto del 2024.

Mullen Automotive Inc. (NASDAQ: MULN) anuncia un crecimiento significativo de ingresos y una reducción de gastos para el tercer trimestre de 2024. La compañía espera reportar 4.5 millones de dólares en ingresos para el trimestre que finalizó el 30 de septiembre de 2024, un aumento del 6791% respecto a los 65,235 dólares del trimestre anterior. Mullen también ha reducido su consumo mensual de efectivo a 12.7 millones de dólares en el Q3 2024, por debajo de los 18.1 millones de dólares en el Q1 2024. La compañía tiene como objetivo lograr el equilibrio en efectivo para diciembre de 2025.

Otras actualizaciones incluyen la recepción de 11.9 millones de dólares de inversores, con otros 600,000 dólares más en camino. Mullen tiene un compromiso de inversión de 150 millones de dólares a través de su línea de capital. El CEO David Michery expresó optimismo acerca del impulso de la compañía para el resto de 2024.

Mullen Automotive Inc. (NASDAQ: MULN)이 2024년 3분기 동안 상당한 수익 증가와 지출 감소를 발표했습니다. 회사는 2024년 9월 30일 종료된 분기 동안 450만 달러의 수익을 보고할 것으로 예상하며, 이는 이전 분기의 65,235달러에서 6791% 증가한 수치입니다. Mullen은 또한 2024년 3분기 월례 현금 소모를 1,270만 달러로 줄였으며, 이는 2024년 1분기의 1,810만 달러에서 감소한 것입니다. 회사는 2025년 12월까지 현금 기준으로 손익 분기점을 달성하는 것을 목표로 하고 있습니다.

추가 업데이트로는 투자자로부터 1,190만 달러를 받았으며, 추가로 60만 달러가 들어올 것으로 예상됩니다. Mullen은 자본 라인을 통해 1억 5천만 달러의 투자 약속을 가지고 있습니다. CEO David Michery는 2024년 남은 기간 동안 회사의 모멘텀에 대한 낙관을 표현했습니다.

Mullen Automotive Inc. (NASDAQ: MULN) annonce une croissance significative de son chiffre d'affaires et une réduction des dépenses pour le troisième trimestre 2024. La société prévoit de rapporter 4,5 millions de dollars de revenus pour le trimestre se terminant le 30 septembre 2024, soit une augmentation de 6791% par rapport aux 65,235 dollars du trimestre précédent. Mullen a également réduit sa consommation mensuelle de liquidités à 12,7 millions de dollars au T3 2024, contre 18,1 millions de dollars au T1 2024. L'objectif de l'entreprise est d'atteindre l'équilibre en matière de liquidités d'ici décembre 2025.

Parmi les autres mises à jour, Mullen a reçu 11,9 millions de dollars d'investisseurs, avec 600 000 dollars supplémentaires attendus. Mullen a un engagement d'investissement de 150 millions de dollars grâce à sa ligne de capitaux. Le PDG David Michery a exprimé un optimisme quant à l'élan de la société pour le reste de l'année 2024.

Mullen Automotive Inc. (NASDAQ: MULN) kündigt ein signifikantes Umsatzwachstum und reduzierte Ausgaben für das 3. Quartal 2024 an. Das Unternehmen erwartet, für das Quartal, das am 30. September 2024 endete, 4,5 Millionen Dollar Umsatz zu berichten, was einem 6791% Anstieg gegenüber den 65.235 Dollar des vorherigen Quartals entspricht. Mullen hat auch seinen monatlichen Bargeldverbrauch auf 12,7 Millionen Dollar im Q3 2024 gesenkt, im Vergleich zu 18,1 Millionen Dollar im Q1 2024. Das Unternehmen strebt an, bis Dezember 2025 den Break-even-Punkt auf Bargeldbasis zu erreichen.

Zusätzliche Updates umfassen den Erhalt von 11,9 Millionen Dollar von Investoren, wobei weitere 600.000 Dollar erwartet werden. Mullen hat ein Investitionsengagement von 150 Millionen Dollar über seine Aktienlinie. CEO David Michery äußerte Optimismus über das Momentum des Unternehmens für den Rest des Jahres 2024.

Positive
  • Revenue expected to increase by 6791% to $4.5 million in Q3 2024 compared to Q2 2024
  • Monthly cash burn reduced by 30% from $18.1 million in Q1 2024 to $12.7 million in Q3 2024
  • Received $11.9 million from investors with an additional $600,000 expected
  • $150 million investment commitment available through equity line
Negative
  • Company still operating at a loss with $12.7 million monthly cash burn
  • Breakeven on a cash basis not expected until December 2025

Insights

Mullen Automotive's latest financial update reveals significant progress in revenue growth and cost reduction efforts. The expected $4.5 million revenue for Q3 2024 represents a staggering 6791% increase from the previous quarter. This substantial jump indicates the company is gaining traction in its EV sales. However, it's important to note that the starting base was very low at just $65,235. The reduction in monthly cash burn from $18.1 million to $12.7 million is a positive sign of improved operational efficiency. The additional $150 million investment commitment through an equity line provides a financial cushion, albeit with potential dilution risks. The company's goal to achieve cash flow breakeven by December 2025 is ambitious and will require continued execution on both revenue growth and cost control fronts. While progress is evident, Mullen still faces significant challenges in scaling production and competing in the crowded EV market.

Mullen's revenue surge is a positive indicator, but context is important in the EV industry. The jump from $65,235 to $4.5 million quarterly revenue suggests initial deliveries of vehicles or significant component sales. However, this level is still modest compared to established EV manufacturers. The reduction in cash burn is critical for sustainability, as EV startups often struggle with high operational costs. Mullen's target to reach cash flow breakeven by end of 2025 is aggressive but necessary in this capital-intensive industry. The $150 million equity line is a double-edged sword - it provides necessary capital but may lead to significant dilution. The EV market is fiercely competitive and Mullen will need to rapidly scale production and differentiate its offerings to carve out a viable market position. Their progress is noteworthy, but sustained growth and technological innovation will be key to long-term success.

For quarter ended Sept. 30, 2024, Company expects to report approximately $4.5 million in revenue compared to $65,235.00 reported in quarter ended June 30, 2024, an increase of 6791% compared to prior quarter

Mullen reported a monthly cash burn (operating and investing cashflows) of $12.8 million for the quarter ended June 30, 2024, as compared to a monthly cash burn of $18.1 million for the quarter ended March 31, 2024, representing a decrease of 30% or $5.3 million per month. Company’s monthly cash burn for the quarter ended Sept. 30, 2024, is approximately $12.7 million per month

The Company plans to continue to improve its cash burn with operating reductions throughout 2025 with the expectation to achieve breakeven on a cash basis by end of December 2025

BREA, Calif., Oct. 02, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today that it expects $4.5 million in revenue for quarter ended Sept. 30, 2024, compared to $65,235.00 reported in quarter ended June 30, 2024, an increase of 6791% compared to prior quarter. The Company also provides an operational update, which includes initiatives it has recently taken to reduce overall operating expenses.

Mullen operational updates include:

  • As of today, Company received $11.9 million, and expects to receive an additional $600,000 from investors, representing 25% of their additional investment right
  • Company has an additional investment commitment of $150 million through the use of its equity line, which allows it to offer common stock, subject to market and other conditions
  • For quarter ended Sept. 30, 2024, Company expects to report approximately $4.5 million in revenue compared to $65,235.00 reported in quarter ended June 30, 2024, an increase of 6791% compared to prior quarter
  • Mullen reported a monthly cash burn (operating and investing cashflows) of $12.8 million for the quarter ended June 30, 2024, as compared to a monthly cash burn of $18.1 million for the quarter ended March 31, 2024, representing a decrease of 30% or $5.3 million per month. The Company’s monthly cash burn for the quarter ended Sept. 30, 2024, is approximately $12.7 million per month
  • The Company plans to continue to improve its cash burn with operating reductions throughout 2025 with the expectation to achieve breakeven on a cash basis by December 2025

“Our revenue is up significantly, and our cash burn continues to decrease,” said David Michery, CEO and chairman of Mullen Automotive. “We are going into the remainder of 2024 with strong momentum, and I am focused on closing out the calendar year on an extremely positive trajectory.”

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 $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. Recently, CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network to seven dealers with the addition of Papé Kenworth. Other previously announced dealers include Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key Midwest, West Coast, Pacific Northwest, New England and Mid-Atlantic markets. The Company has also announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.

To learn more about the Company, visit www.MullenUSA.com.

Estimated Preliminary Results for the Fourth Quarter Ended Sept. 30, 2024 (Unaudited)

Set forth above are certain estimated preliminary financial results and other key business metrics for the fourth quarter ended Sept. 30, 2024. These estimates are based on the information available to us at this time. Our actual results may differ materially from the estimated preliminary results presented due to the completion of our financial closing and accounting procedures, including final adjustments, the completion of the preparation and audit of the Company’s financial statements and the subsequent occurrence or identification of events prior to the filing of the audited consolidated financial statements for the fiscal year ended Sept. 30, 2024, in its Annual Report on Form 10-K. The estimated preliminary financial results and other key business metrics have not been audited or reviewed by our independent registered public accounting firm. These estimates should not be viewed as a substitute for our full interim or annual financial statements. Accordingly, you should not place undue reliance on this preliminary data. In addition, any such statements regarding the Company’s financial performance are not necessarily indicative of the Company’s financial performance that may be expected to occur for the fiscal quarter ending Sept. 30, 2024, or for any future fiscal period.

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, whether the Company will be successful with cost-cutting initiatives or achieve anticipated expense reduction within expected timeframes, how long governmental incentives for electric vehicles will remain in place, and the resultant selling prices of Mullen vehicles. 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
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com


FAQ

What is Mullen Automotive's expected revenue for Q3 2024?

Mullen Automotive expects to report approximately $4.5 million in revenue for the quarter ended September 30, 2024.

How much has Mullen's (MULN) revenue increased compared to the previous quarter?

Mullen's revenue has increased by 6791% compared to the previous quarter, from $65,235 in Q2 2024 to an expected $4.5 million in Q3 2024.

What is Mullen Automotive's (MULN) current monthly cash burn?

Mullen Automotive's monthly cash burn for the quarter ended September 30, 2024, is approximately $12.7 million per month.

When does Mullen (MULN) expect to achieve breakeven on a cash basis?

Mullen plans to achieve breakeven on a cash basis by the end of December 2025.

Mullen Automotive, Inc.

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