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    Mullen Announces Quarterly Results for 3 Months Ended March 31, 2025

    5/20/25 9:00:00 AM ET
    $MULN
    Get the next $MULN alert in real time by email

    Company fiscal Q2 outperforms all previous quarterly revenue results

    Mullen achieves strong results with $5M revenue for quarter ending March 31, 2025

    Company revenue is $7.9M for six months ended March 31, 2025

    Company net loss decreased substantially from $132.4M in fiscal Q2 2024 to approximately $47.1M in comparable quarter ending March 31, 2025

    Company cash spend reduced significantly from $120.9M to $52.4M for the six months ended March 31, 2025

    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 $5 million outperformed Q2 2024 revenue of $33,000 by more than 143 times. This growth underscores the effectiveness of our strategic initiatives and increasing demand for our vehicles despite challenging market conditions."

    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.
    • 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 $162.0 million, or $3,338.65 net loss per share, for the six months ended March 31, 2025, as compared to a net loss attributable to common shareholders after preferred dividends of $193.9 million, or $21,493,370.73 loss per share, for the six months ended March 31, 2024 (giving retroactive effect to reverse stock splits). 

    Major part of the losses during the six months ended March 31, 2025, related to non-cash expenses: $118.5 million or 73% of the loss for the six months ended March 31, 2025, versus $135.1 million (or 70%) for the six months ended March 31, 2024.

     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 $5.7 million, received $8.0 million in cash, and recorded $7.9 million in revenues. The Company is deferring revenue recognition on most of Mullen commercial vehicles invoiced until invoices are paid and the return provision on the vehicles is offset when the dealer's sale of the vehicle to the end user or the dealer chooses to legally forego the return provision.

    Liquidity

    We had total cash (including restricted cash) of $2.3 million on March 31, 2025, versus $10.7 million on Sept. 30, 2024. The working capital as of March 31, 2025, was negative $156.1 million, or $56.7 million if adding back derivative liabilities and other liabilities expected to be settled in common stock. 

    The total cash spent on operating and investing activities during the six months ended March 31, 2025 and 2024, was $52.4 million and $120.9 million, respectively, which represents a decrease of $68.5 million, or 56.6%. As it was announced previously, the Company intends to maintain its momentum of reducing the cash outflow by cutting operating costs and restructuring liabilities. Through March 31, 2025, we have financed our operations primarily through the issuance of convertible notes and warrants. Net cash provided by financing activities was $44.0 million for the six months ended March 31, 2025, as compared to $4.9 million net cash spent on financing activities for the six months ended March 31, 2024. 

     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 $10.0 million secured promissory note executed on October 24, 2024. The court order appointed a receiver with full authority over Bollinger Motors' operations, governance, and assets, including the ability to operate or sell the business, in whole or in part, for the benefit of creditors.

    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; $0.001 par value; 626,263,159 and 126,263,159 shares of preferred stock authorized at March 31, 2025, and September 30, 2024, respectively        
    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 $159,000 at March 31, 2025 and September 30, 2024)  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 $4,049 at March 31, 2025 and September 30, 2024)  —   — 
    Preferred Series A; 83,859 shares authorized; 648 shares issued and outstanding at March 31, 2025 and September 30, 2024 (preference in liquidation of $836 at March 31, 2025 and September 30, 2024)  1   1 
    Common stock; $0.001 par value; 5,000,000,000 shares authorized at March 31, 2025 and September 30, 2024; 1,020,573 and 763 shares issued and outstanding at March 31, 2025 and September 30, 2024 respectively (*)  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 $426,851), beginning of period  10,748,678   155,696,470 
    Cash and restricted cash (in amount of $915,751), ending of period $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 $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 a $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network with the addition of Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group and Eco Auto, providing sales and service coverage in key Midwest, West Coast and Pacific Northwest and New England markets. The Company also recently 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.

    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

    [email protected]



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    • Large owner Hrt Financial Lp bought $43,736 worth of Class A Shares (546,706 units at $0.08) and sold $160,995 worth of Class A Shares (2,012,436 units at $0.08), increasing direct ownership by 1,035% to 1,347,044 units (SEC Form 4)

      4 - MULLEN AUTOMOTIVE INC. (0001499961) (Issuer)

      4/8/25 10:41:17 AM ET
      $MULN

    $MULN
    Financials

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    • Mullen Announces Quarterly Results for 3 Months Ended March 31, 2025

      Company fiscal Q2 outperforms all previous quarterly revenue results Mullen achieves strong results with $5M revenue for quarter ending March 31, 2025 Company revenue is $7.9M for six months ended March 31, 2025 Company net loss decreased substantially from $132.4M in fiscal Q2 2024 to approximately $47.1M in comparable quarter ending March 31, 2025 Company cash spend reduced significantly from $120.9M to $52.4M for the six months ended March 31, 2025 BREA, Calif., May 20, 2025 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) ("Mullen" or the "Company"), an electric

      5/20/25 9:00:00 AM ET
      $MULN
    • Mullen Reports Financial Results for the Three Months Ended Dec. 31, 2024

      Company achieves strongest quarter results to date with $4.4M invoiced and $6M received on vehicles delivered Company has produced more revenue in this quarter than previous two fiscal years On Feb. 1, 2025, Mullen implemented further cost cutting measures with headcount and personnel cost reductions of approximately $13M in annual cash spend BREA, Calif., Feb. 19, 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 Dec. 31, 2024, and a current business update.  Commenting on the results for the three months that ended Dec. 31,

      2/19/25 9:00:20 AM ET
      $MULN
    • Mullen Reports Improved 2024 Financial Results

       Company finishes the 2024 fiscal year with growth of national dealer network, increased sales and delivery of vehicles Fiscal year 2024 reduction of $85.4M in cash spend compared to fiscal year 2023 Successful launch of Bollinger Motors B4 production and sales Company now has three EV production lines in the U.S. with national sales and service networks supporting Mullen Class 1 and 3 and Bollinger Class 4 commercial vehicles Company announces further increase in operational efficiencies driving $13M annual reduction in cash spend effective Feb. 1, 2025 BREA, Calif., Jan. 24, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ:MULN) ("Mullen" or the "Company"), an elec

      1/24/25 4:15:00 PM ET
      $MULN

    $MULN
    Leadership Updates

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    • Birth of a Manufacturer: Bollinger Motors Celebrates First Customer-Ready Production Electric Trucks

      Employees, Suppliers, Government Leaders Share Historic Bollinger B4 Vehicle Launch LIVONIA, Mich., Sept. 23, 2024 /PRNewswire/ -- It's not every day a start-up vehicle manufacturer gets to celebrate its ascension to full-fledged Original Equipment Manufacturer (OEM). For Bollinger Motors, that day came on Friday, Sept. 20, as employees, suppliers and government leaders gathered to recognize the company's first customer-ready vehicles, the all-electric Class 4 Bollinger B4 Chassis Cab, to go to market. Bollinger Motors has been on a nearly decade-long journey from idea to fini

      9/23/24 9:30:00 AM ET
      $MULN
    • Mullen Subsidiary, Bollinger Motors, Achieves Major Milestone Today with Production of First Customer-Ready B4 Electric Truck

      Employees, suppliers, government leaders share historic Bollinger B4 vehicle launch  Bollinger B4 electric truck entirely assembled in the USA and in partnership with Roush Industries  BREA, Calif., Sept. 23, 2024 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) ("Mullen" or the "Company"), an electric vehicle ("EV") manufacturer, announces today that its subsidiary, Bollinger Motors ("Bollinger"), reached a milestone on Sept. 20, 2024, with production of the first customer-ready B4 electric truck in Livonia, Michigan. A video from Bollinger's production milestone and activities from Friday's open house can be found on Bollinger's YouTube channel. It's not every day

      9/23/24 9:15:00 AM ET
      $MULN
    • BOLLINGER MOTORS MOVES WESTWARD, ADDS 20 TEC EQUIPMENT DEALERSHIPS TO EXPANDING RETAIL AND SERVICE NETWORK

      OAK PARK, Mich., Aug. 29, 2024 /PRNewswire/ -- Bollinger Motors, Inc., an electric commercial vehicle ("EV") manufacturer, has named TEC Equipment, Inc. as an official Bollinger Motors dealer. The addition of sales and service provided by select TEC Equipment locations expands Bollinger Motors commercial sales and service network westward, with the following participating TEC Equipment locations: Sales & service Locations: California: San Diego, Fontana, OaklandOregon: PortlandWashington: SeattleAdditional service locations: Arizona: PhoenixCalifornia: La Mirada, Dixon, Lathro

      8/29/24 9:30:00 AM ET
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    Large Ownership Changes

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    • SEC Form SC 13G filed by Mullen Automotive Inc.

      SC 13G - MULLEN AUTOMOTIVE INC. (0001499961) (Subject)

      8/19/24 4:30:05 PM ET
      $MULN
    • SEC Form SC 13G filed by Mullen Automotive Inc.

      SC 13G - MULLEN AUTOMOTIVE INC. (0001499961) (Subject)

      6/12/24 5:00:06 PM ET
      $MULN
    • SEC Form SC 13G/A filed by Mullen Automotive Inc. (Amendment)

      SC 13G/A - MULLEN AUTOMOTIVE INC. (0001499961) (Subject)

      2/20/24 7:03:40 PM ET
      $MULN

    $MULN
    Press Releases

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    • Mullen Announces Quarterly Results for 3 Months Ended March 31, 2025

      Company fiscal Q2 outperforms all previous quarterly revenue results Mullen achieves strong results with $5M revenue for quarter ending March 31, 2025 Company revenue is $7.9M for six months ended March 31, 2025 Company net loss decreased substantially from $132.4M in fiscal Q2 2024 to approximately $47.1M in comparable quarter ending March 31, 2025 Company cash spend reduced significantly from $120.9M to $52.4M for the six months ended March 31, 2025 BREA, Calif., May 20, 2025 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) ("Mullen" or the "Company"), an electric

      5/20/25 9:00:00 AM ET
      $MULN
    • Mullen Automotive Enters Into Settlement Agreement with GEM Group

      On May 9, 2025, Company executed a settlement agreement with GEM Group. Under terms of the settlement agreement, GEM has a 55-day due diligence period, subject to extension by GEM, to evaluate the transfer to GEM of the Mishawaka assets in complete satisfaction of the judgement. All collection activities have been suspended for the duration of the due diligence period. Mullen continues to build its business and expand its existing Tunica, Mississippi, manufacturing capabilities to meet near and long-term demands for its multiple product lines. BREA, Calif. / NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) ("Mullen" or the "Company"), an e

      5/13/25 9:03:50 AM ET
      $MULN
    • Mullen Subsidiary, Bollinger Motors, Delivers B4 Commercial Electric Truck to NYC's Lower East Side Ecology Center

      All-electric B4 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 BREA, Calif., May 06, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ:MULN) ("Mullen" or the "Company"), an electric vehicle ("EV") manufacturer, announces its subsidiary, Bollinger Motors ("Bollinger"), has 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

      5/6/25 9:00:00 AM ET
      $MULN