Mullen's 2024 Financial Results Improvement
Mullen's 2024 Financial Results Improvement
Jan. 24, 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 twelve months ended Sept. 30, 2024, and a current business update.
The net loss attributable to common shareholders after preferred dividends and other capital transactions with preferred stock owners was $471.0 million, or $1,425.6 net loss per share, for the twelve months ended Sept. 30, 2024, as compared to a net loss attributable to common shareholders after preferred dividends of $964.9 million, or $157,405 loss per share, for the twelve months ended Sept. 30, 2023, (giving effect to reverse stock split made effective on Sept. 17, 2024, at a ratio of 1-for-100 shares).
The net loss for the twelve months ended Sept. 30, 2024, included non-cash impairment charges totaling $119.2 million (in the previous year - $84.6 million), recognized primarily due to future funding uncertainties and a decrease in the Company's market capitalization.
For the twelve months ended Sept. 30, 2024, we recorded $1.1 million in revenues compared to $0.4 million for the twelve months ended Sept. 30, 2023.
For the twelve months ended Sept. 30, 2024, we invoiced for 443 commercial vehicles valued at $21 million compared to the twelve months ended Sept. 30, 2023, where we invoiced for 35 vehicles with a value of $1 million.
n September 2024, our Bollinger segment achieved a major milestone, launching production of the B4 commercial truck. Additionally, Bollinger completed the sale of its first five units and recognized its first revenues of $0.7M. The B4 is generating strong traction in the market, and we expect significant sales growth from Bollinger in the coming year.
The cost of revenues for the year ended Sept. 30, 2024, totaled $16.9 million and included $1.3 million for the cost of vehicles sold and $15.6 million in non-cash, inventory adjustments to net realizable value. Included in the $1.3 million of cost of vehicles sold was $0.2 million from the Mullen Commercial segment and $1.1 million from the Bollinger segment. Bollinger expects excess cost until target production capacity is reached sometime in FY25.In addition to the cost of vehicles sold, we recognized a non-cash, inventory adjustment to net realizable value of $15.6 million from the Mullen Commercial segment, primarily due to slow moving inventory where there are excess parts and systems.
The net loss attributable to common shareholders after preferred dividends and other capital transactions with preferred stock owners was $471.0 million, or $1,425.6 net loss per share, for the twelve months ended Sept. 30, 2024, as compared to a net loss attributable to common shareholders after preferred dividends of $964.9 million, or $157,405 loss per share, for the twelve months ended Sept. 30, 2023, (giving effect to reverse stock split made effective on Sept. 17, 2024, at a ratio of 1-for-100 shares).
The net loss for the twelve months ended Sept. 30, 2024, included non-cash impairment charges totaling $119.2 million (in the previous year - $84.6 million), recognized primarily due to future funding uncertainties and a decrease in the Company's market capitalization.
For the twelve months ended Sept. 30, 2024, we recorded $1.1 million in revenues compared to $0.4 million for the twelve months ended Sept. 30, 2023.
For the twelve months ended Sept. 30, 2024, we invoiced for 443 commercial vehicles valued at $21 million compared to the twelve months ended Sept. 30, 2023, where we invoiced for 35 vehicles with a value of $1 million.
n September 2024, our Bollinger segment achieved a major milestone, launching production of the B4 commercial truck. Additionally, Bollinger completed the sale of its first five units and recognized its first revenues of $0.7M. The B4 is generating strong traction in the market, and we expect significant sales growth from Bollinger in the coming year.
The cost of revenues for the year ended Sept. 30, 2024, totaled $16.9 million and included $1.3 million for the cost of vehicles sold and $15.6 million in non-cash, inventory adjustments to net realizable value. Included in the $1.3 million of cost of vehicles sold was $0.2 million from the Mullen Commercial segment and $1.1 million from the Bollinger segment. Bollinger expects excess cost until target production capacity is reached sometime in FY25.In addition to the cost of vehicles sold, we recognized a non-cash, inventory adjustment to net realizable value of $15.6 million from the Mullen Commercial segment, primarily due to slow moving inventory where there are excess parts and systems.
Re: Mullen's 2024 Financial Results Improvement
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. 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. The Company has also expanded its commercial dealer network to seven dealers, which includes Papé Kenworth, 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 West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets.
On Sept. 7, 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 production launch on Sept. 16, 2024, CARB certification, FMVSS compliance, receiving the Certificate of Conformity from the Environmental Protection Agency, providing full warranty coverage of the B4 chassis cab, and the development of a world-class dealer and service network with over 50 locations across the United States.
On Sept. 7, 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 production launch on Sept. 16, 2024, CARB certification, FMVSS compliance, receiving the Certificate of Conformity from the Environmental Protection Agency, providing full warranty coverage of the B4 chassis cab, and the development of a world-class dealer and service network with over 50 locations across the United States.