Mullen Automotive, an early-stage electric vehicle manufacturer, reported a significant year-on-year reduction in net loss for the quarter ended June 30, 2024. The company's net loss decreased by 71% to $91.6 million from $311.4 million in the same quarter of the previous year. Revenue from vehicle sales dropped by 79% to $65.2 thousand, while the cost of goods sold saw an 89% decrease. Operating expenses increased, with general and administrative expenses rising by 49% to $47.5 million, and research and development costs decreasing by 35% to $14.3 million. The company also recognized other financial costs related to derivative liabilities and warrants amounting to $23.9 million, a significant reduction from the previous year's $248.4 million. Mullen Automotive's future plans include ramping up production of commercial delivery vehicles and expanding...Show More

Mullen Automotive, an early-stage electric vehicle manufacturer, reported a significant year-on-year reduction in net loss for the quarter ended June 30, 2024. The company's net loss decreased by 71% to $91.6 million from $311.4 million in the same quarter of the previous year. Revenue from vehicle sales dropped by 79% to $65.2 thousand, while the cost of goods sold saw an 89% decrease. Operating expenses increased, with general and administrative expenses rising by 49% to $47.5 million, and research and development costs decreasing by 35% to $14.3 million. The company also recognized other financial costs related to derivative liabilities and warrants amounting to $23.9 million, a significant reduction from the previous year's $248.4 million. Mullen Automotive's future plans include ramping up production of commercial delivery vehicles and expanding revenue streams through the sales of SUVs and electric vehicle leasing. The company has faced challenges, including a substantial net working capital deficit and a total net loss of $327.0 million for the nine months ended June 30, 2024. Despite these challenges, Mullen Automotive has managed to regain compliance with NASDAQ listing rules through reverse stock splits and is actively pursuing additional funding to continue operations.