Mullen Automotive Inc., an electric vehicle manufacturer, reported its financial results for the three and nine months ended June 30, 2024, on August 12, 2024. The company announced a narrowed loss for the quarter and year-to-date, with a positive stockholders' equity of $53 million and total assets of $192 million as of June 30, 2024. Mullen Automotive secured a substantial $250 million new financing commitment, with $50 million already received and additional funding options available. The company also highlighted its lease program for Class 1 EV cargo vans, orders for its Mullen-GO commercial micro-urban delivery vehicle, and EPA Certification for Bollinger's B4, Class 4 EV chassis cab. Mullen's Class 1 EV cargo van received approval for the MOR-EV Program in Massachusetts, offering significant rebates to customers. The...Show More

Mullen Automotive Inc., an electric vehicle manufacturer, reported its financial results for the three and nine months ended June 30, 2024, on August 12, 2024. The company announced a narrowed loss for the quarter and year-to-date, with a positive stockholders' equity of $53 million and total assets of $192 million as of June 30, 2024. Mullen Automotive secured a substantial $250 million new financing commitment, with $50 million already received and additional funding options available. The company also highlighted its lease program for Class 1 EV cargo vans, orders for its Mullen-GO commercial micro-urban delivery vehicle, and EPA Certification for Bollinger's B4, Class 4 EV chassis cab. Mullen's Class 1 EV cargo van received approval for the MOR-EV Program in Massachusetts, offering significant rebates to customers. The company also reported orders for Bollinger Motors' all-electric Class 4 commercial trucks and announced executive leadership changes. Mullen Automotive is actively expanding its commercial EV business in the U.S. and internationally, with significant pilot programs in Europe and Canada. The net loss attributable to common shareholders after preferred dividends was $289.9 million, or $37.92 net loss per share, for the nine months ended June 30, 2024. This compares to a net loss of $792.7 million, or $5,544.35 loss per share, for the same period in 2023. The company's liquidity position showed total cash of $4.0 million as of June 30, 2024, compared to $155.7 million on September 30, 2023.