Positive stockholders' equity of $53 Million as of June 30, 2024
Total assets of $192 Million as of June 30, 2024
BREA, Calif., August 12, 2024– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) ("Mullen" or the "Company"), an electric vehicle ("EV") manufacturer, today announces financial results for the three and nine months ended June 30, 2024, and a business update.
Commenting on the results for the three and nine months that ended June 30, 2024, and recent Company developments, CEO and chairman David Michery stated: "We narrowed our loss in the quarter and year-to-date. We are positioning our fiscal Q4 for strong year-over-year growth. I am thankful to our team and our efforts in scaling our commercial EV business in the U.S. and internationally."
Recent Highlights Include:
The Company has secured a substantial $250 million new financing commitment; with $50 million already received, $50 million as a one-year additional investment right where the investors have the right to provide additional financing, and $150 million pursuant to an equity line of credit. In addition, the Company signed a commitment letter agreement with an investor for a total investment of $100 million through the issuance of senior secured convertible notes and warrants contingent upon mutual consent and the execution of final documentation by both parties.
In August 2024, Mullen announced a lease program for Class 1 EV cargo vans created with a focus on individuals, small businesses and fleets. bizEV is a turnkey lease program offering customers an opportunity to transition to EV with a 3-year lease option, starting at $475 per month plus applicable taxes and fees and includes scheduled vehicle maintenance.
In July 2024, GAMA, one of Mullen's international distributors, placed an order for 29 Mullen-GOs, the Company's commercial micro-urban delivery vehicle. The order is valued at $304,000 USD with shipment to GAMA beginning in August 2024.
Bollinger's B4, Class 4 EV chassis cab received EPA Certification on June 18, 2024, and Bollinger Motors released its full warranty coverage on the B4 in July, one of the strongest warranties in the commercial market today.
In July 2024, Mullen's Class 1 EV cargo van received approval for the MOR-EV Program, granting a $3,500 rebate in Massachusetts. When combined with the available $7,500 federal tax credit, the net effective cost of the Mullen ONE would be approximately $23,500.
In July 2024, Bollinger Motors announced new orders for the all-electric Class 4 Bollinger B4 commercial trucks.
5 vehicles to Spencer Manufacturing, which will upfit the vehicles into fire rescue trucks. The vehicle order is valued at approximately $825,000.
70 vehicles Doering Fleet Management, one of the nation's premier fleet management companies. The vehicle order is valued at approximately $11.5 million.
In July 2024, Bollinger Motors named former GM executive James Taylor as CEO. He will take over for company founder Robert Bollinger, who will remain on Bollinger's Board of Directors and a major shareholder. In addition, the company promoted Bryan Chambers to President and Chief Operating Officer and Siva Kumar to Chief Strategy Officer and Senior Vice President of Finance of Bollinger.
In August 2024, Mullen announced the promotion of John Taylor to President of the Commercial EV Division. Taylor also retains a role as SVP of Global Manufacturing for Mullen Automotive.
In August 2024, the Company announced commercial EV orders of 130 Class 1 EV cargo vans and 50 Class 3 EV trucks to Eco Auto over the next 18 months for an estimated value of $7.7 million, with new deliveries beginning in September 2024.
Recent ride-and-drive activity and events include the NAFA Atlanta Area Summer Block Party, Sustainable Fleet Technology Conference & Expo, Cal Start Zero Emissions Showcase, Green Transportation Summit & Expo and participation in SEUS-CP Business Forum as an Anchor Organization and panelist for the State of Mississippi.
In addition to its U.S. activities, Mullen is preparing significant pilot programs in Europe and Canada and is actively deploying Class 1 and Class 3 EVs to Europe.
Fiscal Quarter Ending June 30, 2024, Updates Include:
Mullen Commercial – Troy, Michigan
Class 1 and 3 Commercial Vehicles
The State of Massachusetts issued MOR-EV approval, granting Mullen's Class 3 EV truck a $15,000 cash voucher per vehicle sold.
Mullen added its fifth commercial dealer partner, Eco Auto based in the New England area, and initial purchase order of 13 commercial vehicles.
In May, the Company announced a new commercial EV Fleet order for Europe with Switzerland-based Antidoto SA for 40 Mullen-GO urban delivery vehicles. The initial PO is valued at $440,000 USD.
Mullen announced a new European distributor, GAMA, for the Balkans Region in Europe with the first order for 53 vehicles consisting of commercial EV urban delivery vehicles, cargo vans and trucks.
Mullen continued Commercial EV dealer expansion in the Midwest with Ziegler Truck Group and Pacific Northwest with Range Truck Group.
Mullen is actively engaged in negotiations with major telecoms, large fleet providers, delivery companies, universities, local municipalities, government agencies, and airport service providers to expand our customer base and market share.
Mullen announced a $150 Million financing commitment.
In May, the U.S. Department of Commerce approved Mullen's Tunica, MS., facility as a foreign trade zone delivering up to $21 million in deferred duty for the remainder of FY2024 and FY2025.
Mullen added a California-based and HVIP-approved dealer, National Auto Fleet Group with locations in Watsonville and Alhambra, CA.
Mullen added one of the largest US commercial dealers, Pritchard EV, to its dealer network.
In April, California issued HVIP approval, granting Mullen's Class 3 EV trucks a $45,000 Cash voucher per vehicle sold.
In April, Mullen announced new CARB approval for the 2025 model year Class 3 EV cab chassis truck.
Bollinger Motors - Oak Park, Michigan
Class 4 – 6 Commercial Vehicles
Bollinger has announced retail dealers, including LaFontaine Automotive Group, Nacarato Truck Centers, and Nuss Truck and Equipment, covering the initial states of Michigan, Florida, Georgia, Kentucky, Maryland and Minnesota.
In June, Bollinger received EPA certification for Class 4 EV Commercial Trucks which is a critical step to selling vehicles in the U.S.
In June, Bollinger received a $13.2 million sales order from Momentum Groups for 80 B4 Class 4 EV trucks.
In May, Bollinger announced the sale of 50 Bollinger B4 Chassis Cab EV Trucks to EnviroCharge for $8.3 million.
Bollinger Motors announced Amerit Fleet Solutions for mobile service and warranty for the B4 all-electric Class 4 commercial truck.
Bollinger expects to begin B4, Class 4 vehicle production and deliveries in the second half of 2024.
Mullen High Energy Facility – Fullerton, California
In May, the Company announced the development of a zero-emissions, PowerUP Mobile EV Charging Truck.
In April, the Company marked phase one completion of the Battery Pack Assembly line in Fullerton, CA.
Battery Technology Update
The Company is advancing its solid-state polymer pack program and is continuing to conduct battery and vehicle testing since Class 1 EV cargo van road testing began in February 2024.
Recently, the Company has identified lead suppliers for development and components and issued initial purchase orders to support this pivotal program.
The Company expects to have the solid-state polymer packs fully certified for production and sale in the second half of 2025.
Financial Results for the Three and Nine Months Ended June 30, 2024
For the nine months ended June 30, 2024, we invoiced for 377 vehicles valued at $16.8 million. The Company has deferred the revenue and accounts receivable recognition until invoices are paid and the return provision on the vehicles is nullified by the dealer's sale of the vehicle to the end user.
Net loss and loss per share
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, as compared to a net loss attributable to common shareholders after preferred dividends of $792.7 million, or $5,544.35 loss per share, for the nine months ended June 30, 2023. Share counts were adjusted retroactively for reverse stock splits. The net loss for the nine months ended June 30, 2024, of $289.9 million included non-cash impairment charges recorded last quarter (Quarter ended March 31, 2024) totaling $105.5 million primarily due to future funding uncertainties and a decrease in the Company's market capitalization.
The total cash spent (Operating and Investing cash flows) for the nine months ended June 30, 2024 and 2023, was $159.2 million and $221.1 million, respectively.
We invested an additional $1.0 million and $3.0 million in working capital during the nine months ended June 30, 2024 and 2023, respectively. Details of changes in working capital are as follows:
The details of non-cash adjustments to the Consolidated Statements of Cash Flows are as follows:
Shareholders' equity
Shareholders' equity was $53.0 million as of June 30, 2024, versus $272.8 million at September 30, 2023. The decrease in stockholders' equity for the nine months ended June 30, 2024, reflects the impairment charges of $105.5 million and other operating losses of $225.4 million offset by warrant exercises, notes conversions, stock-based compensation and other equity transactions.
Liquidity
We had total cash (including cash equivalents and restricted cash) of $4.0 million on June 30, 2024, versus $155.7 million on Sept. 30, 2023. The working capital as of June 30, 2024, was negative and amounted to $59.0 million, or $10.4 million if adding back derivative liabilities and other liabilities settled in common stock. This compares to a positive $58.5 million of working capital or $133.3 million of working capital on Sept. 30, 2023, if adding back derivative liabilities and other liabilities settled in common stock.
During the nine months ended June 30, 2024, we paid off $4.9 million in current notes payable that was secured by a mortgage on our Tunica, Mississippi, facility. During the quarter ended June 30, 2024, new senior secured convertible notes with warrants were issued for cash totaling $12.5 million. As of June 30, 2024, a portion of notes and accumulated interest were converted into shares of the Company's common stock. Current notes payable as of June 30, 2024, were $2.7 million compared to $7.5 million of current notes payable as of September 30, 2023 (balances include debt discounts) reflecting the pay-off of the Tunica mortgage.
Subsequent to June 30, 2024, investors purchased an additional aggregate principal amount of $39.5 million, for $37.5 million in cash after deducting the 5% original issue discount.
Financial statements
Following are our unaudited Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Cash Flows for the three and nine months ended June 30, 2024, and 2023.
截至2024年6月30日,公司股东权益为5300万美元。
截至2024年6月30日,总资产为1.92亿美元。
2024年8月12日,加利福尼亚州布雷亚市——投资者新闻——纳斯达克股票代号为MULN的Mullen汽车公司(以下简称“Mullen”或“公司”),一家电动汽车(EV)制造商,今天公布了2024年6月30日三个月和九个月的财务业绩和业务更新。
就截至2024年6月30日的三个月和九个月的业绩及公司近期发展,首席执行官兼董事长David Michery评论道:“我们在本季度和本年度缩小了亏损。我们正为我们的财年第四季度的强劲同比增长做好准备。我感谢我们的团队和我们在美国和国际市场上扩展商业EV业务的努力。”
最近的亮点包括:
公司获得了2500万美元的大量新融资承诺;其中已经获得5000万美元,另有5000万美元的一年期附加投资权,投资者有权进行额外融资,以及1500万美元的股权授信。此外,该公司与投资者签署了一份承诺函协议,通过发行高级担保可转换票据和认股证实现总计1000万美元的投资,在双方共同同意并签署最终文件的情况下才能生效。
2024年8月,穆伦宣布推出一项面向个人、小型企业和车队的1类电动货车租赁计划。bizEV是一项全方位的租赁计划,客户可以选择3年租赁期,起价为每月475美元,加上适用的税费和维护保养费用。
2024年7月,Mullen的国际代理商GAMA下了29个Mullen-GO的订单,该公司的商用微型城市交付车。订单价值为304,000美元,其中GAMA的装运将于2024年8月开始。
Bollinger的B4,第4级EV司机室底盘于2024年6月18日获得EPA认证,而Bollinger Motors在7月份发布了B4的全面保修,是当今商业市场上最强的保修之一。
2024年7月,Mullen的1级EV货车获得了MOR-EV计划的批准,在马萨诸塞州获得了3500美元的回扣。当与可用的7500美元联邦税收抵免结合时,Mullen ONE的净实际成本将约为23,500美元。
2024年7月,Bollinger Motors宣布了新的订单,全部是全电动的4级Bollinger B4商用卡车。
将5辆车辆交给斯宾塞制造业半导体,将这些车辆改装为消防救援车。此订单价值约为825,000美元。
Doering Fleet Management是美国最著名的车队管理公司之一,该公司订购了70辆车,订单价值约为1150万美元。
2024年7月,Bollinger Motors任命前通用汽车高管詹姆斯·泰勒为首席执行官。他将接替公司创始人罗伯特·波林杰担任波林杰的董事会成员和主要股东。此外,该公司晋升Bryan Chambers为总裁兼首席运营官,Siva Kumar为首席策略官和Bollinger的高级副总裁财务。
2024年8月,马伦宣布晋升约翰·泰勒为商用电动车事业部总裁。泰勒还将继续担任马伦汽车全球制造业高级副总裁的职务。
2024年8月,该公司宣布向Eco Auto订购130辆1级EV货车和50辆3级EV卡车,约18个月内总价值为770万美元,新交付将于2024年9月开始。
最近的试乘试驾活动包括NAFA亚特兰大区夏季街区聚会,可持续车队技术会议和展览会,Cal Start零排放展示,绿色交通峰会及参加SEUS-CP企业论坛作为锚定组织和密西西比州立场发言人。
除其在美国的活动外,Mullen正在为欧洲和加拿大准备重要的试点项目,积极向欧洲部署一类和三类电动汽车。
2024年6月30日财季更新内容包括:
Mullen商用-密歇根特洛伊
1和3类商用车
马萨诸塞州发布了MOR-EV批准,为Mullen的3级EV卡车每辆售出提供了1.5万美元的现金券。
Mullen增加了第五个商用经销商伙伴Eco Auto,总部位于新英格兰地区,并首次下单13辆商用车。
五月份,公司宣布与总部位于瑞士的Antidoto SA为欧洲提供了40辆Mullen-GO城市货运车的新商业电动车队订单。初始采购订单价值440,000美元指数。
Mullen宣布了一个新的欧洲分销商GAMA,为欧洲的巴尔干地域板块提供第一个订单,包括商用电动城市送货车、货车和卡车共53辆。
Mullen继续与Ziegler Truck Group和Pacific Northwest的Range Truck Group在midwest和区间扩大商用电动车经销商的业务。
Mullen正在积极与主要电信公司、大型车队提供商、交付公司、大学、地方政府机构和机场服务提供商进行谈判,以扩大我们的客户基础和市场份额。
马伦宣布了一项1.5亿美元的融资承诺。
2024年5月,美国商务部批准了Mullen在密西西比州Tunica的设施作为外贸区,为FY2024和FY2025的剩余时间提供了高达2100万美元的推迟税款。
马伦增加了一家总部位于加利福尼亚州并经过HVIP认可的经销商National Auto Fleet Group,该经销商在加利福尼亚州的Watsonville和Alhambra拥有门店。
莫伦将美国最大商业经销商之一Pritchard EV加入其经销商网络。
2024年4月,加利福尼亚州颁发了HVIP批准,为Mullen的3级EV卡车每辆售出提供45000美元的现金券。
四月份,马伦公司宣布2025年型号为Class 3的电动汽车驾驶室底盘车获得了新的CARB批准。
Bollinger Motors - 密歇根州奥克帕克
4-6类商用车辆
Bollinger已经宣布了零售经销商,包括LaFontaine汽车集团、Nacarato卡车中心和Nuss卡车和设备,覆盖了密歇根、佛罗里达、乔治亚、肯塔基、马里兰和明尼苏达这些初始州。
6月份,宝恩杰获得了美国环保局第四级电动商用卡车认证,这是在美国销售车辆的关键步骤。
6月份,Bollinger从Momentum Groups接到1320万美元的销售订单,用于购买80辆B4级别的电动卡车。
五月份,Bollinger宣布向EnviroCharge销售50辆Bollinger B4底盘EV卡车,价格为830万美元。
Bollinger Motors宣布与Amerit Fleet Solutions合作,提供B4全电动4级商用车的移动服务和保修服务。
Bollinger预计将在2024下半年开始B4型4级车辆的生产和交付。
Mullen高能量设施-加利福尼亚州富勒顿
电池技术更新
公司正在推进其固态聚合物电池组计划,并自2024年2月份开始进行电池和车辆测试至今,持续进行1级电动货车的道路测试。
最近,公司已经确定了主要的铅元件供应商,并发布了初步采购订单以支持这个关键的项目。
该公司预计在2025年下半年将全面获得固态聚合物电池的生产和销售认证。
2024年6月30日三个月和九个月的财务业绩
2024年6月30日为止的九个月内,我们为377辆汽车开具了发票,总价值为1680万美元。公司将推迟收入和应收账款的确认,直到发票付款并且经销商销售车辆给最终用户的退货条款被无效。
净亏损和每股亏损
2024年6月30日为止的九个月内,按每股37.92美元计,股票拆分后根据逆向股票拆分进行调整,普通股股东的净亏损为2.899亿美元,与2023年6月30日为止的九个月普通股股东净亏损为7.927亿美元相比,每股亏损为5,544.35美元。2024年6月30日为止的九个月亏损2.899亿美元包括上季度(截至2024年3月31日)录入的非现金减值损失总计1.055亿美元,主要是由于未来融资不确定性和公司市值下降。
截至2024年6月30日和2023年,九个月内的总现金支出(经营和投资现金流)分别为1.592亿美元和2.211亿美元。
2024年6月30日,我们在营运资金中又投入了100万美元和300万美元,分别对应2024年和2023年九个月。营运资金变动的详细信息如下:
调整综合现金流量表的非现金调整细节如下:
股东权益
截至2024年6月30日,股东权益为5300万美元,而截至2023年9月30日,股东权益为2,728万美元。2024年6月30日为止的九个月内,股东权益的下降反映了1.055亿美元的减值损失和2.254亿美元的其他营业亏损,抵消了权证行权、票据兑换、以股票为基础的薪酬和其他股权交易的效应。
流动性
截至2024年6月30日,我们的总现金(包括现金等价物和限制性现金)为400万美元,而截至2023年9月30日,则为1,557万美元。截至2024年6月30日的营运资金为负值,共计5,900万美元,如果加上可转换负债和以公共股票结算的其他负债,该值为1,040万美元。相比之下,截至2023年9月30日,营运资金分别为正值5,850万美元和1.333亿美元,如果加上可转换负债和以公共股票结算的其他负债,则为1333万美元。
2024年6月30日为止的九个月内,我们偿还了一笔由Tunica, Mississippi工厂抵押担保的490万美元的流动票据。2024年6月30日为止的季度内,我们通过发行带有认股权证的优先担保可转换票据筹集了1250万美元的现金。截至2024年6月30日,一部分票据和累计利息已被转换成公司的普通股。截至2024年6月30日的流动票据为270万美元,而截至2023年9月30日的流动票据为750万美元(余额包括债务折扣),反映了Tunica抵押的偿还。
在2024年6月30日之后,投资者购买了额外的总本金为3,950万美元,经过5%原始发行折扣后以3,750万美元的现金购买。
基本报表
以下是我们未经审计的2024年6月30日和2023年三个和九个月的综合资产负债表、综合损益表和综合现金流量表: