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,公司股東權益爲5300萬美元。
截至2024年6月30日,總資產爲1.92億美元。
2024年8月12日,加利福尼亞州佈雷亞市——投資者新聞——納斯達克股票代號爲MULN的Mullen汽車公司(以下簡稱「Mullen」或「公司」),一家電動汽車(EV)製造商,今天公佈了2024年6月30日三個月和九個月的財務業績和業務更新。
就截至2024年6月30日的三個月和九個月的業績及公司近期發展,首席執行官兼董事長David Michery評論道:「我們在本季度和本年度縮小了虧損。我們正爲我們的財年第四季度的強勁同比增長做好準備。我感謝我們的團隊和我們在美國和國際市場上擴展商業EV業務的努力。」
最近的亮點包括:
公司獲得了2500萬美元的大量新融資承諾;其中已經獲得5000萬美元,另有5000萬美元的一年期附加投資權,投資者有權進行額外融資,以及1500萬美元的股權授信。此外,該公司與投資者簽署了一份承諾函協議,通過發行高級擔保可轉換票據和認股證實現總計1000萬美元的投資,在雙方共同同意並簽署最終文件的情況下才能生效。
2024年8月,穆倫宣佈推出一項面向個人、小型企業和車隊的1類電動貨車租賃計劃。bizEV是一項全方位的租賃計劃,客戶可以選擇3年租賃期,起價爲每月475美元,加上適用的稅費和維護保養費用。
2024年7月,Mullen的國際代理商GAMA下了29個Mullen-GO的訂單,該公司的商用微型城市交付車。訂單價值爲304,000美元,其中GAMA的裝運將於2024年8月開始。
Bollinger的B4,第4級EV司機室底盤於2024年6月18日獲得EPA認證,而Bollinger Motors在7月份發佈了B4的全面保修,是當今商業市場上最強的保修之一。
2024年7月,Mullen的1級EV貨車獲得了MOR-EV計劃的批准,在馬薩諸塞州獲得了3500美元的回扣。當與可用的7500美元聯邦稅收抵免結合時,Mullen ONE的淨實際成本將約爲23,500美元。
2024年7月,Bollinger Motors宣佈了新的訂單,全部是全電動的4級Bollinger B4商用卡車。
將5輛車輛交給斯賓塞製造業半導體,將這些車輛改裝爲消防救援車。此訂單價值約爲825,000美元。
Doering Fleet Management是美國最著名的車隊管理公司之一,該公司訂購了70輛車,訂單價值約爲1150萬美元。
2024年7月,Bollinger Motors任命前通用汽車高管詹姆斯·泰勒爲首席執行官。他將接替公司創始人羅伯特·波林傑擔任波林傑的董事會成員和主要股東。此外,該公司晉升Bryan Chambers爲總裁兼首席運營官,Siva Kumar爲首席策略官和Bollinger的高級副總裁財務。
2024年8月,馬倫宣佈晉升約翰·泰勒爲商用電動車事業部總裁。泰勒還將繼續擔任馬倫汽車全球製造業高級副總裁的職務。
2024年8月,該公司宣佈向Eco Auto訂購130輛1級EV貨車和50輛3級EV卡車,約18個月內總價值爲770萬美元,新交付將於2024年9月開始。
最近的試乘試駕活動包括NAFA亞特蘭大區夏季街區聚會,可持續車隊技術會議和展覽會,Cal Start零排放展示,綠色交通峯會及參加SEUS-CP企業論壇作爲錨定組織和密西西比州立場發言人。
除其在美國的活動外,Mullen正在爲歐洲和加拿大準備重要的試點項目,積極向歐洲部署一類和三類電動汽車。
2024年6月30日財季更新內容包括:
Mullen商用-密歇根特洛伊
1和3類商用車
馬薩諸塞州發佈了MOR-EV批准,爲Mullen的3級EV卡車每輛售出提供了1.5萬美元的現金券。
Mullen增加了第五個商用經銷商夥伴Eco Auto,總部位於新英格蘭地區,並首次下單13輛商用車。
五月份,公司宣佈與總部位於瑞士的Antidoto SA爲歐洲提供了40輛Mullen-GO城市貨運車的新商業電動車隊訂單。初始採購訂單價值440,000美元指數。
Mullen宣佈了一個新的歐洲分銷商GAMA,爲歐洲的巴爾幹地域板塊提供第一個訂單,包括商用電動城市送貨車、貨車和卡車共53輛。
Mullen繼續與Ziegler Truck Group和Pacific Northwest的Range Truck Group在midwest和區間擴大商用電動車經銷商的業務。
Mullen正在積極與主要電信公司、大型車隊提供商、交付公司、大學、地方政府機構和機場服務提供商進行談判,以擴大我們的客戶基礎和市場份額。
馬倫宣佈了一項1.5億美元的融資承諾。
2024年5月,美國商務部批准了Mullen在密西西比州Tunica的設施作爲外貿區,爲FY2024和FY2025的剩餘時間提供了高達2100萬美元的推遲稅款。
馬倫增加了一家總部位於加利福尼亞州並經過HVIP認可的經銷商National Auto Fleet Group,該經銷商在加利福尼亞州的Watsonville和Alhambra擁有門店。
莫倫將美國最大商業經銷商之一Pritchard EV加入其經銷商網絡。
2024年4月,加利福尼亞州頒發了HVIP批准,爲Mullen的3級EV卡車每輛售出提供45000美元的現金券。
四月份,馬倫公司宣佈2025年型號爲Class 3的電動汽車駕駛室底盤車獲得了新的CARB批准。
Bollinger Motors - 密歇根州奧克帕克
4-6類商用車輛
Bollinger已經宣佈了零售經銷商,包括LaFontaine汽車集團、Nacarato卡車中心和Nuss卡車和設備,覆蓋了密歇根、佛羅里達、喬治亞、肯塔基、馬里蘭和明尼蘇達這些初始州。
6月份,寶恩傑獲得了美國環保局第四級電動商用卡車認證,這是在美國銷售車輛的關鍵步驟。
6月份,Bollinger從Momentum Groups接到1320萬美元的銷售訂單,用於購買80輛B4級別的電動卡車。
五月份,Bollinger宣佈向EnviroCharge銷售50輛Bollinger B4底盤EV卡車,價格爲830萬美元。
Bollinger Motors宣佈與Amerit Fleet Solutions合作,提供B4全電動4級商用車的移動服務和保修服務。
Bollinger預計將在2024下半年開始B4型4級車輛的生產和交付。
Mullen高能量設施-加利福尼亞州富勒頓
電池技術更新
公司正在推進其固態聚合物電池組計劃,並自2024年2月份開始進行電池和車輛測試至今,持續進行1級電動貨車的道路測試。
最近,公司已經確定了主要的鉛元件供應商,併發布了初步採購訂單以支持這個關鍵的項目。
該公司預計在2025年下半年將全面獲得固態聚合物電池的生產和銷售認證。
2024年6月30日三個月和九個月的財務業績
2024年6月30日爲止的九個月內,我們爲377輛汽車開具了發票,總價值爲1680萬美元。公司將推遲收入和應收賬款的確認,直到發票付款並且經銷商銷售車輛給最終用戶的退貨條款被無效。
淨虧損和每股虧損
2024年6月30日爲止的九個月內,按每股37.92美元計,股票拆分後根據逆向股票拆分進行調整,普通股股東的淨虧損爲2.899億美元,與2023年6月30日爲止的九個月普通股股東淨虧損爲7.927億美元相比,每股虧損爲5,544.35美元。2024年6月30日爲止的九個月虧損2.899億美元包括上季度(截至2024年3月31日)錄入的非現金減值損失總計1.055億美元,主要是由於未來融資不確定性和公司市值下降。
截至2024年6月30日和2023年,九個月內的總現金支出(經營和投資現金流)分別爲1.592億美元和2.211億美元。
2024年6月30日,我們在營運資金中又投入了100萬美元和300萬美元,分別對應2024年和2023年九個月。營運資金變動的詳細信息如下:
調整綜合現金流量表的非現金調整細節如下:
股東權益
截至2024年6月30日,股東權益爲5300萬美元,而截至2023年9月30日,股東權益爲2,728萬美元。2024年6月30日爲止的九個月內,股東權益的下降反映了1.055億美元的減值損失和2.254億美元的其他營業虧損,抵消了權證行權、票據兌換、以股票爲基礎的薪酬和其他股權交易的效應。
流動性
截至2024年6月30日,我們的總現金(包括現金等價物和限制性現金)爲400萬美元,而截至2023年9月30日,則爲1,557萬美元。截至2024年6月30日的營運資金爲負值,共計5,900萬美元,如果加上可轉換負債和以公共股票結算的其他負債,該值爲1,040萬美元。相比之下,截至2023年9月30日,營運資金分別爲正值5,850萬美元和1.333億美元,如果加上可轉換負債和以公共股票結算的其他負債,則爲1333萬美元。
2024年6月30日爲止的九個月內,我們償還了一筆由Tunica, Mississippi工廠抵押擔保的490萬美元的流動票據。2024年6月30日爲止的季度內,我們通過發行帶有認股權證的優先擔保可轉換票據籌集了1250萬美元的現金。截至2024年6月30日,一部分票據和累計利息已被轉換成公司的普通股。截至2024年6月30日的流動票據爲270萬美元,而截至2023年9月30日的流動票據爲750萬美元(餘額包括債務折扣),反映了Tunica抵押的償還。
在2024年6月30日之後,投資者購買了額外的總本金爲3,950萬美元,經過5%原始發行折扣後以3,750萬美元的現金購買。
基本報表
以下是我們未經審計的2024年6月30日和2023年三個和九個月的綜合資產負債表、綜合損益表和綜合現金流量表: