Mullen Announces Strong Forecast of $75M in GAAP Revenue for Next 6 Months and Immediate Reduction of $5.5M in Monthly Operating Expenses
Mullen Automotive (NASDAQ: MULN) forecasts $75 million in GAAP revenue over the next six months from its sales pipeline and pilot programs. The company plans to immediately reduce monthly operating expenses by $5.5 million, from $12.8 million to $7.3 million. This reduction will be achieved through a 20% headcount cut, elimination of passenger vehicle programs, and facility consolidations.
Mullen has conducted over 80 vehicle demos or pilots across various U.S. industries, leading to significant commercial sales progress. The company expects to reach an average monthly revenue of $12.5 million over the next six months from both Mullen Commercial and Bollinger Motors sales opportunities.
CEO David Michery expressed confidence in improving near-term cash flow through continued focus on revenue growth and expense reduction. Mullen now has three vehicle lines in full production and is concentrating on near-term commercial revenue generation and enhanced operational efficiencies.
Mullen Automotive (NASDAQ: MULN) prevede 75 milioni di dollari di entrate GAAP nei prossimi sei mesi grazie al suo pipeline di vendite e ai programmi pilota. L'azienda intende ridurre immediatamente le spese operative mensili di 5,5 milioni di dollari, passando da 12,8 milioni a 7,3 milioni. Questa riduzione sarà raggiunta tramite un taglio della forza lavoro del 20%, eliminazione dei programmi per veicoli passeggeri e consolidamento delle strutture.
Mullen ha condotto oltre 80 dimostrazioni o piloti di veicoli in vari settori statunitensi, portando a un notevole progresso nelle vendite commerciali. L'azienda si aspetta di raggiungere un entrate mensili medie di 12,5 milioni di dollari nei prossimi sei mesi grazie alle opportunità di vendita di Mullen Commercial e Bollinger Motors.
Il CEO David Michery ha espresso fiducia nel migliorare il flusso di cassa a breve termine grazie a un continuo focus sulla crescita delle entrate e sulla riduzione dei costi. Mullen ha attualmente tre linee di veicoli in produzione completa e si sta concentrando sulla generazione di entrate commerciali a breve termine e sul miglioramento dell'efficienza operativa.
Mullen Automotive (NASDAQ: MULN) prevé $75 millones en ingresos GAAP durante los próximos seis meses a partir de su cartera de ventas y programas piloto. La compañía planea reducir mensualmente los gastos operativos en $5.5 millones, de $12.8 millones a $7.3 millones. Esta reducción se logrará a través de un recorte del 20% en el personal, eliminación de programas de vehículos para pasajeros y consolidaciones de instalaciones.
Mullen ha realizado más de 80 demostraciones o pilotos de vehículos en diversas industrias de EE. UU., lo que ha llevado a un progreso significativo en las ventas comerciales. La empresa espera alcanzar un ingreso mensual promedio de $12.5 millones en los próximos seis meses a partir de las oportunidades de ventas de Mullen Commercial y Bollinger Motors.
El CEO David Michery expresó confianza en mejorar el flujo de efectivo a corto plazo a través de un enfoque continuo en el crecimiento de ingresos y la reducción de gastos. Mullen ahora tiene tres líneas de vehículos en producción completa y se está concentrando en la generación de ingresos comerciales a corto plazo y en la mejora de la eficiencia operativa.
Mullen Automotive (NASDAQ: MULN)는 판매 파이프라인과 파일럿 프로그램으로부터 향후 6개월 동안 7,500만 달러의 GAAP 수익을 예상하고 있습니다. 회사는 월 운영 비용을 550만 달러 절감할 계획이며, 현재 1,280만 달러에서 730만 달러로 감소시킬 것입니다. 이 절감은 20% 인원 감축, 승용차 프로그램의 폐지 및 시설 통합을 통해 이루어질 것입니다.
Mullen은 미국의 다양한 산업에서 80개 이상의 차량 시연 또는 파일럿을 실시하여 상당한 상업적 판매 진전을 이끌어냈습니다. 회사는 Mullen Commercial과 Bollinger Motors의 판매 기회로부터 향후 6개월 동안 월 평균 수익이 1,250만 달러에 이를 것으로 기대하고 있습니다.
CEO David Michery는 수익 성장 및 비용 절감을 지속적으로 집중하여 단기 현금 흐름을 개선할 수 있을 것이라고 확신을 표명했습니다. Mullen은 현재 세 가지 차량 라인이 전면 생산 중이며, 단기 상업적 수익 창출 및 운영 효율성 향상에 집중하고 있습니다.
Mullen Automotive (NASDAQ: MULN) prévoit 75 millions de dollars de revenus GAAP au cours des six prochains mois grâce à son pipeline de ventes et à ses programmes pilotes. L'entreprise envisage de réduire immédiatement ses dépenses opérationnelles mensuelles de 5,5 millions de dollars, passant de 12,8 millions à 7,3 millions de dollars. Cette réduction sera réalisée grâce à un ajustement de 20% des effectifs, l'élimination des programmes de véhicules passagers et la consolidation des installations.
Mullen a réalisé plus de 80 démonstrations ou pilotes de véhicules dans divers secteurs américains, ce qui a conduit à des progrès significatifs en matière de ventes commerciales. La société s'attend à atteindre un revenu mensuel moyen de 12,5 millions de dollars au cours des six prochains mois grâce aux opportunités de vente de Mullen Commercial et Bollinger Motors.
Le PDG David Michery a exprimé sa confiance dans l'amélioration du flux de trésorerie à court terme grâce à un accent continu sur la croissance des revenus et la réduction des dépenses. Mullen a désormais trois lignes de véhicules en production complète et se concentre sur la génération de revenus commerciaux à court terme et l'amélioration de l'efficacité opérationnelle.
Mullen Automotive (NASDAQ: MULN) prognostiziert 75 Millionen US-Dollar GAAP-Umsatz in den nächsten sechs Monaten aus seiner Verkaufspipeline und Pilotprogrammen. Das Unternehmen plant, die monatlichen Betriebskosten sofort um 5,5 Millionen US-Dollar zu reduzieren, von 12,8 Millionen auf 7,3 Millionen US-Dollar. Diese Reduzierung wird durch einen 20% Stellenabbau, die Streichung von Programmen für Personenkraftwagen und Konsolidierungen von Einrichtungen erreicht.
Mullen hat über 80 Fahrzeugdemos oder Piloten in verschiedenen US-Branchen durchgeführt, was zu erheblichen Fortschritten im kommerziellen Verkauf geführt hat. Das Unternehmen erwartet, in den nächsten sechs Monaten einen durchschnittlichen Monatsumsatz von 12,5 Millionen US-Dollar aus sowohl Mullen Commercial als auch Bollinger Motors Verkaufschancen zu erreichen.
CEO David Michery äußerte Vertrauen darin, den kurzfristigen Cashflow durch kontinuierliche Fokussierung auf Umsatzwachstum und Kostensenkung zu verbessern. Mullen hat nun drei Fahrzeuglinien in vollem Produktionsbetrieb und konzentriert sich auf die kurzfristige Generierung von Geschäftserlösen und verbesserte betriebliche Effizienz.
- Forecast of $75 million in GAAP revenue over the next six months
- Immediate reduction of $5.5 million in monthly operating expenses
- Conducted over 80 vehicle demos or pilots across various U.S. industries
- Expected average monthly revenue of $12.5 million over the next six months
- Three vehicle lines in full production
- 20% reduction in headcount across Mullen operations
- Elimination of Mullen FIVE passenger vehicle program
- Facility consolidations through termination of property leases
Company expects
Mullen will immediately reduce overall monthly spend (operating and investing cash flows) from
Expense cuts are driven by
Revenue and associated gross margin growth will further reduce cash requirements
Company has three vehicle lines in full production and continues to exclusively focus on near term commercial revenue generation and enhanced operational efficiencies
BREA, Calif., Oct. 07, 2024 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today a strong forecast of
In recent months, the Company has conducted over 80 vehicle demos or pilots across various industries in the U.S., resulting in important commercial sales progress. Over the next six months, the Company expects to ramp up to
The Company is taking immediate steps to reduce operating expenses and overall monthly expenses from over
20% reduction in headcount across Mullen operations- Elimination of Mullen FIVE passenger vehicle program
- Facility consolidations through termination of property leases and subleasing of non-critical property
“As Bollinger focuses on B4 ramp up production volume and Mullen’s commercial vehicle sales momentum continues, I remain confident that through continued focus on revenue growth and expense reduction our near term cash flow will continue to improve,” said David Michery, CEO and chairman of Mullen Automotive.
About Mullen
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. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to
To learn more about the Company, visit www.MullenUSA.com.
Mullen Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, expected timeframes for implementation of anticipated cost-cutting and expense reduction initiatives and the impact of these measures, how long governmental incentives for electric vehicles will remain in place, and the resultant selling prices of Mullen vehicles. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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