Mullen Automotive Provides 2023 Financial Results and Current Business Update
- Received $263 million in purchase orders for Class 1 and Class 3 EV vans and trucks.
- Recorded first revenues of $366,000 and delivered vehicles worth $652,200 in fiscal year 2023.
- Delivered 100 Class 1 vehicles and invoiced for $3.3 million, and 141 Class 3 vehicles invoiced for $9.2 million to Randy Marion Automotive Group as of Dec. 31, 2023.
- Received federal EPA and NHTSA certification for its vehicles, and IRS approval for tax credits.
- Opened a battery module and pack development facility in California, reducing reliance on foreign battery components.
- Recorded significant non-cash write-downs of assets due to unfavorable market conditions and decline of market price of the company's common stock.
- Net loss attributable to common stockholders after preferred dividends was $964.9 million for the twelve months ended Sept. 30, 2023.
- The company spent a total of $287.1 million in combined operating and investing activities for the twelve months ended Sept. 30, 2023.
Insights
The financial results and business updates of Mullen Automotive Inc. reflect a company at a pivotal stage in its transition from development to production and sales. The recorded revenues, while modest at $366,000 for fiscal year 2023, mark the company's shift into a revenue-generating phase. The delivery of 35 vehicles and the generation of a positive gross margin from these sales indicate an initial commercial acceptance and execution of their business model.
However, the significant net loss of $964.9 million for the twelve months ended Sept. 30, 2023, underscores the challenges ahead. The loss is heavily influenced by non-cash expenses, including goodwill impairment and write-downs of assets. These impairments, particularly the $64.0 million related to Bollinger goodwill, suggest a reassessment of the acquired assets' value amidst a challenging market for EV manufacturers. The company's ability to manage its cash burn rate, evidenced by $287.1 million spent in combined operating and investing activities, will be crucial for its sustainability and growth prospects.
Mullen Automotive's progress in securing federal certifications and tax credits positions the company favorably in the competitive electric vehicle market. The EPA and NHTSA certifications are critical regulatory hurdles that enhance the credibility and marketability of Mullen's Class 1 and Class 3 vehicles. Moreover, the IRS approval as a 'qualified manufacturer' allows Mullen's customers to benefit from federal EV tax credits, potentially increasing the attractiveness of their vehicles to cost-conscious commercial fleets.
The strategic purchase of EV battery pack manufacturing assets and the focus on U.S.-made battery components align with broader industry trends towards securing domestic supply chains. This move could resonate well with stakeholders concerned about geopolitical risks and trade dependencies. Mullen's delivery of vehicles to entities such as the New York Power Authority and British Airways also demonstrates an expanding customer base, which is a positive indicator for future revenue streams.
Mullen's commencement of Class 1 and Class 3 vehicle production is a significant step in the company's evolution. The differentiation between the Mullen ONE and Mullen THREE caters to distinct segments within the commercial vehicle market, with the former targeting urban delivery solutions and the latter focusing on larger utility needs. The opening of a battery module and pack development facility highlights Mullen's commitment to innovation and self-reliance in the critical area of battery technology. The solid-state polymer battery pack update, with a projected 73% increase in range, could be a game-changer, offering a competitive edge in terms of vehicle range and efficiency.
The potential to become a supplier to the U.S. government, pending a favorable ruling on the substantial transformation of its Class 1 EV cargo van, could open substantial opportunities for Mullen. Government contracts are often large and provide stable revenue streams. However, the company must navigate the complex regulatory and competitive landscape to capitalize on these opportunities fully.
Company achieves major milestones with receipt of first vehicle orders, commencement of Class 1 and 3 vehicle production, customer deliveries and recorded revenue
BREA, Calif., Jan. 16, 2024 (GLOBE NEWSWIRE) -- via IBN - Mullen Automotive Inc. (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announces financial results for the twelve months ended Sept. 30, 2023, and a current business update.
Commenting on fiscal year 2023 (“FY2023”) and recent Company developments, CEO and chairman David Michery stated, “Mullen has initiated production in Tunica and rolled out a significant number of vehicles in support of customer orders of Class 1 EV vans and Class 3 EV trucks and hurdled critical milestones of securing federal (‘NHTSA’ and ‘EPA’) certification and IRS approval for tax credits. We completed a strategic purchase of EV battery pack manufacturing assets and showcased our innovations across the U.S. on the second leg of the 'Strikingly Different' Test Drive Tour. Mullen is accelerating toward a promising future, both on the road and in the market.”
FY2023 and Recent Highlights Include:
- During the fiscal year ended Sept. 30, 2023, the Company recorded first revenues of
$366,000 and delivered vehicles worth$652,200 t o Randy Marion Automotive for resale. - Production of Mullen Class 3 (“Mullen THREE”) vehicles began in August 2023, and Class 1 (“Mullen ONE”) vehicle production began in November 2023; the Company now has two distinct vehicle production lines running in its Tunica, Mississippi-based plant.
- As of Dec. 31, 2023, Mullen has delivered 100 Class 1 vehicles and invoiced for
$3.3 million to Randy Marion Automotive Group. - As of Dec. 31, 2023, Mullen has delivered 141 Class 3 vehicles and invoiced for
$9.2 million to Randy Marion Automotive Group. - In November 2023, Mullen opened a battery module and pack development facility in Fullerton, California, with focus on scaling U.S.-made EV battery module and pack production. The Company is focused on reducing reliance on foreign battery components.
- The Company also achieved important milestones, including receiving federal EPA and NHTSA certification for its Class 1 and Class 3 vehicles, and IRS approval as a “qualified manufacturer,” making its vehicles eligible for up to
$7,500 in federal EV tax credits per vehicle. - The New York Power Authority, British Airways, University of North Carolina and MGT Lease Company all purchased Mullen’s Campus Urban Delivery EV cargo vans in 2023 fiscal year.
- In May 2023, Mullen announced a partnership with Amerit Fleet Solutions to support national service, parts and warranty for commercial vehicles.
- Successfully completed second leg of “Strikingly Different” Test Drive Tour with 13 stops throughout the United States demonstrating Mullen’s vehicle portfolio.
Mullen Class 1 and 3 Commercial Vehicles
- The Company has received
$263 million in purchase orders for Mullen Class 1 and Class 3 EV vans and trucks from Randy Marion Automotive Group. - Mullen received EPA certification for Class 3 EV commercial vehicles in September 2023, and for Class 1 EV cargo vans in November 2023.
- Mullen received CARB certification from the state of California for Class 1 vehicles in December 2023, and expects Class 3 certification in January 2024.
- Mullen and RRDS submitted final Ruling Request Application for substantial transformation of its Class 1 EV cargo van for U.S. Border Patrol to provide final ruling by Feb. 20, 2024. If Mullen receives a favorable final ruling, the Company will be immediately eligible to sell Class 1 EV cargo vans to all branches of the U.S. government. By successfully completing the substantial transformative process, the Mullen ONE will be defined as a U.S.-made end product.
- Production of the Mullen Class 3 vehicle began in August 2023 and Class 1 vehicle production began in November 2023.
- As of Dec. 31, 2023, Mullen has delivered 100 Class 1 vehicles and invoiced for
$3.3 million to Randy Marion Automotive Group. - As of Dec. 31, 2023, Mullen has delivered 141 Class 3 vehicles and invoiced for
$9.2 million to Randy Marion Automotive Group.
Bollinger Motors - Oak Park, Michigan
Class 4 – 6 Commercial Vehicles | Bollinger B1 SUV and B2 Pick Up Truck
- Showcased Bollinger Class 4 (“B4”) at the ACT Expo in Anaheim, California, and at Home Delivery World show in Philadelphia, Pennsylvania.
- Received approval from the state of Michigan for a
$3 million grant aimed at promoting job creation from the Michigan Strategic Fund Board. - Finalized the design of the Bollinger B4 and successfully built all design validation vehicles in the third quarter at launch assembly facility of Roush Industries in Livonia, Michigan.
- B4 vehicles that were built are now in design validation and testing, certification and homologation, as well as for customer evaluation purposes.
- Company focus now also includes national build out of retail dealer network to support upcoming 2024 B4 vehicle launch.
- Amerit Fleet Solutions has been contracted to provide national service and warranty work, supporting Bollinger’s commercial vehicles.
Mullen Consumer Vehicle Program - Irvine, California
Mullen FIVE EV Crossover Program
- Development and production of the high-performance Mullen FIVE RS (“FIVE RS” or “RS”) limited-edition has been fast-tracked for completion and launch in Q4 2025 in the European market. This vehicle will be a limited production run delivering over 200-plus mph and 1.95 sec 0-60 mph.
- World debut of the production intent designed FIVE RS took place on Jan. 9, 2024, at CES 2024 in Las Vegas.
- Completed 13-city U.S. “Strikingly Different” tour providing consumers test drive opportunities with the high- performance Mullen FIVE RS, FIVE EV crossover, Mullen GT EV sports car, Mullen THREE Class 3 EV cab chassis truck and Mullen ONE Class 1 EV cargo van.
Mullen-GO(TM)
Mullen’s urban commercial delivery vehicle, the Mullen-GO(TM) (“Mullen-GO”), is designed to bridge the gap between the growing demand for quick deliveries and space constraints in dense cities throughout Europe.
- On July 17, 2023, the Company announced a 30-unit purchase order for the Mullen-GO Commercial Urban Delivery EV from Newgate Motor Group (“Newgate”). Newgate, one of Ireland’s most recognized dealership groups, has been named to lead marketing, sales, distribution, and servicing for the Mullen-GO in Ireland and the United Kingdom.
Fullerton Battery Tech Assembly Facility
- Mullen Automotive purchased the battery pack production assets from Romeo Power. In November 2023, Mullen opened a battery module and pack development facility in Fullerton, California, with focus on scaling U.S.-made EV battery module and pack production.
- The Company is focused on reducing reliance on foreign battery components.
Solid-State Polymer Battery Pack Update
- In December 2023, Mullen completed the solid-state polymer cell to vehicle pack integration for the Mullen ONE EV cargo van.
- Battery pack testing began and is on track for road testing in the first quarter of 2024. The solid-state battery pack is expected to increase range to more than 190 miles, a
73% increase from the current range, providing a superior, clean and safe alternative to current lithium-ion batteries and representing a significant increase over industry standards.
Financial Results – Twelve Months Ended Sept. 30, 2023
Following is a summary of key financial results for the twelve-months ended Sept. 30, 2023, and 2022. Shares of common stock issued and outstanding and additional paid-in capital have been adjusted retroactively to reflect all reverse stock splits.
First Revenue and Deliveries
During fiscal 2023, the Company achieved the major milestone of bringing Mullen vehicles from development to production and sales. Mullen delivered 35 vehicles, generating a positive gross margin from sales to both dealer and end users. Revenue from 25 Campus Urban Delivery vehicle sales was
At the end of fiscal 2023, the Company issued the first invoice for 10 Mullen THREE vehicles (
During the three months ended Dec. 31, 2023, the Company invoiced a dealer for an additional 231 Mullen THREE and Mullen ONE vehicles totaling
| Invoiced for the year ended Sept. 30, 2023 | ||||||||
| # | Type | Units Invoiced | Amount invoiced | Cash received | Revenue recognized | |||
| 1 | Campus Urban Delivery (UD0) | 25 | 366,000 | 366,000 | 366,000 | |||
| 2 | Mullen THREE (UU) | 10 | 652,200 | 652,200 | - | |||
Total | 35 | $ | 1,018,200 | $ | 1,018,200 | $ | 366,000 | |
| Invoiced for the quarter ended Dec. 31, 2023 | ||||||||
| # | Type | Units Invoiced | Amount invoiced | Cash received | Revenue recognized | |||
| 1 | Mullen THREE (UU) | 131 | 8,543,820 | - | - | |||
| 2 | Mullen ONE (UD1) | 100 | 3,363,500 | - | - | |||
Total | 231 | $ | 11,907,320 | $ | - | $ | - | |
**Invoiced with 30 day payment terms to RMA
Impairment of Assets
“It was a year of significant headwinds in the equity market for electric vehicle manufactures with a majority seeing a significant decrease in market values during 2023. Mullen was no exception, and the decreased market value was the primary cause of NON-CASH write-downs of certain assets. We recorded
Following are the Consolidated Statements of Operations for the twelve months ended Sept. 30, 2023, and 2022.
| MULLEN AUTOMOTIVE, INC. | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| Year Ended September 30, | |||||||
| 2023 | 2022 | ||||||
| Revenue | |||||||
| Vehicle sales | $ | 366,000 | $ | — | |||
| Cost of sales | (273,882 | ) | — | ||||
| Gross margin | 92,118 | — | |||||
| Operating expenses: | |||||||
| General and administrative | $ | 215,846,132 | $ | 75,338,256 | |||
| Research and development | 77,387,336 | 21,650,840 | |||||
| Impairment of goodwill | 63,988,000 | — | |||||
| Impairment of property, plant, and equipment, and other non-current assets | 14,770,000 | — | |||||
| Impairment of intangible assets | 5,873,000 | — | |||||
| Loss from operations | (377,772,350 | ) | (96,989,096 | ) | |||
| Other income (expense): | |||||||
| Other financing costs - initial recognition of derivative liabilities | (506,238,038 | ) | (484,421,258 | ) | |||
| Gain / (loss) on derivative liability revaluation | (116,256,212 | ) | (122,803,715 | ) | |||
| Gain / (loss) extinguishment of debt, net | (6,246,089 | ) | 33,413 | ||||
| Gain / (loss) on financing | (8,934,892 | ) | — | ||||
| Gain / (loss) on sale of fixed assets | 386,377 | (50,574 | ) | ||||
| Gain / (loss) on lease termination | (125,000 | ) | — | ||||
| Interest expense | (4,993,140 | ) | (26,949,081 | ) | |||
| Penalty for insufficient authorized shares | — | (3,495,000 | ) | ||||
| Other income (expense), net | 2,532,034 | (5,647,841 | ) | ||||
| Net loss before income tax benefit | (1,017,647,310 | ) | (740,323,152 | ) | |||
| Income tax benefit/ (provision) | 10,988,482 | (1,600 | ) | ||||
| Net loss | (1,006,658,828 | ) | (740,324,752 | ) | |||
| Net loss attributable to noncontrolling interest | (34,404,246 | ) | (791,946 | ) | |||
| Net loss attributable to stockholders | (972,254,582 | ) | (739,532,806 | ) | |||
| Waived/(Accrued) accumulated preferred dividends | 7,360,397 | (40,516,440 | ) | ||||
| Net loss attributable to common stockholders after preferred dividends | $ | (964,894,185 | ) | $ | (780,049,246 | ) | |
| Net Loss per Share | $ | (1,574.14 | ) | $ | (63,085.26 | ) | |
| Weighted average shares outstanding, basic and diluted | 612,964 | 12,365 | |||||
The net loss attributable to common stockholders after preferred dividends was
Cash Flows
There was
| Adjustments to reconcile net loss to net cash used in operating activities: | Year Ended September 30, | |||||
| 2023 | 2022 | |||||
| Depreciation and amortization | $ | 16,388,299 | $ | 3,282,285 | ||
| Stock-based compensation | 85,441,869 | 43,715,242 | ||||
| Deferred income taxes | (10,990,882 | ) | 1,600 | |||
| Revaluation of derivative liabilities | 116,256,212 | 122,803,715 | ||||
| Initial recognition of derivative liabilities | 513,052,038 | 484,421,258 | ||||
| Impairment of goodwill | 63,988,000 | — | ||||
| Impairment of property, plant, and equipment | 14,770,000 | — | ||||
| Impairment of intangible assets | 5,873,000 | — | ||||
| Non-cash financing loss on over-exercise of warrants | 8,934,892 | — | ||||
| Non-cash interest and other operating activities | 199,998 | 13,883,637 | ||||
| Amortization of debt discount | 662,047 | 19,595,915 | ||||
| Loss/(gain) on asset disposal | (386,377 | ) | 50,574 | |||
| Loss/(gain) on extinguishment of debt | 6,246,089 | 41,096 | ||||
| $ | 820,435,185 | $ | 687,795,322 | |||
Summary category totals from the Condensed Consolidated Statement of Cash Flows for the years ended Sept. 30, 2023, and 2022 are presented below. Given the large amount of non-cash charges that occurred in 2023 and 2022, it is useful to review the combined operating activities and investing activities amounts from the cash flow report to understand the cash spent for 2023 and 2022. The Company spent a total of
| Year Ended September 30, | |||||||
| 2023 | 2022 | ||||||
| Net cash used in operating activities | $ | (179,172,191 | ) | $ | (65,795,610 | ) | |
| Net cash used in investing activities | $ | (107,923,309 | ) | $ | (47,154,109 | ) | |
| Net cash provided by financing activities | $ | 358,416,885 | $ | 197,282,630 | |||
Included in these numbers is
Following are the Consolidated Statements of Cash Flows for the twelve months ended Sept. 30, 2023, and 2022.
| MULLEN AUTOMOTIVE, INC. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| Year Ended September 30, | |||||||
| 2023 | 2022 | ||||||
| Cash Flows from Operating Activities | |||||||
| Net loss | $ | (1,006,658,828 | ) | $ | (740,324,752 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 16,388,299 | 3,282,285 | |||||
| Stock-based compensation | 85,441,869 | 43,715,242 | |||||
| Deferred income taxes | (10,990,882 | ) | 1,600 | ||||
| Revaluation of derivative liabilities | 116,256,212 | 122,803,715 | |||||
| Initial recognition of derivative liabilities | 513,052,038 | 484,421,258 | |||||
| Impairment of goodwill | 63,988,000 | — | |||||
| Impairment of property, plant, and equipment, and other non-current assets | 14,770,000 | — | |||||
| Impairment of intangible assets | 5,873,000 | — | |||||
| Non-cash financing loss on over-exercise of warrants | 8,934,892 | — | |||||
| Non-cash interest and other operating activities | 199,998 | 13,883,637 | |||||
| Amortization of debt discount | 662,047 | 19,595,915 | |||||
| Loss/(gain) on asset disposal | (386,377 | ) | 50,574 | ||||
| Loss/(gain) on extinguishment of debt | 6,246,089 | 41,096 | |||||
| Changes in operating assets and liabilities: | |||||||
| Prepaids and other current assets | (22,687,245 | ) | 3,114,540 | ||||
| Inventories | (16,807,013 | ) | — | ||||
| Accounts payable | 7,784,136 | 1,192,113 | |||||
| Accrued expenses and other liabilities | 38,500,352 | (18,013,899 | ) | ||||
| Right of use assets and lease liabilities | 261,222 | 441,066 | |||||
| Net cash used in operating activities | (179,172,191 | ) | (65,795,610 | ) | |||
| Cash Flows from Investing Activities | |||||||
| Purchase of equipment | (14,508,004 | ) | (11,606,944 | ) | |||
| Purchase of intangible assets | (498,431 | ) | (415,181 | ) | |||
| ELMS assets purchase | (92,916,874 | ) | (5,500,000 | ) | |||
| Acquisition of Bollinger Motors, Inc, net of cash acquired | - | (29,631,984 | ) | ||||
| Net cash used in investing activities | (107,923,309 | ) | (47,154,109 | ) | |||
| Cash Flows from Financing Activities | |||||||
| Proceeds from issuance of convertible notes payable | 170,000,000 | 12,240,353 | |||||
| Payment of notes payable | (20,694,353 | ) | (15,100,768 | ) | |||
| Proceeds from issuance of preferred stock, common stock and prefunded warrants in lieu of preferred stock | 196,999,970 | 142,873,667 | |||||
| Reimbursement for over issuance of shares | 17,721,868 | — | |||||
| Payments to acquire treasury stock | (5,610,600 | ) | — | ||||
| Proceeds from issuance of common stock | - | 42,269,378 | |||||
| Proceeds from issue of prefunded warrants | - | 15,000,000 | |||||
| Net cash provided by financing activities | 358,416,885 | 197,282,630 | |||||
| Increase in cash | 71,321,385 | 84,332,911 | |||||
| Cash, cash equivalents and restricted cash (in amount of | 84,375,085 | 42,174 | |||||
| Cash, cash equivalents and restricted cash (in amount of | $ | 155,696,470 | $ | 84,375,085 | |||
| Supplemental disclosure of Cash Flow information: | |||||||
| Cash paid for interest | $ | 122,501 | $ | 1,407,988 | |||
| Cash paid for taxes | — | — | |||||
| Supplemental Disclosure for Non-Cash Activities: | |||||||
| Convertible notes and interest - conversion to common stock | $ | 167,070,343 | $ | 17,339,000 | |||
| Exercise of warrants recognized earlier as liabilities | 627,836,463 | 555,161,139 | |||||
| Reclassification of derivatives to equity upon authorization of common shares | 47,818,882 | — | |||||
| Waiver of dividends by stockholders | 7,387,808 | — | |||||
| Common stock issued to extinguish other liabilities | 5,524,838 | — | |||||
| Notes issued to extinguish liability to issue stock | 11,597,571 | — | |||||
| Right-of-use assets obtained in exchange of operating lease liabilities | 2,112,773 | 4,081,716 | |||||
| Extinguishment of financial liabilities by sale of property | 238,259 | — | |||||
| Extinguishment of operational liabilities by sale of property | 760,669 | — | |||||
| Preferred shares issued in exchange for convertible debt | — | 24,988,926 | |||||
| Stock based payment for business acquired | — | 41,577,647 | |||||
| Conversion of a note payable to a liability to issue shares | — | 10,413,900 | |||||
Financial Position
As of Sept. 30, 2023, the Company reported
The net working capital on Sept. 30, 2023, was positive and amounted to
Following are Consolidated Balance Sheets as of Sept. 30, 2023, and 2022.
| MULLEN AUTOMOTIVE, INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| September 30, | |||||||
| 2023 | 2022 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS | |||||||
| Cash and cash equivalents | $ | 155,267,098 | $ | 54,085,685 | |||
| Restricted cash | 429,372 | 30,289,400 | |||||
| Accounts receivable | 671,750 | — | |||||
| Inventory | 16,807,013 | — | |||||
| Prepaid expenses and other current assets | 24,955,223 | 1,958,759 | |||||
| TOTAL CURRENT ASSETS | 198,130,456 | 86,333,844 | |||||
| Property, plant, and equipment, net | 82,032,785 | 14,803,716 | |||||
| Intangible assets, net | 104,235,249 | 93,947,018 | |||||
| Deposit on ELMS assets purchase | — | 5,500,000 | |||||
| Related party receivable | 2,250,489 | 1,232,387 | |||||
| Right-of-use assets | 5,249,417 | 4,597,052 | |||||
| Goodwill, net | 28,846,832 | 92,834,832 | |||||
| Other non-current assets | 960,502 | 3,345,631 | |||||
| TOTAL ASSETS | $ | 421,705,730 | $ | 302,594,479 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| CURRENT LIABILITIES | |||||||
| Accounts payable | $ | 13,175,507 | $ | 6,109,425 | |||
| Accrued expenses and other current liabilities | 41,201,929 | 7,185,881 | |||||
| Dividends payable | 401,859 | 7,762,255 | |||||
| Derivative liabilities | 64,863,309 | 84,799,179 | |||||
| Liability to issue shares | 9,935,950 | 10,710,000 | |||||
| Lease liabilities, current portion | 2,134,494 | 1,428,474 | |||||
| Notes payable, current portion | 7,461,492 | 3,856,497 | |||||
| Refundable deposits | 429,372 | 289,000 | |||||
| Other current liabilities | 7,000 | 90,372 | |||||
| TOTAL CURRENT LIABILITIES | 139,610,909 | 122,231,083 | |||||
| Notes payable, net of current portion | — | 5,164,552 | |||||
| Liability to issue shares, net of current portion | 1,827,889 | — | |||||
| Lease liabilities, net of current portion | 3,566,922 | 3,359,354 | |||||
| Deferred tax liability | 3,891,900 | 14,882,782 | |||||
| TOTAL LIABILITIES | 148,897,620 | 145,637,771 | |||||
| Commitments and Contingencies (Note 19) | |||||||
| STOCKHOLDERS' EQUITY | |||||||
| Preferred stock; | |||||||
| Preferred Series D; 437,500,001 shares authorized; 363,097 and 4,359,652 shares issued and outstanding at September 30, 2023 and September 30, 2022, respectively (preference in liquidation of | 363 | 4,359 | |||||
| Preferred Series C; 40,000,000 shares authorized; 1,211,757 and 1,360,321 shares issued and outstanding at September 30, 2023 and September 30, 2022, respectively (preference in liquidation of | 1,212 | 1,360 | |||||
| Preferred Series A; 200,000 shares authorized; 648 and 1,924 shares issued and outstanding at September 30, 2023 and September 30, 2022, respectively (preference in liquidation of | 1 | 2 | |||||
| Common stock; | 2,872 | 37 | |||||
| Additional paid-in capital (*) | 2,071,110,126 | 948,598,587 | |||||
| Accumulated deficit | (1,862,162,037 | ) | (889,907,455 | ) | |||
| TOTAL STOCKHOLDERS' EQUITY ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS | 208,952,537 | 58,696,890 | |||||
| Noncontrolling interest | 63,855,573 | 98,259,819 | |||||
| TOTAL STOCKHOLDERS' EQUITY | 272,808,110 | 156,956,709 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 421,705,730 | $ | 302,594,479 | |||
(*) Adjusted retroactively for reverse stock splits, see Note 1 | |||||||
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions' (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
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 (i) whether Mullen will achieve its battery module and pack development objectives; whether the Company will receive CARB certification from the state of California for the Class 3 as expected; the timing and outcome of the Mullen and RRDS final Ruling Request Application regarding its Class 1 EV cargo van; the timing and outcome of the Bollinger B4 design validation, testing, certification and homologation initiatives; whether the projected timelines for the development and production of the high-performance Mullen FIVE RS limited-edition will be realized; and the timing and anticipated range increases for the development of the solid-state battery packs; (ii) the timing of manufacturing, production and availability of Mullen vehicles to customers; (iii) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (iv) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (v) Mullen’s ability to successfully expand in existing markets and enter new markets; (vi) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (vii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (viii) the ability to attract and retain qualified employees and key personnel; (ix) adverse effects of increased competition on Mullen’s business; (x) changes in government licensing and regulation that may adversely affect Mullen’s business; (xi) the risk that changes in consumer behavior could adversely affect Mullen’s business; (xii) Mullen’s ability to protect its intellectual property; and (xiii) 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:
IBN (InvestorBrandNetwork)
Los Angeles, California
www.InvestorBrandNetwork.com
(310) 299-1717 Office
Editor@InvestorBrandNetwork.com
FAQ
What were Mullen Automotive Inc.'s revenues in fiscal year 2023?
How many Class 1 vehicles has Mullen delivered as of Dec. 31, 2023?
What certifications did Mullen receive for its vehicles?
What facility did Mullen open in California?
What was the net loss attributable to common stockholders after preferred dividends for the twelve months ended Sept. 30, 2023?
How much did Mullen Automotive Inc. spend in combined operating and investing activities for the twelve months ended Sept. 30, 2023?
