Mullen Reports Financial Results for the Three and Nine Months Ended June 30, 2024
Mullen Automotive (NASDAQ: MULN) reported financial results for Q3 2024 ending June 30. Key highlights include:
- Positive stockholders' equity of $53 million as of June 30, 2024
- Total assets of $192 million
- Net loss of $289.9 million for the nine months ended June 30, 2024
- Invoiced 377 vehicles valued at $16.8 million in first 9 months of FY2024
- Secured $250 million new financing commitment
- Received EPA certification for Bollinger's B4 Class 4 EV chassis cab
- Announced new commercial EV orders valued at $7.7 million
- Expanded dealer network and received state incentive approvals
The company is focusing on scaling its commercial EV business in the U.S. and internationally. However, it faces challenges including significant net losses and decreasing cash reserves.
Mullen Automotive (NASDAQ: MULN) ha riportato i risultati finanziari del terzo trimestre 2024, conclusosi il 30 giugno. Punti chiave includono:
- Patrimonio netto positivo di 53 milioni di dollari al 30 giugno 2024
- Attività totali di 192 milioni di dollari
- Perdita netta di 289,9 milioni di dollari per i nove mesi terminati il 30 giugno 2024
- Fatturati 377 veicoli dal valore di 16,8 milioni di dollari nei primi 9 mesi dell'anno fiscale 2024
- Impegnati 250 milioni di dollari di nuova finanziamento
- Ottenuto la certificazione EPA per il telaio cab chassis B4 di Bollinger
- Annunciate nuove ordinazioni di veicoli elettrici commerciali per un valore di 7,7 milioni di dollari
- Espanso la rete di concessionari e ottenuto approvazione da incentivi statali
L'azienda si sta concentrando sull'espansione del suo business di veicoli elettrici commerciali negli Stati Uniti e a livello internazionale. Tuttavia, affronta delle sfide, tra cui perdite nette significative e riserve di liquidità in diminuzione.
Mullen Automotive (NASDAQ: MULN) informó los resultados financieros para el tercer trimestre de 2024, que finalizó el 30 de junio. Los puntos destacados incluyen:
- Patrimonio positivo de $53 millones a partir del 30 de junio de 2024
- Activos totales de $192 millones
- Pérdida neta de $289.9 millones en los nueve meses finalizados el 30 de junio de 2024
- Facturación de 377 vehículos valorados en $16.8 millones en los primeros 9 meses del año fiscal 2024
- Compromiso de nuevo financiamiento de $250 millones
- Recibida la certificación de la EPA para el chasis cab B4 de Bollinger
- Anuncio de nuevos pedidos de vehículos eléctricos comerciales por un valor de $7.7 millones
- Expansión de la red de concesionarios y recepción de aprobaciones de incentivos estatales
La compañía se está enfocando en escalar su negocio de vehículos eléctricos comerciales en EE. UU. e internacionalmente. Sin embargo, enfrenta desafíos, incluyendo pérdidas netas significativas y reservas de efectivo en disminución.
멀렌 오토모티브 (NASDAQ: MULN)는 2024년 3분기 재무 결과를 6월 30일 기준으로 보고했습니다. 주요 내용은 다음과 같습니다:
- 2024년 6월 30일 기준으로 5,300만 달러의 긍정적인 주주 자본
- 총 자산 1억 9,200만 달러
- 2024년 6월 30일 종료된 9개월 동안 2억 8,990만 달러의 순손실
- 2024 회계연도 첫 9개월 동안 1,680만 달러의 가치로 377대의 차량 청구
- 2억 5,000만 달러의 신규 자금 조달 약정 확보
- 볼린저의 B4 클래스 4 전기차 섀시 캡에 대한 EPA 인증 획득
- 770만 달러의 가치가 있는 새로운 상업용 전기차 주문 발표
- 딜러 네트워크 확대 및 주 정부 인센티브 승인 획득
회사는 미국 및 국제적으로 상업용 전기차 사업의 성장을 목표로 하고 있습니다. 그러나 상당한 순손실과 감소하는 현금 보유량 등의 문제에 직면해 있습니다.
Mullen Automotive (NASDAQ: MULN) a publié ses résultats financiers pour le troisième trimestre 2024 se terminant le 30 juin. Les points clés incluent :
- Capitaux propres positifs de 53 millions de dollars au 30 juin 2024
- Actifs totaux de 192 millions de dollars
- Perte nette de 289,9 millions de dollars pour les neuf mois se terminant le 30 juin 2024
- Facturation de 377 véhicules d'une valeur de 16,8 millions de dollars au cours des 9 premiers mois de l'exercice 2024
- Engagement de financement nouvel de 250 millions de dollars
- Certification EPA obtenue pour le châssis cab B4 de Bollinger
- Annonce de nouvelles commandes de véhicules électriques commerciaux d'une valeur de 7,7 millions de dollars
- Expansion du réseau de concessionnaires et approbations d'incitatifs étatiques obtenues
L'entreprise se concentre sur le développement de son activité de véhicules électriques commerciaux aux États-Unis et à l'international. Cependant, elle doit faire face à des défis, notamment des pertes nettes importantes et des réserves de trésorerie en baisse.
Mullen Automotive (NASDAQ: MULN) hat die Finanzzahlen für das dritte Quartal 2024 zum 30. Juni bekannt gegeben. Wesentliche Highlights sind:
- Positives Eigenkapital von 53 Millionen USD zum 30. Juni 2024
- Gesamtvermögen von 192 Millionen USD
- Nettverlust von 289,9 Millionen USD für die neun Monate bis zum 30. Juni 2024
- Abrechnung von 377 Fahrzeugen im Wert von 16,8 Millionen USD in den ersten 9 Monaten des Geschäftsjahres 2024
- Gesicherte neue Finanzierungszusage in Höhe von 250 Millionen USD
- EPA-Zertifizierung für das B4-Klassen-4-EV-Chassis-Cab von Bollinger erhalten
- Ankündigung neuer Bestellungen von gewerblichen EV im Wert von 7,7 Millionen USD
- Erweiterung des Händlernetzwerks und Genehmigungen für staatliche Anreize erhalten
Das Unternehmen konzentriert sich auf die Skalierung seines gewerblichen EV-Geschäfts in den USA und international. Es sieht sich jedoch Herausforderungen gegenüber, darunter erhebliche Nettverluste und sinkende Liquiditätsreserven.
- Secured $250 million new financing commitment
- Invoiced 377 vehicles valued at $16.8 million in first 9 months of FY2024
- Received EPA certification for Bollinger's B4 Class 4 EV chassis cab
- Announced new commercial EV orders valued at $7.7 million
- Expanded dealer network and received state incentive approvals
- Net loss of $289.9 million for the nine months ended June 30, 2024
- Cash and cash equivalents decreased to $3.5 million as of June 30, 2024 from $155.3 million on Sept. 30, 2023
- Negative working capital of $59.0 million as of June 30, 2024
- Recorded non-cash impairment charges totaling $105.5 million in Q2 2024
Mullen Automotive's Q3 2024 results show mixed signals. While the company has narrowed its losses compared to the previous year, with net loss decreasing from
The company's working capital has turned negative, at
Investors should closely monitor Mullen's cash burn rate, revenue recognition from vehicle sales and the fulfillment of the new financing commitments in the coming quarters.
Mullen's progress in the EV market shows promise, but faces significant challenges. The company has expanded its commercial EV lineup, securing orders for various models including Class 1, 3 and 4 vehicles. Notable achievements include EPA certification for Bollinger's B4 chassis cab and approvals for EV incentives in key states like Massachusetts and California.
The company's strategy of targeting commercial fleets and expanding its dealer network is sound, but execution remains crucial. The reported
Mullen's international expansion efforts and development of new products like the PowerUP Mobile EV Charging Truck demonstrate a proactive approach to market opportunities. However, the company must rapidly scale production and sales to compete effectively in the increasingly crowded EV market.
Mullen's market positioning in the commercial EV sector shows potential, but faces intense competition. The company's focus on Class 1-6 vehicles targets a growing segment as businesses look to electrify their fleets. The introduction of lease programs like bizEV, starting at
Partnerships and orders from companies like Spencer Manufacturing, Doering Fleet Management and Eco Auto validate market interest. However, with major automakers also entering this space, Mullen must differentiate itself to capture significant market share.
The company's expansion into international markets, particularly Europe, could open new revenue streams. However, success will depend on Mullen's ability to meet diverse regulatory requirements and compete with established local players. The solid-state battery technology development, if successful, could provide a significant competitive advantage, but the 2025 timeline for certification means near-term growth will rely on current technologies.
Positive stockholders’ equity of
Total assets of
BREA, Calif., Aug. 12, 2024 (GLOBE NEWSWIRE) -- via IBN -- 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 .
- 5 vehicles to Spencer Manufacturing, which will upfit the vehicles into fire rescue trucks. The vehicle order is valued at approximately
- 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
Net loss and loss per share
The net loss attributable to common shareholders after preferred dividends was
The total cash spent (Operating and Investing cash flows) for the nine months ended June 30, 2024 and 2023, was
Nine months ended June 30, | |||||||
2024 | 2023 | ||||||
Net loss | $ | (326,984,240 | ) | $ | (806,795,641 | ) | |
Non-cash adjustments (see table below for details) | 182,763,377 | 696,177,260 | |||||
Working capital investment | (962,034 | ) | (3,009,564 | ) | |||
Net cash used in operating activities | (145,182,897 | ) | (113,627,945 | ) | |||
Net cash used in investing activities | (14,053,838 | ) | (107,449,762 | ) | |||
Cash spent | $ | (159,236,735 | ) | $ | (221,077,707 | ) |
We invested an additional
Nine months ended June 30, | |||||||
2024 | 2023 | ||||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | $ | 671,750 | $ — | ||||
Inventories | (21,027,871 | ) | — | ||||
Prepaids and other assets | (279,024 | ) | (14,089,476 | ) | |||
Accounts payable | 18,788,174 | 6,013,276 | |||||
Accrued expenses and other liabilities | 1,757,670 | 4,835,588 | |||||
Right-of-use assets and lease liabilities | (872,733 | ) | 231,048 | ||||
Total changes in operating assets and liabilities | $ | (962,034 | ) | $ | (3,009,564 | ) | |
The details of non-cash adjustments to the Consolidated Statements of Cash Flows are as follows:
Nine months ended June 30, | |||||||
2024 | 2023 | ||||||
Non-cash expenses and gains during the period: | |||||||
Stock-based compensation | $ | 29,174,038 | $ | 71,015,371 | |||
Deferred income taxes | (3,890,100 | ) | (445,808 | ) | |||
Depreciation and amortization | 17,768,083 | 10,991,239 | |||||
Impairment of intangible assets | 73,447,067 | — | |||||
Impairment of goodwill | 28,846,832 | — | |||||
Impairment of right-of-use assets | 3,197,668 | — | |||||
Other financing costs - ELOC commitment fee | 6,000,000 | — | |||||
Other financing costs - Initial recognition of derivative liabilities | 4,261,718 | 504,373,115 | |||||
Other financing costs - initial recognition of warrants | 13,652,762 | — | |||||
Revaluation of derivative liabilities | 888,075 | 89,462,559 | |||||
Loss/(gain) on other warrants revaluation | (82,938 | ) | — | ||||
Loss/(gain) on extinguishment of debt | 655,721 | 6,246,089 | |||||
Loss/(gain) on assets disposal | 477,838 | — | |||||
Amortization of debt discount | 8,366,613 | 442,091 | |||||
Non-cash interest and other operating activities | — | (1,656,288 | ) | ||||
Non-cash financing loss on over-exercise of warrants | — | 8,934,892 | |||||
Issuance of warrants to suppliers | — | 6,814,000 | |||||
Total non-cash expenses and gains | $ | 182,763,377 | $ | 696,177,260 | |||
Shareholders’ equity
Shareholders’ equity was
Liquidity
We had total cash (including cash equivalents and restricted cash) of
During the nine months ended June 30, 2024, we paid off
Subsequent to June 30, 2024, investors purchased an additional aggregate principal amount of
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.
MULLEN AUTOMOTIVE INC. CONSOLIDATED BALANCE SHEETS (unaudited) | |||||||
June 30, 2024 | September 30, 2023 | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 3,549,367 | $ | 155,267,098 | |||
Restricted cash | 414,536 | 429,372 | |||||
Accounts receivable | — | 671,750 | |||||
Inventory | 37,834,884 | 16,807,013 | |||||
Prepaid expenses and prepaid inventories | 25,759,754 | 24,955,223 | |||||
TOTAL CURRENT ASSETS | 67,558,541 | 198,130,456 | |||||
Property, plant, and equipment, net | 83,254,664 | 82,032,785 | |||||
Intangible assets, net | 27,939,106 | 104,235,249 | |||||
Related party receivable | — | 2,250,489 | |||||
Right-of-use assets | 11,787,983 | 5,249,417 | |||||
Goodwill, net | — | 28,846,832 | |||||
Other noncurrent assets | 1,789,472 | 960,502 | |||||
TOTAL ASSETS | $ | 192,329,766 | $ | 421,705,730 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 29,247,841 | $ | 13,175,504 | |||
Accrued expenses and other current liabilities | 43,378,664 | 41,610,788 | |||||
Warrant liabilities | 25,778,961 | — | |||||
Series E Preferred Stock (76,950 authorized, 76,923 shares issued and outstanding with redemption value of | 8,605,241 | — | |||||
ELOC commitment fee liability | 6,000,000 | — | |||||
Liability to issue shares | 4,416,255 | 9,935,950 | |||||
Derivative liabilities | 3,751,217 | 64,863,309 | |||||
Lease liabilities, current portion | 2,226,906 | 2,134,494 | |||||
Notes payable, current portion | 2,732,390 | 7,461,492 | |||||
Refundable deposits | 421,772 | 429,372 | |||||
TOTAL CURRENT LIABILITIES | 126,559,247 | 139,610,909 | |||||
Liability to issue shares, net of current portion | 437,358 | 1,827,889 | |||||
Lease liabilities, net of current portion | 12,338,011 | 3,566,922 | |||||
Deferred tax liability | — | 3,891,900 | |||||
TOTAL LIABILITIES | $ | 139,334,616 | $ | 148,897,620 | |||
STOCKHOLDERS' EQUITY | |||||||
Preferred stock; | |||||||
Preferred Series D; 84,572,538 shares authorized; 363,097 and 363,097 shares issued and outstanding at June 30, 2024 and September 30, 2023, respectively (preference in liquidation of | 363 | 363 | |||||
Preferred Series C; 24,874,079 shares authorized; 458 and 1,211,757 shares issued and outstanding at June 30, 2024 and September 30, 2023, respectively (preference in liquidation of | — | 1,212 | |||||
Preferred Series A; 83,859 shares authorized; 648 and 648 shares issued and outstanding at June 30, 2024 and September 30, 2023, respectively (preference in liquidation of | 1 | 1 | |||||
Common stock; | 16,059 | 2,872 | |||||
Additional paid-in capital | 2,178,269,431 | 2,071,110,126 | |||||
Accumulated deficit | (2,143,349,712 | ) | (1,862,162,037 | ) | |||
TOTAL STOCKHOLDERS' EQUITY ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS | 34,936,142 | 208,952,537 | |||||
Noncontrolling interest | 18,059,008 | 63,855,573 | |||||
TOTAL STOCKHOLDERS' EQUITY | 52,995,150 | 272,808,110 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 192,329,766 | $ | 421,705,730 | |||
MULLEN AUTOMOTIVE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | |||||||||||||||
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenue | |||||||||||||||
Vehicle sales | $ | 65,235 | $ | 308,000 | $ | 98,570 | $ | 308,000 | |||||||
Costs and expenses applicable to sales and revenues | |||||||||||||||
Cost of goods sold | 26,222 | 248,669 | 34,962 | 248,669 | |||||||||||
Other inventory costs and expenses | 9,786 | — | 14,486 | — | |||||||||||
Total cost of goods sold and other inventory expenses | 36,008 | 248,669 | 49,448 | 248,669 | |||||||||||
Gross profit / (loss) | 29,227 | 59,331 | 49,122 | 59,331 | |||||||||||
Operating expenses: | |||||||||||||||
General and administrative | $ | 47,477,377 | $ | 31,777,812 | $ | 138,615,121 | $ | 144,186,161 | |||||||
Research and development | 14,292,744 | 22,088,011 | 54,486,237 | 51,188,991 | |||||||||||
Impairment of goodwill | — | — | 28,846,832 | — | |||||||||||
Impairment of right-of-use assets | 30,060 | — | 3,197,668 | — | |||||||||||
Impairment of intangible assets | — | — | 73,447,067 | — | |||||||||||
Loss from operations | (61,770,954 | ) | (53,806,492 | ) | (298,543,803 | ) | (195,315,821 | ) | |||||||
Other income (expense): | |||||||||||||||
Other financing costs - initial recognition of derivative liabilities | (4,261,718 | ) | (248,413,090 | ) | (4,261,718 | ) | (504,373,115 | ) | |||||||
Other financing costs - ELOC commitment fee | (6,000,000 | ) | — | (6,000,000 | ) | — | |||||||||
Other financing costs - initial recognition of warrants | (13,652,762 | ) | — | (13,652,762 | ) | — | |||||||||
Gain/(loss) on derivative liability revaluation | 2,218,148 | (241,168 | ) | (888,075 | ) | (89,462,559 | ) | ||||||||
Gain/(loss) on other warrants revaluation | 82,938 | — | 82,938 | — | |||||||||||
Gain/(loss) on extinguishment of debt | (690,346 | ) | 206,081 | (655,721 | ) | (6,246,089 | ) | ||||||||
Loss on financing | — | (8,934,892 | ) | — | (8,934,892 | ) | |||||||||
Gain/(loss) on disposal of fixed assets | (103,973 | ) | 1,346 | (477,838 | ) | 386,377 | |||||||||
Interest expense | (8,277,802 | ) | (608,332 | ) | (8,795,525 | ) | (5,414,185 | ) | |||||||
Other income, net | 829,056 | 826,378 | 2,318,164 | 2,044,258 | |||||||||||
Total other income (expense) | (29,856,459 | ) | (257,163,677 | ) | (32,330,537 | ) | (612,000,205 | ) | |||||||
Net loss before income tax benefit | $ | (91,627,413 | ) | $ | (310,970,169 | ) | $ | (330,874,340 | ) | $ | (807,316,026 | ) | |||
Income tax benefit/ (provision) | (1,200 | ) | (456,191 | ) | 3,890,100 | 520,385 | |||||||||
Net loss | $ | (91,628,613 | ) | $ | (311,426,360 | ) | $ | (326,984,240 | ) | $ | (806,795,641 | ) | |||
Net loss attributable to noncontrolling interest | (4,267,796 | ) | (2,568,126 | ) | (45,796,565 | ) | (6,748,302 | ) | |||||||
Net loss attributable to stockholders | $ | (87,360,817 | ) | $ | (308,858,234 | ) | $ | (281,187,675 | ) | $ | (800,047,339 | ) | |||
Waived/(accrued) accumulated preferred dividends and other capital transactions with Preferred stock owners | (8,627,095 | ) | (13,125 | ) | (8,670,441 | ) | 7,387,811 | ||||||||
Net loss attributable to common stockholders after preferred dividends | $ | (95,987,912 | ) | $ | (308,871,359 | ) | $ | (289,858,116 | ) | $ | (792,659,528 | ) | |||
Net Loss per Share | $ | (7.91 | ) | $ | (1,114.23 | ) | $ | (37.92 | ) | $ | (5,544.35 | ) | |||
Weighted average shares outstanding, basic and diluted | 12,134,899 | 277,205 | 7,644,049 | 142,967 |
MULLEN AUTOMOTIVE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | |||||||
Nine Months Ended June 30, | |||||||
2024 | 2023 | ||||||
Cash Flows from Operating Activities | |||||||
Net loss | $ | (326,984,240 | ) | $ | (806,795,641 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Stock-based compensation | 29,174,038 | 71,015,371 | |||||
Deferred income taxes | (3,890,100 | ) | (445,808 | ) | |||
Depreciation and amortization | 17,768,083 | 10,991,239 | |||||
Impairment of intangible assets | 73,447,067 | — | |||||
Impairment of goodwill | 28,846,832 | — | |||||
Impairment of right-of-use assets | 3,197,668 | — | |||||
Other financing costs - ELOC commitment fee | 6,000,000 | — | |||||
Other financing costs - Initial recognition of derivative liabilities | 4,261,718 | 504,373,115 | |||||
Other financing costs - initial recognition of warrants | 13,652,762 | — | |||||
Revaluation of derivative liabilities | 888,075 | 89,462,559 | |||||
Loss/(gain) on other warrants revaluation | (82,938 | ) | — | ||||
Loss/(gain) on extinguishment of debt | 655,721 | 6,246,089 | |||||
Loss/(gain) on assets disposal | 477,838 | — | |||||
Amortization of debt discount | 8,366,613 | 442,091 | |||||
Non-cash interest and other operating activities | — | (1,656,288 | ) | ||||
Non-cash financing loss on over-exercise of warrants | — | 8,934,892 | |||||
Issuance of warrants to suppliers | — | 6,814,000 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 671,750 | — | |||||
Inventories | (21,027,871 | ) | — | ||||
Prepaids and other assets | (279,024 | ) | (14,089,476 | ) | |||
Accounts payable | 18,788,174 | 6,013,276 | |||||
Accrued expenses and other liabilities | 1,757,670 | 4,835,588 | |||||
Deferred tax liability | — | — | |||||
Right-of-use assets and lease liabilities | (872,733 | ) | 231,048 | ||||
Net cash used in operating activities | (145,182,897 | ) | (113,627,945 | ) | |||
Cash Flows from Investing Activities | |||||||
Purchase of equipment | (14,053,838 | ) | (14,328,228 | ) | |||
Purchase of intangible assets | — | (204,660 | ) | ||||
ELMS assets purchase | — | (92,916,874 | ) | ||||
Net cash used in investing activities | (14,053,838 | ) | (107,449,762 | ) | |||
Cash Flows from Financing Activities | |||||||
Proceeds from issuance of notes payable with attached warrants | 12,450,000 | 170,000,000 | |||||
Proceeds from issuance of common stock and prefunded warrants | — | 196,999,970 | |||||
Payment of notes payable | (4,945,832 | ) | (20,685,000 | ) | |||
Reimbursement for over issuance of shares | — | 17,819,660 | |||||
Net cash provided by financing activities | 7,504,168 | 364,134,630 | |||||
Change in cash | (151,732,567 | ) | 143,056,923 | ||||
Cash and restricted cash (in amount of | 155,696,470 | 84,375,085 | |||||
Cash and restricted cash (in amount of | $ | 3,963,903 | $ | 227,432,008 | |||
Supplemental disclosure of Cash Flow information: | |||||||
Cash paid for interest | $ | 37,458 | $ | 122,500 | |||
Supplemental Disclosure for Non-Cash Activities: | |||||||
Exercise of warrants recognized earlier as liabilities | $ | 67,826,884 | $ | 391,057,576 | |||
Right-of-use assets obtained in exchange of operating lease liabilities | 11,867,625 | — | |||||
Convertible notes and interest - conversion to common stock | 8,136,004 | 153,222,236 | |||||
Extinguishment of accounts payable with recognition of derivatives | 4,623,655 | — | |||||
Common stock issued to settle other derivative liability | 3,293,965 | — | |||||
Common stock issued to extinguish other liabilities | 639,146 | — | |||||
Common stock issued to extinguish liability to issue stock | — | 66,752,533 | |||||
Reclassification of derivatives to equity upon authorization of sufficient number of shares | — | 47,818,882 | |||||
Waiver of dividends by stockholders | — | 7,387,810 | |||||
Warrants issued to suppliers | — | 6,814,000 | |||||
Debt conversion to common stock | — | 1,096,787 | |||||
Extinguishment of operational liabilities by sale of property | — | 767,626 | |||||
Preferred stock converted to common stock | — | 273,364 | |||||
Prefunded warrants converted to common stock | — | 250,466 | |||||
Extinguishment of financial liabilities by sale of property | — | 231,958 | |||||
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.
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 the timing and receipt of the
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
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Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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