Mullen Reports Q2 2024 Fiscal Quarter Results
Mullen Automotive (NASDAQ: MULN) reported its Q2 2024 fiscal quarter results, showing positive stockholders' equity at $117.4 million as of March 31, 2024. The company secured an additional $150 million in capital commitments to support its commercial EV operations. Recent highlights include expansion of its dealer network, approval for Foreign Trade Zone status in Mississippi, and CARB approval for its Class 3 EV truck. Financially, Mullen reported a net loss of $193.9 million for the six months ended March 31, 2024, compared to a net loss of $483.8 million in the same period the previous year. Revenue for the same period was $33.3 thousand. The company’s cash balance significantly decreased to $29.8 million from $155.7 million as of September 30, 2023.
- Positive stockholders' equity of $117.4 million as of March 31, 2024.
- Additional $150 million in capital commitments to support commercial EV operations.
- Approval for Foreign Trade Zone status at Tunica, Mississippi facility.
- CARB approval for Mullen's Class 3 EV truck, providing a $45,000 cash voucher.
- Expansion of retail commercial dealer network in the Midwest and West Coast.
- Initial shipment of vehicles to the Dominican Republic and Caribbean markets.
- Increased vehicle range by 86% in solid-state polymer battery pack road tests.
- Net loss of $193.9 million for the six months ended March 31, 2024.
- Decrease in revenue recognition, with only $33.3 thousand recognized.
- Significant reduction in cash balance to $29.8 million from $155.7 million as of September 30, 2023.
- High impairment charges totaling $105.5 million due to uncertain future funding.
- Decrease in stockholders' equity from $272.8 million to $117.4 million within six months.
- High operating expenses including $91.1 million in G&A and $40.2 million in R&D.
Insights
Mullen Automotive has reported financial results showing considerable challenges but also significant opportunities for growth, especially in the Electric Vehicle (EV) sector. The Company has managed to secure
From a financial perspective, the Company's net loss for the six months ended March 31, 2024, was
On the positive side, the Company's shareholders’ equity remains positive at
For retail investors, this signals a mixed outlook. While the stock has potential upside from the EV market's growth and Mullen's strategic expansions, the financials indicate substantial risk if the Company cannot stabilize its cash flow and manage impairments effectively.
The strategic moves made by Mullen Automotive to expand its market presence and partnerships are noteworthy. The approval from the Department of Commerce for Foreign Trade Zone status at its Tunica, Mississippi facility and the California Air Resource Board’s HVIP approval for the Mullen THREE, providing up to
The partnership with Pritchard EVs and National Auto Fleet Group expands Mullen's market reach, particularly in the Midwest and West Coast. Additionally, the opening of markets in the Dominican Republic and Caribbean through Grupo Cavel represents a strategic move to diversify market risks and tap into emerging EV markets.
Despite these expansions, the Company's product lineup, particularly the solid-state polymer battery pack, offers a distinct competitive edge in terms of vehicle range, but these innovations come with the typical risks and uncertainties associated with developing cutting-edge technology. Investors should be aware of the potential for delays in production and additional costs related to scaling these advanced technologies.
The technological advancements reported by Mullen Automotive, especially regarding the solid-state polymer battery pack, are particularly significant. The road tests in Troy, Michigan, resulting in an 86% increase in vehicle range from 110 miles to 205 miles, showcase Mullen's potential to offer superior products in the competitive EV market. This innovation positions Mullen as a potential leader in EV battery technology, which is a critical factor for future success given the industry's push towards longer-range and faster-charging vehicles.
Moreover, the development and fast-tracking of the Mullen FIVE RS, aimed at the European market and boasting impressive performance metrics such as over 200 mph speed and 1.95 seconds 0-60 mph acceleration, highlight Mullen's capability to produce high-performance EVs that could attract a premium customer base. However, investors should consider the risks associated with launching such advanced products, including the high costs of development, potential production delays and the need for significant market acceptance.
Overall, while the technology advancements are promising, they come with inherent risks that the Company needs to navigate effectively.
Positive stockholders’ equity of
Company has additional
BREA, Calif., May 14, 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 six months ended March 31, 2024, and a business update.
Commenting on the results for the three and six months ended March 31, 2024, and recent Company developments, CEO and chairman David Michery stated,
“Our Company continues to grow despite difficult market conditions and I am thankful to our team and the effort put forth in getting our EVs into the market and onto U.S. roads. We continue to drive forward and remain laser-focused on scaling our commercial EV business. Today, we announced an additional
Recent Highlights Include
- In May 2024, the Company received approval from the Department of Commerce for Foreign Trade Zone status at its Tunica, Mississippi, commercial vehicle manufacturing facility.
- In May 2024, the Company expanded its retail commercial dealer network with addition of Pritchard EVs and National Auto Fleet Group, adding both national and regional fleet focus in the Midwest and West Coast.
- In April 2024, Mullen received California Air Resource Board’s (“CARB”) HVIP approval for the Mullen THREE, Class 3 EV truck, providing up to
$45,000 in a cash voucher at time of vehicle purchase. - In April 2024, the Company received CARB approval on the 2025 Mullen Class 3 EV truck.
Mullen Class 1 and 3 Commercial Vehicles
- Mullen opened the Dominican Republic and Caribbean markets with Grupo Cavel for commercial EVs and began initial shipment of vehicles in April 2024.
- Tunica recently built 500th commercial vehicle and continues to build Class 1 and Class 3 vehicles.
- Mullen announced the completion of a new light-weight service truck body, targeted for utility and municipality customers, for the All-Electric Mullen THREE. The vehicles are available now and were developed in collaboration with Phenix Truck Bodies & Van Equipment and Knapheide Manufacturing.
- In February 2024, the Company began Class 1 EV cargo van road testing with the integrated solid-state polymer battery pack in Troy, Michigan, with actual road tests resulting in
86% increase in vehicle range, from 110 miles to 205 miles. - After successful road testing, Company is moving to production pack design with multiple packs being produced for vehicle-level testing, including environmental and durability.
Bollinger Motors - Oak Park, Michigan
Class 4 – 6 Commercial Vehicles
- Bollinger recently announced new retail dealers, including LaFontaine Automotive Group, Nacarato Truck Centers, and Nuss Truck and Equipment, covering initial states of Michigan, Florida, Georgia, Kentucky, Maryland and Minnesota.
- In February, Bollinger received IRS Approval for
$40,000 Commercial EV Tax Credit. - In January, Bollinger Motors received first vehicle orders for 40 B4, Class 4 EV trucks for a combined total order valued at approximately
$6.0 million . - The Company expects to begin B4, Class 4 vehicle deliveries in the second half of 2024.
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.
- The Company debuted the high-performance Mullen FIVE RS on Jan. 9, 2024, at CES 2024 in Las Vegas.
Mullen High Energy Facility - Fullerton, California
- In January 2024, Mullen Advanced Energy, LLC submitted a pre-application to the U.S. Department of Energy (“DOE”) Advanced Technology Vehicles Manufacturing (“ATVM”) Loan Program to support its expansion into domestic battery material processing and manufacturing.
- In January 2024, The Company submitted a grant funding opportunity to DOE for domestic battery materials processing.
- The Company opened the Fullerton facility in 2023 and is focused on reducing reliance on foreign battery components.
Solid-State Polymer Battery Pack Update
- In February 2024, the Company began Class 1 EV cargo van road testing with the integrated solid-state polymer battery pack in Troy, Michigan. Actual road tests resulted in
86% increase in vehicle range, from 110 miles to 205 miles. - After successful road testing, Company is moving to production pack design with multiple packs being produced for vehicle-level testing, including environmental and durability.
Financial Results – Three and Six Months Ended March 31, 2024
For the six months ended March 31, 2024, we delivered 362 vehicles valued at
| Invoiced during the 6 months ended March 31, 2024 (in thousand dollars) | ||||||||||||||||
| Type | Units invoiced | Amount invoiced | Cash received | Revenue recognized | ||||||||||||
| Mullen 3 (UU) | 131 | $ | 8,543.8 | $ | 652.2 | $ | — | |||||||||
| Urban Delivery (UD1) | 231 | 7,769.4 | 33.3 | 33.3 | ||||||||||||
| Total | 362 | $ | 16,313.2 | $ | 685.5 | $ | 33.3 | |||||||||
The total cash spent (Operating and Investing cash flows) for the six months ended March 31, 2024, and 2023, was
| Six months ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Net loss | $ | (235,355,627 | ) | $ | (495,369,280 | ) | ||
| Non-cash adjustments | 135,101,417 | 424,626,754 | ||||||
| Working capital investment | (8,218,766 | ) | 3,175,141 | |||||
| Net cash used in operating activities | (108,472,976 | ) | (67,567,385 | ) | ||||
| Net cash used in investing activities | (12,470,001 | ) | (97,420,097 | ) | ||||
| Cash spent | $ | (120,942,977 | ) | $ | (164,987,482 | ) | ||
The detail of non-cash adjustments to the Consolidated Statements of Cash Flows are as follows:
| Six months ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Non-cash expenses and gains during the period: | ||||||||
| Stock-based compensation | $ | 15,609,276 | $ | 60,303,367 | ||||
| Revaluation of derivative liabilities | 3,106,223 | 89,221,391 | ||||||
| Depreciation and amortization | 14,310,450 | 8,523,682 | ||||||
| Issuance of warrants to suppliers | — | 6,814,000 | ||||||
| Deferred income taxes | (3,891,300 | ) | (901,999 | ) | ||||
| Other financing costs - initial recognition of derivative liabilities | — | 255,960,025 | ||||||
| Impairment of goodwill | 28,846,832 | — | ||||||
| Impairment of right-of-use assets | 3,167,608 | — | ||||||
| Impairment of intangible assets | 73,447,067 | — | ||||||
| Non-cash interest and other operating activities | 216,021 | (1,745,882 | ) | |||||
| Loss/(gain) on assets disposal | 323,865 | — | ||||||
| Loss/(gain) on extinguishment of debt | (34,625 | ) | 6,452,170 | |||||
| Total | $ | 135,101,417 | $ | 424,626,754 | ||||
We invested an additional
| Six months ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | $ | 671,750 | $ | — | ||||
| Inventories | (16,154,711 | ) | — | |||||
| Prepaids and other assets | (726,490 | ) | (8,271,388 | ) | ||||
| Accounts payable | 9,523,141 | 8,429,257 | ||||||
| Accrued expenses and other liabilities | (77,010 | ) | 2,672,040 | |||||
| Right-of-use assets and lease liabilities | (1,455,446 | ) | 345,232 | |||||
| Total | $ | (8,218,766 | ) | $ | 3,175,141 | |||
The net loss attributable to common shareholders after preferred dividends was
Turning to our balance sheets and liquidity, we had
Current notes payable were
Shareholders’ equity was
Following are our unaudited Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Cash Flows for the three and six months ended March 31, 2024, and 2023.
MULLEN AUTOMOTIVE, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
| March 31, 2024 | Sept. 30, 2023 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 22,378,089 | $ | 155,267,098 | ||||
| Restricted cash | 7,429,572 | 429,372 | ||||||
| Accounts receivable | — | 671,750 | ||||||
| Inventory | 32,961,724 | 16,807,013 | ||||||
| Prepaid expenses and prepaid inventories | 26,114,664 | 24,955,223 | ||||||
| TOTAL CURRENT ASSETS | 88,884,049 | 198,130,456 | ||||||
| Property, plant, and equipment, net | 82,803,852 | 82,032,785 | ||||||
| Intangible assets, net | 28,812,583 | 104,235,249 | ||||||
| Related party receivable | — | 2,250,489 | ||||||
| Right-of-use assets | 11,616,450 | 5,249,417 | ||||||
| Goodwill, net | — | 28,846,832 | ||||||
| Other noncurrent assets | 2,002,815 | 960,502 | ||||||
| TOTAL ASSETS | $ | 214,119,749 | $ | 421,705,730 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 22,698,645 | $ | 13,175,504 | ||||
| Accrued expenses and other current liabilities | 43,192,512 | 41,208,929 | ||||||
| Dividends payable | 445,205 | 401,859 | ||||||
| Derivative liabilities | 5,124,487 | 64,863,309 | ||||||
| Liability to issue shares | 7,789,786 | 9,935,950 | ||||||
| Lease liabilities, current portion | 1,142,350 | 2,134,494 | ||||||
| Notes payable, current portion | 2,717,804 | 7,461,492 | ||||||
| Refundable deposits | 429,572 | 429,372 | ||||||
| TOTAL CURRENT LIABILITIES | 83,540,361 | 139,610,909 | ||||||
| Liability to issue shares, net of current portion | 526,684 | 1,827,889 | ||||||
| Lease liabilities, net of current portion | 12,638,061 | 3,566,922 | ||||||
| Deferred tax liability | — | 3,891,900 | ||||||
| TOTAL LIABILITIES | $ | 96,705,106 | $ | 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 March 31, 2024, and Sept. 30, 2023, respectively (preference in liquidation of | 363 | 363 | ||||||
| Preferred Series C; 26,085,378 shares authorized; 1,211,757 and 1,211,757 shares issued and outstanding at March 31, 2024, and Sept. 30, 2023, respectively (preference in liquidation of | 1,212 | 1,212 | ||||||
| Preferred Series A; 83,859 shares authorized; 648 and 648 shares issued and outstanding at March 31, 2024, and Sept. 30, 2023, respectively (preference in liquidation of | 1 | 1 | ||||||
| Common stock; | 7,974 | 2,872 | ||||||
| Additional paid-in capital | 2,151,067,184 | 2,071,110,126 | ||||||
| Accumulated deficit | (2,055,988,895 | ) | (1,862,162,037 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS | 95,087,839 | 208,952,537 | ||||||
| Noncontrolling interest | 22,326,804 | 63,855,573 | ||||||
| TOTAL STOCKHOLDERS' EQUITY | 117,414,643 | 272,808,110 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 214,119,749 | $ | 421,705,730 | ||||
MULLEN AUTOMOTIVE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | ||||||||||||||||
| Vehicle sales | $ | 33,335 | $ | — | $ | 33,335 | $ | — | ||||||||
| Cost of revenues | (13,440 | ) | — | (13,440 | ) | — | ||||||||||
| Gross profit / (loss) | 19,895 | — | 19,895 | — | ||||||||||||
| Operating expenses: | ||||||||||||||||
| General and administrative | $ | 47,903,692 | $ | 47,412,338 | $ | 91,137,744 | $ | 112,408,349 | ||||||||
| Research and development | 24,023,526 | 20,478,971 | 40,193,493 | 29,100,980 | ||||||||||||
| Impairment of goodwill | 28,846,832 | — | 28,846,832 | — | ||||||||||||
| Impairment of right-of-use assets | 3,167,608 | — | 3,167,608 | — | ||||||||||||
| Impairment of intangible assets | 73,447,067 | — | 73,447,067 | — | ||||||||||||
| Loss from operations | (177,368,830 | ) | (67,891,309 | ) | (236,772,849 | ) | (141,509,329 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Other financing costs - initial recognition of derivative liabilities | — | — | — | (255,960,025 | ) | |||||||||||
| Gain/(loss) on derivative liability revaluation | 3,622,758 | (48,439,415 | ) | (3,106,223 | ) | (89,221,391 | ) | |||||||||
| Gain/(loss) on extinguishment of debt | 34,625 | (40,000 | ) | 34,625 | (6,452,170 | ) | ||||||||||
| Gain/(loss) on disposal of fixed assets | (449,855 | ) | 385,031 | (373,865 | ) | 385,031 | ||||||||||
| Gain on lease termination | — | — | 50,000 | — | ||||||||||||
| Interest expense | (259,700 | ) | (1,888,169 | ) | (517,723 | ) | (4,716,258 | ) | ||||||||
| Other income, net | 893,692 | 482,405 | 1,439,108 | 1,128,286 | ||||||||||||
| Net loss before income tax benefit | $ | (173,527,310 | ) | $ | (117,391,457 | ) | $ | (239,246,927 | ) | $ | (496,345,856 | ) | ||||
| Income tax benefit | 2,165,062 | 482,922 | 3,891,300 | 976,576 | ||||||||||||
| Net loss | $ | (171,362,248 | ) | $ | (116,908,535 | ) | $ | (235,355,627 | ) | $ | (495,369,280 | ) | ||||
| Net loss attributable to noncontrolling interest | (38,930,288 | ) | (1,995,217 | ) | (41,528,769 | ) | (4,180,176 | ) | ||||||||
| Net loss attributable to stockholders | $ | (132,431,960 | ) | $ | (114,913,318 | ) | $ | (193,826,858 | ) | $ | (491,189,104 | ) | ||||
| Waived/(accrued) accumulated preferred dividends | (22,043 | ) | 8,039,612 | (43,346 | ) | 7,400,935 | ||||||||||
| Net loss attributable to common stockholders after preferred dividends | $ | (132,454,003 | ) | $ | (106,873,706 | ) | $ | (193,870,204 | ) | $ | (483,788,169 | ) | ||||
| Net Loss per Share | $ | (19.39 | ) | $ | (1,167.18 | ) | $ | (35.83 | ) | $ | (6,378.47 | ) | ||||
| Weighted average shares outstanding, basic and diluted | 6,829,415 | 91,566 | 5,410,894 | 75,847 | ||||||||||||
MULLEN AUTOMOTIVE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| Six Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net loss | $ | (235,355,627 | ) | $ | (495,369,280 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 15,609,276 | 60,303,367 | ||||||
| Revaluation of derivative liabilities | 3,106,223 | 89,221,391 | ||||||
| Depreciation and amortization | 14,310,450 | 8,523,682 | ||||||
| Issuance of warrants to suppliers | — | 6,814,000 | ||||||
| Deferred income taxes | (3,891,300 | ) | (901,999 | ) | ||||
| Other financing costs - initial recognition of derivative liabilities | — | 255,960,025 | ||||||
| Impairment of intangible assets | 73,447,067 | — | ||||||
| Impairment of goodwill | 28,846,832 | — | ||||||
| Impairment of right-of-use assets | 3,167,608 | — | ||||||
| Non-cash interest and other operating activities | 216,021 | (1,745,882 | ) | |||||
| Loss/(gain) on assets disposal | 323,865 | — | ||||||
| Loss/(gain) on extinguishment of debt | (34,625 | ) | 6,452,170 | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 671,750 | — | ||||||
| Inventories | (16,154,711 | ) | — | |||||
| Prepaids and other assets | (726,490 | ) | (8,271,388 | ) | ||||
| Accounts payable | 9,523,141 | 8,429,257 | ||||||
| Accrued expenses and other liabilities | (77,010 | ) | 2,672,040 | |||||
| Right-of-use assets and lease liabilities | (1,455,446 | ) | 345,232 | |||||
| Net cash used in operating activities | (108,472,976 | ) | (67,567,385 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Purchase of equipment | (12,470,001 | ) | (4,298,563 | ) | ||||
| Purchase of intangible assets | — | (204,660 | ) | |||||
| ELMS assets purchase | — | (92,916,874 | ) | |||||
| Net cash used in investing activities | (12,470,001 | ) | (97,420,097 | ) | ||||
| Cash Flows from Financing Activities | ||||||||
| Proceeds from issuance of convertible notes payable | — | 150,000,000 | ||||||
| Payment of notes payable | (4,945,832 | ) | (460,000 | ) | ||||
| Reimbursement for over issuance of shares | — | 17,819,660 | ||||||
| Net cash provided by financing activities | (4,945,832 | ) | 167,359,660 | |||||
| Change in cash | (125,888,809 | ) | 2,372,178 | |||||
| Cash and restricted cash (in amount of | 155,696,470 | 84,375,085 | ||||||
| Cash and restricted cash (in amount of | $ | 29,807,661 | $ | 86,747,263 | ||||
| Supplemental disclosure of Cash Flow information: | ||||||||
| Cash paid for interest | $ | 37,458 | $ | 5,028 | ||||
| Cash paid for income taxes | — | 800 | ||||||
| Supplemental Disclosure for Non-Cash Activities: | ||||||||
| Exercise of warrants recognized earlier as liabilities | $ | 59,163,019 | $ | 268,713,397 | ||||
| Right-of-use assets obtained in exchange of operating lease liabilities | 11,185,901 | 370,668 | ||||||
| Convertible notes and interest - conversion to common stock | — | 153,222,236 | ||||||
| Reclassification of derivatives to equity upon authorization of sufficient number of shares | — | 47,818,882 | ||||||
| Common stock issued to extinguish other liabilities | — | 10,500,712 | ||||||
| Waiver of dividends by stockholders | — | 6,872,075 | ||||||
| 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 | ||||||
| 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:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
FAQ
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