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Mullen Added to ComEd State Rebate Program, Offering Business Customers Significant EV Incentives in Illinois
Globenewswire· 2025-06-05 12:45
Core Points - Mullen Automotive's commercial EVs are now eligible for the ComEd Business & Public Sector EV Rebate Program in Illinois, allowing significant cost savings for businesses transitioning to electric vehicles [1][4][5] - The ComEd program aims to distribute over $70 million in rebates for various electric vehicles through 2025 [2][8] - The Mullen ONE Class 1 EV cargo van qualifies for an incentive of up to $7,500, which can be combined with a federal tax credit for a total potential savings of up to $15,000 per vehicle [3][14] Company Overview - Mullen Automotive is a California-based electric vehicle manufacturer with two production facilities in the U.S., located in Tunica, Mississippi, and Mishawaka, Indiana [9] - The company has begun commercial vehicle production and offers models like the Mullen ONE and Mullen THREE, which comply with U.S. safety and emissions standards [6][9] - Mullen's dealer network includes seven dealers across key U.S. markets, providing sales and service support [9] Incentive Program Details - The ComEd Business & Public Sector EV Rebate Program provides a straightforward path for fleet electrification, targeting commercial customers [2][8] - The program includes incentives for light, medium, and heavy-duty electric vehicles, with medium-duty EVs currently on a waitlist due to high demand [3][4] - Authorized dealers, such as Pritchard EV and Range Truck Group, assist customers in navigating the incentive process and can process rebates at the point of sale [5][7]
Mullen Announces FIVE RS Launch and Vehicle Sales in Germany in December 2025
Globenewswire· 2025-06-03 13:15
Core Viewpoint - Mullen Automotive is set to relaunch its ultra-high-performance FIVE RS EV Crossover, targeting sales in Germany by December 2025, followed by launches in other EU countries, the UAE, and South Africa in 2026 [1][2][11]. Group 1: Vehicle Specifications - The Mullen FIVE RS features a top speed exceeding 200 mph and can accelerate from 0-60 mph in under 2 seconds [1][4]. - The vehicle is equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and boasts over 1,100 horsepower [1][4]. Group 2: Partnerships and Manufacturing - Mullen is collaborating with Faissner Petermeier Fahrzeugtechnik AG (FPF), a company with extensive experience in developing and producing components for high-profile automotive brands [3][5]. - FPF is certified according to the IATF standard and meets the requirements of the Federal Motor Transport Authority in Germany, ensuring high-quality production standards for the FIVE RS [3][4]. Group 3: Market Strategy - The company plans to launch the FIVE RS in the U.S. after establishing a successful sales record in key European markets [2]. - Mullen's commercial vehicle production began in August 2023, with existing models like the Mullen ONE and Mullen THREE already certified for sale in the U.S. [7].
Mullen Reaches Definitive Agreement to Acquire Additional 21% of Bollinger Motors, Bringing Its Total Ownership to 95% and Eliminates Significant Debt
Globenewswire· 2025-06-02 15:03
Core Insights - Mullen Automotive has acquired an additional 21% of Bollinger Motors, increasing its total ownership to 95%, which enhances shareholder equity by approximately $3.5 million [1][2][3] - The acquisition resolves significant debt issues that had previously led to a court-ordered receivership for Bollinger, allowing for continued operations under Mullen's strategic direction [2][3] - Bollinger Motors will maintain its brand identity and focus while benefiting from Mullen's financial backing for sales, service, and warranty of vehicles [2][4] Company Developments - The Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck, is designed with input from fleets and upfitters, featuring a 185-mile range, a 46-foot turning radius, and a payload capacity of 7,325 pounds [3][4] - Bollinger will leverage Mullen's resources to accelerate the development and production of the B4 platform, aiming for innovation and market expansion [4] - Mullen operates two vehicle plants in the U.S. and has begun commercial vehicle production, with its Mullen ONE and Mullen THREE models certified for sale [6][7] Historical Context - Bollinger Motors was founded in 2015 and became a majority-owned subsidiary of Mullen in September 2022 [5][7] - The B4 electric truck production launched on September 16, 2024, marking a significant milestone for Bollinger [7]
Mullen Automotive Inc. Announces Reverse Stock Split Effective June 2, 2025
Globenewswire· 2025-05-29 13:00
Core Points - Mullen Automotive Inc. will implement a 1-for-100 reverse stock split effective June 2, 2025, to comply with Nasdaq's minimum bid price requirement of $1.00 [1][2][3] - The reverse stock split will reduce the number of outstanding shares from approximately 80 million to about 800 thousand shares [5] - The reverse stock split will not change the par value of the common stock or the authorized number of shares [4] Company Overview - Mullen Automotive is an electric vehicle manufacturer based in Southern California, with two production plants located in Tunica, Mississippi, and Mishawaka, Indiana [7] - The company began commercial vehicle production in August 2023 and has certified models available for sale in the U.S. as of January 2024 [7] - Mullen Automotive acquired Bollinger Motors in September 2022, which has launched its Class 4 electric truck production [8]
Net Element(MULN) - 2025 Q2 - Quarterly Report
2025-05-20 20:01
Revenue and Sales Performance - Revenue from vehicle sales for the three months ended March 31, 2025, was approximately $4.95 million, a significant increase of 14,750% compared to $33,335 for the same period in 2024[280] - Vehicle sales for the six months ended March 31, 2025, were $7,870,625, a significant increase of 23,511% compared to $33,335 in the same period in 2024[291] - The company recognized revenue of $3.7 million in January 2025 after a customer waived their right of return for 60 vehicles[281] Financial Losses and Impairments - The net loss attributable to common stockholders for Q1 2025 was approximately $47.1 million, or $489.24 per share, compared to a net loss of approximately $132.5 million, or $12,041,273 per share, in Q1 2024[290] - The net loss attributable to common stockholders for the six months ended March 31, 2025, was approximately $162.0 million, or $3,338.65 net loss per share, compared to a net loss of approximately $193.9 million, or $21,493.37 loss per share, in the prior year[300] - The company incurred a net loss of $172.7 million for the six months ended March 31, 2025, with an accumulated deficit of approximately $2.5 billion as of the same date[311] - The company recognized an impairment loss of $12.0 million on patents acquired in September 2022 due to unfavorable market conditions[286] - The company recognized impairment losses of $12.0 million on intangible assets during the six months ended March 31, 2025, compared to $73.4 million in the same period in 2024[296] - The company recognized an impairment loss of $12.0 million related to patents in the Bollinger segment as of March 31, 2025[330] Expenses and Cost Management - Cost of revenues for the same period was approximately $6.99 million, resulting in a gross loss of approximately $2.05 million, compared to a gross loss of $2.07 million in the prior year, reflecting a decrease of 10,388%[280] - Research and development expenses decreased by $13.7 million, or 57%, from $24.0 million in Q1 2024 to $10.4 million in Q1 2025, due to cost reduction initiatives[283] - General and administrative expenses decreased by approximately $6.5 million, or 14%, from approximately $47.9 million in Q1 2024 to approximately $41.4 million in Q1 2025[284] - Research and development expenses decreased by $18.5 million, or 46%, from $40.2 million in the six months ended March 31, 2024, to $21.6 million in the same period in 2025[294] - General and administrative expenses decreased by approximately $13.3 million, or 15%, from approximately $91.1 million in the six months ended March 31, 2024, to approximately $77.9 million in the same period in 2025[295] Financing and Debt - Other financing costs related to the initial recognition of warrants amounted to $21.1 million in Q1 2025, with no such costs in Q1 2024[287] - Other financing costs related to the initial recognition of warrants amounted to $37.2 million during the six months ended March 31, 2025[297] - Interest expense increased by $7.3 million in Q1 2025 compared to Q1 2024 due to a higher volume of debt outstanding[289] - As of March 31, 2025, the total debt amounted to $40.9 million, with $10 million due in the next six months[324] - The interest rate on remaining senior convertible notes increased from 15% to 20% due to cross-default conditions as of April 15, 2025[317] Cash Flow and Liquidity - The company has approximately $2.3 million in existing cash and restricted cash as of March 31, 2025, and used approximately $48.6 million of cash for operating activities during the same period[311] - Net cash used in operating activities was $48.6 million for the six months ended March 31, 2025, a 55% decrease from $108.5 million in the same period of 2024[320] - Net cash used in investing activities was $3.9 million for the six months ended March 31, 2025, a 69% decrease from $12.5 million in the same period of 2024[321] - Net cash provided by financing activities was $44.0 million for the six months ended March 31, 2025, compared to a net cash outflow of $4.9 million in the same period of 2024[322] - The company is pursuing strategies to address liquidity concerns, including equity or debt financing and operational restructuring, but there is substantial doubt about its ability to continue as a going concern[312] Other Financial Metrics - The net gain on revaluation of warrants was $98.2 million in Q1 2025, compared to $3.6 million in Q1 2024, reflecting significant changes in the company's stock price[288] - During the six months ended March 31, 2025, approximately $24.8 million of senior secured convertible notes and $1.5 million of accumulated interest were converted into common stock, resulting in a gain on extinguishment of $1.5 million[316] - A write-down to net realizable value of $0.8 million was recorded by the Mullen Commercial segment during the six months ended March 31, 2025[334] - Total future minimum lease payments as of March 31, 2025, are estimated at $25.4 million[323]
Net Element(MULN) - 2025 Q2 - Quarterly Results
2025-05-20 15:00
Financial Performance - Mullen achieved a revenue of $5 million for the quarter ending March 31, 2025, outperforming Q2 2024 revenue of $33,000 by more than 143 times[2] - The company's net loss decreased from $132.4 million in fiscal Q2 2024 to approximately $47.1 million in the comparable quarter ending March 31, 2025[1] - The net loss attributable to common shareholders for the six months ended March 31, 2025, was $162.0 million, compared to $193.9 million for the same period in 2024[6] - Mullen Automotive reported a net loss of $172.68 million for the six months ended March 31, 2025, compared to a net loss of $235.36 million for the same period in 2024, representing a 26.6% improvement[23] - The company reported a net loss before income tax benefit of $(53,880,314) for the three months ended March 31, 2025[21] Cash Flow and Expenses - Total cash spent on operating and investing activities decreased by $68.5 million, or 56.6%, from $120.9 million in the six months ended March 31, 2024, to $52.4 million in the same period of 2025[11] - The company had total cash of $2.3 million on March 31, 2025, down from $10.7 million on September 30, 2024[10] - Cash and cash equivalents decreased from $10,321,827 as of September 30, 2024, to $1,404,708 as of March 31, 2025[18] - Mullen's cash and restricted cash at the end of the period was $2.32 million, down from $29.81 million at the beginning of the period[23] - The company incurred $3.86 million in cash used for investing activities, primarily for equipment purchases[23] Revenue Sources - Mullen invoiced for 69 vehicles valued at $5.7 million during the six months ended March 31, 2025, and recorded $7.9 million in revenues[9] - Revenue from vehicle sales for the three months ended March 31, 2025, was $4,950,140, compared to $33,335 for the same period in 2024, representing a significant increase[21] Operating Expenses - Total operating expenses for the three months ended March 31, 2025, were $63,742,549, compared to $91,137,744 for the same period in 2024, indicating a reduction in expenses[21] - Research and development expenses for the three months ended March 31, 2025, were $10,364,113, compared to $24,023,526 for the same period in 2024, showing a decrease[21] - Non-cash expenses accounted for $118.5 million, or 73% of the loss for the six months ended March 31, 2025[7] Assets and Liabilities - Total current assets decreased from $63,174,638 as of September 30, 2024, to $52,900,124 as of March 31, 2025[18] - Total liabilities increased from $195,177,166 as of September 30, 2024, to $219,630,029 as of March 31, 2025[18] - The company had a total stockholders' equity (deficit) of $(69,540,529) as of March 31, 2025, compared to $(16,545,877) as of September 30, 2024[18] Partnerships and Production - Mullen signed a partnership and supply agreement with Enpower Greentech Inc. to build and deliver its SWIFT series SSB batteries, with production slated to begin in early 2026[5] - Mullen began commercial vehicle production in Tunica, Mississippi, in August 2023, and received IRS approval for federal EV tax credits of up to $7,500 per vehicle[24] - The Mullen ONE and Mullen THREE vehicles are now CARB and EPA certified and available for sale in the U.S.[24] - Mullen's commercial dealer network has expanded with new partnerships, enhancing sales and service coverage in key markets[24] - Bollinger Motors, a majority-owned subsidiary, launched production of its B4 Class 4 electric truck on September 16, 2024[25] Risks and Challenges - Mullen faces significant risks and uncertainties, including the ability to secure additional financing and manage acquisitions effectively[27] - Bollinger Motors, a majority-owned segment of Mullen, was placed into court-appointed receivership on May 7, 2025, following a legal complaint[13]
Mullen Announces Quarterly Results for 3 Months Ended March 31, 2025
Globenewswire· 2025-05-20 13:00
Core Insights - Mullen Automotive reported a significant increase in revenue for Q2 2025, achieving $5 million compared to $33,000 in Q2 2024, marking a growth of over 143 times [2][5] - The company's net loss decreased substantially from $132.4 million in Q2 2024 to approximately $47.1 million in Q2 2025 [5][23] - Mullen's total revenue for the six months ending March 31, 2025, was $7.9 million, with a notable reduction in cash spending from $120.9 million to $52.4 million during the same period [5][11] Financial Performance - The net loss attributable to common shareholders for the six months ended March 31, 2025, was $162.0 million, or $3,338.65 per share, compared to a net loss of $193.9 million, or $21,493,370.73 per share, for the same period in 2024 [5][12] - Non-cash expenses accounted for $118.5 million, or 73% of the total loss for the six months ended March 31, 2025, compared to $135.1 million (70%) in the previous year [6][12] - The company reported a gross loss of $5.7 million for the six months ended March 31, 2025, with operating expenses totaling $77.9 million [22] Operational Highlights - Mullen has secured orders for its commercial electric vehicles, including a $1.4 million order for 20 Class 3 vehicles from Cashflow on Wheels and additional orders from local governments and universities [3][8] - The company has entered a strategic partnership with EO Charging to provide electrification solutions for its commercial fleet customers [8] - Mullen's production of advanced lithium-ion batteries is set to begin in early 2026, with plans to integrate these batteries into its existing vehicle programs [8] Liquidity and Cash Flow - As of March 31, 2025, Mullen had total cash (including restricted cash) of $2.3 million, down from $10.7 million on September 30, 2024 [10] - The company reported a negative working capital of $156.1 million, which improves to $56.7 million when adding back derivative liabilities [10] - Cash spent on operating and investing activities decreased by 56.6%, from $120.9 million in 2024 to $52.4 million in 2025 [11] Recent Developments - Bollinger Motors, a majority-owned subsidiary of Mullen, was placed into court-appointed receivership on May 7, 2025, following a legal complaint regarding a breach of contract [13][14] - Mullen is exploring options to challenge this receivership and has engaged litigation counsel [13][15] - The company continues to expand its commercial dealer network and has received IRS approval for federal EV tax credits on its commercial vehicles [27]
Cashflow on Wheels, a Multistate FedEx and Amazon DSP Consolidator, Purchases 20 Mullen THREE Class 3s
Globenewswire· 2025-04-21 13:25
Core Viewpoint - Mullen Automotive has secured a significant order from Cashflow on Wheels for 20 all-electric Mullen THREE vehicles, valued at approximately $1.4 million, aimed at enhancing last-mile delivery efficiency for FedEx and Amazon [2][4]. Group 1: Company Overview - Mullen Automotive is an electric vehicle manufacturer based in Southern California, with production facilities in Tunica, Mississippi, and Mishawaka, Indiana [6]. - The company has recently expanded its commercial dealer network to seven dealers across key U.S. markets, enhancing its sales and service capabilities [6]. - Mullen's vehicles, including the Mullen ONE and Mullen THREE, are certified by the California Air Resource Board and EPA, making them available for sale in the U.S. [6]. Group 2: Cashflow on Wheels - Cashflow on Wheels, founded in 2023, is a logistics company focused on last-mile delivery and transportation solutions, primarily for FedEx and Amazon [5]. - The company emphasizes sustainability and efficiency in its operations, aiming to transition traditional fleets to electric vehicles [3][5]. - Cashflow on Wheels has reported savings of over $500 per route per week by testing electric vehicles, which supports its growth strategy [4]. Group 3: Market Trends - The order from Cashflow on Wheels reflects a growing demand for environmentally friendly commercial vehicles, indicating a shift in the logistics industry towards sustainable practices [4]. - The transition to electric vehicles is seen as a way to reduce operational costs and support future expansion for logistics companies [4].
Mullen Automotive Subsidiary, Bollinger Motors, Delivers First Class 4 Electric Truck Order to EnviroCharge
Globenewswire· 2025-04-17 13:15
Core Points - Mullen Automotive's subsidiary, Bollinger Motors, has delivered the first Bollinger B4 truck to EnviroCharge for conversion into a mobile charging unit, highlighting a partnership aimed at expanding EV charging infrastructure [1][2] - The Bollinger B4 truck will be showcased at the Advanced Clean Trucking (ACT) Expo 2025, with plans for additional trucks to be deployed in California to meet the growing demand for EV infrastructure [3] - Bollinger Motors has qualified for multiple federal and state incentive programs, enhancing the financial viability of its electric vehicle offerings [5][13] Company Overview - Bollinger Motors, founded in 2015 and headquartered in Oak Park, Michigan, specializes in all-electric commercial vehicles, particularly the Class 4 B4 truck [5][8] - Mullen Automotive, which became the majority owner of Bollinger Motors in September 2022, operates two vehicle plants in the U.S. and has expanded its commercial dealer network to seven dealers across key markets [7][8] Product Details - The Bollinger B4 is designed as an all-electric Class 4 commercial truck, featuring a unique chassis design that protects its 158-kWh battery pack, ensuring safety and capability in commercial applications [4] - EnviroCharge will upfit the B4 trucks with custom EV Level 3, 120 kilowatt-charging units, enhancing their utility as mobile charging solutions [2][4]
MULN Investors are Reminded of the Class Action Against Mullen Automotive, Inc.: Contact Robbins LLP for Information About How to Become Lead Plaintiff for the Class
Prnewswire· 2025-04-14 21:28
Group 1 - A class action has been filed against Mullen Automotive, Inc. for allegedly misleading investors regarding its business prospects during the period from February 3, 2023, to March 13, 2024 [1][2] - The allegations include that Mullen had no intent to implement a reverse stock split while the CEO believed it was necessary, overstated partnerships and battery technology capabilities, and failed to disclose material information about financing agreements [2] - Shareholders are encouraged to participate in the class action, with a deadline to file as lead plaintiff by April 14, 2025 [3] Group 2 - Robbins LLP, a firm specializing in shareholder rights litigation, is representing the class action on a contingency fee basis, meaning shareholders pay no fees or expenses [4] - The firm has been dedicated to helping shareholders recover losses and improve corporate governance since 2002 [4]