Mullen Automotive Reports $5M Q2 Revenue, Continues EV Expansion Amid Financial Challenges

Mullen Automotive Inc. demonstrated substantial revenue growth in its second quarter, reporting $5 million compared to just $33,000 in the same period last year. The electric vehicle manufacturer attributed this increase to deliveries of Class 1 and Class 3 electric vehicles to diverse customers including logistics firms, local governments, and universities.

The company's strategic developments include a supply agreement with Enpower Greentech for advanced solid-state batteries and expanded public sector contracts through Sourcewell. Despite a court-appointed receivership for its majority-owned subsidiary Bollinger Motors, Mullen claims this will not significantly impact its financial liquidity.

For the first six months of the fiscal year, Mullen recorded $7.9 million in revenue alongside a net loss of $162 million, with $118 million attributed to non-cash expenses. The company's cash reserves have decreased to $2.3 million, prompting ongoing cost-reduction efforts and financing through convertible securities.

Mullen continues to advance its electric vehicle production, with manufacturing facilities in Mississippi and Indiana. The company has received IRS approval for federal EV tax credits and obtained California Air Resource Board certifications for its Mullen ONE cargo van and Mullen THREE truck models, which are now available for sale in the United States.

The electric vehicle manufacturer has also expanded its commercial dealer network to seven dealers, providing sales and service coverage across key regional markets. Additionally, the company's Foreign Trade Zone status for its Mississippi manufacturing center offers potential benefits including duty deferment and export advantages.