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BREA, Calif. - Mullen Automotive, Inc. (NASDAQ: MULN), a Southern California-based electric vehicle manufacturer with a market capitalization of $2.69 million, announced today a significant order from Cashflow on Wheels, a Houston-based logistics company specializing in last-mile delivery services. The deal includes 20 all-electric Mullen THREE™ vehicles, totaling approximately $1.4 million in retail value. According to InvestingPro analysis, Mullen operates with significant financial challenges, maintaining a weak financial health score of 0.52.
This new order marks a strategic move by Cashflow on Wheels to transition their fleet to electric vehicles (EVs), aiming to enhance efficiency and sustainability in their operations for clients such as FedEx and Amazon. The company has reported substantial cost savings from their EV trials, citing over $500 in savings per route each week. For Mullen, this order represents a significant portion of its current revenue stream, with the company reporting total revenue of $4.01 million in the last twelve months.
Kendrick Edwards, CEO of Cashflow on Wheels, expressed confidence in the transition to EVs, stating, "We have been testing EVs across our routes and have decided to transition our fleet, as we’ve seen measurable savings of over $500 per route per week, which allows us to reinvest in our continued growth."
David Michery, CEO and chairman of Mullen Automotive, commented on the growing demand for eco-friendly commercial vehicles and the suitability of the Mullen THREE for diverse customer needs, including urban logistics and last-mile delivery.
The Mullen THREE vehicles are part of Mullen’s next-generation commercial EV lineup, which are CARB and EPA certified and available for sale in the U.S. The company has expanded its commercial dealer network to seven dealers, enhancing its sales and service coverage across several key U.S. markets.
Founded in 2023, Cashflow on Wheels has quickly positioned itself as a leader in last-mile delivery solutions, emphasizing job creation and economic growth opportunities for its drivers and employees. The addition of Mullen’s EVs to their fleet underscores their commitment to cutting-edge, sustainable transportation solutions.
The fulfillment of the vehicle order will be managed by Pritchard Automotive, a Mullen dealer. While Mullen has provided forward-looking statements regarding the expected timelines for vehicle delivery and potential future orders, these statements are subject to risks and uncertainties that could affect actual results. InvestingPro data reveals the company faces significant challenges, including rapid cash burn and a concerning current ratio of 0.24. Investors seeking deeper insights into Mullen’s financial health and growth prospects can access over 15 additional key metrics and expert analysis through InvestingPro.
This news is based on a press release statement from Mullen Automotive, Inc.
In other recent news, Mullen Automotive has made significant strides in the electric vehicle sector. The company announced the sale of its Mullen ONE Class 1 cargo van to Global Expert Shipping, marking the beginning of a series of planned orders. Additionally, Mullen Automotive has partnered with Enpower Greentech Inc. to produce advanced SWIFT series semi-solid-state batteries at its Fullerton, California facility starting in early 2026. This collaboration aims to enhance battery performance and reduce supply chain vulnerabilities.
In another development, Mullen Automotive declared a 1-for-100 reverse stock split to comply with Nasdaq’s minimum bid price requirement, which will take effect on April 11, 2025. The company also revealed that its commercial vehicles, including those from Bollinger Motors, are now 100% assembled in the United States, with a significant portion of components sourced domestically. Bollinger Motors, a subsidiary of Mullen, has delivered its first B4 truck to EnviroCharge, which will be converted into a mobile EV charging unit.
These trucks are part of a broader initiative to improve EV charging infrastructure. Mullen’s ongoing efforts to boost U.S. parts sourcing aim to mitigate tariff impacts and provide cost-effective solutions for businesses transitioning to electric fleets.
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