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BREA, Calif. - Mullen Automotive Inc. (NASDAQ: MULN), an emerging electric vehicle (EV) manufacturer, has announced a substantial increase in its fiscal second quarter revenue. The company reported generating $3.18 million as of March 21, 2025, marking an 189% rise from its total revenue of $1.1 million for the entire previous fiscal year. According to InvestingPro data, this growth comes amid challenging financial conditions, with the company’s overall financial health score rated as WEAK and a concerning current ratio of 0.24.
David Michery, CEO and chairman of Mullen Automotive, expressed optimism about the company’s growth trajectory, stating that the fiscal second quarter is set to close with the strongest revenue performance to date. This growth underscores the sales potential for Mullen and Bollinger commercial vehicles. While revenue shows improvement, InvestingPro analysis reveals significant challenges, including negative gross profit margins of -484.91% and rapid cash burn. Subscribers can access 18 additional ProTips and comprehensive financial metrics to better understand the company’s position.
The company’s commercial EV offerings include the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck. Both models have met the stringent requirements of U.S. Federal Motor Vehicle Safety Standards and have received certifications from the Environmental Protection Agency and the California Air Resources Board.
Bollinger Motors, a majority-owned subsidiary of Mullen Automotive, has also made headway with its B4 Chassis Cab, an all-electric Class 4 commercial truck. The B4 Chassis Cab boasts a unique design that prioritizes component protection and safety. Customer deliveries of this model began in October.
Mullen Automotive operates two vehicle plants in the United States and has expanded its commercial dealer network to seven dealers, covering key markets across the country. The company’s dealer network includes notable names such as Papé Kenworth and Pritchard EV.
In September 2022, Bollinger Motors launched production of its B4 electric truck and has since developed a robust dealer and service network with over 50 locations in the United States.
This news is based on a press release statement and reflects the company’s current financial performance. However, it should be noted that forward-looking statements involve risks and uncertainties that could affect actual results. Mullen Automotive has disclosed that it faces challenges such as securing additional financing, managing expansions, and adapting to regulatory changes, among others. These factors are important considerations for investors as they assess the company’s future prospects. Recent InvestingPro data shows the stock has declined 99.91% over the past six months, with an Altman Z-Score of -30.65 indicating significant financial distress.
In other recent news, Mullen Automotive has announced the termination of a significant agreement with Volt Mobility Holding Ltd., which involved the purchase of Mullen’s electric vehicles for distribution in the United Arab Emirates. This decision marks a shift in the company’s distribution strategy, though further details on the reasons have not been disclosed. Meanwhile, Mullen Automotive has expanded its equity incentive plan, adding 20 million shares and introducing an automatic annual increase, as well as adjusting CEO performance awards to align with long-term goals. The company faces a potential Nasdaq delisting due to not meeting the minimum market value requirement, with a 180-day grace period to regain compliance. In a positive development, Mullen’s ONE EV vans have been added to Orange County, North Carolina’s fleet as part of their Climate Action Plan, supporting the county’s transition to an all-electric fleet. Furthermore, Mullen’s commercial EVs, the Mullen ONE and THREE, are now available through the Sourcewell purchasing program, simplifying procurement for government agencies. This partnership offers financial incentives like point-of-sale vouchers, making the vehicles more accessible to municipal customers. These recent developments provide a snapshot of Mullen Automotive’s strategic maneuvers and challenges in the evolving electric vehicle market.
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