Mullen Automotive Inc. has announced a remarkable financial turnaround, reporting $5 million in revenue for the quarter ending March 31, 2025, a significant leap from $33,000 in the same period the previous year. This growth is attributed to the company's strategic deliveries of electric vehicles (EVs) to a diverse clientele, including logistics firms, local governments, and universities. The financial results underscore Mullen's determined efforts to carve out a niche in the highly competitive EV market.
Among the quarter's key achievements is a new supply agreement with Enpower Greentech for advanced solid-state batteries, a move that promises to enhance the performance and appeal of Mullen's EV offerings. Additionally, the company has expanded its eligibility for public sector contracts through Sourcewell, further broadening its market reach. These developments come at a time when Mullen has successfully navigated the challenges of vehicle production and certification, with both the Mullen ONE Class 1 EV cargo van and Mullen THREE Class 3 EV cab chassis truck now California Air Resource Board (CARB) and EPA certified and available for sale across the United States.
The company's commercial dealer network has grown to include seven dealers, with recent additions such as Papé Kenworth, enhancing sales and service coverage in critical regions. Despite these positive strides, Mullen's six-month financial overview reveals a net loss of $162 million, with $118 million attributed to non-cash expenses. The company's cash reserves have dwindled to $2.3 million, prompting ongoing cost-reduction measures and financing through convertible securities.
In a significant operational update, Bollinger Motors, a majority-owned subsidiary, was placed into court-appointed receivership in May. However, Mullen has clarified that this development is not expected to materially affect the company's liquidity. On a brighter note, Mullen has secured Foreign Trade Zone status for its Tunica, Mississippi manufacturing center, a strategic move that offers benefits such as duty deferment and the elimination of duties on exported vehicles.
Mullen continues to strengthen its position in the electric vehicle sector, capitalizing on certifications like the Hybrid and Zero-Emission Truck and Bus Voucher Program (HVIP), which provides up to $45,000 in cash vouchers for the Mullen THREE Class 3 EV truck. These initiatives reflect Mullen's commitment to innovation and sustainability in the rapidly evolving EV landscape.
