Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower on Wednesday.
The company expects to report $4.5 million in revenue for the quarter ending September 30, 2024, a significant increase of 6,791% compared to the $65,235 reported for the quarter ending June 30.
As of today, the company has received $11.9 million and expects an additional $600,000 from investors, representing 25% of their additional investment rights. Mullen also has an investment commitment of $150 million through its equity line, which allows it to offer common stock, subject to market and other conditions.
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"We are going into the remainder of 2024 with strong momentum, and I am focused on closing out the calendar year on an extremely positive trajectory," said CEO and chairman of Mullen Automotive.
The company reported a monthly cash burn of $12.8 million for the quarter ending June 30, down from a monthly cash burn of $18.1 million for the quarter ending March 31, representing a 30% decrease of $5.3 million per month.
For the quarter ending September 30, Mullen's monthly cash burn is estimated to be around $12.7 million.
Looking ahead, the company plans to continue reducing its cash burn through operational improvements throughout 2025, with the expectation of achieving cash flow breakeven by December 2025.
According to Benzinga Pro, MULN stock has slumped over 99% in the past year.
Price Action: MULN shares are trading lower by 2.17% to $3.15 at last check Wednesday.
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