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Mullen Automotive | 10-Q: Q1 2024 Earnings Report

Mullen Automotive | 10-Q: Q1 2024 Earnings Report

Mullen Automotive | 10-Q:2024財年一季報
美股SEC公告 ·  02/14 05:22

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Mullen Automotive Inc. (Mullen), a development-stage electric vehicle company, reported its financial performance for the quarter ended December 31, 2023. The company has not generated significant revenue and continues to fund operations through equity sales and convertible debt. Operating expenses decreased by 33% year-on-year, primarily due to lower employee compensation and depreciation expenses. Research and development costs increased by 88% to $16.2 million, reflecting the company's investment in vehicle production and technology. Mullen reported a net loss of approximately $64 million, a significant improvement from the previous year's net loss of approximately $378 million. The company's liquidity consists of $88.9 million in cash and restricted cash, with a net working capital of approximately $47.1 million. Mullen used $59.9 million in cash for operating activities and $6.9 million for investing activities during the quarter. The company has also made progress in addressing NASDAQ compliance issues, including completing reverse stock splits to meet the minimum bid price requirement. Mullen continues to work on remediation efforts to address material weaknesses in internal controls over financial reporting.
Mullen Automotive Inc. (Mullen), a development-stage electric vehicle company, reported its financial performance for the quarter ended December 31, 2023. The company has not generated significant revenue and continues to fund operations through equity sales and convertible debt. Operating expenses decreased by 33% year-on-year, primarily due to lower employee compensation and depreciation expenses. Research and development costs increased by 88% to $16.2 million, reflecting the company's investment in vehicle production and technology. Mullen reported a net loss of approximately $64 million, a significant improvement from the previous year's net loss of approximately $378 million. The company's liquidity consists of $88.9 million in cash and restricted cash, with a net working capital of approximately $47.1 million. Mullen used $59.9 million in cash for operating activities and $6.9 million for investing activities during the quarter. The company has also made progress in addressing NASDAQ compliance issues, including completing reverse stock splits to meet the minimum bid price requirement. Mullen continues to work on remediation efforts to address material weaknesses in internal controls over financial reporting.
發展階段的電動汽車公司Mullen Automotive Inc.(Mullen)公佈了截至2023年12月31日的財務業績。該公司尚未實現重大收入,並通過股本銷售和可轉換債務來資助運營。營業費用同比下降33%,主要是由於員工薪酬和折舊費用降低。研發成本增加了88%至1620萬美元,反映了該公司對車輛生產和技術的投資。Mullen報告淨虧損約爲6400萬美元,這是與上一年約37800萬美元的淨虧損相比的一項重大改善。該公司的流動性包括8890萬現金和受限制的現金,淨營運資本約爲4710萬元。Mullen在該季度用於運營活動的現金爲5990萬美元,用於投資活動的現金爲690萬美元。該公司在解決納斯達克合規問題方面取得了進展,包括完成拆股並股以滿足最低買盤價要求。Mullen繼續努力解決財務報告內部控制的實質性缺陷問題。
發展階段的電動汽車公司Mullen Automotive Inc.(Mullen)公佈了截至2023年12月31日的財務業績。該公司尚未實現重大收入,並通過股本銷售和可轉換債務來資助運營。營業費用同比下降33%,主要是由於員工薪酬和折舊費用降低。研發成本增加了88%至1620萬美元,反映了該公司對車輛生產和技術的投資。Mullen報告淨虧損約爲6400萬美元,這是與上一年約37800萬美元的淨虧損相比的一項重大改善。該公司的流動性包括8890萬現金和受限制的現金,淨營運資本約爲4710萬元。Mullen在該季度用於運營活動的現金爲5990萬美元,用於投資活動的現金爲690萬美元。該公司在解決納斯達克合規問題方面取得了進展,包括完成拆股並股以滿足最低買盤價要求。Mullen繼續努力解決財務報告內部控制的實質性缺陷問題。

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