Mullen Automotive, an early-stage electric vehicle (EV) manufacturer, has reported a net loss of $1.006 billion for the fiscal year ended September 30, 2023, a 36% increase from the previous year's net loss of $740.3 million. The company's revenue from vehicle sales was $366,000, with a gross margin of $92,118. Operating expenses surged by 187% to $215.8 million, and research and development costs rose by 257% to $77.4 million. Mullen also recognized impairment losses totaling $84.6 million due to unfavorable market conditions. The company's cash and restricted cash stood at approximately $155.7 million as of September 30, 2023. Mullen Automotive has expanded its facilities, including the acquisition of an automobile manufacturing facility in Mishawaka, IN, and entering into various lease agreements for spaces intended for manufacturing, distribution, and office use. The...Show More

Mullen Automotive, an early-stage electric vehicle (EV) manufacturer, has reported a net loss of $1.006 billion for the fiscal year ended September 30, 2023, a 36% increase from the previous year's net loss of $740.3 million. The company's revenue from vehicle sales was $366,000, with a gross margin of $92,118. Operating expenses surged by 187% to $215.8 million, and research and development costs rose by 257% to $77.4 million. Mullen also recognized impairment losses totaling $84.6 million due to unfavorable market conditions. The company's cash and restricted cash stood at approximately $155.7 million as of September 30, 2023. Mullen Automotive has expanded its facilities, including the acquisition of an automobile manufacturing facility in Mishawaka, IN, and entering into various lease agreements for spaces intended for manufacturing, distribution, and office use. The company has not declared any dividends and does not intend to do so in the foreseeable future, as it plans to reinvest earnings to generate growth. Mullen Automotive completed three reverse stock splits in 2023 to comply with NASDAQ listing rules and authorized a stock buyback program, purchasing 57,000 shares which were immediately retired. Looking forward, Mullen aims to ramp up production and commercialization of its EVs, with a focus on commercial delivery vehicles and SUVs. The company is also exploring strategies to secure additional funding for future operations, which may include equity financing, debt issuance, or other financial arrangements.