Mullen Automotive Inc. reported a substantial increase in quarterly revenue, reaching $5 million for the period ending March 31, 2025, compared to just $33,000 in the same quarter of the previous year. The dramatic revenue surge reflects the company's expanding electric vehicle (EV) delivery portfolio, which includes Class 1 and Class 3 electric vehicles sold to logistics firms, local governments, and universities.
The company's financial performance highlights both progress and challenges in the competitive EV market. While recording $7.9 million in revenue for the six-month period, Mullen also reported a net loss of $162 million, with $118 million attributed to non-cash expenses. The company's cash reserves have decreased to $2.3 million, prompting ongoing cost-reduction strategies and exploration of financing options through convertible securities.
Strategic developments include a promising supply agreement with Enpower Greentech for advanced solid-state batteries and expanded public sector accessibility through Sourcewell contracts. These partnerships potentially position Mullen to enhance its technological capabilities and market reach in the rapidly evolving electric vehicle landscape.
Despite a setback with Bollinger Motors, a majority-owned subsidiary placed into court-appointed receivership in May, Mullen maintains that this will not significantly impact its liquidity. The company continues to advance its manufacturing footprint with two United States-based vehicle plants in Tunica, Mississippi, and Mishawaka, Indiana, totaling approximately 770,000 square feet of production space.
Mullen has achieved notable certifications that could drive future growth, including IRS approval for federal EV tax credits and California Air Resource Board (CARB) and EPA certifications for its Mullen ONE cargo van and Mullen THREE cab chassis truck. The CARB-issued HVIP approval for the Mullen THREE offers potential customers up to $45,000 in purchase vouchers, making its electric trucks more financially attractive.
The company has also expanded its commercial dealer network to seven dealers, providing sales and service coverage across key U.S. markets including the Midwest, West Coast, Pacific Northwest, New England, and Mid-Atlantic regions. Additionally, Mullen has secured Foreign Trade Zone status for its Tunica manufacturing center, which offers potential benefits such as duty deferment and elimination of export duties.
These developments suggest Mullen Automotive is positioning itself as a significant player in the commercial electric vehicle market, leveraging technological innovations, strategic partnerships, and government incentives to drive future growth and market penetration.
