Mullen Automotive Reports $5M Q2 Revenue, Advances Electric Vehicle Production
TL;DR
Mullen Automotive (NASDAQ: MULN) reported a significant revenue increase, benefiting from electric vehicle deliveries to logistics firms, local governments, and universities.
Mullen Automotive generated $5 million in revenue for the quarter ended March 31, 2025, through sales of Class 1 and Class 3 electric vehicles to various customers.
Mullen Automotive's focus on producing commercial electric vehicles contributes to a greener future by offering advanced solid-state batteries and expanding public sector eligibility.
Mullen Automotive's revenue growth and expansion into new agreements and sectors showcase the evolving landscape of sustainable transportation and technology.
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Mullen Automotive has reported $5 million in revenue for the second quarter of 2025, a substantial increase from $33,000 in the same period last year. The company's financial results reflect growing deliveries of electric vehicles (EVs) to logistics firms, local governments, and universities.
Key developments include a strategic supply agreement with Enpower Greentech for advanced solid-state batteries and expanded public sector accessibility through Sourcewell contracts. Despite challenges, including the court-appointed receivership of majority-owned subsidiary Bollinger Motors, Mullen remains focused on commercial EV production.
For the six-month period, the company recorded $7.9 million in revenue alongside a net loss of $162 million, with $118 million attributed to non-cash expenses. Cash reserves stand at $2.3 million, prompting ongoing cost-reduction efforts and alternative financing strategies through convertible securities.
The company has made significant strides in vehicle certification, with both the Mullen ONE cargo van and Mullen THREE truck receiving California Air Resource Board and EPA certifications. The Mullen THREE also qualifies for up to $45,000 in cash vouchers, enhancing its market attractiveness.
Mullen has expanded its commercial dealer network to seven dealers, providing sales and service coverage across key U.S. markets. The company's Foreign Trade Zone status for its Mississippi manufacturing center offers additional financial advantages, including duty deferments and export benefits.
Curated from InvestorBrandNetwork (IBN)
