NetworkNewsBreaks – Mullen Automotive Inc. (NASD
Post# of 1091
(Total Views: 170)
Posted On: 10/02/2024 5:11:29 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Reports 6791% QoQ Revenue Growth, Continued Decrease in Monthly Cash Burn
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced expectations to report a significant revenue increase for the quarter ended September 30, 2024. The company anticipates recording approximately $4.5 million in revenue in the just-ended quarter, compared to $65,235.00 in the previous quarter ended June 30, 2024, a quarter-over-quarter increase of 6791%.
According to the announcement, the company’s monthly cash burn for the quarter ended September 30, 2024, is approximately $12.7 million per month, down from $12.8 million for the quarter ended June 30, 2024, and $18.1 million for the quarter ended March 31, 2024. The announcement stated that Mullen expects to continue to reduce its monthly cash burn “with operating reductions throughout 2025 with the expectation to achieve breakeven on a cash basis by December 2025.”
“Our revenue is up significantly, and our cash burn continues to decrease,” said David Michery, CEO and Chairman of Mullen. “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.”
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://nnw.fm/MULN
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced expectations to report a significant revenue increase for the quarter ended September 30, 2024. The company anticipates recording approximately $4.5 million in revenue in the just-ended quarter, compared to $65,235.00 in the previous quarter ended June 30, 2024, a quarter-over-quarter increase of 6791%.
According to the announcement, the company’s monthly cash burn for the quarter ended September 30, 2024, is approximately $12.7 million per month, down from $12.8 million for the quarter ended June 30, 2024, and $18.1 million for the quarter ended March 31, 2024. The announcement stated that Mullen expects to continue to reduce its monthly cash burn “with operating reductions throughout 2025 with the expectation to achieve breakeven on a cash basis by December 2025.”
“Our revenue is up significantly, and our cash burn continues to decrease,” said David Michery, CEO and Chairman of Mullen. “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.”
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://nnw.fm/MULN
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
(0)
(0)