NetworkNewsBreaks – Mullen Automotive Inc. (NASD

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.”

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