NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 10/07/2024 5:09:44 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Forecasts $75M in GAAP Revenue Over Next 6 Months, Implements Immediate Measures to Cut Overall Expenses
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that it expects to ramp up its commercial sales to a monthly average of $12.5 million. As a result, the company forecasts $75 million in estimated GAAP revenue over the next six months from both Mullen Commercial’s and its subsidiary Bollinger Motors’ sales opportunities and pilot programs. The announcement also noted that the company is taking immediate steps to reduce its overall spend (operating and investing cash flows) from $12.8 million to $7.3 million. The $5.5 million cut is driven by a 20% reduction in headcount, elimination of passenger vehicle programs, and facility consolidations.
“As Bollinger focuses on B4 ramp up production volume and Mullen’s commercial vehicle sales momentum continues, I remain confident that through continued focus on revenue growth and expense reduction our near term cash flow will continue to improve,” stated David Michery, CEO and Chairman of Mullen.
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 that it expects to ramp up its commercial sales to a monthly average of $12.5 million. As a result, the company forecasts $75 million in estimated GAAP revenue over the next six months from both Mullen Commercial’s and its subsidiary Bollinger Motors’ sales opportunities and pilot programs. The announcement also noted that the company is taking immediate steps to reduce its overall spend (operating and investing cash flows) from $12.8 million to $7.3 million. The $5.5 million cut is driven by a 20% reduction in headcount, elimination of passenger vehicle programs, and facility consolidations.
“As Bollinger focuses on B4 ramp up production volume and Mullen’s commercial vehicle sales momentum continues, I remain confident that through continued focus on revenue growth and expense reduction our near term cash flow will continue to improve,” stated David Michery, CEO and Chairman of Mullen.
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
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