NetworkNewsBreaks – Mullen Automotive Inc. (NASD
Post# of 1052

Mullen Automotive (NASDAQ: MULN) reported $5 million in revenue for the quarter ended March 31, 2025, a significant increase from $33,000 in the prior-year period, driven by deliveries of Class 1 and Class 3 electric vehicles to customers including logistics firms, local governments and universities. The company also highlighted new agreements, such as a supply deal with Enpower Greentech for advanced solid-state batteries and expanded public sector eligibility via Sourcewell contracts. Bollinger Motors, a majority-owned subsidiary, delivered Class 4 trucks but was placed into court-appointed receivership in May, a move Mullen says will not materially impact its liquidity. For the six-month period, Mullen recorded $7.9 million in revenue and a net loss of $162 million, with $118 million tied to non-cash expenses. Cash on hand declined to $2.3 million, and the company is continuing cost-reduction efforts and financing through convertible securities.
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