Mullen Automotive Inc. reported $5 million in revenue for the quarter ending March 31, 2025, a significant rise from $33,000 in the same period last year, driven by strategic electric vehicle deliveries to logistics firms, local governments, and universities. This growth reflects the company's efforts to establish itself in the competitive EV market, highlighted by a new supply agreement with Enpower Greentech for advanced solid-state batteries and expanded public sector contract eligibility through Sourcewell. As of January 2024, both the Mullen ONE Class 1 EV cargo van and Mullen THREE Class 3 EV cab chassis truck are California Air Resource Board and EPA certified and available for sale in the United States, enhancing their market accessibility.
The company has expanded its commercial dealer network to seven dealers, including recent additions like Papé Kenworth, which provides sales and service coverage across key regions such as the Midwest, West Coast, Pacific Northwest, New England, and Mid-Atlantic markets. A six-month financial overview shows $7.9 million in revenue and a net loss of $162 million, with $118 million attributed to non-cash expenses, while cash reserves have decreased to $2.3 million, prompting continued cost-reduction strategies and financing through convertible securities. In May, Mullen placed Bollinger Motors, a majority-owned subsidiary, into court-appointed receivership, but the company asserts this will not materially impact its liquidity, allowing it to focus on core operations.
Mullen has secured Foreign Trade Zone status for its Tunica, Mississippi manufacturing center, offering benefits like duty deferment and elimination of duties on exported vehicles, which could reduce costs and boost international competitiveness. The company continues to leverage certifications such as the Hybrid and Zero-Emission Truck and Bus Voucher Program, providing up to $45,000 in cash vouchers for the Mullen THREE Class 3 EV truck, making it more attractive to buyers and supporting adoption in commercial fleets. These strategic moves, including partnerships and certifications, position Mullen to navigate the evolving electric vehicle landscape, though financial challenges like reduced cash reserves and net losses require ongoing management to sustain growth and market presence.
