Summary by Moomoo AI
Mullen Automotive, an early-stage electric vehicle manufacturer, reported a net loss of $171.4 million for the quarter ended March 31, 2024, compared to a net loss of $116.9 million for the same period in 2023. The company's revenue from vehicle sales was $33.3 million, marking its initial revenue generation. However, operating expenses, including significant impairment charges totaling $105.5 million, contributed to a loss from operations of $177.4 million, a substantial increase from the previous year's $67.9 million. Research and development costs rose by 17% to $24.0 million, reflecting the company's ongoing investment in electric vehicle technology. General and administrative expenses saw a slight increase of 1% to $47.9 million. Mullen Automotive's future plans include ramping up production of Commercial Delivery Vehicles and expanding its product line to include SUVs and electric vehicle leasing. The company is actively seeking additional funding and implementing cost-cutting measures, including workforce reductions and downsizing physical locations, to address its financial challenges. Mullen Automotive has also regained compliance with NASDAQ's listing requirements after completing reverse stock splits.