Summary by Moomoo AI
Mullen Automotive, an early-stage electric vehicle (EV) manufacturer, has reported a net loss of $1.006 billion for the fiscal year ended September 30, 2023, a 36% increase from the previous year's net loss of $740.3 million. The company's revenue from vehicle sales was $366,000, with a gross margin of $92,118. Operating expenses surged by 187% to $215.8 million, and research and development costs rose by 257% to $77.4 million. Mullen also recognized impairment losses totaling $84.6 million due to unfavorable market conditions. The company's cash and restricted cash stood at approximately $155.7 million as of September 30, 2023. Mullen Automotive has expanded its facilities, including the acquisition of an automobile manufacturing facility in Mishawaka, IN, and entering into various lease agreements for spaces intended for manufacturing, distribution, and office use. The...Show More