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Mullen Automotive | 8-K: Mullen Reports Strongest Fiscal Quarter in Company's History for Three Months Ended Dec. 31, 2023

SEC announcement · Feb 13 09:49

MULN +9.97%

Summary by Moomoo AI

On February 13, 2024, Mullen Automotive Inc., an emerging electric vehicle manufacturer, reported its financial results for the quarter ending December 31, 2023, marking the strongest fiscal quarter in the company's history. The company delivered 231 vehicles during the quarter, a significant increase from the 35 vehicles delivered in the 12 months ending September 30, 2023. Mullen Automotive's strategic pivot to focus on commercial electric vehicles (EVs) has resulted in increased demand for its products, including the CAMPUS, Class 1 and Class 3 EVs, and PowerUP charging trucks. The net loss for common stockholders after preferred dividends decreased substantially from $376.9 million in the previous year's quarter to $61.4 million. The company also highlighted its production capacity increase at the Tunica plant, CARB certification for its Class 1 EV cargo van and Class 3 EV truck, and progress at its battery module and pack development facility in Fullerton, California. Mullen Automotive regained compliance with the Nasdaq minimum bid price requirement and expects full Nasdaq compliance after its annual stockholder meeting on February 29, 2024. The company achieved several milestones, including certifications from CARB, federal EPA, NHTSA, and IRS approval as a 'qualified manufacturer,' making its vehicles eligible for federal EV tax credits. Mullen Automotive also announced collaborations and developments in its vehicle programs, including the Mullen FIVE EV Crossover and Mullen-GO Commercial Urban Delivery EV. The company's financial position includes $47.1 million in working capital and $88.9 million in cash as of December 31, 2023, with expectations to close on a $32 million loan in February 2024 to increase capital for vehicle production.

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