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Mullen Automotive Inc. (MULN-2.43%) has filed its annual report on Form 10-K for the fiscal year ended September 30, 2024 filing.
The report details Mullen's financial performance, including a net loss of $505.8 million for the fiscal year, compared to a net loss of $1,006.7 million in the previous year. The company reported revenue from vehicle sales of $1.1 million, up from $366,000 in the prior year.
Mullen's operating expenses included $181.9 million in general and administrative costs, $74.9 million in research and development expenses, and $119.2 million in impairment charges related to goodwill, property, plant, equipment, and other assets.
The company highlighted its acquisitions of Bollinger Motors and Electric Last Mile Solutions, which were completed in 2022, as part of its strategy to enter the medium-duty truck market and expand its electric vehicle offerings.
Mullen's liquidity concerns were addressed in the report, indicating a negative working capital of $120 million and substantial doubt about the company's ability to continue as a going concern without additional funding.
The report also discusses Mullen's ongoing efforts to raise additional capital through equity or debt financing, cost reduction measures, and potential strategic partnerships or asset sales to address its liquidity challenges.
Mullen's CEO, David Michery, is highlighted as a key figure in the company's operations, with performance-based stock awards tied to specific milestones, including vehicle delivery and capital raising targets.
The report outlines Mullen's plans for future growth, emphasizing the importance of the commercial and fleet business segments and the company's strategy to focus on the electric vehicle market.
Mullen's board of directors is noted to consist of a majority of independent directors, with committees overseeing audit, compensation, and corporate governance functions.
The report concludes with a discussion of various risks and uncertainties facing Mullen, including competition in the electric vehicle market, regulatory challenges, and the company's dependence on suppliers and partners.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mullen Automotive Inc. annual 10-K report dated January 24, 2025. To report an error, please email earnings@qz.com.