Mullen Automotive (NASDAQ: MULN) reported its strongest quarter to date, invoicing over $4.4 million and receiving $6 million for vehicle deliveries in Q1 FY2025. The company highlighted growth in its commercial EV segment, with new sales across multiple industries, including home services, floral, and coffee distribution. Bollinger Motors delivered 20 Class 4 B4 trucks, generating $2.8 million in revenue, while expanding its sales and service network to over 50 locations. Mullen also advanced its U.S. battery production capabilities with three new battery lines and a $55 million DOE funding request. Despite these developments, the company reported a net loss of $114.9 million, with 79% attributed to non-cash expenses.

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About Mullen Automotive Inc.

Mullen Automotive is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. The CARB-issued HVIP approval on the Mullen THREE, Class 3 EV truck, provides up to a $45,000 cash voucher at time of vehicle purchase. The company has also recently expanded its commercial dealer network to seven dealers with the addition of Papé Kenworth. Other previously announced dealers include Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key Midwest, West Coast, Pacific Northwest, New England and Mid-Atlantic markets. The company has also announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles. For more information about the company, visit www.MullenUSA.com.

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