Mullen Automotive (MULN) Reports Revenue Increase, Reduction in Spending

Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today that it expects $4.5 million in revenue for quarter ended Sept. 30, 2024, compared to $65,235.00 reported in quarter ended June 30, 2024, an increase of 6791% compared to prior quarter. The Company also provides an operational update, which includes initiatives it has recently taken to reduce overall operating expenses.

Mullen operational updates include:

• As of today, Company received $11.9 million, and expects to receive an additional $600,000 from investors, representing 25% of their additional investment right
• Company has an additional investment commitment of $150 million through the use of its equity line, which allows it to offer common stock, subject to market and other conditions
• For quarter ended Sept. 30, 2024, Company expects to report approximately $4.5 million in revenue compared to $65,235.00 reported in quarter ended June 30, 2024, an increase of 6791% compared to prior quarter
• Mullen reported a monthly cash burn (operating and investing cashflows) of $12.8 million for the quarter ended June 30, 2024, as compared to a monthly cash burn of $18.1 million for the quarter ended March 31, 2024, representing a decrease of 30% or $5.3 million per month. The Company’s monthly cash burn for the quarter ended Sept. 30, 2024, is approximately $12.7 million per month
• The Company plans to continue to improve its cash burn with operating reductions throughout 2025 with the expectation to achieve breakeven on a cash basis by December 2025

“Our revenue is up significantly, and our cash burn continues to decrease,” said David Michery, CEO and chairman of Mullen Automotive. “We are going into the remainder of 2024 with strong momentum, and I am focused on closing out the calendar year on an extremely positive trajectory.”

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