BREA, Calif. - Mullen Automotive Inc. (NASDAQ: NASDAQ:MULN), a burgeoning electric vehicle (EV) manufacturer, disclosed its financial results for the quarter ending December 31, 2023, revealing a substantial reduction in net loss and a significant uptick in vehicle production. The company's net loss attributable to common stockholders after preferred dividends dropped from $376.9 million in the previous year's quarter to $61.4 million.
The company's CEO and chairman, David Michery, highlighted the strategic shift to commercial EVs as a key driver of the improved performance, noting the increased demand for the company's CAMPUS, Class 1, and Class 3 EVs, as well as PowerUP charging trucks. Mullen delivered 231 vehicles in the last quarter, compared to only 35 in the 12 months ending September 30, 2023.
Mullen's production capacity has expanded with two vehicle lines at its Tunica plant, and the company has invoiced for 396 vehicles, totaling $17.3 million. The firm has also obtained CARB certification, allowing sales across all 50 states.
In addition to vehicle manufacturing, Mullen is advancing in battery technology. Its Fullerton, California facility is focused on reducing foreign battery component reliance, and a recent solid-state polymer cell integration is expected to significantly increase EV range.
The company also reported progress in regaining compliance with Nasdaq's minimum bid price requirement and expects full compliance after its annual stockholder meeting on February 29, 2024. Moreover, Mullen's EVs are now eligible for federal tax credits of up to $7,500 per vehicle.
Mullen's financial health is further evidenced by its stockholders' equity of $271.8 million as of December 31, 2023. The company also anticipates securing a $32 million loan in February 2024 to boost capital for vehicle production.
This report is based on a press release statement from Mullen Automotive Inc.
InvestingPro Insights
Mullen Automotive Inc. (NASDAQ: MULN) has shown a dynamic presence in the electric vehicle (EV) industry with its latest financial results indicating a promising reduction in net loss and a surge in vehicle production. To provide additional context to the company's performance and outlook, InvestingPro offers the following insights:
InvestingPro Data highlights a market capitalization of $41.84 million, reflecting the company's current valuation in the market. Despite the positive news on production and strategy, the Price / Book ratio stands at a low 0.22, suggesting that the company's stock might be undervalued relative to its assets. Additionally, the 1 Week Price Total Return shows an 11.59% increase, indicating recent positive momentum in the stock's performance.
InvestingPro Tips reveal that management has been actively buying back shares, a sign of confidence in the company's future. Moreover, Mullen holds more cash than debt on its balance sheet, which could provide financial flexibility and stability as it scales up production and continues to innovate in battery technology.
For readers interested in a deeper dive into Mullen's financials and strategic positioning, InvestingPro offers additional tips, including insights on shareholder yield, cash burn rate, and the company's performance within its industry niche. In total, there are 17 additional InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/MULN for those seeking a comprehensive analysis.
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