Mullen more than doubled bookings on Mullen FIVE in the said quarter.
Cash and cash equivalents in Q/Q increased to +65.2 million, primarily driven by the issuance of Mullen’s Series C preferred stock at $8.84/share.
Bills Payable, Current Segment decreased ~10.8% q/q to $16.9 million
Total assets increased by approximately 138.4% to just over $100 million, primarily driven by financing activities.
Shareholders’ equity rose positively on a quarterly basis from a deficit of -$10.5 million to a surplus of +$52.6 million
After the period ended March 31, 2022, Mullen Automotive Inc. Agreement with Thurner Design to develop Mullen FIVE RS, a high-performance electric sports crossover featuring approximately 1,100 horsepower, 0-60 mph in 1.95 seconds, and a top speed of 200 mph.
Between late April and early May 2022, Mullen Automotive received a total of $15 million from exercising the CEOcast Equity Line Credit in exchange for guarantees of common stock. CEOcast has exercised orders for 12.7 million common shares to amortize this credit facility.
Brea, CA, May 13, 2022 (Globe Newswire) – Via InvestorWire – Moline Automotive Company. (NASDAQ: Mullen) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces preliminary financial results (subject to change) for the period ended March 31, 2022.
As of March 31, 2022, Mullen cash and cash equivalents was $65.2 million, primarily due to $43.9 million from the issuance of 4,974,214 Series C preferred stock and 14,922,667 in related warrants to selling shareholders that were issued. Their inclusion in the S-3 registration statement, effective April 15, 2022, was announced. In addition, the company received $29.6 million in net proceeds under its $30 million Esousa stock line, dated September 1, 2021.
Total debt of $22.1 million continues its downward trajectory. Debt decreased significantly as of September 30, 2021, due to principal payments, debt repayments, and convertible debt into equity. Tax liabilities decreased to $2.8 million from $4.2 million, which is made up of the IRS and other tax authorities related to payroll and sales and use taxes. On April 14, 2022, the company signed an IRS installment agreement to pay off the remaining balance of the federal payroll liabilities in monthly payments of $45,000.
In May 2022, Mullen signed a bid with Thurner Design to develop the Mullen FIVE RS, a high-performance EV sports crossover featuring nearly 1,100 horsepower, 0-60 mph in just 1.95 seconds, and a top speed of 200 mph. The proposal includes two phases: 1) design, appearance and design support, and 2) higher visualization and imaging. The Thurner Design team is responsible for shaping and directing designs and brands such as Rolls-Royce Motorcars, Bentley Motors, Bugatti, Porsche, Lamborghini, Aston Martin and Mullen Automotive. The Mullen FIVE RS was previously announced to join the “Strikingly Different” test drive test round at Mullen in the spring of 2023.
Reservations for Mullen FIVE increased significantly in the quarter ending March 31 and more than doubled the volume achieved in the fourth quarter of 2021, which included the world debut of the Mullen FIVE at the Los Angeles International Auto Show in November 2021. It shows strong consumer interest .
“We made significant progress during the second quarter and demonstrated significant financial progress going forward,” said David Michery, CEO and Chairman of Mullen Automotive. Our balance sheet continues to improve and our electric vehicle programs are moving forward, including the start of the Mullen FIVE RS.”
Mullen is a Southern California based automotive company that owns and partners with several synergistic companies working toward the unified goal of creating clean, scalable energy solutions. Mullen has evolved over the past decade in conjunction with consumer and technology trends. Today, the company is working hard to provide exciting EV options that are built entirely in the United States and designed to perfectly fit the lives of the American consumer. Mullen strives to make electric vehicles more accessible than ever by building a comprehensive ecosystem that addresses all aspects of electric vehicle ownership.
Financial Declaration Consulting
The financial results contained in this press release are preliminary and estimated. It is subject to the completion and completion of the company’s financial and accounting closing procedures. The Company has not yet completed the reporting process for the quarter ended March 31, 2022. Preliminary results presented here are based on its reasonable estimates and information available to it at this time. As such, the Company’s actual results may differ materially from the preliminary results presented here and will not be finalized until the Company submits its final results for the second fiscal quarter 2022 after completing its normal accounting procedures at the end of the quarter. In addition, any statements relating to the Company’s preliminary and estimated financial performance for the second quarter of fiscal year 2022 do not provide all the information necessary to understand the Company’s financial position and results of operations as of and for the quarter ended March 31, 2022, and should not be considered a substitute for the quarterly financial statements prepared In accordance with generally accepted accounting principles. Accordingly, you should not unduly rely on this preliminary information.
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical facts may be considered forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expect,” “plan,” “intend,” “expect,” “believe,” “aim” statements expected” and “probable” and the like, among other things, to the identification of such forward-looking statements.All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, on which much depends. These are generally based on Mullen’s management’s current expectations and are not projections of actual performance These forward-looking statements are provided for illustrative purposes only and are not intended to be a guarantee, assurance, expectation, conclusive statement or probability and should not be relied upon by any investor. Actual events and conditions are difficult or impossible to predict and will differ from assumptions These forward-looking statements include, but are not limited to, statements regarding financial and operating guidance, the amount of vehicle reservations and related potential sales, and expenses Future capital and operating expenses Other, forecast and timing related to commercial product launches, production and delivery volumes, range and performance of our vehicles, pricing of our vehicles, and our estimate of the length of time, our current funds will be sufficient to fund planned operations, timing of deliveries, future manufacturing capabilities and facilities, future sales channels and strategies, and potential success for Mullen’s market entry strategy and future vehicle programs; whether the company will achieve its goals of launching a crossover, five within the projected timelines, and if so, if the five will be successful; Whether the production of its own electric car battery packs will be successful, reduce dependence on third-party suppliers or lead to lower costs and increased overall quality; Whether the company’s partnerships with various third parties will expedite the rollout of the Five-Plan; The ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; The ability to maintain existing and additional contracts with manufacturers, spare parts and other service providers in connection with the ability of its business to successfully expand into existing markets and enter new ones; The ability to successfully manage and integrate any business acquisitions, solutions or technologies; Unforeseen operating costs, transaction costs, and actual or contingent liabilities; The ability to attract and retain qualified personnel and key personnel; negative effects of increased competition for Mullen’s business; changes in governmental licenses and regulations that may adversely affect Mullen’s business; the risk of changes in consumer behavior that could adversely affect Mullen’s business; Mullen’s ability to protect its intellectual property; local, industrial and general commercial and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8. K has been raised By Mullen at the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause a change in her plans, intentions, and expectations. Mullen assumes no obligation, and specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any later date.
Mullen Automotive, Inc.
+1 (714) 613-1900
Contact wiring service:
Los Angeles California