Mullen Automotive Tightens Belt With 20% Workforce Cut And Revenue Push - What's Going On?

Benzinga10-07

Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower on Monday. The company anticipates ramping up to an average of $12.5 million per month in revenue over the next six months, totaling $75 ...

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The company anticipates ramping up to an average of $12.5 million per month in revenue over the next six months, totaling $75 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/mullen-automotive-tightens-belt-20-135001717.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mullen Automotive Tightens Belt With 20% Workforce Cut And Revenue Push - What's Going On?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMullen Automotive Tightens Belt With 20% Workforce Cut And Revenue Push - What's Going On?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-07 21:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/mullen-automotive-tightens-belt-20-135001717.html><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower on Monday. The company anticipates ramping up to an average of $12.5 million per month in revenue over the next six months, totaling $75 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/mullen-automotive-tightens-belt-20-135001717.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MULN","symbol_name":"Mullen Automotive","start_time":0,"source_url":"https://finance.yahoo.com/news/mullen-automotive-tightens-belt-20-135001717.html","article_id":"2473101902","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/MdwxzWivG.nJCkfjVLRt0Q--~B/aD01NTM7dz05ODM7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/Benzinga/6e803d3aca5d0b0db02f20c45fcd630e"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2473101902","pubTimestamp":1728309001,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Mullen Automotive, Inc.  shares are trading lower on Monday. The company anticipates ramping up to an average of $12.5 million per month in revenue over the next six months, totaling $75 million in GAAP revenue from Mullen Commercial and Bollinger Motors sales opportunities.Apart from this, the company plans to cut spending by $5.5 million, from $12.8 million to $7.3 million per month over the next six months.The cost cut involves a 20% headcount reduction, eliminating the Mullen FIVE passenger vehicle program and facility consolidations by terminating property leases and subleasing non-essential properties.Mullen aims to boost near-term commercial revenue and improve operational efficiencies, expecting revenue and gross margin growth to further reduce cash needs.David Michery, CEO and chairman of Mullen Automotive, stated, “As Bollinger focuses on B4 ramp up production volume and Mullen’s commercial vehicle sales momentum continues, I remain confident that through continued focus on r","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"MULN":"Mullen Automotive"},"translate_title":"Mullen Automotive勒紧裤腰带，裁员20%并增加收入-发生了什么？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MULN":1},"content_text":"Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower on Monday. The company anticipates ramping up to an average of $12.5 million per month in revenue over the next six months, totaling $75 million in GAAP revenue from Mullen Commercial and Bollinger Motors sales opportunities.\nApart from this, the company plans to cut spending by $5.5 million, from $12.8 million to $7.3 million per month over the next six months.\nThe cost cut involves a 20% headcount reduction, eliminating the Mullen FIVE passenger vehicle program and facility consolidations by terminating property leases and subleasing non-essential properties.\nMullen aims to boost near-term commercial revenue and improve operational efficiencies, expecting revenue and gross margin growth to further reduce cash needs.\nIn recent months, the company has completed over 80 vehicle demonstrations and pilots across various U.S. industries, leading to significant commercial sales progress.\nDavid Michery, CEO and chairman of Mullen Automotive, stated, “As Bollinger focuses on B4 ramp up production volume and Mullen’s commercial vehicle sales momentum continues, I remain confident that through continued focus on revenue growth and expense reduction our near term cash flow will continue to improve.”\nLast week, the company announced that its subsidiary, Bollinger Motors, has completed its first customer delivery of the 2025 Bollinger B4 Chassis Cab.\nAlso, the company expects to report $4.5 million in revenue for the quarter ending September 30, 2024, a significant increase of 6,791% compared to the $65,235 reported for the quarter ending June 30.\nPrice Action: MULN shares are down 7.17% at $2.33 at the last check Monday.\nRead Next:\n\nAstraZeneca Inks $1.92B License Pact With Hong Kong-Based Firm To Boost Cardiovascular Pipeline\n\nUNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.\nGet the latest stock analysis from Benzinga?\n\nThis article Mullen Automotive Tightens Belt With 20% Workforce Cut And Revenue Push - What's Going On? originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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