IBN Coverage: Mullen Automotive (NASDAQ: MULN) Forecasts $75M in GAAP Revenue Over Next 6 Months

NewMediaWire10-07

This article was published by IBN, a multifaceted communications organization engaged in connecting public companies to the investment community. LOS ANGELES, CA - (NewMediaWire) - October 7, 2024 - ...

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As a result, the company forecasts $75 million in estimated GAAP revenue over the next six months from both Mullen Commercial's and its subsidiary Bollinger Motors' sales opportunities and pilot programs. The announcement also noted that the company is taking immediate steps to reduce its overall spend  from $12.8 million to $7.3 million. The $5.5 million cut is driven by a 20% reduction in headcount, elimination of passenger vehicle programs, and facility consolidations.\"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 gr","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{".IXIC":"NASDAQ Composite","NDAQ":"纳斯达克OMX交易所","IBN":"印度工业信贷投资银行","MULN":"Mullen Automotive"},"translate_title":"IBN报道：Mullen Automotive（纳斯达克股票代码：MULN）预测未来6个月GAAP收入为7500万美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".IXIC":1,"IBN":1,"MULN":1,"NDAQ":1},"content_text":"This article was published by IBN, a multifaceted communications organization engaged in connecting public companies to the investment community.\nLOS ANGELES, CA - (NewMediaWire) - October 7, 2024 - Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (\"EV\") manufacturer, today announced that it expects to ramp up its commercial sales to a monthly average of $12.5 million. As a result, the company forecasts $75 million in estimated GAAP revenue over the next six months from both Mullen Commercial's and its subsidiary Bollinger Motors' sales opportunities and pilot programs. The announcement also noted that the company is taking immediate steps to reduce its overall spend (operating and investing cash flows) from $12.8 million to $7.3 million. The $5.5 million cut is driven by a 20% reduction in headcount, elimination of passenger vehicle programs, and facility consolidations.\n\"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,\" stated David Michery, CEO and Chairman of Mullen.\nTo view the full press release, visit https://ibn.fm/UuxGA\nAbout Mullen Automotive Inc.\nMullen 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 Pap 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.\nForward-Looking Statements\nCertain statements in this article are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management's control, including the risks set forth under the heading \"Risk Factors\" discussed under the caption \"Item 1A. Risk Factors\" in Part I of the Company's most recent Annual Report on Form 10-K or any updates discussed under the caption \"Item 1A. Risk Factors\" in Part II of the Company's Quarterly Reports on Form 10-Q and in the Company's other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this article in making an investment decision, which are based on information available to us on the date hereof. All parties undertake no duty to update this information unless required by law.\nAbout IBN\nIBN is a cutting-edge communications and digital engagement platform providing tailored Platform Solutions for select private and public companies. Over the course of 18+ years, IBN has introduced over 65+ investor facing brands to the investment public and amassed a collective audience of millions of social media followers. These distinctive investor brands amplify recognition and reach as well as help fulfill the unique needs of our rapidly growing and diverse base of client-partners. IBN will continue to expand our branded network of influential properties as well as leverage the energy and experience of our team of professionals to best serve our clients.\nIBN's Platform Solutions provide access to: (1) our Dynamic Brand Portfolio (DBP) through 65+ investor facing brands; (2) article and editorial syndication to 5,000+ news outlets; (3) full-scale distribution to a growing social media audience; (4) a network of wire solutions via InvestorWire to effectively reach target markets and demographics; (5) Press Release Enhancement to ensure accuracy and impact; (6) a full array of corporate communications solutions; and (7) total news coverage solutions.\nFor more information, please visit https://www.InvestorBrandNetwork.com\nPlease see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://IBN.fm/Disclaimer \nMedia Contact\nIBN (InvestorBrandNetwork)\nLos Angeles, California\nwww.InvestorBrandNetwork.com\n310.299.1717 Office\nEditor@InvestorBrandNetwork.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2473410046"}