Mullen Automotive (NASDAQ:MULN) announced on Thursday its first ever recorded revenue of the year.
The company announced it has sold 22 EV cargo vans to the Randy Marion Automotive Group (RMA Group) for $308,000.
“The $308,000 is the company’s first recorded revenue and is being recognized in the quarter ending June 30, 2023.”
All vehicles are in que to be shipped, with the first vehicles shipping today, June 29, 2023, from Mullen’s Tunica, Mississippi, assembly plant to Randy Marion Automotive Group in North Carolina.
Randy Marion is the authorized distributor of Mullen’s commercial EVs in the U.S.
The Company currently is in process with six Campus EV Pilot Programs across four different industry categories including aviation, pharmaceutical, public utility and universities.
Further details on these programs are anticipated to be included in future announcements.
All Mullen commercial vehicles, including the Mullen EV Campus Cargo Van, Mullen Class 1 EV Cargo Van and the Mullen Class 3 EV Cab Chassis Truck will be produced at Mullen’s Tunica assembly plant.
The Campus EV Cargo Van is available now for purchase.
Start of production for the Class 3 EV Cab Chassis Truck will begin in July with first vehicle deliveries in August and September 2023.
MULN stock jumped up +5% Thursday morning on big volume; however, shares of the company are still down more than -98% this year-to-date.
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Official Announcements from Mullen Automotive
“We continue to receive great interest from around the country for Mullen’s different commercial EVs and the campus van is proving to be a great fit with various different closed campus commercial applications,” said Brad Sigmon, vice president of RMA Fleet Operations.
The Mullen commercial team has been active across the country this past winter and spring, showcasing the Mullen Class 1 and Class 3 vehicles at various commercial and fleet events, including test drive opportunities at multiple locations.
The public will also have the opportunity to experience Mullen’s commercial vehicle lineup at the upcoming 2023 “Strikingly Different” U.S. tour, planned to start in August 2023.
The tour will feature several Mullen EVs, including the Mullen FIVE and Mullen FIVE RS crossovers, Mullen ONE commercial Class 1 van, Mullen THREE commercial Class 3 truck, Bollinger B1, B2 and B4 and the new Mullen GT sports car.
“These shipments are significant as they represent the first revenue recorded on our financial statement, reflected on the June 30, 2023, 10-Q,” said David Michery, CEO and chairman of Mullen Automotive, Inc.
This is certainly positive news and a great start for Mullen Automotive.
However, the company will require much larger reports if it’s to truly make an impact.
Shareholders are appalled by what’s happened to the company share price, something CEO David Michery has been heavily criticized for.
Is Mullen Automotive getting ready to make a comeback? Leave your thoughts in the comments section down below.
Latest MULN Stock News
Mullen Automotive announced on Tuesday that its Series D holders have now exercised their final $100 million investment option.
The expiring date for this contract was set for June 30, but has now provided Mullen Automotive with $100 million in additional funding, per the company’s report.
“The exercise of the option has resulted in additional funding to the Company of $100 million.
The Company now has more than $235 million in cash and cash equivalents on its balance sheet, recognizing that this amount is after the Company has expended $253 million-plus for two completed acquisitions that added valuable, unencumbered assets to the balance sheet for the majority ownership in Bollinger Motors and certain assets related to Electric Last Mile Solutions (“ELMS”).
With the exception of $7.3 million of outstanding debt, all Company-owned real estate and other assets are unencumbered.”
Mullen CEO David Michery says the company is in the best cash position it’s ever been in its history.
“We are in the best financial position in our Company’s history and remain fully committed and highly focused on producing, selling and delivering our vehicles to our customers prior to the end of 2023,” said David Michery, CEO and chairman of Mullen Automotive on Tuesday.
With over $235 million in cash and cash equivalents, it represents approximately 2 years of operating capital.
Shares of the company fell more than -18% on Tuesday morning after the announcement; something is certainly wrong here.
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