Mullen Automotive, Inc. ( MULN ) shares are trading lower on Wednesday.

The company reported first-quarter net sales of $2.92 million. During the three months ended Dec. 31, 2024, Mullen Automotive ( MULN ) invoiced for 58 vehicles valued at $4.4 million and received $6.0 million in cash. 

Mullen Automotive ( MULN ) reported a net loss attributable to common shareholders after preferred dividends of $114.9 million, or $661.33 loss per share. For the same period last year, net loss attributable to common shareholders after preferred dividends was $61.4 million, or $91,940.42 loss per share, giving retroactive effect to reverse stock splits, including 1:60 reverse stock split that was made effective on Feb. 18, 2025.

The company deferred revenue recognition on most Mullen Automotive ( MULN ) commercial vehicles invoiced until payment was received. The return provision is nullified once the dealer sells the vehicle to the end user.

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“We’ve also recently furthered our efforts around U.S. battery production capabilities with the additional purchase of battery line equipment from Nikola Corporation, advancing our commitment to U.S. battery assembly and production,” said CEO and chairman David Michery.

Mullen Automotive ( MULN ) had total cash (including restricted cash) of $2.7 million on Dec. 31, 2024, versus $10.7 million on Sept. 30, 2024.

On Feb. 1, 2025, Mullen introduced additional cost-cutting measures, reducing headcount and personnel costs by approximately $13 million annually. These measures aim to decrease annual cash spend and improve financial efficiency.

“Bollinger is now moving with speed and attaining solid commercial sales results. Mullen Commercial also has solid momentum and continues to build on Class 1 and 3 sales opportunities across the U.S.,” Michery said.

Price Action: MULN shares are trading lower by 25.9% to $7.339 at last check Wednesday.

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