On May 20, Mullen Automotive, Inc. (NASDAQ:MULN) reported results for fiscal Q2 2025, highlighting record revenue, outperforming all previous quarters. The company achieved $5 million in revenue for Q2 2025, reflecting an increase of $33,000 year-over-year. CEO and Chairman David Michery noted this to be the company’s best quarterly performance to date, reflecting a growth of over 143 times from Q2 2024.
A luxury electric vehicle driving in the city, its battery technology powering its progress.
Additionally, Mullen Automotive, Inc. also slashed its net loss by more than 64%, from $132.4 million net loss in Q4 2024 to $47.1 million in the recent quarter. Management also successfully reduced its cash expenditure from $120.9 million to $52.4 million over the six months ending March 31, 2025.
David Michery highlighted significant progress in its Class 1 and 3 commercial electric vehicle segment. This includes Cashflow on Wheels, ordering and receiving 20 Class 3 EVs valued at approximately $1.4 million, Global Expert Shipping purchasing Class 1 cargo vans, and the local government of Orange County acquiring Mullen ONE Class 1 EV cargo vans.
Mullen Automotive, Inc. is a United States-based commercial electric vehicle company that operates two vehicle production plants located in Mississippi and Indiana.
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