Mullen Makes Additional Cost Cutting Initiatives While Also Announcing Record Increase in GAAP Revenue for Current Fiscal Quarter 2

Company cost cutting initiatives include:

•    Additional reduction of staff as Company continues to integrate operations.

•    Further elimination of facilities.

•    Additional reduction of operating expense burn rate.

Mullen continues focus on cell and battery pack developments

BREA, Calif., March 27, 2025 (GLOBE NEWSWIRE) -- via IBN -- (NASDAQ: ) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces record GAAP revenue of $3.18 million to date for quarter ending March 31, 2025. Mullen has also begun additional staff reductions and further elimination of property leases as the Company continues to consolidate business operations. The Company continues to focus on reduction of the current burn rate while increasing near term commercial revenue generation.

The additional initiatives the Company is currently undertaking include the following and are planned to take effect in April 2025:

•    Additional reduction of staff as Company continues to integrate operations.

•    Further elimination of facilities.

•    Additional reduction of operating expense burn rate.

•    Continued focus on cell and battery pack developments.

“We continue as an organization, taking every opportunity to adapt our verticals based on market needs, allowing us to remain competitive in an ever-changing economy,” said David Michery, CEO and chairman of Mullen Automotive. “Our continued focus is on selling vehicles and advancing our battery technologies.”

Mullen’s commercial EV lineup includes the Mullen ONE, Class 1 EV cargo van, and the Mullen THREE, Class 3 EV cab chassis truck. Both vehicles are available for sale and in full compliance with U.S. Federal Motor Vehicle Safety Standards, the Environmental Protection Agency, and the California Air Resources Board (“CARB”) certifications denoting strict adherence to clean air emissions standards.

Bollinger’s recently launched commercial vehicle, the B4 Chassis Cab, is an all-new, all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. The company began delivering Bollinger B4 vehicles to customers in October.

About Mullen

Mullen Automotive (NASDAQ: MULN) 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. 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 Company’s commercial dealer network consists of seven dealers, which includes Papé Kenworth, 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 West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets.

In September 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has passed numerous milestones including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer and service network with over 50 locations across the United States.

To learn more about the Company, visit .

Forward-Looking Statements

Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, timeframes for implementation of anticipated cost-cutting and expense reduction initiatives and the resultant impact to the Company, if any, of these measures. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.

Contact:

Mullen Automotive, Inc.

+1 (714) 613-1900



 

Corporate Communications:

IBN

Austin, TX



512.354.7000 Office