Executive Summary

Q2 FY2025 revenue grew to $4.95M, a sharp acceleration versus $33k in Q2 FY2024 and up from $2.92M in Q1 FY2025; six-month FY2025 revenue totaled $7.87M, reflecting early commercialization of Mullen ONE (Class 1) and THREE (Class 3) and initial Bollinger B4 deliveries .
Losses narrowed materially year over year: net loss attributable to stockholders was $47.1M in Q2 FY2025 versus $132.4M in Q2 FY2024, helped by derivative revaluation gains partially offset by warrant-related financing costs; non-cash items comprised ~73% of six-month losses YTD .
Liquidity remains tight: cash and restricted cash at 3/31/25 was $2.32M, working capital was negative ($156.1M), though cash outflows fell 56.6% YoY to $52.4M in the first half; financing provided $44.0M YTD .
Subsequent event: Bollinger Motors (majority-owned segment) entered court-appointed receivership on May 7, 2025, a legal overhang; management does not expect a material adverse impact on liquidity but uncertainty persists and could be a stock reaction catalyst .

What Went Well and What Went Wrong

What Went Well

Record quarterly revenue execution: “Q2 2025 revenue of $5 million outperformed Q2 2024 revenue of $33,000 by more than 143 times,” highlighting commercialization progress across Class 1 and Class 3 vehicles .
Sales traction across commercial verticals: deliveries to logistics (Cashflow on Wheels, 20 Class 3 units, ~$1.4M retail value), local government (Orange County, NC), universities, and dealers (NAFG Sourcewell approval) broadened customer base .
Cost discipline: YTD cash spend fell to $52.4M from $120.9M (–56.6%), reflecting headcount reductions and facilities eliminations; management reiterated focus on burn-rate reduction and battery technology development .

What Went Wrong

Negative gross margin at scale: Q2 gross loss of $2.05M (revenue $4.95M vs. cost of revenues $7.00M) indicates unit economics and scale inefficiencies; pricing/mix and ramp costs continue to pressure margins .
Complex capital structure and non-cash charges: sizable warrant-related financing costs and derivative revaluation drive volatility in reported earnings; six-month non-cash expenses/gains totaled $118.4M (73% of loss) .
Legal overhang on Bollinger: court-appointed receivership post quarter end introduces strategic and operational uncertainty for the Class 4 B4 program and dealer network, despite management’s statement about limited liquidity impact .

Financial Results

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD)	$33,335	$2,920,485	$4,950,140
Cost of Revenues ($USD)	$13,440	$6,588,933	$6,996,936
Gross Profit (Loss) ($USD)	$19,895	$(3,668,448)	$(2,046,796)
Net Loss Attributable to Stockholders ($USD)	$(132,431,960)	$(114,888,557)	$(47,075,891)
Net Loss per Share ($USD)	$(12,041,273.00)	$(661.33)	$(489.24)

Segment/vehicle type detail (latest disclosed):

Segment/Type	Q1 2025 Units	Q1 2025 Revenue ($USD)
Bollinger B4 (Class 4)	20	$2,777,000
Destination freight & other services	N/A	$112,000
Mullen ONE (Class 1) & THREE (Class 3)	38 combined invoiced; limited recognition due to dealer return provisions	$31,000

Key KPIs and Liquidity:

KPI	Q1 2025	Q2 2025 (Quarter)	FY2025 YTD (6M)
Vehicles invoiced	58	Not disclosed	69
Amount invoiced ($USD)	$4.37M	Not disclosed	$5.7M
Cash received on deliveries ($USD)	$6.0M	Not disclosed	$8.0M
Revenue recognized ($USD)	$2.92M	$4.95M	$7.87M
Cash & Restricted Cash ($USD)	$2.74M at 12/31/24	$2.32M at 3/31/25	$2.32M at 3/31/25
Working Capital ($USD)	$(186.2)M at 12/31/24	$(156.1)M at 3/31/25	$(156.1)M at 3/31/25
Cash Outflows (Op + Inv) ($USD)	$(27.8)M in Q1	Not disclosed	$(52.4)M (–56.6% YoY)

Non-cash expense composition (6M FY2025):

Item	6M FY2025 ($USD)
Revaluation of warrants and derivative liabilities	$(63,617,277)
Loss on exchange of warrants	$57,770,454
Stock-based compensation	$42,272,019
Initial recognition of warrants	$37,184,192
Amortization of debt discount and non-cash interest	$24,026,629
Impairment of intangible assets	$12,006,452
Depreciation and amortization	$9,519,559
Total non-cash items	$118,447,022

Guidance Changes

No formal quantitative guidance was provided for revenue, margins, OpEx, OI&E, tax, or dividends in Q2 FY2025 or Q1 FY2025 filings/press releases.

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY2025 / Q3	None	None	Maintained (no guidance)
Gross Margin / EBITDA	FY2025	None	None	Maintained (no guidance)
OpEx	FY2025	None	Focus on cost reductions	Qualitative only
Tax rate	FY2025	None	None	Maintained (no guidance)
Segment-specific	FY2025	None	None	Maintained (no guidance)

Earnings Call Themes & Trends

No Q2 FY2025 earnings call transcript was available; themes below reflect management commentary in filings and press releases.

Topic	Previous Mentions (Q-2 = Q3 2024)	Previous Mentions (Q-1 = Q1 2025)	Current Period (Q2 2025)	Trend
Commercial EV sales execution	Early pilots, dealer build-out; minimal revenue	Strongest quarter to-date: $2.92M recognized; invoiced $4.37M; deliveries across verticals	$4.95M revenue, more customer diversity; six-month $7.87M	Improving
Cost discipline / burn rate	Large cash outflows; financing reliance	Headcount reductions; cash spent Q1 $(27.8)M	YTD cash spend $(52.4)M (–56.6% YoY); further reductions initiated	Improving
Battery technology program	Solid-state polymer roadmap for 2H25 certification	DOE matching funds application; battery lines installed	Enpower partnership to build SWIFT SSB; integration in Fullerton; production targeted early 2026	Advancing
Bollinger B4 (Class 4)	EPA cert; orders; 2H24 delivery start	20 B4 delivered; $2.8M recognized; network expansion	Deliveries to LES Ecology Center; EnviroCharge partnership; receivership appointed post quarter	Mixed (operational progress vs legal overhang)
Regulatory/incentives	CARB/HVIP approvals; FTZ status	Dealer network expansion, incentives highlighted	NAFG Sourcewell approval enabling public sector procurement	Supportive
Legal/structural	N/A	N/A	Bollinger receivership; GEM settlement; financing reliance	Deteriorating (legal risk)

Management Commentary

“Our Q2 2025 revenue of $5 million outperformed Q2 2024 revenue of $33,000 by more than 143 times. This growth underscores the effectiveness of our strategic initiatives and increasing demand for our vehicles despite challenging market conditions.” — David Michery, CEO .
“Our fiscal Q2 will close with our strongest revenue performance to-date. Our revenue and overall momentum continues to build... for both Mullen and Bollinger commercial vehicles.” — David Michery, CEO (record GAAP revenue to date press) .
“We continue... taking every opportunity to adapt our verticals based on market needs... Our continued focus is on selling vehicles and advancing our battery technologies.” — David Michery, CEO (cost cutting press) .

Q&A Highlights

No Q2 FY2025 earnings call transcript found; no Q&A disclosures available in filings/press releases [List: earnings-call-transcript returned none].

Estimates Context

Wall Street consensus estimates via S&P Global for MULN were unavailable due to missing CIQ mapping; as a result, we cannot provide consensus comparisons for Q2 FY2025 or Q1 FY2025. Estimates may need to be established or updated by coverage initiation if/when mapping becomes available (S&P Global data unavailable).

Key Takeaways for Investors

Commercial traction is real but early: sequential revenue ramp from $2.92M (Q1) to $4.95M (Q2) with customer diversification; monitor conversion from invoicing/cash receipts to recognized revenue given dealer return provisions .
Unit economics remain a watch item: negative gross margin at current scale indicates need for cost/product optimization and production efficiencies before sustainable margins emerge .
Balance sheet constrained: low cash, negative working capital, and reliance on structured financing/warrants; execution on cost reductions and incremental financing is critical near term .
Bollinger receivership is the primary overhang: while management guides limited liquidity impact, strategic outcomes (operate/sell) are controlled by the receiver; assess implications for B4 deliveries and dealer network .
Battery roadmap progressing: Enpower partnership and 2026 production target provide medium-term technology optionality; near-term commercialization still anchored on Class 1/3 .
Public sector channel opening: Sourcewell approval via NAFG enhances procurement ease for government fleets—potentially accelerating orders in FY2025/26 .
Actionable: In the short term, stock likely reacts to legal developments (Bollinger), new fleet orders, and financing updates; medium term thesis hinges on converting pipeline to recognized revenue and achieving margin inflection through scale and cost reductions .

MULLEN AUTOMOTIVE INC. (MULN)·Q2 2025 Earnings Summary