Executive Summary

Reported revenue of $0.07M, GAAP EPS of $(7.91) and net loss of $(91.6)M; revenue remains nominal due to deferral policies despite 377 vehicles invoiced YTD valued at $16.8M .
Liquidity compressed with cash at $3.6M, shareholders’ equity at $53.0M, and reported working capital at $(59.0)M as of June 30; management highlighted $250M financing commitments and a $100M commitment letter to support operations .
Strategic wins include EPA certification and firm orders for Bollinger B4, European distribution, UAE Volt $210M program, and shipments initiated; revenue recognition from Volt program guided to begin in fiscal Q1 (starting Oct 1) .
Directional commentary: positioning fiscal Q4 for strong Y/Y growth, with battery program targeting certification in 2H 2025; no numeric guidance provided .
Wall Street consensus estimates via S&P Global were unavailable for Q3 2024; thus no beat/miss assessment can be made (S&P Global consensus unavailable).

What Went Well and What Went Wrong

What Went Well
- New $250M financing commitments and a separate $100M commitment letter, improving funding visibility for scaling commercial EV operations .
- International traction: Volt Mobility $210M program (3,000 vehicles) and first shipments executed; European distributor orders (GAMA, Antidoto); expanding dealer network .
- Certification and orders: Bollinger B4 received EPA certification; expects SOP and deliveries in 2H 2024; aggregate orders include 80 units ($13.2M) and 50 units ($8.3M) .
What Went Wrong
- Reported revenue remains minimal ($0.07M) due to deferral until cash collection and sell-through, prolonging the disconnect between operational activity and GAAP revenue .
- Liquidity risk: cash of $3.6M, negative working capital $(59.0)M; equity declined to $53.0M due to impairment and operating losses .
- Opex intensity: Q3 G&A of $47.5M and R&D of $14.3M sustained high burn; nine-month impairments totaled $105.5M (prior quarter) impacting equity and losses .

Financial Results

Metric	Q3 2023	Q2 2024	Q3 2024
Revenue ($USD)	$308,000	$33,335	$65,235
Gross Profit ($USD)	$59,331	$19,895	$29,227
Gross Margin (%)	19.3%	59.7%	44.8%
G&A ($USD)	$31,777,812	$47,903,692	$47,477,377
R&D ($USD)	$22,088,011	$24,023,526	$14,292,744
Loss from Operations ($USD)	$(53,806,492)	$(177,368,830)	$(61,770,954)
Net Loss ($USD)	$(311,426,360)	$(171,362,248)	$(91,628,613)
GAAP EPS ($)	$(1,114.23)	$(19.39)	$(7.91)
Consensus Revenue ($USD)	N/A	N/A	N/A
Consensus EPS ($)	N/A	N/A	N/A

Liquidity and Balance Sheet

Metric	Sep 30, 2023	Mar 31, 2024	Jun 30, 2024
Cash and Cash Equivalents ($USD)	$155,267,098	$22,378,089	$3,549,367
Restricted Cash ($USD)	$429,372	$7,429,572	$414,536
Inventory ($USD)	$16,807,013	$32,961,724	$37,834,884
Total Assets ($USD)	$421,705,730	$214,119,749	$192,329,766
Shareholders’ Equity ($USD)	$272,808,110	$117,414,643	$52,995,150
Working Capital (Reported, $USD)	$58.5M	$5.3M	$(59.0)M
Working Capital (Adj., $USD)	$133.3M	$18.3M	$10.4M

Operating Cash Flow and Investment

Metric	6M Ended Mar 31, 2024	9M Ended Jun 30, 2024
Net Cash Used in Operating Activities ($USD)	$(108,472,976)	$(145,182,897)
Net Cash Used in Investing Activities ($USD)	$(12,470,001)	$(14,053,838)
Cash Spent (Op + Inv) ($USD)	$(120,942,977)	$(159,236,735)

KPIs and Operational Metrics

KPI	Q2 YTD	Q3 YTD
Vehicles Invoiced (Units)	362	377
Vehicles Invoiced (Value, $USD)	$16.313M	$16.8M
Revenue Recognition Policy	Defers until cash collection and dealer sell-through	Defers until cash collection and dealer sell-through
Bollinger B4 Status	Expect deliveries 2H 2024	EPA certified; SOP Sept 16, 2024; deliveries Oct 2024
Volt Program	Announced $210M over 16 months	Initial shipments executed; revenue recognition in FY Q1 2025

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue Recognition (Volt Program)	FY Q1 2025 (begins Oct 1, 2024)	None	Recognize revenue under Volt agreement starting fiscal Q1 2025	New
Growth Outlook	Q4 2024	None	Positioning for strong Y/Y growth (directional, no numeric range)	New/Directional
Bollinger B4 SOP/Deliveries	2H 2024	Expect 2H 2024 deliveries	SOP Sept 16, 2024; deliveries Oct 2024	Clarified schedule
Solid-State Polymer Packs	2H 2025	Moving to production pack design	Expects certification for production and sale in 2H 2025	Timeline set

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2024)	Trend
Financing runway	Announced $150M capital commitments	$250M commitments plus $100M commitment letter	Improving
International expansion	European distributor (GAMA), Antidoto SA orders	UAE Volt $210M program; initial shipments executed	Accelerating
Dealer network	Added Pritchard EV, National Auto Fleet Group	Added Eco Auto; continued expansion (Ziegler, Range)	Expanding
Certifications/regulatory	HVIP approval (Class 3), CARB approval MY2025	Bollinger B4 EPA certification; MOR-EV approvals; FTZ Tunica	Strengthening
Battery tech (solid-state)	Road tests showed +86% range; moving to production design	Target certification for production/sale in 2H 2025	Advancing

Management Commentary

“We narrowed our loss in the quarter and year-to-date. We are positioning our fiscal Q4 for strong year-over-year growth.” — David Michery, CEO and Chairman .
“Volt is reshaping the way people and businesses move across the UAE and GCC… This landmark agreement provides Mullen with exposure to leading global transportation companies…” — David Michery on Volt program .
“We’re happy to announce we have shipped the first vehicles under our contract with Volt… this partnership marks another major milestone as we continue to grow our commercial EV business globally.” — David Michery .

Q&A Highlights

N/A — no earnings call transcript was located for Q3 2024 in the document catalog; therefore, no Q&A highlights can be provided.

Estimates Context

Wall Street consensus estimates via S&P Global were unavailable for MULN for Q3 2024, so results cannot be compared to published EPS or revenue consensus (S&P Global consensus unavailable).

Key Takeaways for Investors

Reported revenue remains very low due to conservative deferral (cash collection and dealer sell-through), while invoiced activity and shipments point to rising operational scale; expect revenue recognition to step up as cash is collected and sell-through occurs, notably from the Volt program in fiscal Q1 2025 .
Liquidity and working capital are tight; execution of $250M financing commitments and the $100M commitment letter is critical to support near-term operations and inventory build, reducing funding risk .
Bollinger B4 has key catalysts (EPA certification, SOP Sept 16, deliveries Oct), with firm order backlog; successful ramp could improve revenue visibility and segment credibility .
Directional commentary for Q4 implies Y/Y growth without numeric guidance; monitor subsequent disclosures for quantified targets and any revisions .
International expansion (UAE, Europe) diversifies demand; execution risks include certification, logistics, and collection cycles in new markets .
High opex and prior impairments pressure profitability and equity; ongoing cost discipline and conversion of operational milestones into recognized revenue will be key drivers for margin trajectory .
Near-term trading implications: headlines around Volt revenue recognition timing and Bollinger SOP/first deliveries are likely catalysts; medium-term thesis hinges on funding closure, sell-through to end customers, and consistent revenue recognition across programs .

MULLEN AUTOMOTIVE INC. (MULN)·Q3 2024 Earnings Summary