Executive Summary

Preliminary Q4 2024 revenue was guided to approximately $4.5M, a sharp increase versus Q3’s $0.065M recognized, driven by commercial EV shipments; ultimately, FY 2024 GAAP revenue recognized was $1.09M due to dealer return provisions and deferred recognition, highlighting accounting conservatism and timing effects .
Management announced significant expense reductions (monthly spend cut from $12.8M to $7.3M; 20% headcount reduction; elimination of passenger program) and subsequently an additional $13M annual cash spend reduction effective Feb. 1, 2025, improving cash burn trajectory .
Bollinger B4 production launched in September with first deliveries; Bollinger recognized $0.7M revenue in FY 2024 and has delivered 31 trucks with $4.2M cumulative revenues recognized through FY25-to-date, supporting segment ramp momentum .
Management revised sales forecast to reflect slower growth than previously anticipated due to elongated fleet evaluation cycles; the company emphasized commercial focus and early-stage adoption dynamics as the core narrative .
No Q4 2024 earnings call transcript was found; comparisons to Wall Street consensus are unavailable due to missing S&P Global mapping for MULN (consensus data unavailably sourced from S&P Global) [ListDocuments earnings-call-transcript: none] [GetEstimates error].

What Went Well and What Went Wrong

What Went Well

Commercial EV momentum: Q4 preliminary revenue guide at ~$4.5M vs Q3 $0.065M, reflecting higher shipment activity and invoicing; management highlighted sequential cash burn improvements (Q3 monthly $12.8M vs Q2 $18.1M; Q4 about $12.7M) .
Bollinger ramp: Production of Bollinger B4 started (Sept. 16) with first deliveries and $0.7M FY24 revenue; expanded dealer/service network and eligibility for HVIP and state incentives, strengthening sell-through prospects .
Cost discipline: Immediate spend reduction to $7.3M/month (from $12.8M) via headcount cuts, program eliminations, and consolidations; later, further $13M annual cash spend reduction announced, improving liquidity runway .

What Went Wrong

Revenue recognition vs shipments: Despite invoicing $21.0M for 443 vehicles in FY24, GAAP revenue recognized was $1.09M due to deferrals until dealer sell-through and payment, creating a gap between operational progress and reported revenue .
Liquidity: Cash declined to $10.7M at FY24-end; working capital turned negative (~$120.0M; or ~$38.5M excluding derivative/stock-settled liabilities), underscoring funding risk and reliance on external capital .
Sales trajectory reset: Management revised sales forecast downward to reflect slower-than-expected customer adoption cycles, highlighting elongated pilots and confidence-building steps required by fleet decision-makers .

Financial Results

Revenue vs Prior Quarters and Management Guide

Metric	Q2 2024 (3/31)	Q3 2024 (6/30)	Q4 2024 (9/30)
GAAP Revenue ($USD)	$33,335	$65,235	Not disclosed; mgmt prelim ~$4.50M (non-GAAP expectation)
Gross Profit/Loss ($USD)	$19,895	$29,227	Not disclosed (FY gross loss $(15,799,778))
Notes	GAAP recognized minimal due to deferral policy	Sequential uptick but still minimal recognition	Preliminary guidance large q/q increase; actual recognition constrained by deferrals

EPS and Margins (Available Quarters)

Metric	Q2 2024 (3/31)	Q3 2024 (6/30)	Q4 2024 (9/30)
Net Loss per Share ($)	$(19.39)	$(7.91)	Not disclosed in Q4 materials
Gross Profit/Loss ($USD)	$19,895	$29,227	Not disclosed (FY gross loss $(15,799,778))

Note: Q4 EPS was not disclosed in the preliminary Q4 press release or related 8-K; no quarter-specific EPS was provided in the FY 8-K .

FY 2024 Segment Revenue Recognition and Invoicing

Segment/Type	Units Invoiced FY24	Amount Invoiced ($000s)	Revenue Recognized ($000s)
Mullen THREE (Class 3 EV)	180	$11,658	$163
Mullen ONE (Class 1 EV)	258	$8,568	$228
Bollinger B4 (Class 4 EV)	5	$703	$703
Total FY24	443	$20,929	$1,094

KPIs and Operating Metrics

KPI	Q2 2024	Q3 2024	Q4 2024 / Subsequent Update
Vehicles Invoiced YTD/FY	362 units through 3/31	377 units through 6/30	443 units FY24
Monthly Cash Burn (Op+Inv)	$18.1M (Q2)	$12.8M (Q3)	~$12.7M (Q4); cut to $7.3M (Oct guidance); $5.3M (Oct–Nov actual)
Vehicles Sold Since 9/30/24	—	—	100 vehicles; $5.5M sales (ex-Bollinger)
Bollinger Deliveries	Orders announced H1	Production plan H2	Production started Sept.; 31 delivered; $4.2M cumulative rev recognized through FY25-to-date

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
GAAP Revenue	Next six months (post-Oct 7, 2024)	None disclosed	$75M total (~$12.5M/month)	Introduced
Monthly Spend (Op+Inv)	Immediate from Oct 2024	~$12.8M/month (Q3)	$7.3M/month	Lowered
Headcount	Immediate from Oct 2024	—	20% reduction	Lowered
Program Scope	Immediate from Oct 2024	Included passenger program	Eliminate Mullen FIVE passenger program	Reduced scope
Cash Spend Reduction	Effective Feb. 1, 2025	—	Additional $13M annual reduction	Lowered
Sales Outlook	FY25 forward (commentary)	Prior trajectory	Revised to slower growth than previously anticipated	Lowered

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was found; themes are derived from sequential company disclosures.

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Commercial focus and adoption	Emphasis on scaling commercial EV, FTZ approval, dealer expansion	Dealer adds; MOR-EV/HVIP approvals; European pilots	CEO reiterates commercial focus; early-stage adoption; longer fleet cycles	Increasing clarity on focus; adoption pacing slower
Incentives and certifications	HVIP approval on Class 3; CARB 2025 approval	MOR-EV for Class 1/3; EPA cert for Bollinger B4	HVIP eligibility and state incentives (NY/NJ/MA) for Bollinger B4	Strengthening incentive stack
Bollinger B4 production	Orders; deliveries expected H2	Production planned H2 2024	Production started; first deliveries; revenue recognized	Ramp underway
Battery/solid-state R&D	DOE applications; solid-state pack road testing planned	Solid-state pack testing continues	Battery lines installed; DOE matching funds request ($55M)	Execution and funding pursuit
Liquidity and expense control	Positive equity; cash down from Sept. 30	Cash down; financing commitments noted	Spend cuts; further $13M reduction; negative working capital	Tightening belt; funding risk persists

Management Commentary

“Our revenue is up significantly, and our cash burn continues to decrease… focused on closing out the calendar year on an extremely positive trajectory.” — CEO David Michery (Oct. 2, 2024) .
“2024 was a challenging year… Mullen is not in the retail market. We are in the commercial market… we are revising our sales forecast to reflect slower growth than previously anticipated… we are gaining meaningful traction now on the sales front.” — CEO David Michery (Jan. 24, 2025) .
“We will immediately reduce $5.5M in overall spend… to $7.3M per month… ramp up to $12.5M average per month in revenue, for a total of $75M in GAAP revenue over the next six months.” (Oct. 7, 2024) .

Q&A Highlights

No Q4 2024 earnings call transcript was found; therefore, no formal Q&A or guidance clarifications are available from an earnings call setting [ListDocuments earnings-call-transcript: none].

Estimates Context

S&P Global/Capital IQ consensus estimates for MULN were unavailable due to missing mapping; as a result, comparisons to Wall Street consensus could not be performed (S&P Global consensus data unavailable) [GetEstimates error].

Key Takeaways for Investors

Revenue recognition policy materially defers GAAP revenue despite higher shipments and invoicing; expect lag between operational momentum and reported revenue, especially under dealer sell-through return provisions .
Bollinger B4 production and deliveries are a tangible proof point; incentives (HVIP/state) support TCO and could accelerate adoption as dealer/service networks expand .
Expense discipline is a central 2024–2025 theme; immediate spend cuts (to $7.3M/month) and further $13M annual reductions improve burn trajectory and runway, but liquidity remains a risk factor at FY-end cash of $10.7M and negative working capital .
Near-term narrative is driven by commercial adoption pacing, pilot conversions, and funding pathways (equity line, convertible notes, DOE matching grant pursuit); execution on pilots and dealer sell-through is the catalyst for GAAP revenue scaling .
Preliminary Q4 revenue guidance (~$4.5M) signaled strong sequential ramp from Q3; final FY recognition highlights accounting conservatism and timing—monitor end-customer sell-through and AR collections to translate shipments into GAAP .
No Street consensus available; in absence of estimates, trading may anchor to operational milestones (deliveries, dealer adoption, expense cuts) and liquidity updates; watch subsequent 8-Ks and press for progress on DOE funding and capital commitments [GetEstimates error] .
Regional/state incentive momentum (MA, CA, NY programs) is supportive for fleet economics; continued certification and eligibility are positives for pipeline conversion .

MULLEN AUTOMOTIVE INC. (MULN)·Q4 2024 Earnings Summary