Mullen Automotive Inc. (Nasdaq: MULN) is forecasting revenue of $4.5 million for the fiscal quarter ended Sept. 30, an increase from the previous quarter’s sales of $65,235.
The Brea-based automaker said it has received $11.9 million from investors as of Wednesday and is still expecting an additional $600,000. This excludes a previous investment commitment of $150 million from June.
Mullen is also aiming to improve operating and investing cashflows with operating reductions throughout 2025. The company, which manufactures electric trucks and cargo vans, expects to achieve breakeven on a cash basis by the end of next year.
“We are going into the remainder of 2024 with strong momentum, and I am focused on closing out the calendar year on an extremely positive trajectory,” Chief Executive David Michery said in a statement.
In a video call to shareholders last month, Michery said Mullen was compelled to do another reverse split to work towards regaining compliance with Nasdaq’s minimum bid price rule.
Shares fell 15% to $2.75 apiece during midday trading with a $4.4 million market cap.
