Mullen Automotive (MULN) AI Stock Analysis

• Market Cap: $1.06M
• Dividend Yield: N/A
• Average Volume (3M): 6.45M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.36
• Revenue Growth: 996.94%
• EPS Growth: 98.82%
• Country: US
• Employees: 388
• Sector: Consumer Cyclical
• Sector Strength: 48
• Industry: Auto - Manufacturers
• EPS (TTM): -166863.47
• Shares Outstanding: 3,673,608
• 10 Day Avg. Volume: 7,298,094
• 30 Day Avg. Volume: 6,454,696
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 0.08
• Price to Cash Flow (P/CF): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

Mullen Automotive is grappling with significant financial instability, characterized by negative profit margins, high leverage, and liquidity challenges. The technical analysis indicates a bearish trend, worsened by recent strategic setbacks and compliance issues. Although there are some positive corporate developments, the overall outlook remains bleak without immediate financial restructuring.

Mullen Automotive Business Overview & Revenue Model

Company Description

Mullen Automotive, Inc., an electric vehicle company, manufactures and distributes electric vehicles. It also operates CarHub, a digital platform that leverages AI to offer an interactive solution for buying, selling, and owning a car; and provides battery technology and emergency point-of-care solutions. The company was founded in 2014 and is based in Brea, California.

How the Company Makes Money

Mullen Automotive makes money primarily through the sale of its electric vehicles, which form the core of its revenue model. The company designs and manufactures EVs, which are sold directly to consumers or through partnerships with dealerships. Additionally, Mullen may generate revenue from after-sales services such as maintenance and repairs, as well as from any proprietary technology or software solutions they offer as part of their vehicles. Key revenue streams include vehicle sales, potential licensing agreements for technology, and strategic partnerships with other automotive or tech companies that can enhance their product offerings. Significant factors contributing to earnings may include government incentives for electric vehicle adoption, strategic collaborations, and advancements in EV technology that appeal to environmentally conscious consumers.

Mullen Automotive Financial Statement Overview

Summary

Mullen Automotive is facing severe financial difficulties across all financial statements. The income statement shows unsustainable losses and declining revenues, the balance sheet reflects high leverage with negative equity, and cash flow statements indicate liquidity challenges. These factors combined pose significant risks and suggest an urgent need for financial restructuring.

Income Statement

Mullen Automotive's income statement reveals significant financial challenges. The company has recorded negative gross and net profit margins, with TTM gross profit margin at -6045.88% and net profit margin at -10536.93%. Revenue growth is inconsistent, with the latest annual revenue decreasing to $1.09 million from $65.7 million in 2021. These figures indicate severe profitability issues and unstable growth trajectory.

Balance Sheet

The balance sheet highlights critical financial instability. The company has a negative stockholders' equity of $103.1 billion, indicating liabilities far exceed assets. The debt-to-equity ratio is not calculable due to negative equity. These figures reflect high leverage and financial distress, posing significant risk to stakeholders.

Cash Flow

Cash flow analysis shows substantial negative free cash flow of $25.7 billion TTM, with operating cash flow also negative. The free cash flow to net income ratio is not favorable, indicating that the company struggles to generate cash from operations. This suggests liquidity issues and challenges in sustaining operations without external financing.

Breakdown
TTM	Sep 2024	Sep 2023	Sep 2022	Sep 2021	Sep 2020
Income Statement		Total Revenue
4.01M	1.09B	366.00K	0.00	65.71M	65.00M
	Gross Profit
-29.43M	-15.80B	92.12K	-3.72M	64.48M	6.10M
	EBIT
-264.70M	-391.83B	-377.77M	-96.99M	-22.40M	-12.09M
	EBITDA
-384.54M	-391.83B	-490.03M	-96.99M	-20.28M	-1.49M
	Net Income Common Stockholders
-510.55M	-470.96B	-972.25M	-740.32M	-65.41M	-48.28M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
2.33M	10.32M	155.27M	54.09M	42.17K	33.37K
	Total Assets
173.02M	178.63M	421.71M	302.59M	17.17M	21.99M
	Total Debt
27.31M	19.94M	13.16M	13.81M	41.91M	35.15M
	Net Debt
24.99M	9.62M	-142.10M	-40.28M	41.86M	35.12M
	Total Liabilities
267.23M	195.18M	148.90M	145.64M	78.88M	64.49M
	Stockholders Equity
-103.07B	-28.56B	208.95M	58.70M	-61.71M	-42.50M
Cash Flow		Free Cash Flow
-161.33M	-200.30M	-287.10M	-77.82M	-17.68M	-4.94M
	Operating Cash Flow
-151.23M	-185.56M	-179.17M	-65.80M	-17.52M	-4.37M
	Investing Cash Flow
-2.23B	-16.15M	-107.92M	-47.15M	-161.78K	-567.01K
	Financing Cash Flow
76.54M	56.76M	358.42M	197.28M	17.69M	2.75M

Mullen Automotive Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MULN, the sentiment is Negative. The current price of 0.26 is below the 20-day moving average (MA) of 1.42, below the 50-day MA of 11.29, and below the 200-day MA of 2993.20, indicating a bearish trend. The MACD of -4.24 indicates Negative momentum. The RSI at 21.61 is Positive, neither overbought nor oversold. The STOCH value of 0.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MULN.

Mullen Automotive Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	59 Neutral	$12.50B	11.24	1.20%	3.72%	1.27%	-20.93%
GOEVQ	40 Underperform	$1.75M	―	-72.67%	―	258.96%	82.54%
NKLAQ	38 Underperform	$10.14M	―	-129.17%	―	141.23%	69.50%
HYZN	34 Underperform	$5.59M	―	-1357.83%	―	1262.77%	2.83%
FFAI	32 Underperform	$100.66M	―	-152.13%	―	-2.54%	98.30%
MULN	19 Underperform	$1.06M	―	-950.02%	―	996.94%	98.82%

Mullen Automotive Corporate Events

Mullen Automotive Ends Agreement with Volt Mobility

On March 14, 2025, Mullen Automotive Inc. terminated its Purchase Agreement with Volt Mobility Holding Ltd., which was initially established on August 23, 2024, and later amended on November 4, 2024. This agreement involved the exclusive distribution of Mullen’s commercial EVs in the United Arab Emirates at preferred wholesale pricing, impacting the company’s strategic operations in the region.

Mullen Automotive Approves Key Amendments at Annual Meeting

On March 13, 2025, Mullen Automotive held its Annual Meeting of Stockholders, where key amendments to the 2022 Equity Incentive Plan were approved. These amendments included an increase in the number of shares available for awards and an automatic annual increase in shares, which could enhance the company’s ability to attract and retain talent. Additionally, amendments to the CEO Performance Stock Award Agreements were approved, extending deadlines for achieving specific milestones related to capital, vehicle completion, revenue, battery development, and joint ventures. These changes are likely to impact the company’s strategic goals and operational focus, potentially benefiting stakeholders by aligning executive incentives with company performance.

Mullen Automotive Approves 1-for-60 Reverse Stock Split

On January 31, 2025, Mullen Automotive held a Special Meeting of Stockholders where a 1-for-60 reverse stock split of its common stock was approved to meet Nasdaq’s $1.00 minimum bid price requirement. Effective February 18, 2025, the company’s shares began trading on a split-adjusted basis with no change in the total authorized shares or the par value. The move aims to maintain Mullen’s Nasdaq listing, with adjustments made to convertible securities and warrants to reflect the new stock structure.

Mullen Automotive Faces Nasdaq Compliance Challenge

On January 15, 2025, Mullen Automotive received a notice from Nasdaq regarding non-compliance with listing rules due to the delayed filing of its annual financial report. While there is no immediate impact on its stock listing, the company must file the report by January 31, 2025, or submit a compliance plan to avoid potential delisting.