Mullen Automotive Stock (MULN) Rockets 100%—But Can it Outrun its Financial Woes?

Mullen Automotive (MULN) just pulled off a 100% stock surge—even as it missed a major deadline. The electric vehicle startup announced it would delay its latest quarterly report due to “finalizing financial statements,” particularly around its troubled subsidiary, Bollinger Motors.

According to a late filing notice signed by CFO Jonathan New, the delay centers on asset transfers related to a settlement agreement and how to treat Bollinger, which was recently placed in receivership. Mullen expects to file the report within five calendar days of the due date.

Mullen Narrows Losses amid Corporate Shakeups

Despite the accounting hold-up, Mullen teased one silver lining: a much smaller net loss. The EV maker reported a preliminary loss of $53.9 million for Q1 2025, down sharply from $171.4 million the prior year. The shift is mainly thanks to reduced R&D costs and a gain from revalued warrants.

This financial breathing room could buy Mullen more time as it fights to stay relevant in a fiercely competitive EV space.

Economic Rationale Shows Mullen’s Rally May Be Fleeting

But the wild rally may not last. The stock’s 100% intraday jump is more about trading volatility than long-term confidence. With a market cap of just $4.7 million, even minor news can send MULN flying—or crashing. The delay also opens the door to compliance risks, with investor trust already on thin ice.

EV stocks thrive on hype, but for lasting value, fundamentals have to back it up. Mullen still faces major roadblocks—no mass production, legal uncertainties, and ongoing financial instability. Unless operational clarity improves, it’s tough to justify the valuation lift.

TipRanks Flags MULN as Underperform with Bearish Outlook

According to TipRanks, Mullen carries an “Underperform” rating from Spark, its AI-powered analyst. The platform cites severe financial instability, weak technicals, and poor valuation metrics. Although recent moves show an effort to align executive incentives, they’re overshadowed by Mullen’s structural challenges.

With no analysts officially covering the stock and technical sentiment flashing Sell, the long-term view remains bleak—despite the headline-grabbing bounce.