Mullen Automotive (MULN) AI Stock Analysis

• Market Cap: $888.13K
• Dividend Yield: N/A
• Average Volume (3M): 6.50M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.06
• Revenue Growth: 2136.62%
• EPS Growth: 99.30%
• Country: US
• Employees: 388
• Sector: Consumer Cyclical
• Sector Strength: 56
• Industry: Auto - Manufacturers
• EPS (TTM): -48923.60
• Shares Outstanding: 2,884,458
• 10 Day Avg. Volume: 10,712,658
• 30 Day Avg. Volume: 6,503,520
• PEG Ratio: >-0.01
• Price to Book (P/B): >-0.01
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.78
• Enterprise Value/Market Cap: 291.39
• Enterprise Value/Revenue: 18.23
• Enterprise Value/Gross Profit: -12.02
• Enterprise Value/Ebitda: -0.15
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 37 Underperform
• Price Target: $0.50 ▲(85.19%Upside)

Mullen Automotive's overall stock score is heavily impacted by its dire financial performance and negative technical indicators. The company's severe financial difficulties, including unsustainable losses and high leverage, are the most significant factors. While recent corporate events show some positive strategic moves, they are insufficient to counterbalance the overwhelming financial and market challenges.

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 generates revenue primarily through the sale of its electric vehicles. As an automotive manufacturer, the company's key revenue streams include direct sales of EVs to consumers and businesses, as well as potential partnerships with dealerships for distribution. In addition to vehicle sales, Mullen may also explore opportunities in providing after-sale services, selling vehicle parts, and offering financing options. The company's earnings are influenced by factors such as market demand for electric vehicles, government incentives for EV adoption, and strategic partnerships that can enhance its market presence and technological capabilities.

Mullen Automotive Financial Statement Overview

Summary

Mullen Automotive is experiencing severe financial difficulties. The income statement shows unsustainable losses and declining revenues, while the balance sheet reflects high leverage with negative equity. Cash flow statements indicate liquidity challenges, suggesting 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	8.93M	1.09M	366.00K	0.00	65.71M	65.00M
Gross Profit	-21.53M	-15.80M	92.12K	-3.72M	64.48M	6.10M
EBITDA	-350.90M	-438.35M	-996.27M	-93.71M	-21.68M	-1.49M
Net Income	-425.20M	-457.06M	-972.25M	-740.32M	-65.41M	-48.28M
Balance Sheet
Total Assets	150.09M	178.63M	421.71M	302.59M	17.17M	21.99M
Cash, Cash Equivalents and Short-Term Investments	1.40M	10.32M	155.27M	54.09M	42.17K	33.37K
Total Debt	25.18M	19.94M	13.16M	13.81M	41.91M	35.15M
Total Liabilities	219.63M	195.18M	148.90M	145.64M	78.88M	64.49M
Stockholders Equity	-72.95M	-28.56M	208.95M	58.70M	-61.71M	-42.50M
Cash Flow
Free Cash Flow	-131.81M	-200.30M	-287.10M	-77.82M	-17.68M	-4.94M
Operating Cash Flow	-125.67M	-185.56M	-179.17M	-65.80M	-17.52M	-4.37M
Investing Cash Flow	-7.54M	-16.15M	-107.92M	-47.15M	-161.78K	-567.01K
Financing Cash Flow	105.72M	56.76M	358.42M	197.28M	17.69M	2.75M

Mullen Automotive Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.27
• 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 0.27 is below the 20-day moving average (MA) of 3.20, below the 50-day MA of 19.12, and below the 200-day MA of 716719.43, indicating a bearish trend. The MACD of -273.25 indicates Negative momentum. The RSI at 20.91 is Positive, neither overbought nor oversold. The STOCH value of 1.05 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 *	62 Neutral	$16.76B	11.38	-7.38%	2.96%	1.59%	-23.30%
FFAI	55 Neutral	$159.13M	―	-186.28%	―	8.52%	98.75%
KXIN	38 Underperform	$10.41M	―	-86.66%	―	―	-447.71%
PEVM	38 Underperform	$6.59M	0.56	-95.75%	―	―	―
MULN	37 Underperform	$888.13K	―	-3842.15%	―	2136.62%	99.30%
NWTN		$473.36M	―		―	―	―
REE	37 Underperform	$18.91M	―	-220.85%	―	―	―

Mullen Automotive Corporate Events

Mullen Automotive Resolves Legal Disputes with GEM

On June 5, 2025, Mullen Automotive completed the transfer of its Mishawaka manufacturing facility to GEM Yield Bahamas Limited and GEM Global Yield LLC SCS, as part of a settlement agreement resolving all legal disputes between the parties. This transfer, which satisfies a federal court judgment in GEM’s favor, allows Mullen to focus on its operational priorities and withdraws all pending legal proceedings, potentially impacting the company’s strategic focus and stakeholder relations.

Mullen Automotive Secures $14.4M Through New Agreements

On May 29, 2025, Mullen Automotive Inc. entered into two securities purchase agreements with investors to issue secured notes and warrants, raising approximately $14.4 million. This strategic move aims to strengthen the company’s financial position and provide investment rights to purchase additional notes and warrants, potentially impacting its market dynamics and stakeholder interests.

Mullen Automotive Announces 1-for-100 Reverse Stock Split

Mullen Automotive Inc. announced a 1-for-100 reverse stock split of its common stock, effective June 2, 2025, to comply with Nasdaq’s $1.00 minimum bid price requirement. This move reduces the number of outstanding shares from approximately 80 million to 800,000, without altering the par value or authorized number of shares. The reverse stock split is intended to maintain the company’s Nasdaq listing, and the stock will continue trading under the symbol ‘MULN’ with a new CUSIP number. The adjustment affects all stockholders uniformly, with no fractional shares issued, and is managed by Continental Stock Transfer & Trust Company.

Mullen Automotive Settles Lawsuit, Increases Stake in Bollinger

On May 28, 2025, Mullen Automotive Inc. entered into a Settlement Agreement with Robert Bollinger and the receiver for Bollinger Motors, resolving a lawsuit related to a $10 million promissory note. As part of the agreement, Mullen increased its ownership of Bollinger Motors to 95% by acquiring additional shares and agreed to pay $11 million to settle the lawsuit. This strategic move not only extinguishes significant debt but also reinforces Mullen’s commitment to Bollinger’s future, allowing Bollinger to continue as a majority-owned subsidiary under Mullen’s financial backing. The acquisition is expected to enhance shareholder equity by approximately $3.5 million and enable Bollinger to ramp up its sales activities and streamline operations, particularly focusing on the development and production of the B4 platform.

Mullen Automotive Boosts Equity Plan for Growth

On May 16, 2025, Mullen Automotive Inc. entered into a securities purchase agreement with an investor to raise approximately $1.6 million through 5% Original Issue Discount Secured Notes, which are convertible into common stock and accompanied by five-year warrants. The agreement allows the investor to purchase additional notes worth up to $4.7 million over the next year, while the company has committed to certain restrictions on issuing new equity or engaging in fundamental transactions during a specified period. Additionally, on May 21, 2025, the company’s stockholders approved an amendment to increase the shares available under its 2022 Equity Incentive Plan by 15 million shares, reflecting a strategic move to enhance its equity structure and support future growth initiatives.

Mullen Automotive Enters Settlement Agreement with GEM

On May 9, 2025, Mullen Automotive Inc. entered into a Settlement Agreement with GEM Yield Bahamas Limited and GEM Global Yield LLC SCS. The agreement includes a 55-day due diligence period for GEM to evaluate the transfer of Mishawaka assets, suspending all collection activities related to the judgement during this period.

Mullen Automotive Announces 1-for-100 Reverse Stock Split

Mullen Automotive announced a 1-for-100 reverse stock split of its common stock, effective April 11, 2025, to comply with Nasdaq’s minimum bid price requirement. The reverse split reduced the number of outstanding shares from approximately 238.7 million to 2.4 million, while maintaining the same trading symbol and adjusting the CUSIP number. This move aims to stabilize the company’s stock price and maintain its Nasdaq listing.