MULN · Mullen Automotive Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q1 '23 | Q3 '23 | Q2 '23 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $473.7K | $4.95M | $2.92M | $65.2K | $33.3K | - | - | $308.0K | - | - |
| Cost of Revenue | $10.57M | $7.00M | $6.59M | $248.7K | $13.4K | - | - | $248.7K | - | - |
| Gross Profit | ($10.09M) | ($2.05M) | ($3.67M) | $29.2K | $19.9K | - | - | $59.3K | - | - |
| R&D | $11.59M | $10.36M | $11.28M | $14.29M | $24.02M | $16.17M | $8.62M | $22.09M | $20.48M | $7.32M |
| SG&A | $36.17M | $41.37M | $36.48M | $47.48M | $47.90M | $43.23M | $65.00M | $31.78M | $47.41M | $10.90M |
| Total Operating Expenses | - | - | - | - | - | - | $73.62M | $53.87M | $67.89M | $6.41M |
| D&A | $2.60M | $3.90M | $4.75M | $2.58M | $8.66M | $4.34M | $4.79M | $1.68M | $2.95M | $308.3K |
| Operating Income | ($58.18M) | ($65.79M) | ($51.44M) | ($61.77M) | ($177.37M) | ($59.40M) | ($73.62M) | ($53.81M) | ($67.89M) | ($18.22M) |
| Interest Expense | $8.28M | $200.0K | $900.0K | $8.28M | $259.7K | - | - | - | - | - |
| Income Tax | $600 | $600 | ($1.73M) | $1.2K | ($2.17M) | - | - | $456.2K | ($482.9K) | - |
| Net Income | ($129.72M) | ($47.08M) | ($114.89M) | ($87.36M) | ($132.43M) | ($61.39M) | ($376.28M) | ($308.86M) | ($114.91M) | ($59.47M) |
| EPS - Basic | ($11231.39) | ($489.24) | ($661.33) | ($7.91) | ($19.39) | ($15.32) | ($0.28) | ($11.14) | ($1.30) | ($0.16) |
| EPS - Diluted | - | - | - | ($7.91) | - | ($15.32) | ($0.28) | ($11.14) | ($1.30) | ($0.16) |
Balance Sheet
| Line item | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q1 '23 | Q3 '23 | Q2 '23 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $454.7K | $1.40M | $2.33M | $10.32M | $22.38M | $81.51M | $68.07M | $155.27M | $60.34M | $54.09M |
| Accounts Receivable | $0 | $0 | $98.9K | $124.3K | $0 | - | - | $671.8K | - | - |
| Inventory | $28.15M | $38.28M | $41.77M | $37.50M | $32.96M | $30.72M | $6.96M | $16.81M | $6.96M | - |
| Accounts Payable | $42.40M | $49.96M | $47.86M | $41.34M | $22.70M | $15.46M | $14.12M | $13.18M | $14.83M | $6.40M |
| Current Assets | $42.39M | $52.90M | $59.91M | $63.17M | $88.88M | $143.52M | $135.56M | $198.13M | $98.94M | $86.33M |
| Total Assets | $89.23M | $150.09M | $173.02M | $178.63M | $214.12M | $381.18M | $440.95M | $421.71M | $402.74M | $302.59M |
| Current Liabilities | $186.48M | $208.97M | $246.11M | $183.17M | $83.54M | $96.44M | $397.47M | $139.61M | $121.45M | $122.23M |
| Long-term Debt | - | - | $13.22M | $0 | $0 | $7.62M | $4.89M | $7.31M | $7.59M | $5.16M |
| Total Liabilities | $196.28M | $219.63M | $267.23M | $195.18M | $96.71M | $109.36M | $420.20M | $148.90M | $139.60M | $145.64M |
| Stockholders' Equity | ($107.91M) | ($72.95M) | ($103.07M) | ($28.56M) | $95.09M | $210.56M | $20.75M | $208.95M | $263.15M | $58.70M |
| Retained Earnings | ($2.61B) | ($2.48B) | ($2.43B) | ($2.32B) | ($2.06B) | ($1.92B) | ($1.27B) | ($1.86B) | ($1.38B) | ($889.91M) |
Cash Flow
| Line item | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q1 '23 | Q3 '23 | Q2 '23 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | - | ($25.56M) | - | - | ($59.89M) | ($33.23M) | - | - | - |
| Investing Cash Flow | - | - | ($2.22M) | - | - | ($6.87M) | ($93.72M) | - | - | - |
| Financing Cash Flow | - | - | $0 | - | - | - | $150.00M | - | - | - |
| CapEx | - | - | $2.22M | - | - | $6.87M | $726.5K | - | - | - |
| Free Cash Flow | - | - | ($27.79M) | - | - | ($66.76M) | ($33.95M) | - | - | - |
Ratios
| Metric | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q1 '23 | Q3 '23 | Q2 '23 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | -2130.6% | -41.3% | -125.6% | 44.8% | 59.7% | - | - | 19.3% | - | - |
| Operating margin | -12282.3% | -1329.0% | -1761.2% | -94689.9% | -532079.9% | - | - | -17469.6% | - | - |
| EBITDA margin | -11733.5% | -1250.3% | -1598.7% | -90728.6% | -506112.5% | - | - | -16924.0% | - | - |
| Net margin | -27386.2% | -951.0% | -3933.9% | -133917.1% | -397276.0% | - | - | -100278.6% | - | - |
| Free cash flow margin | - | - | -951.4% | - | - | - | - | - | - | - |
| FCF / Net income | - | - | 0.24 | - | - | 1.09 | 0.09 | - | - | - |
| R&D / Revenue | 2446.3% | 209.4% | 386.3% | 21909.6% | 72067.0% | - | - | 7171.4% | - | - |
| SG&A / Revenue | 7636.6% | 835.8% | 1249.3% | 72779.0% | 143703.9% | - | - | 10317.5% | - | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -145.4% | -31.4% | -66.4% | -48.9% | -61.8% | -16.1% | -85.3% | -73.2% | -28.5% | -19.7% |
| Return on equity | 120.2% | 64.5% | 111.5% | 305.9% | -139.3% | -29.2% | -1813.4% | -147.8% | -43.7% | -101.3% |
| Return on invested capital | - | - | - | - | -147.4% | - | - | -19.7% | -19.8% | - |
| Liquidity | ||||||||||
| Current ratio | 0.23 | 0.25 | 0.24 | 0.34 | 1.06 | 1.49 | 0.34 | 1.42 | 0.81 | 0.71 |
| Quick ratio | 0.08 | 0.07 | 0.07 | 0.14 | 0.67 | 1.17 | 0.32 | 1.30 | 0.76 | 0.71 |
| Cash ratio | 0.00 | 0.01 | 0.01 | 0.06 | 0.27 | 0.85 | 0.17 | 1.11 | 0.50 | 0.44 |
| Leverage | ||||||||||
| Debt / Equity | - | - | -0.13 | 0.00 | 0.00 | 0.04 | 0.24 | 0.03 | 0.03 | 0.09 |
| Debt / Assets | - | - | 0.08 | 0.00 | 0.00 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -7.0x | -328.9x | -57.2x | -7.5x | -683.0x | - | - | - | - | - |
| Equity multiplier | -0.83 | -2.06 | -1.68 | -6.26 | 2.25 | 1.81 | 21.25 | 2.02 | 1.53 | 5.16 |
| Liabilities / Assets | 2.20 | 1.46 | 1.54 | 1.09 | 0.45 | 0.29 | 0.95 | 0.35 | 0.35 | 0.48 |
| Efficiency | ||||||||||
| Asset turnover | 0.01 | 0.03 | 0.02 | 0.00 | 0.00 | - | - | 0.00 | - | - |
| Inventory turnover | 0.38 | 0.18 | 0.16 | 0.01 | 0.00 | - | - | 0.01 | - | - |
| Days sales outstanding | 0d | 0d | 12d | 695d | 0d | - | - | 796d | - | - |
| Days inventory outstanding | 972d | 1997d | 2314d | 55048d | 895166d | - | - | 24670d | - | - |
| Days payable outstanding | 1465d | 2606d | 2651d | 60673d | 616444d | - | - | 19339d | - | - |
| Cash conversion cycle | -492d | -609d | -325d | -4930d | 278722d | - | - | 6126d | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 626.1% | 14749.7% | - | -78.8% | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | -50.7% | - | - | - | - | - | - |
| Operating income growth (YoY) | 5.8% | 62.9% | 13.4% | -14.8% | -161.3% | 19.3% | -2021.1% | -195.3% | -122.9% | - |
| Net income growth (YoY) | -48.5% | 64.5% | -87.1% | 71.7% | -15.2% | 83.7% | -7430.9% | -419.3% | -252.8% | - |
| EPS growth (YoY) | - | - | - | 29.0% | - | -5371.4% | 71.4% | -6862.5% | 28.2% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | 58.4% | - | - | -96.6% | -34.9% | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -277.9% | - | - | - | -63.9% | 914.7% | - | 256.0% | 431.0% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2024-09-30.
Business segments
$1.64M totalBollinger Motors Inc$702.5K · 42.9%
Bollinger Segment$702.0K · 42.8%
Mullen Commercial Segment$234.0K · 14.3%
Peer comparison
Same SIC group: Motor Vehicles & Passenger Car Bodies
Comparing MULLEN AUTOMOTIVE INC. against the 5 most active filers in the same SIC group.