Company fiscal Q2 outperforms all previous quarterly revenue results

Mullen achieves strong results with $5M revenue for quarter ending March 31, 2025

Company revenue is $7.9M for six months ended March 31, 2025

Company net loss decreased substantially from $132.4M in fiscal Q2 2024 to approximately $47.1M in comparable quarter ending March 31, 2025

Company cash spend reduced significantly from $120.9M to $52.4M for the six months ended March 31, 2025

BREA, Calif., May 20, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) ("Mullen" or the "Company"), an electric vehicle ("EV") manufacturer, today announces financial results for the three months ended March 31, 2025, and a current business update.

Commenting on the results for the three months that ended March 31, 2025, and recent Company highlights, CEO and Chairman David Michery stated: "Our Q2 2025 revenue of $5 million outperformed Q2 2024 revenue of $33,000 by more than 143 times. This growth underscores the effectiveness of our strategic initiatives and increasing demand for our vehicles despite challenging market conditions."

Recent and Fiscal Q2 Highlights

Mullen Commercial -- Troy, Michigan

Class 1 and 3 Commercial Vehicles

   -- Sale and order activity for Mullen commercial EVs in the last quarter 
      include: 
 
          -- Cashflow on Wheels, a leading logistics company with a focus on 
             transitioning FedEx and Amazon last-mile local delivery to 
             electric vehicles, placed an order and took delivery on 20 Class 3 
             vehicles. The order includes a retail value of approximately $1.4 
             million. 
 
          -- Global Expert Shipping ("Global Expert") located in Glendale, 
             California, purchased the all-electric Mullen ONE Class 1 cargo 
             van for maintenance and material transport tasks, with additional 
             orders to follow. 
 
          -- Local government of Orange County, North Carolina, purchased the 
             Mullen ONE, Class 1 EV cargo van. The vehicle will be deployed by 
             Orange County's Solid Waste Management Department, and the order 
             was fulfilled by National Auto Fleet Group (NAFG). 
 
          -- Additional Class 1 and Class 3 vehicles delivered to national 
             leading universities in Northern and Southern California. 
 
   -- Mullen Commercial EVs have been added to National Auto Fleet Group's 
      (NAFG) Sourcewell contract and are approved for public sector government 
      purchasing through NAFG's contract 091521-NAF which offers Class 1-3 
      light duty trucks, cars, vans, SUVs, cab chassis, and electric vehicles 
      with related equipment and accessories to U.S. government agencies. 
 
   -- Ride-and-drive events, conducted in the last quarter to increase 
      awareness in many commercial fleet verticals, include ACT Expo, NTEA's 
      Work Truck Week and ZEV Tour -- Clean Fleet Experience. 

Bollinger Motors -- Oak Park, Michigan

Class 4 Commercial Truck

   -- In May 2025, Bollinger Motors delivered a Bollinger B4 Class 4 electric 
      vehicle to The Lower East Side ("LES") Ecology Center. The vehicle will 
      be used as both a work truck and delivery truck, supporting various LES 
      Ecology Center environmental initiatives including the longest running 
      compost program in New York City. 
 
   -- In April 2025, Bollinger Motors delivered the first 2025 Bollinger B4 
      truck of multiple orders to EnviroCharge for conversion into a mobile 
      charging unit. Initial EnviroCharge Bollinger B4 Truck was upfitted as 
      Mobile Charging Unit for reveal at ACT Expo on April 28, 2025. 
 
   -- Bollinger announced a strategic partnership with EO Charging ("EO"), a 
      global pioneer in electric vehicle charging solutions for depot-based 
      fleets, which will provide comprehensive electrification solutions for 
      Bollinger Motors' commercial fleet customers and dealers. 
 
   -- After the balance sheet date, on May 7, 2025, the U.S. District Court for 
      the Eastern District of Michigan entered an order placing Bollinger 
      Motors, Inc., a majority-owned and material operating segment of Mullen 
      Automotive Inc., into court-appointed receivership. Mullen is exploring 
      various options to challenge and resolve this matter and has engaged 
      litigation counsel. 

Battery Technology -- Fullerton, California

   -- Mullen signed a partnership and supply agreement with Enpower Greentech 
      Inc. $(EGI.AU)$, a global leader in advanced lithium-ion battery manufacturing 
      and technology, to build and deliver its SWIFT series SSB. 
 
          -- The Enpower EGI SWIFT SSB are intended for use in commercial 
             vehicles as well as other industrial applications including 
             aerospace, marine, hobby vehicles, material handling, power tools, 
             medical and drone applications. 
 
          -- Mullen's production of EGI SWIFT batteries is slated to begin 
             early 2026. Mullen will integrate the EGI SWIFT battery into its 
             existing SSB program in Fullerton, California. 
 
   -- The Company showcased two battery packs consisting of a 30 kWh and 80 kWh 
      battery packs at the ACT show in Anaheim, California, in May 2025. 

Financial Results for the Three and Six Months Ended March 31, 2025

Losses and non-cash expenses

The net loss attributable to common shareholders after preferred dividends was $162.0 million, or $3,338.65 net loss per share, for the six months ended March 31, 2025, as compared to a net loss attributable to common shareholders after preferred dividends of $193.9 million, or $21,493,370.73 loss per share, for the six months ended March 31, 2024 (giving retroactive effect to reverse stock splits).

Major part of the losses during the six months ended March 31, 2025, related to non-cash expenses: $118.5 million or 73% of the loss for the six months ended March 31, 2025, versus $135.1 million (or 70%) for the six months ended March 31, 2024.

 
                                          Six months ended March 31, 
                                        ------------------------------ 
                                            2025            2024 
                                        -------------  --------------- 
Non-cash expenses and gains during the 
period: 
Revaluation of warrants and derivative 
 liabilities                            $(63,617,277)  $  3,106,223 
Loss on exchange of warrants              57,770,454             -- 
Stock-based compensation                  42,272,019     15,609,276 
Other financing costs - initial 
recognition of warrants                   37,184,192             -- 
Amortization of debt discount and 
other non-cash interest expense           24,026,629             -- 
Impairment of intangible assets           12,006,452     73,447,067 
Depreciation and amortization              9,519,559     14,310,450 
Impairment of goodwill                            --     28,846,832 
Gain on extinguishment of debt            (1,553,771)       (34,625) 
Write-down of inventory to net 
realizable value                             838,765             -- 
Deferred income taxes                             --     (3,891,300) 
Loss/(gain) on assets disposal                    --        323,865 
Impairment of right-of-use assets                 --      3,167,608 
Non-cash interest and other operating 
 activities                                       --        216,021 
Total non-cash expenses and gains       $118,447,022   $135,101,417 
                                         ===========    =========== 
 
 

Revenue

During the six months ended March 31, 2025, we invoiced for 69 vehicles valued at $5.7 million, received $8.0 million in cash, and recorded $7.9 million in revenues. The Company is deferring revenue recognition on most of Mullen commercial vehicles invoiced until invoices are paid and the return provision on the vehicles is offset when the dealer's sale of the vehicle to the end user or the dealer chooses to legally forego the return provision.

Liquidity

We had total cash (including restricted cash) of $2.3 million on March 31, 2025, versus $10.7 million on Sept. 30, 2024. The working capital as of March 31, 2025, was negative $156.1 million, or $56.7 million if adding back derivative liabilities and other liabilities expected to be settled in common stock.

The total cash spent on operating and investing activities during the six months ended March 31, 2025 and 2024, was $52.4 million and $120.9 million, respectively, which represents a decrease of $68.5 million, or 56.6%. As it was announced previously, the Company intends to maintain its momentum of reducing the cash outflow by cutting operating costs and restructuring liabilities. Through March 31, 2025, we have financed our operations primarily through the issuance of convertible notes and warrants. Net cash provided by financing activities was $44.0 million for the six months ended March 31, 2025, as compared to $4.9 million net cash spent on financing activities for the six months ended March 31, 2024.

 
                                         Six months ended March 31, 
                                      -------------------------------- 
                                           2025             2024 
                                      --------------  ---------------- 
Net loss                              $(172,678,759)  $(235,355,627) 
Non-cash adjustments (see table 
 above for details)                     118,447,022     135,101,417 
Changes in working capital                5,643,881      (8,218,766) 
                                       ------------    ------------ 
Net cash used in operating 
 activities                             (48,587,856)   (108,472,976) 
Net cash used in investing 
 activities                              (3,860,723)    (12,470,001) 
                                       ------------    ------------ 

    Cash spent                        $ (52,448,579)  $(120,942,977) 
                                       ============    ============ 
 
 

Bollinger Motors -- receivership after the balance sheet date

After the balance sheet date, on May 7, 2025, the U.S. District Court for the Eastern District of Michigan entered an order placing Bollinger Motors, Inc., a majority-owned and material operating segment of Mullen Automotive Inc., into court-appointed receivership. Mullen is exploring various options to challenge and resolve this matter and has engaged litigation counsel.

This action followed a legal complaint filed on March 21, 2025, by Robert Bollinger, who alleged a breach of contract related to a $10.0 million secured promissory note executed on October 24, 2024. The court order appointed a receiver with full authority over Bollinger Motors' operations, governance, and assets, including the ability to operate or sell the business, in whole or in part, for the benefit of creditors.

The promissory note at issue was not guaranteed by Mullen, and no current legal proceedings or court orders impose an obligation on Mullen to fund any shortfall if the assets of Bollinger Motors are insufficient to cover its liabilities. The company does not expect the loss of Bollinger Motors to have a material adverse impact on its liquidity or capital resources.

Financial statements

Following are our unaudited Condensed Consolidated Balance Sheets as of March 31, 2025, and Consolidated Balance Sheets as of Sept. 30, 2024, Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2025 and 2024.

 
 
                       MULLEN AUTOMOTIVE INC. 
                CONDENSED CONSOLIDATED BALANCE SHEETS 
                             (unaudited) 
 
                                 March 31, 2025     Sept. 30, 2024 
                                ----------------  ------------------ 
                                  (unaudited) 
ASSETS 
    CURRENT ASSETS 
    Cash and cash equivalents   $     1,404,708   $    10,321,827 
    Restricted cash                     915,751           426,851 
    Inventory                        38,283,363        37,503,112 
    Prepaid expenses and other 
     current assets                  12,296,302        14,798,553 
    Accounts receivable                      --           124,295 
                                 --------------    -------------- 
    TOTAL CURRENT ASSETS             52,900,124        63,174,638 
                                 --------------    -------------- 
 
    Property, plant, and 
     equipment, net                  32,695,083        82,180,266 
    Intangible assets, net           13,302,625        27,056,030 
    Right-of-use assets               2,864,917         3,041,485 
    Noncurrent assets held 
    for sale due to 
    settlement                       45,175,558                -- 
    Other noncurrent assets           3,151,193         3,178,870 
                                 --------------    -------------- 
    TOTAL ASSETS                $   150,089,500   $   178,631,289 
                                 ==============    ============== 
 
LIABILITIES AND STOCKHOLDERS' 
EQUITY (DEFICIT) 
    CURRENT LIABILITIES 
    Accounts payable            $    49,961,959   $    41,335,509 
    Accrued expenses and other 
     current liabilities             44,559,907        51,612,166 
    Derivative liabilities           95,700,233        79,742,180 
    Liability to issue shares         3,687,548         1,771,025 
    Lease liabilities, current 
     portion                          2,725,580         2,893,967 
    Notes payable, current 
     portion                         11,927,046         5,399,777 
    Refundable deposits                 406,572           417,674 
                                 --------------    -------------- 
    TOTAL CURRENT LIABILITIES       208,968,845       183,172,298 
    Liability to issue shares, 
     net of current portion             133,684           356,206 
    Lease liabilities, net of 
     current portion                 10,527,500        11,648,662 
                                 --------------    -------------- 
    TOTAL LIABILITIES           $   219,630,029   $   195,177,166 
                                 --------------    -------------- 
    Contingencies and claims 
 
    STOCKHOLDERS' EQUITY 
    (DEFICIT) 
    Preferred stock; $0.001 
    par value; 626,263,159 
    and 126,263,159 shares of 
    preferred stock 
    authorized at March 31, 
    2025, and September 30, 
    2024, respectively 
    Preferred Series D; 
     84,572,538 shares 
     authorized; 363,097 
     shares issued and 
     outstanding at March 31, 
     2025 and September 30, 
     2024 (preference in 
     liquidation of $159,000 
     at March 31, 2025 and 
     September 30, 2024)                    363               363 
    Preferred Series C; 
    24,874,079 shares 
    authorized; 458 shares 
    issued and outstanding at 
    March 31, 2025 and 
    September 30, 2024 
    (preference in 
    liquidation of $4,049 at 
    March 31, 2025 and 
    September 30, 2024)                      --                -- 
    Preferred Series A; 83,859 
     shares authorized; 648 
     shares issued and 
     outstanding at March 31, 
     2025 and September 30, 
     2024 (preference in 
     liquidation of $836 at 
     March 31, 2025 and 
     September 30, 2024)                      1                 1 
    Common stock; $0.001 par 
     value; 5,000,000,000 
     shares authorized at 
     March 31, 2025 and 
     September 30, 2024; 
     1,020,573 and 763 shares 
     issued and outstanding at 
     March 31, 2025 and 
     September 30, 2024 
     respectively (*)                     1,021                 1 
    Additional paid-in capital 
     (*)                          2,408,229,398     2,290,664,547 
    Accumulated deficit          (2,481,185,386)   (2,319,220,938) 
                                 --------------    -------------- 
    TOTAL STOCKHOLDERS' EQUITY 
     (DEFICIT) ATTRIBUTABLE TO 
     THE COMPANY'S 
     STOCKHOLDERS                   (72,954,603)      (28,556,026) 
    Noncontrolling interest           3,414,074        12,010,149 
                                 --------------    -------------- 
    TOTAL STOCKHOLDERS' EQUITY 
     (DEFICIT)                      (69,540,529)      (16,545,877) 
                                 --------------    -------------- 
    TOTAL LIABILITIES AND 
     STOCKHOLDERS' EQUITY 
     (DEFICIT)                  $   150,089,500   $   178,631,289 
                                 ==============    ============== 
 
 
 
                              MULLEN AUTOMOTIVE INC. 
                  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
                                    (unaudited) 
 
                    Three months ended March 31,      Six months ended March 31, 
                    -----------------------------  -------------------------------- 
                        2025            2024            2025             2024 
                    -------------  --------------  --------------  ---------------- 
 
Revenue from sale 
 of vehicles        $  4,950,140   $      33,335   $   7,870,625   $      33,335 
Cost of revenues       6,996,936          13,440      13,585,869          13,440 
Gross loss            (2,046,796)         19,895      (5,715,244)         19,895 
 
Operating 
expenses: 
General and 
 administrative     $ 41,372,436   $  47,903,692   $  77,856,845   $  91,137,744 
Research and 
 development          10,364,113      24,023,526      21,646,488      40,193,493 
Impairment of 
 intangible 
 assets               12,006,452      73,447,067      12,006,452      73,447,067 
Impairment of 
 right-of-use 
 assets                       --       3,167,608              --       3,167,608 
Impairment of 
 goodwill                     --      28,846,832              --      28,846,832 
                     -----------    ------------    ------------    ------------ 
Loss from 
 operations          (65,789,797)   (177,368,830)   (117,225,029)   (236,772,849) 
 
Other income 
(expense): 
Other financing 
 costs - initial 
 recognition of 
 warrants            (21,105,570)             --     (37,184,192)             -- 
Gain/(loss) on 
 warrants and 
 derivative 
 liability 
 revaluation          98,247,063       3,622,758      63,617,277      (3,106,223) 
Loss on exchange 
 of warrants         (57,770,454)             --     (57,770,454)             -- 
Gain on 
 extinguishment of 
 debt                         --          34,625       1,553,771          34,625 
Loss on disposal 
 of fixed assets              --        (449,855)             --        (373,865) 
Interest expense      (7,526,542)       (259,700)    (26,191,911)       (517,723) 
Other income, net         64,986         893,692         522,979       1,489,108 
                     -----------    ------------    ------------    ------------ 
Total other income 
 (expense)            11,909,483       3,841,520     (55,452,530)     (2,474,078) 
                     -----------    ------------    ------------    ------------ 
Net loss before 
 income tax 
 benefit            $(53,880,314)  $(173,527,310)  $(172,677,559)  $(239,246,927) 
                     -----------    ------------    ------------    ------------ 
 
Income tax 
 benefit/ 
 (provision)                $(600.SI)$      2,165,062          (1,200)      3,891,300 
                     -----------    ------------    ------------    ------------ 
Net loss             (53,880,914)   (171,362,248)   (172,678,759)   (235,355,627) 
                     -----------    ------------    ------------    ------------ 
 
Net loss 
 attributable to 
 noncontrolling 
 interest             (6,805,023)    (38,930,288)    (10,714,311)    (41,528,769) 
                     -----------    ------------    ------------    ------------ 
Net loss 
 attributable to 
 stockholders       $(47,075,891)  $(132,431,960)  $(161,964,448)  $(193,826,858) 

                     -----------    ------------    ------------    ------------ 
 
Waived/(accrued) 
 accumulated 
 preferred 
 dividends and 
 other capital 
 transactions with 
 preferred 
 stockholders            (25,310)        (22,043)        (50,038)        (43,346) 
 
Net loss 
 attributable to 
 common 
 stockholders 
 after preferred 
 dividends and 
 other capital 
 transactions with 
 preferred 
 stockholders       $(47,101,201)  $(132,454,003)  $(162,014,486)  $(193,870,204) 
                     ===========    ============    ============    ============ 
 
Net Loss per Share  $    (489.24)  $ (12,041,273)  $   (3,338.65)  $ (21,493,371) 
 
Weighted average 
 shares 
 outstanding, 
 basic and 
 diluted                  96,275              11          48,527               9 
 
 
 
                       MULLEN AUTOMOTIVE INC. 
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
                             (unaudited) 
 
                                     Six Months Ended March 31, 
                                    ----------------------------- 
                                        2025            2024 
                                    -------------   ------------- 
Cash Flows from Operating 
Activities 
Net loss                            $(172,678,759)  $(235,355,627) 
Adjustments to reconcile net loss 
to net cash used in operating 
activities: 
    Stock-based compensation           42,272,019      15,609,276 
    Revaluation of warrants and 
     derivative liabilities           (63,617,277)      3,106,223 
    Loss on exchange of warrants       57,770,454              -- 
    Other financing costs - 
    initial recognition of 
    warrants                           37,184,192              -- 
    Amortization of debt discount 
    and other non-cash interest 
    expense                            24,026,629              -- 
    Depreciation and amortization       9,519,559      14,310,450 
    Gain on extinguishment of debt     (1,553,771)        (34,625) 
    Write-down of inventory to 
    net realizable value                  838,765              -- 
    Impairment of intangible 
     assets                            12,006,452      73,447,067 
    Impairment of goodwill                     --      28,846,832 
    Impairment of right-of-use 
     assets                                             3,167,608 
    Deferred income taxes                      --      (3,891,300) 
    Non-cash interest and other 
     operating activities                      --         216,021 
    Loss on assets disposal                    --         323,865 
 
  Changes in operating assets and 
  liabilities: 
    Accounts receivable                   124,295         671,750 
    Inventories                        (1,619,016)    (16,154,711) 
    Prepaids and other assets           2,998,265        (726,490) 
    Accounts payable                    9,025,613       9,523,141 
    Accrued expenses and other 
     liabilities                       (3,772,295)        (77,010) 
    Right-of-use assets and lease 
     liabilities                       (1,112,981)     (1,455,446) 
                                     ------------    ------------ 
      Net cash used in operating 
       activities                     (48,587,856)   (108,472,976) 
 
  Cash Flows from Investing 
  Activities 
    Purchase of equipment              (3,860,723)    (12,470,001) 
      Net cash used in investing 
       activities                      (3,860,723)    (12,470,001) 
 
  Cash Flows from Financing 
  Activities 
    Proceeds from issuance of 
    notes payable with detachable 
    warrants                           33,003,225              -- 
    Proceeds from issuance of 
    notes payable by subsidiary        10,000,000              -- 
    Payment of notes payable                   --      (4,945,832) 
    Issuance of stock under 
    equity line of credit               1,017,135              -- 
      Net cash provided by 
       financing activities            44,020,360      (4,945,832) 
 
  Change in cash                       (8,428,219)   (125,888,809) 
  Cash and restricted cash (in 
   amount of $426,851), beginning 
   of period                           10,748,678     155,696,470 
                                     ------------    ------------ 
  Cash and restricted cash (in 
   amount of $915,751), ending of 
   period                           $   2,320,459   $  29,807,661 
                                     ============    ============ 
 
  Supplemental disclosure of Cash 
  Flow information: 
  Cash paid for interest            $     625,000   $      37,458 
 
  Supplemental Disclosure for 
  Non-Cash Activities: 
      Exercise of warrants 
       recognized earlier as 
       liabilities                     45,990,081      59,163,019 
      Reclassification of 
      property, plant and 
      equipment to noncurrent 
      assets held for sale due to 
      settlement                       45,175,558              -- 
      Convertible notes and 
      interest - conversion to 
      common stock                     26,291,423              -- 
      Extinguishment of debt and 
      interest (in exchange for 
      own common stock)                 4,553,771              -- 
      Change in noncontrolling 
      interest upon additional 
      investments into 
      subsidiary                        1,863,420              -- 
      Right-of-use assets obtained 
       in exchange of operating 
       lease liabilities                       --      11,185,901 
 
 

About Mullen

Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ("EVs") with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ("CARB") and EPA certified and available for sale in the U.S. Recently, CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to a $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network with the addition of Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group and Eco Auto, providing sales and service coverage in key Midwest, West Coast and Pacific Northwest and New England markets. The Company also recently announced Foreign Trade Zone ("FTZ") status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.

In September 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has passed numerous milestones including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer and service network with over 50 locations across the United States.

To learn more about the Company, visit www.MullenUSA.com.

Forward-Looking Statements

Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, future revenues and earnings of the Company, whether the partnership and supply agreement with Enpower Greentech Inc. (EGI), to build and deliver its SWIFT series SSB will be successful, whether the company will meet the anticipated timeline for production of EGI SWIFT batteries and whether the company will be successful with its initiatives to resolve the Bollinger receivership matter. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen's business; (viii) changes in government licensing and regulation that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior could adversely affect Mullen's business; (x) Mullen's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent

annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen's plans and expectations as of any subsequent date.

Contact:

Mullen Automotive Inc.

+1 (714) 613-1900

www.MullenUSA.com

Corporate Communications:

IBN

Austin, Texas

www.InvestorBrandNetwork.com

512.354.7000 Office

Editor@InvestorBrandNetwork.com

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May 20, 2025 09:00 ET (13:00 GMT)