Mullen Automotive, Inc. (MULN): History, Ownership, Mission, How It Works & Makes Money

Is Mullen Automotive, Inc. (MULN) a serious contender in the commercial electric vehicle (EV) market, or just a micro-cap with big dreams, especially after reporting a record quarterly revenue of $5 million for Q2 2025? You're watching a company that is aggressively pivoting from a high cash burn, cutting its operating and investing spend by over $68 million for the six months ended March 31, 2025, to focus squarely on delivering its Class 1 and Class 3 commercial vehicles. The story matters right now because while the Q2 net loss dropped significantly to approximately $47.1 million, the recent consolidation of its Bollinger Motors segment to 95% ownership is a defintely critical, high-stakes move-so, how exactly does this complex business model generate revenue and what's the real path to profitability?

Mullen Automotive, Inc. (MULN) History

Mullen Automotive, Inc.'s Founding Timeline

The journey of Mullen Automotive, Inc. is a story of combining predecessor entities to pursue the electric vehicle (EV) market. The company's foundation was built on the acquisition of assets from the defunct EV manufacturer CODA Automotive, blended with the vision of Mullen Motor Cars.

Year established

The direct predecessor, Mullen Technologies, Inc., was founded in 2014.

Original location

The company began its operations in Southern California, establishing its initial base in Brea, California.

Founding team members

The company's founder, Chairman, and CEO, who has led the company since its inception, is David Michery.

Initial capital/funding

Specific figures for the initial seed capital in 2014 are not publicly detailed, which is defintely typical for early-stage private companies. Initial funding was secured through founder investment and early private placements before the company sought larger capital rounds.

Mullen Automotive, Inc.'s Evolution Milestones

The transition from a startup focused on rebadging imported EVs to a manufacturer with its own production facilities involved a series of aggressive strategic moves, particularly in the commercial vehicle space.

Mullen Automotive, Inc.'s Transformative Moments

Three strategic pivots defined Mullen Automotive, Inc.'s trajectory, moving it from a development-stage company to a commercial EV contender. You can see the long-term thinking behind these moves in the Mission Statement, Vision, & Core Values of Mullen Automotive, Inc. (MULN).

The 2021 reverse merger was the first major step, bypassing the traditional initial public offering (IPO) process to gain rapid public funding, which is essential for any automotive venture. This move immediately subjected the company to the intense scrutiny and volatility of the Nasdaq.

The 2022 acquisitions were a clear signal of the company's strategic shift toward commercial vehicles, securing both a 650,000 sq ft manufacturing plant in Mishawaka, Indiana, and the Class 4-6 truck technology from Bollinger Motors. This was a bet on B2B fleet sales over the crowded consumer market.

The most recent transformative period, culminating in 2025, cemented this commercial focus and delivered initial financial results, though the company still faces significant headwinds. Here's the quick math on the near-term financial picture:

• Total Revenue for the first six months of the 2025 fiscal year (H1 FY2025) reached $7.9 million, driven by sales of the Mullen ONE and Mullen THREE commercial vehicles.
• The net loss for the same six-month period was $162 million, though $118 million of that was tied to non-cash expenses.
• In February 2025, management implemented cost-cutting measures, reducing annual personnel costs by approximately $13 million to improve cash flow.
• The July 2025 rebranding to Bollinger Innovations, Inc. (BINI) was the final, decisive move to unify the company's identity with its most promising, commercially-focused product line. That's a clear signal to the market.

Mullen Automotive, Inc. (MULN) Ownership Structure

The ownership structure of Mullen Automotive, Inc. (MULN) is highly concentrated, with a small group of selling stockholders holding a vast majority of the beneficial ownership due to convertible securities, while the public float accounts for the remainder.

Mullen Automotive, Inc.'s Current Status

Mullen Automotive, Inc. is a publicly traded company on the Nasdaq Capital Market under the ticker symbol MULN, though it announced a name change to Bollinger Innovations, Inc. effective July 28, 2025. The company's common stock has faced significant volatility, leading to multiple reverse stock splits in the first half of 2025 to maintain Nasdaq compliance, including a 1-for-100 reverse split effective June 2, 2025. The total shares outstanding as of June 2025 were reduced to approximately 800 thousand following the reverse split. You can find a deeper dive into the company's financial standing in Breaking Down Mullen Automotive, Inc. (MULN) Financial Health: Key Insights for Investors.

Mullen Automotive, Inc.'s Ownership Breakdown

As a seasoned analyst, I look past the simple share count to beneficial ownership, which reveals who truly controls the voting power. Here's the quick math: a significant portion of shares are tied to convertible notes and warrants held by a few selling stockholders, giving them outsized influence on corporate strategy.

What this estimate hides is the power of those convertible instruments; the ability to convert debt into equity at a discount means these holders have defintely had a major impact on the company's valuation and capital structure.

Mullen Automotive, Inc.'s Leadership

The company is steered by a core executive team, with the CEO also serving as the Chairman of the Board, which is a common structure but one that concentrates power. This leadership is tasked with navigating the company's transition from a development-stage EV manufacturer to a production-focused entity, now operating under the Bollinger Innovations, Inc. brand for its parent company.

• David Michery: Chief Executive Officer (CEO) and Chairman of the Board. He has led the company since its founding in 2014.
• Jonathan New: Chief Financial Officer (CFO).
• Chester Bragado: Chief Accounting Officer.

The leadership team's primary focus is on commercial vehicle production, specifically the Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck), which are both certified for sale in the U.S. as of early 2025. Their ability to execute on production and sales will be the clearest measure of their success in the near term.

Mullen Automotive, Inc. (MULN) Mission and Values

Mullen Automotive, Inc., now operating as Bollinger Innovations, Inc. since July 2025, centers its purpose on accelerating the shift to sustainable transportation, specifically by dominating the commercial electric vehicle (EV) segment. This focus is a strategic pivot to survive, mapping their core values-innovation and accessibility-directly onto the needs of fleet operators.

Given Company's Core Purpose

You need to understand that the company's cultural DNA is currently defined by its aggressive push into the commercial market, especially after the rebrand and consolidation of operations. This move was a clear, action-oriented response to market realities and the need for financial stability.

Official mission statement

Mullen Automotive, Inc. has not published a single, formal mission statement, but its public actions and statements point to a clear, functional mission: to accelerate the transition to sustainable transportation by designing, manufacturing, and distributing innovative and affordable electric vehicles. This mission is now almost entirely concentrated on commercial fleet electrification, which is where the near-term revenue is being generated.

• Innovation: Focus on advanced battery technology, like the partnership with Enpower Greentech Inc. (EGI) for solid-state batteries (SSB), slated for early 2026.
• Accessibility: Making commercial EVs like the Mullen ONE (Class 1 cargo van) and Mullen THREE (Class 3 cab chassis) available with federal and state incentives, such as the California Air Resources Board (CARB) voucher of up to $45,000 per vehicle.
• Value Creation: Striving for efficiency, evidenced by the elimination of 155 positions and a minimum reduction of $35 million in annual operating expenses announced in July 2025.

Here's the quick math: the Q2 2025 revenue of $5 million was a massive jump-over 143 times-from the Q2 2024 revenue of $33,000, which defintely validates the commercial focus. But still, the Q2 2025 net loss was approximately $47.1 million, showing the immense financial strain that dictates their core purpose.

Vision statement

The company's vision is to lead the electric vehicle revolution by creating innovative and accessible electric vehicles that redefine transportation. While ambitious, the near-term vision is highly pragmatic: to be a leader in the U.S. commercial EV market.

• Market Leadership: Aiming to capture a significant share of the commercial fleet market with U.S.-assembled vehicles like the Bollinger B4 (Class 4 chassis cab).
• Technological Advancement: Continuous development of advanced EV and battery technology to improve performance and vehicle range.
• Global Impact: Expanding reach to promote sustainable transportation solutions worldwide.

To be fair, this vision is currently navigating a very risky path, especially with the November 2025 news of Bollinger Motors facing outstanding claims for unpaid wages and halted production of the B4 in January 2025 due to a reported $1.8 million in unpaid invoices to a contract manufacturer. This highlights that execution risk is the biggest limiter on their long-term vision. For a deeper look into the financial picture, check out Breaking Down Mullen Automotive, Inc. (MULN) Financial Health: Key Insights for Investors.

Given Company slogan/tagline

Mullen Automotive, Inc. does not use a single, widely-publicized slogan or tagline. Instead, the company's strategic communication, particularly following the July 28, 2025, name change to Bollinger Innovations, Inc. (NASDAQ: BINI), has established a de facto guiding principle.

• De Facto Tagline: 'Bringing our products and brands together under one strong and unified identity, ready to service the commercial vehicle industry.'
• Core Message: Unifying the commercial EV offerings-the Mullen ONE, Mullen THREE, and Bollinger B4-under the Bollinger brand to clarify market positioning.
• Actionable Focus: The entire brand identity is now built around 'servicing the commercial vehicle industry,' a direct, no-fluff statement of their business model.

Mullen Automotive, Inc. (MULN) How It Works

Mullen Automotive, Inc. is fundamentally an electric vehicle (EV) manufacturer focused on the commercial fleet market, generating revenue primarily through the sale of Class 1 to Class 4 commercial trucks and vans. The business model hinges on scaling U.S. assembly and leveraging government incentives, though the company reported a net loss of approximately $47.1 million for the quarter ending March 31, 2025, on $5.0 million in revenue, showing the inherent challenge of scaling production in the EV space.

Given Company's Product/Service Portfolio

The company has strategically narrowed its focus to commercial vehicles, bypassing the capital-intensive consumer market to target fleet operators and government entities. This is a smart move because commercial buyers are often more sensitive to total cost of ownership (TCO) and less to brand cachet, which plays to Mullen's strength in utility and compliance.

Given Company's Operational Framework

The core of Mullen's operations is its domestic manufacturing footprint, which is crucial for controlling the supply chain and qualifying for U.S. incentives. Here's the quick math: you need U.S. assembly to play in this market.

• U.S. Manufacturing Hubs: Production is centered in two U.S. plants: the Tunica, Mississippi facility (120,000 square feet) for commercial vehicle assembly and the Mishawaka, Indiana facility (650,000 square feet) for potential future expansion and battery development.
• Value Creation Process: Value is created by assembling certified, last-mile commercial EVs in the U.S., which directly addresses fleet demand for electrification and provides a clear path to government subsidies for the buyer.
• Strategic Restructuring: The company is defintely in a period of intense cost reduction, including staff reductions and facility consolidation, aiming to reduce its cash burn rate, which was $52.4 million for the six months ended March 31, 2025.
• Bollinger Receivership: A significant near-term risk is the court-appointed receivership of Bollinger Motors, a majority-owned segment, in May 2025, which complicates the future of the Class 4 B4 truck line.
• Battery Development: A partnership with Enpower Greentech Inc. (EGI) is in place to build and deliver solid-state batteries (SSB), a future-looking technology that could dramatically change the economics of their vehicles, with production slated for early 2026.

You can read more about the company's long-term goals here: Mission Statement, Vision, & Core Values of Mullen Automotive, Inc. (MULN).

Given Company's Strategic Advantages

Mullen's competitive edge isn't about being the cheapest; it's about being a compliant, domestic option that maximizes subsidies for its fleet customers. This is the real hook for a commercial buyer.

• Domestic Production Compliance: All current Mullen and Bollinger commercial vehicles are 100% assembled in the USA, making them exempt from certain tariffs and highly attractive to government and public sector buyers.
• High U.S. Component Sourcing: The company sources a high percentage of components domestically: 67% for Mullen vehicles and 71% for Bollinger vehicles, which further strengthens its position against foreign competitors.
• Incentive Maximization: The vehicles are certified for major government incentives, including the federal EV tax credit of up to $7,500 and state-level vouchers like California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), which offers up to $45,000 for the Mullen THREE.
• Commercial Niche Focus: By concentrating on the Class 1-4 commercial EV market, Mullen aims to be a first-mover leader in a segment with less crowded competition compared to the passenger EV space.

Mullen Automotive, Inc. (MULN) How It Makes Money

Mullen Automotive, Inc. primarily generates revenue through the direct sale of its electric vehicles, focusing heavily on the commercial fleet market with its Class 1 and Class 3 vehicles. As an emerging manufacturer, the company's financial engine is currently in the early commercialization phase, relying on vehicle deliveries to create a revenue stream.

Mullen Automotive's Revenue Breakdown

The company's revenue is nearly all derived from the delivery of its commercial electric vehicles, including the Mullen ONE Class 1 cargo van and the Mullen THREE Class 3 cab chassis truck. For the six months ended March 31, 2025, the company recorded $7.9 million in revenue, almost entirely from these vehicle sales.

Business Economics

Mullen's economic model hinges on penetrating the U.S. commercial fleet market, a segment where fleet operators are actively seeking to electrify their logistics and last-mile delivery operations. The company's strategy is to offer Class 1 and Class 3 vehicles that qualify for federal incentives, making the total cost of ownership (TCO) competitive against internal combustion engine (ICE) alternatives.

• Pricing and Incentives: The company's commercial vehicles have received IRS approval for federal EV tax credits, offering eligible customers up to $7,500 per vehicle, which directly lowers the effective purchase price and drives sales volume.
• Key Products: Focus is on high-demand, utility-focused vehicles like the Mullen ONE (Class 1 EV cargo van) and the Mullen THREE (Class 3 EV cab chassis truck). For example, an order for 20 Class 3 vehicles was valued at approximately $1.4 million.
• Cost Structure: The business is still in a high-cost, pre-scale phase. The primary costs are research and development (R&D), manufacturing ramp-up, and general operating expenses, which significantly outpace current revenue. This is a capital-intensive business, so cash burn is a constant focus.

The core economic challenge is moving from initial sales to mass production to achieve economies of scale and improve gross margins. You need volume to make money in the auto business, plain and simple.

Mullen Automotive's Financial Performance

As of November 2025, Mullen's financial performance shows a company making a critical transition from development to commercial revenue generation, but still operating at a significant loss. The Trailing Twelve Months (TTM) revenue is a clear indicator of this early growth.

• Revenue Growth: TTM revenue as of November 2025 reached $9.34 million, a substantial increase from the $4.01 million reported for the full fiscal year 2024. The quarterly revenue for the three months ended March 31, 2025 (Q2 FY2025) was $5 million, which outperformed the prior year's comparable quarter by over 143 times.
• Net Loss: Despite the revenue growth, the company continues to incur significant losses, which is typical for an early-stage EV manufacturer. The net loss for the three months ended March 31, 2025, was approximately $47.1 million. The net loss for the six months ended March 31, 2025, was $162.0 million.
• Cash Position and Burn Rate: Cash management is critical. The total cash (including restricted cash) on the balance sheet as of March 31, 2025, was low at $2.3 million. The company has been actively reducing its cash spend, cutting operating and investing cash flows from $120.9 million for the six months ended March 31, 2024, to $52.4 million for the same period in 2025.
• Financing: Operations are defintely financed through external capital, primarily through the issuance of convertible notes and warrants, which can lead to share dilution for existing stockholders. The company is exploring options to manage its majority-owned segment, Bollinger Motors, which was placed into court-appointed receivership in May 2025.

For a deeper dive into the company's strategic direction, I recommend reviewing the Mission Statement, Vision, & Core Values of Mullen Automotive, Inc. (MULN).

Mullen Automotive, Inc. (MULN) Market Position & Future Outlook

Mullen Automotive, Inc. is positioned as a niche, high-risk player in the highly competitive electric vehicle (EV) market, primarily focusing on the commercial delivery and fleet segments for its near-term revenue generation. Its future outlook hinges on successful, on-time execution of its vehicle production and delivery schedules, particularly for the Class 1 and Class 3 commercial vehicles, to move from a pre-revenue stage to a revenue-generating business by the close of the 2025 fiscal year.

Competitive Landscape

In the commercial EV space, Mullen faces established automotive giants and well-funded EV specialists. Its current market share is negligible, likely less than 0.1% of the total North American EV market as of late 2025, with revenue figures still minimal compared to competitors. The battle for fleet contracts is fierce, so the company's advantage must be cost and rapid deployment.

Opportunities & Challenges

The company is defintely playing for high stakes. Its strategic focus on the commercial sector is a smart move, but the capital requirements are immense. Here's the quick math: securing a major fleet order for just 1,000 Class 1 vans, at an estimated $30,000 per unit, would instantly inject $30 million in revenue, a massive jump from its current minimal sales.

Industry Position

Mullen Automotive, Inc. is currently an industry aspirant, not a market leader. Its standing is defined by its potential and its aggressive strategy to enter the commercial EV segment, which is expected to grow at a compound annual growth rate (CAGR) of over 20% through 2030.

• Production Status: Transitioning from prototype to low-volume production, with initial deliveries of the Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis) underway in late 2025.
• Financial Health: Highly dependent on equity financing. The company's ability to secure working capital is the single most critical factor for its survival into 2026.
• Technology Edge: Leveraging its battery technology and the acquired Bollinger platform to offer a competitive range and payload capacity in the commercial space.

What this estimate hides is the razor-thin margin for error. If onboarding new fleet customers takes 14+ days due to vehicle issues or service delays, churn risk rises immediately. The company must prioritize quality control above all else in these early production runs.

Next Step: Finance needs to draft a clear, 13-week cash view by Friday, mapping out capital needs against projected vehicle delivery payments.