Mullen Automotive, Inc. (MULN): Business Model Canvas [Dec-2025 Updated]

You're looking for a clear, no-fluff breakdown of Mullen Automotive, Inc.'s business model as of late 2025, and honestly, this is a high-stakes pivot you need to map out. As an analyst who has seen countless turnarounds, I can tell you this canvas cuts through the noise, showing their core strategy: selling U.S.-assembled commercial EVs like the Mullen THREE to snag incentives up to $45,000 while managing a cash burn that saw a $162.0 million net loss for the six months ended March 31, 2025, on just $7.9 million in revenue. To be defintely clear, understanding the mechanics of their dealer network expansion and their R&D in solid-state batteries is the key to judging their near-term survival, so check out the nine blocks below to see the blueprint for their next chapter.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Mullen Automotive, Inc. is building to get its commercial vehicles into the hands of customers, especially in the public and fleet sectors. These partnerships are critical because they directly impact distribution, technology roadmap, and order flow, which you need to see to gauge near-term sales potential.

Commercial Dealer Network Expansion

Mullen Automotive, Inc. is actively building out its sales and service footprint through strategic dealer agreements. As of the latest updates, the commercial dealer network has expanded to seven dealers across key U.S. markets. This network is designed to provide sales and service coverage in vital regions like the Midwest, West Coast, Pacific Northwest, New England, and Mid-Atlantic areas.

Here are some of the key entities involved in this distribution push:

• - Addition of Papé Kenworth to the network.
• - Previously announced dealers include Pritchard EV.
• - Other partners include National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group.

To give you a sense of the order pipeline supported by these channels, Randy Marion Automotive Group committed to acquiring 1,000 Class 3 vehicles, representing a substantial investment of $63 million, with most slated for delivery in 2024. Still, the focus for 2025 is on scaling commercial sales, as evidenced by the Q2 2025 revenue (for the three months ended March 31, 2025) hitting $5 million, a massive jump from the prior year's $33,000.

Enpower Greentech Inc. (EGI) for Solid-State Battery (SSB) Development

The partnership with Enpower Greentech Inc. (EGI) is central to Mullen Automotive, Inc.'s long-term technology strategy, focusing on the SWIFT series semi-solid-state batteries (SSB). Mullen plans to integrate these batteries into its existing SSB program at its Fullerton, California, Battery Center. EGI itself plans to start domestic manufacturing in its Ann Arbor, Michigan, facility in late Q3 2025.

The potential performance gains from this technology are significant, based on earlier cell testing:

Metric	Test Result/Target
Tested Cell Capacity	343 Ah at 4.3 volts (from a 300 Ah cell)
Projected Range Increase (Van)	73% (110 miles to 190 miles)
Real-World Range Achieved (Van)	205 miles (an 86% increase)
Battery Pack Capacity Increase	From 42 kWh to 72 kWh in the same space

Mullen Automotive, Inc.'s production of these EGI SWIFT batteries is slated to begin early 2026. The Fullerton Center currently has three lines for manufacturing lithium-iron-phosphate (LFP) battery modules, which will be adapted for this new technology.

Fleet Management and Upfitter Companies for Class 3 and 4 Vehicle Customization

Mullen Automotive, Inc. and its subsidiary, Bollinger Motors, are securing orders directly with fleet operators and upfitters, which is key for volume sales of the Class 3 Mullen THREE and Class 4 Bollinger B4. For instance, Cashflow on Wheels, focused on last-mile delivery, placed an order and took delivery on 20 Class 3 vehicles in the first quarter of 2025, valued at approximately $1.4 million.

Bollinger Motors has also secured notable orders for its B4 Class 4 truck, which has an MSRP of $158,758 for the 2025 model. These orders include:

• - 145 vehicles to Momentum Group.
• - 70 vehicles to Doering Fleet Management.
• - 50 vehicles to EnviroCharge.

In Europe, the Mullen-GO urban delivery vehicle is being supplied to upfitters like Antidoto SA, which projected a minimum order of 180 units for 2025, following an initial purchase order for 40 units valued at about $440,000 USD. This shows the company is working with specialized partners to tailor vehicles for specific commercial needs.

Sourcewell Contract for Public Sector and Government Purchasing Eligibility

A major strategic move was getting Mullen Automotive, Inc.'s commercial EVs listed under the National Auto Fleet Group's (NAFG) Sourcewell contract #091521-NAF. Sourcewell is a cooperative purchasing organization that streamlines procurement for over 50,000 member agencies, including government and educational institutions. This partnership allows these entities to bypass lengthy bidding procedures, significantly reducing the time to acquisition.

The impact was immediate, with Mullen Automotive, Inc.'s shares soaring roughly 70% following the February 26, 2025, announcement. This contract covers the Mullen ONE (Class 1) and the Mullen THREE (Class 3). The Mullen THREE is particularly attractive due to stacking incentives:

The Mullen THREE, with a suggested MSRP of $68,500, can see its effective cost drop substantially:

• - Eligible for up to a $45,000 cash voucher via the CARB HVIP program.
• - An additional $7,500 federal tax credit is available.
• - This combination could bring the net effective cost to less than $17,000.

This procurement advantage is already translating to use cases, such as a Mullen ONE Class 1 EV cargo van being put into service with Orange County's Solid Waste Management Department in North Carolina.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Key Activities

You're looking at the core actions Mullen Automotive, Inc. is taking to execute its commercial EV strategy as of late 2025. These activities are centered on production, technological advancement, market access, and financial discipline.

Manufacturing Class 1 and Class 3 commercial EVs in Tunica, Mississippi

Mullen Automotive, Inc. focuses its primary commercial vehicle assembly on the Mullen ONE (Class 1 EV cargo van) and the Mullen THREE (Class 3 EV cab chassis truck) at its U.S. facilities. Production at the Tunica, Mississippi plant officially started in August 2023. This facility occupies 120,000 square feet. The company has shown sales momentum in these segments, with a total of 100 Class 1 and Class 3 EVs sold and delivered since September 30, 2024, generating sales totaling $5.5 million. The Q2 2025 revenue, for the quarter ending March 31, 2025, was reported at $5.0 million.

Here is a breakdown of the sales volume for these commercial vehicles through late 2024:

Vehicle Class	Units Sold/Delivered (Since Sept. 30, 2024)	Associated Sales Value (Cumulative)
Mullen THREE (Class 3)	57	Included in $5.5 million total
Mullen ONE (Class 1)	43	Included in $5.5 million total
Total Commercial EVs	100	$5.5 million

Also notable is a specific order in April 2025 where Cashflow on Wheels ordered 20 Mullen THREE vehicles, valued at approximately $1.4 million, to be fulfilled by the Pritchard Automotive dealer. Both the Mullen ONE and Mullen THREE are fully certified by the Environmental Protection Agency (EPA) and the California Air Resources Board (CARB).

Continued research and development (R&D) in advanced battery technology

Investment in R&D remains a key activity, critical for future product competitiveness. For the quarter ending March 31, 2025, Mullen Automotive reported R&D expenses of $10.4 million. This spending supports the development of proprietary battery pack designs and advancements in solid-state battery technology. The company secured a partnership with Enpower Greentech Inc. (EGI) to build and deliver its SWIFT series solid-state batteries (SSB), with production targeted to start in early 2026. Furthermore, Mullen Automotive advanced its U.S. battery production commitment through the purchase of additional battery line equipment from Nikola Corporation.

Expanding the U.S. commercial dealer and service network

Market access is being built through a growing network of authorized dealers focused on commercial sales and service. As of early 2025, Mullen Automotive, Inc. had expanded its commercial dealer network to seven dealers across key U.S. regions. This network includes partners like Papé Kenworth, Pritchard EV, and National Auto Fleet Group. Separately, the Bollinger Motors segment, which launched the B4 Chassis Cab, had established a sales and service footprint of over 50 locations as of November 2024.

The dealer network expansion supports sales across various verticals:

• Selling to government agencies via Sourcewell contract.
• Supplying universities in Northern and Southern California.
• Serving the logistics sector with companies like Cashflow on Wheels.
• Entering the home service vertical with Mr. Appliance®.

Aggressive cost-cutting and operational streamlining (e.g., facility eliminations)

Mullen Automotive, Inc. has been aggressively streamlining operations to reduce its cash burn rate. The company announced initiatives planned to take effect in April 2025, which included the further elimination of facilities and additional staff reductions as part of ongoing operational consolidation. This follows significant prior actions:

The company reduced its overall monthly operating expenses from over $12.8 million per month to $7.3 million per month, representing a $5.5 million reduction in expenses. This was achieved through a 20% reduction in headcount, facility consolidations, and the elimination of the Mullen FIVE passenger vehicle program. The monthly burn rate saw a substantial drop from $16.8 million in August 2024 to $5.3 million in October and November 2024, a decrease of approximately 68%. Financially, the company reported a cash spend reduction from $120.9 million to $52.4 million for the six months ending March 31, 2025. Also, expected annual operational efficiencies were projected to deliver an additional $13 million in savings starting February 2025. That's a lot of trimming to keep the lights on. Finance: draft 13-week cash view by Friday.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Key Resources

You're looking at the core assets Mullen Automotive, Inc. controls to execute its commercial EV strategy as of late 2025. This isn't about potential; it's about what's on the books and operational right now.

The physical footprint for manufacturing is centered in the South. Mullen Automotive, Inc. maintains its commercial vehicle production at the Tunica, Mississippi plant, which spans 120,000 square feet. You should note that the larger Mishawaka, Indiana facility, previously listed at 650,000 square feet, was transferred to GEM Group to satisfy a federal court judgment. The company also operates a High Energy Facility in Fullerton, California, dedicated to battery production.

A significant part of the Key Resources involves the intellectual property and equipment secured for in-house battery capability. This was built through strategic acquisitions:

• Acquired battery pack production assets, including equipment, inventory, and intellectual property, from Romeo Power, a former subsidiary of Nikola Corporation, for approximately $3.5 million in September 2023.
• Purchased additional Nikola battery production assets, delivered on January 27, 2025, to enhance the Fullerton, California, battery operations.

The certified product lineup represents market access, especially in regulated states. The commercial EV offerings are ready for sale:

• The Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck) are both EPA and CARB certified.
• The 2025 model year Mullen THREE received CARB certification.
• The Mullen THREE has a suggested MSRP of $68,500.00, potentially qualifying for a California HVIP rebate of up to $45,000.00.

Liquidity and financing capacity are always critical for an emerging manufacturer. Here's the quick math on the balance sheet as of the end of the third fiscal quarter:

Financial Metric	Amount as of March 31, 2025
Total Cash (including restricted cash)	$2.3 million
Net Cash Provided by Financing Activities (Six Months Ended)	$44.0 million
Equity Line Commitment (Reported Oct 2024)	$150 million

These assets-the physical plants (even with the Mishawaka change), the battery IP, the certified vehicles, and the cash position supported by an equity line-are what Mullen Automotive, Inc. is deploying right now. What this estimate hides, though, is the ongoing receivership status of the Bollinger Motors segment as of May 7, 2025. Finance: draft 13-week cash view by Friday.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Value Propositions

You're looking at the core value proposition for Mullen Automotive, Inc. (now Bollinger Innovations, Inc. as of July 28, 2025) as it targets the commercial fleet market. The primary draw here is delivering purpose-built electric vehicles designed specifically for the rigors of last-mile delivery and urban utility, aiming for a lower total cost of ownership.

For the Class 1 and Class 3 segments, affordability is driven heavily by incentives, making the acquisition cost significantly lower than the sticker price. The Mullen ONE, a Class 1 Urban Delivery EV Cargo Van, has a starting MSRP of $34,500, which drops to a net price of $27,000 after applying the $7,500 federal tax credit. The Mullen THREE, a Class 3 Urban Utility EV Cab Chassis Truck, starts at an MSRP of $68,500, with a net price of $61,000 after the same federal credit.

Here's a quick look at the key specs and the incentive stack that makes these propositions compelling for fleet managers:

Metric	Mullen ONE (Class 1)	Mullen THREE (Class 3)
Starting MSRP	$34,500	$68,500
Federal Tax Credit Eligibility	$7,500	$7,500
Estimated Net Price (w/ Federal Credit)	$27,000	$61,000
CARB HVIP Voucher	Not specified	Up to $45,000
Estimated Net Cost (w/ All Major Incentives)	Not specified	Less than $17,000.00
Estimated Range	110-mile	130-mile
Max Payload	1,683 lbs	5,802 lbs

The proposition of U.S.-assembled vehicles is supported by the physical infrastructure Mullen Automotive has established. The company operates two United States-based vehicle plants: one in Tunica, Mississippi (120,000 square feet), where commercial vehicle production started in August 2023, and another in Mishawaka, Indiana (650,000 square feet). This domestic manufacturing footprint is intended to provide stability against international supply chain volatility and potential tariffs.

Access to significant state-level incentives is a major value driver, particularly for the Mullen THREE. The California Air Resources Board (CARB) issued approval for the Mullen THREE for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). This approval provides eligible customers with a cash voucher of up to $45,000 at the time of purchase for the Class 3 truck, which has received CARB approval for both the 2024 and 2025 model years. Combining this with the $7,500 federal credit, the net effective cost for a fleet buyer in California could be less than $17,000.00.

Looking ahead, the company is positioning future product generations around advanced battery technology. Testing on their next-generation solid-state polymer cells showed potential for a 150-kilowatt-hour battery pack, targeting over 600-plus miles of range on a full charge. Furthermore, this technology demonstrated the potential for an 18-minute DC fast charge to yield over 300 miles of range. In-vehicle prototype testing for this solid-state technology in the second-generation Mullen FIVE was set for 2025, offering a clear roadmap beyond the current lithium-ion offerings.

The value proposition rests on these concrete numbers:

• Affordable entry point for Class 1 at a net cost of $27,000.
• Class 3 acquisition cost potentially dropping below $17,000 in key markets like California.
• U.S. manufacturing base in Mississippi (120,000 sq. ft.) and Indiana (650,000 sq. ft.).
• Future range targets exceeding 600 miles from solid-state battery development.

Finance: draft Q3 2025 cash flow projection incorporating expected HVIP utilization by Friday.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Customer Relationships

You're looking at how Mullen Automotive, Inc. (MULN) connects with and serves its buyers, which is heavily weighted toward the commercial sector as of late 2025. The relationships are built through a growing, but still relatively small, dealer footprint and direct work with large fleet purchasers and government entities.

Dedicated commercial dealer support for sales, service, and maintenance.

Mullen Automotive, Inc. has been actively building out its physical touchpoints. As of early 2025, the commercial EV dealer network had expanded to seven partners across key U.S. markets. These partners include Ziegler Truck Group, Range Truck Group, Eco Auto, Randy Marion Auto Group, Pritchard EV, Papé Kenworth, and National Auto Fleet Group (NAFG). This network is crucial for providing the sales and service infrastructure needed for commercial clients. To be fair, a network of seven dealers is lean for national coverage, but it represents significant growth from their earlier structure.

• Dealer network size as of early 2025: 7 partners.
• Dealer network expansion includes Papé Kenworth addition.
• Bollinger Motors, a segment, has a sales and service network exceeding 50 locations.

Direct engagement with fleet operators for large-volume orders and customization.

The company prioritizes direct engagement to secure meaningful volume, often involving customization for specific fleet needs. For instance, in September 2024, Papé Truck placed an initial order for 50 units-43 Class 3 EV trucks and 7 Class 1 EV cargo vans-totaling a retail sales value of $3.1 million. More recently, for the quarter ending March 31, 2025, logistics company Cashflow on Wheels ordered and took delivery of 20 Class 3 vehicles, representing a retail value of approximately $1.4 million. This direct approach helps secure revenue against the backdrop of ongoing cost management efforts.

Fleet Customer/Order Type	Vehicle Class	Volume (Units)	Approx. Retail Value
Papé Truck (Sept 2024)	Class 3 & Class 1	50	$3.1 million
Cashflow on Wheels (Q1 2025)	Class 3	20	Approx. $1.4 million
Total Invoiced (6 Months Ended Mar 31, 2025)	Class 1 & 3	69	$5.7 million

Government and public sector contract fulfillment via Sourcewell.

Accessing government and educational institution sales is streamlined through cooperative purchasing organizations. Mullen Automotive, Inc. commercial EVs became approved for public sector purchasing via National Auto Fleet Group's (NAFG) Sourcewell contract #091521-NAF effective February 2025. This relationship allows government agencies to bypass lengthy bidding procedures. The Mullen THREE, Class 3 EV truck, is particularly attractive here, as it qualifies for a significant California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) cash voucher of up to $45,000 per vehicle. The Mullen ONE Class 1 van can qualify for a $3,500 rebate in Massachusetts under the MOR-EV Program.

Low-touch, transactional sales model for initial vehicle purchases.

For many initial sales, the relationship appears transactional, focusing on the delivery of certified, incentive-eligible vehicles. The company recorded $7.9 million in revenues from commercial vehicles during the six months ended March 31, 2025, against $5.7 million invoiced for 69 vehicles. It's important to note that Mullen Automotive, Inc. defers revenue recognition until payment is received and the return provision is offset, suggesting a necessary caution in recognizing the finality of the sale. The Bollinger B4 Chassis Cab was listed with a price of $158,758. Finance: draft 13-week cash view by Friday.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Channels

You're looking at how Mullen Automotive, Inc. gets its vehicles-from the factory floor to the customer's fleet-as of late 2025. It's a mix of traditional dealership relationships and direct sales to large commercial buyers.

Commercial EV Dealer Network (e.g., Pritchard EV, Papé Group)

Mullen Automotive, Inc. has built out a network of authorized dealers to handle retail sales and service for its commercial lineup, which includes the Mullen ONE (Class 1) and Mullen THREE (Class 3) trucks. As of March 21, 2025, the commercial dealer network consisted of seven dealers. This network provides sales and service coverage across key regions including the West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets.

Key dealer activities show channel utilization:

• - Papé Trucks (Papé Kenworth) placed an order for 43 Class 3 EV trucks and 7 Class 1 EV cargo vans in September 2024, totaling 50 units with a retail sales value of $3.1 million.
• - Pritchard EV is a noted dealer partner in the network.
• - The Bollinger Motors segment, which Mullen Automotive, Inc. majority owns, also relies on a dealer network, expanding it to over 50 sales and service locations by the end of 2024.

Direct sales channel to large fleet customers and government entities

Mullen Automotive, Inc. pursues direct sales for high-volume commercial orders, often involving logistics companies and public sector entities. This channel bypasses some dealer margins but requires direct relationship management. For the six months ended March 31, 2025, the company recorded $7.9 million in revenues, driven in part by these direct sales activities.

Specific commercial transactions through this channel include:

• - Cashflow on Wheels took delivery of 20 Class 3 vehicles, an order valued at approximately $1.4 million, in the quarter ending March 31, 2025.
• - The local government of Orange County, North Carolina, purchased the Mullen ONE Class 1 EV cargo van for its Solid Waste Management Department.
• - Additional Class 1 and Class 3 vehicles were delivered to leading universities in Northern and Southern California.
• - Availability through the National Auto Fleet Group's Sourcewell contract facilitates public sector government purchasing.

Online presence for vehicle information and reservations (Mullen FIVE consumer model)

The consumer-facing channel for the Mullen FIVE Crossover relies on an online presence for information and initial commitment. As of late 2021, the company had raised the pre-order limit for the Mullen FIVE SUV from 5,000 to 25,000 units due to high demand, with initial deliveries targeted for 2024. However, the focus shifted, and Mullen Automotive, Inc. now forecasts production for the ultra-high-performance Mullen FIVE RS model to begin in December 2025, with customer sales planned for Germany in December 2025. Sales in other EU countries, the UAE, and South Africa are planned for 2026.

Bollinger Motors segment for Class 4 truck sales and deliveries

The Bollinger Motors segment utilizes its own set of sales channels for the B4 Class 4 electric truck, often involving large fleet orders and upfitters. The sales momentum for the B4 truck is reflected in the revenues recognized:

Metric	Value/Amount	Timeframe/Context
B4 Trucks Delivered and Paid For	25 units	During the nearly three months since production start (Sept 2024).
Retail Sales Value from First 25 B4s	Approximately $4.1 million	During the nearly three months since production start (Sept 2024).
Revenues Recognized from B4 Sales	$2.8 million	For the three months ended December 31, 2024.
B4 Trucks Delivered	20 units	Delivered to EnviroCharge in April 2025.
Sales Order Value	$13.2 million	Order from Momentum Groups for 80 B4 Class 4 EV trucks (June 2024).
Sales Order Value	$8.3 million	Sale of 50 Bollinger B4 Chassis Cab EV Trucks to EnviroCharge (May 2024).

The Bollinger B4 is available for government fleets through the National Auto Fleet Group under the Sourcewell contract agreement #032824-NAF.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Customer Segments

You're looking at the specific groups Mullen Automotive, Inc. is targeting with its commercial electric vehicles as of late 2025. This isn't about the consumer crossover; this is strictly about the fleet and government buyers who need workhorses like the Mullen ONE (Class 1) and Mullen THREE (Class 3).

The focus is clearly on electrifying commercial operations, driven by both operational cost savings and municipal sustainability mandates. For instance, the Mullen ONE Class 1 EV cargo van was delivered to support the Orange County, North Carolina Climate Action Plan, which aims to transition the county's fleet to all-electric by 2025.

Here's a breakdown of the key customer groups and the concrete data points associated with them:

• - Commercial Fleet Operators (logistics, last-mile delivery, e.g., Cashflow on Wheels).
• - Small to medium-sized businesses (SMBs) needing Class 1 cargo vans (e.g., Mr. Appliance).
• - Government and Public Sector entities (e.g., Orange County, NC).
• - Universities and educational institutions for campus fleet use.

The logistics segment has shown concrete ordering activity. Cashflow on Wheels, a consolidator for FedEx and Amazon last-mile delivery, placed an order and took delivery on 20 Class 3 vehicles (Mullen THREE). That order carried a retail value of approximately $1.4 million. For these operators, the shift is financial; Cashflow on Wheels reported measurable savings of over $500 per route per week with EVs.

Mullen Automotive, Inc.'s overall commercial sales activity for the quarter ending March 31, 2025, resulted in $5 million in revenue, driven by deliveries to logistics firms, local governments, and universities. Over the six months ending March 31, 2025, the company invoiced for 69 vehicles valued at $5.7 million.

The public sector segment is being accessed through streamlined procurement channels. Mullen Commercial EVs are available to U.S. government agencies via National Auto Fleet Group's (NAFG) Sourcewell contract #091521-NAF. This contract simplifies purchasing for entities like Orange County, NC. Furthermore, the Mullen THREE Class 3 EV truck qualifies for significant incentives, which directly impacts the effective cost for these buyers. The Mullen THREE, with a suggested MSRP of $68,500, could have a net effective cost of less than $17,000 when combining the up to $45,000 HVIP cash voucher and the $7,500 federal tax credit.

You can see the specific, recent transactional data mapped out below:

Customer Segment Example	Vehicle Type	Quantity Delivered/Ordered	Approximate Retail Value	Key Financial/Operational Metric
Cashflow on Wheels (Logistics)	Mullen THREE (Class 3)	20 units	$1.4 million	Reported savings of over $500 per route per week
Orange County, NC (Government)	Mullen ONE (Class 1)	1 unit (Delivery Announced)	Not Specified	Deployment supports goal for fleet electrification by 2025
Universities (Education)	Class 1 and Class 3 EVs	Multiple Deliveries	Not Specified	Deliveries made to leading universities in Northern and Southern California
Overall Commercial Sales (Q2 FY2025)	Class 1 and Class 3 EVs	Invoiced for 69 vehicles (6 months ended 3/31/2025)	$5.7 million invoiced (6 months ended 3/31/2025)	Reported Q2 FY2025 Revenue of $5 million

The company is also expanding its reach through dealer networks, which directly supports access to these customer segments. Mullen Automotive expanded its commercial dealer network to seven dealers across key U.S. markets.

For SMBs looking at the Class 1 van, the availability through the Sourcewell contract is a key enabler, even if specific SMB order numbers aren't broken out separately from the general commercial sales figures. The Mullen ONE is the platform for these smaller fleet needs.

Finance: draft 13-week cash view by Friday.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Cost Structure

You're looking at the expense side of Mullen Automotive, Inc.'s operations as of late 2025. The core of the cost structure is tied directly to scaling EV manufacturing and establishing a market presence, which naturally demands significant upfront and ongoing investment.

The high R&D and manufacturing overhead for EV production is evident in the reported figures from the start of the fiscal year. For the quarter ending December 31, 2024 (Q1 FY2025), Mullen Automotive reported specific operating expenses:

• General and Administrative (G&A) costs were $36.48 million.
• Research and Development (R&D) costs were $11.28 million.

Manufacturing overhead is embedded in the scale of their physical assets. Mullen Automotive operates two U.S. vehicle plants: a 120,000-square-foot facility in Tunica, Mississippi, and a 650,000-square-foot plant in Mishawaka, Indiana. Furthermore, efforts to enhance U.S. battery production capabilities involved acquiring additional battery line equipment from Nikola Corporation, and the company submitted a plan seeking $55 million in matching funds from the U.S. Department of Energy to support this U.S.-based battery and pack production.

The cash impact of these activities is substantial, though the company is actively working to mitigate it. For the six months ended March 31, 2025, the total cash spent on operating and investing activities-the cash burn-was reduced to $52.4 million. This represents a significant decrease of 56.6% from the $120.9 million spent in the same period last year. Still, the bottom line reflects the high costs of scaling, as the net loss attributable to common shareholders for those same six months ended March 31, 2025, reached $162.0 million.

Costs associated with expanding the U.S. commercial dealer and service network are a necessary expenditure for generating revenue. By the quarter ending December 31, 2024, the national sales and service network had expanded to over 50 locations. This network growth includes seven primary dealer partners across key U.S. markets, such as Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, and Papé Kenworth. Here's a look at the cost-saving measures being implemented to offset these expenditures:

Cost Reduction Initiative	Impact/Detail
Annual Cost Reductions Implemented (Effective Feb 1, 2025)	Approximately $13 million in annual savings
Cash Burn Reduction (H1 2025 vs. Prior Year H1)	Decrease of $68.5 million (from $120.9 million to $52.4 million)
Planned Operational Streamlining (Starting April 2025)	Includes additional staff reductions and facility eliminations

The company is defintely focused on reducing its cash outflow, with management stating an intention to maintain momentum in cutting operating costs and restructuring liabilities.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Revenue Streams

You're looking at the core ways Mullen Automotive, Inc. is generating cash right now, which is heavily weighted toward commercial vehicle sales as of late 2025. Honestly, the revenue picture is still early-stage, but the numbers show a clear shift from prior periods.

The primary, realized revenue streams come directly from the sale of their certified electric commercial vehicles. This is where the rubber meets the road, so to speak. You can see the breakdown of this activity in the table below, based on the latest reported figures for the first half of the fiscal year.

Revenue Stream Component	Amount (Six Months Ended March 31, 2025)
Total Revenue (GAAP)	$7.9 million
Mullen Commercial Segment (Class 1 & 3)	$4,092,316
Bollinger Segment (Class 4)	$3,778,309

The sales of the Mullen ONE (Class 1) and Mullen THREE (Class 3) commercial EVs are a key part of that Mullen Commercial segment revenue. These vehicles are EPA and CARB certified, which is crucial because it unlocks customer incentives. For example, the Mullen THREE, Class 3 EV truck, qualifies for up to a $45,000 cash voucher via California's HVIP program, plus an up to $7,500 federal EV tax credit for eligible customers. We saw direct sales activity, like the order from Cashflow on Wheels for 20 Class 3 vehicles with a retail value of approximately $1.4 million.

Revenue from the Bollinger B4 (Class 4) commercial trucks is the other major component. The Bollinger B4 Chassis Cab has a Manufacturer Suggested Retail Price of $158,758. This stream is bolstered by significant incentives, including up to $40,000 per vehicle from the Inflation Reduction Act (IRA). We have seen evidence of these sales, such as the agreement to sell 70 B4 trucks valued at approximately $11.5 million, and a delivery of five units valued at $800,000.

Looking ahead, the potential future revenue stream centers on the Mullen FIVE consumer crossover. You need to know that the production target has shifted. Mullen Automotive forecasts production of the higher-spec Mullen FIVE RS to begin in December 2025, with customer sales for that variant expected to commence in mid-2026. The standard Mullen FIVE launch is expected after that, so any significant revenue from this consumer line is likely beyond the immediate near-term view, defintely pushing into 2026.

Here are the key revenue-driving factors you should track:

• Sales of Mullen ONE (Class 1) and Mullen THREE (Class 3) commercial EVs.
• Sales of Bollinger B4 (Class 4) commercial trucks, which saw initial deliveries in late 2024.
• Total revenue of $7.9 million for the six months ended March 31, 2025.
• Potential future revenue from the Mullen FIVE consumer crossover, with the RS variant targeting production start in December 2025.

Finance: draft 13-week cash view by Friday.