Mullen Automotive Inc. (MULN) Financial Statements (2024 and earlier)
Company Profile
| Business Address |
1405 PIONEER STREET BREA, CA 92821 |
| State of Incorp. | |
| Fiscal Year End | September 30 |
| Industry (SIC) | 3711 - Motor Vehicles and Passenger Car Bodies (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 3/31/2024 MRQ | 12/31/2023 MRQ | 9/30/2023 | 9/30/2022 | 9/30/2021 | 12/31/2020 | 12/31/2019 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 81,512 | 155,267 | 54,086 | 42 | 4,541 | 487 | |||
| Cash and cash equivalents | 81,512 | 155,267 | 54,086 | 42 | 4,541 | 487 | |||
| Restricted cash and investments | 7,427 | 429 | 30,289 | ||||||
| Receivables | 672 | 7,589 | 6,561 | ||||||
| Inventory, net of allowances, customer advances and progress billings | 30,720 | 16,807 | |||||||
| Inventory | 30,720 | 16,807 | |||||||
| Prepaid expense | 6,687 | 6,201 | |||||||
| Other current assets | 250 | ||||||||
| Other undisclosed current assets | 17,177 | 24,955 | 1,959 | 317 | 1,838 | 1,621 | |||
| Total current assets: | 143,522 | 198,130 | 86,334 | 6,811 | 13,968 | 8,669 | |||
| Noncurrent Assets | |||||||||
| Operating lease, right-of-use asset | 13,401 | 5,249 | 4,597 | 2,351 | 801 | 381 | |||
| Property, plant and equipment | 86,916 | 82,033 | 14,804 | 1,181 | 4 | ||||
| Long-term investments and receivables | 2,734 | 2,250 | |||||||
| Accounts and financing receivable, after allowance for credit loss | 2,734 | 2,250 | |||||||
| Intangible assets, net (including goodwill) | 132,417 | 133,082 | 186,782 | 2,495 | 11,277 | 13,360 | |||
| Goodwill | 28,847 | 28,847 | 92,835 | 7,681 | 7,681 | ||||
| Intangible assets, net (excluding goodwill) | 103,570 | 104,235 | 93,947 | 2,495 | 3,595 | 5,679 | |||
| Deposits noncurrent assets | 5,500 | ||||||||
| Other noncurrent assets | 2,187 | 961 | 3,346 | 4,334 | 781 | 630 | |||
| Other undisclosed noncurrent assets | 1,232 | ||||||||
| Total noncurrent assets: | 237,654 | 223,575 | 216,261 | 10,361 | 12,859 | 14,374 | |||
| TOTAL ASSETS: | 381,177 | 421,706 | 302,594 | 17,172 | 26,827 | 23,043 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 53,626 | 54,377 | 13,584 | 24,333 | 11,775 | 7,842 | |||
| Interest and dividends payable | ✕ | ✕ | ✕ | ✕ | 12,489 | ||||
| Employee-related liabilities | ✕ | ✕ | ✕ | ✕ | 4,586 | ||||
| Accounts payable | 15,459 | 13,176 | 6,398 | 5,206 | 7,171 | 6,042 | |||
| Accrued liabilities | 38,167 | 41,202 | 7,186 | 2,052 | 4,604 | 1,800 | |||
| Deferred revenue | 1,607 | 1,401 | |||||||
| Debt | 7,622 | 7,461 | 3,856 | 39,201 | 134 | ||||
| Deferred compensation liability | |||||||||
| Derivative instruments and hedges, liabilities | 20,715 | 64,863 | |||||||
| Customer refund liability | |||||||||
| Other liabilities | 7 | 90 | |||||||
| Due to related parties | ✕ | ✕ | ✕ | 217 | 127 | ||||
| Other undisclosed current liabilities | 14,477 | 12,902 | 104,700 | 7,627 | 1,471 | 909 | |||
| Total current liabilities: | 96,439 | 139,611 | 122,231 | 71,161 | 15,070 | 10,413 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 5,165 | 2,106 | 661 | 8,590 | |||||
| Long-term debt, excluding current maturities | 5,165 | 248 | 8,342 | ||||||
| Liabilities, other than long-term debt | 11,396 | 7,459 | 18,242 | 5,617 | |||||
| Deferred income tax liabilities | 2,165 | 3,892 | 14,883 | ||||||
| Other liabilities | 5,617 | ||||||||
| Operating lease, liability | 9,231 | 3,567 | 3,359 | 1,858 | 661 | 247 | |||
| Other undisclosed noncurrent liabilities | 1,527 | 1,828 | 7,953 | ||||||
| Total noncurrent liabilities: | 12,923 | 9,287 | 23,407 | 7,723 | 9,274 | 8,590 | |||
| Total liabilities: | 109,362 | 148,898 | 145,638 | 78,884 | 24,345 | 19,002 | |||
| Equity | |||||||||
| Equity, attributable to parent, including: | 210,557 | 208,953 | 58,691 | (61,712) | 2,749 | 4,273 | |||
| Preferred stock | 6 | ||||||||
| Common stock | 6 | 3 | 833 | 7 | 0 | 0 | |||
| Additional paid in capital | 2,134,106 | 2,071,110 | 947,765 | 88,650 | 189,700 | 185,297 | |||
| Accumulated other comprehensive loss | (2,259) | (2,274) | |||||||
| Accumulated deficit | (1,923,557) | (1,862,162) | (889,907) | (150,375) | (184,692) | (178,751) | |||
| Other undisclosed equity, attributable to parent | 2 | 2 | |||||||
| Equity, attributable to noncontrolling interest | 61,257 | 63,856 | 98,260 | (267) | (232) | ||||
| Other undisclosed equity | 6 | ||||||||
| Total equity: | 271,814 | 272,808 | 156,957 | (61,712) | 2,482 | 4,041 | |||
| Other undisclosed liabilities and equity | (0) | ||||||||
| TOTAL LIABILITIES AND EQUITY: | 381,177 | 421,706 | 302,594 | 17,172 | 26,827 | 23,043 | |||
Income Statement (P&L) ($ in thousands)
| 3/31/2024 TTM | 12/31/2023 TTM | 9/30/2023 | 9/30/2022 | 9/30/2021 | 12/31/2020 | 12/31/2019 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 579 | 366 | 294 | 84 | 65,705 | 65,000 | ||
| Sublease income | 481 | 362 | 294 | 84 | ||||
| Cost of revenue | (2,278) | (274) | (26,949) | (22,070) | (60,146) | (56,072) | ||
| Cost of goods and services sold | (274) | (274) | (901) | (55,861) | (54,722) | |||
| Financing interest expense | (2,004) | (26,949) | (21,168) | |||||
| Other undisclosed gross profit | 4,285 | 1,350 | ||||||
| Gross profit: | (1,699) | 92 | (26,656) | (21,985) | 9,844 | 10,278 | ||
| Operating expenses | (363,650) | (377,864) | (96,989) | (22,403) | (10,052) | (70,585) | ||
| Other undisclosed operating income (loss) | 1,791 | 26,656 | 21,985 | (4,285) | 54,722 | |||
| Operating loss: | (363,558) | (377,772) | (96,989) | (22,403) | (4,493) | (5,585) | ||
| Nonoperating income (expense) (Other Nonoperating Income (Expense)) | 2,342 | 2,532 | (5,648) | (50) | 1,460 | |||
| Interest and debt expense | 166 | (6,246) | 33 | 891 | (1,447) | (1,113) | ||
| Loss from continuing operations before equity method investments, income taxes: | (361,050) | (381,486) | (102,604) | (21,512) | (5,990) | (5,238) | ||
| Other undisclosed income (loss) from continuing operations before income taxes | (343,362) | (636,161) | (637,720) | 70 | (87) | |||
| Loss from continuing operations before income taxes: | (704,413) | (1,017,647) | (740,323) | (21,512) | (5,920) | (5,325) | ||
| Income tax benefit | 10,495 | 10,988 | ||||||
| Loss from continuing operations: | (693,918) | (1,006,659) | (740,323) | (21,512) | (5,920) | (5,325) | ||
| Loss before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | ✕ | (21,512) | (5,920) | (5,325) | |
| Other undisclosed net income (loss) | 1,726 | (2) | (57) | (1,240) | ||||
| Net loss: | (692,191) | (1,006,659) | (740,325) | (21,512) | (5,976) | (6,565) | ||
| Net income attributable to noncontrolling interest | 34,818 | 34,404 | 792 | 35 | 106 | |||
| Other undisclosed net loss attributable to parent | (22,728) | |||||||
| Net loss attributable to parent: | (657,374) | (972,255) | (739,533) | (44,241) | (5,941) | (6,458) | ||
| Preferred stock dividends and other adjustments | (40,516) | |||||||
| Other undisclosed net income (loss) available to common stockholders, basic | 7,978 | 7,360 | ||||||
| Net loss available to common stockholders, diluted: | (649,396) | (964,894) | (780,049) | (44,241) | (5,941) | (6,458) | ||
Comprehensive Income ($ in thousands)
| 3/31/2024 TTM | 12/31/2023 TTM | 9/30/2023 | 9/30/2022 | 9/30/2021 | 12/31/2020 | 12/31/2019 | ||
|---|---|---|---|---|---|---|---|---|
| Net loss: | (692,191) | (1,006,659) | (740,325) | (21,512) | (5,976) | (6,565) | ||
| Comprehensive loss: | (692,191) | (1,006,659) | (740,325) | (21,512) | (5,976) | (6,565) | ||
| Comprehensive income, net of tax, attributable to noncontrolling interest | 34,818 | 34,404 | 792 | 35 | 106 | |||
| Other undisclosed comprehensive income (loss), net of tax, attributable to parent | 15 | (42) | ||||||
| Comprehensive loss, net of tax, attributable to parent: | (657,374) | (972,255) | (739,533) | (21,512) | (5,927) | (6,500) | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.