BREA, Calif. - Bollinger Motors, a subsidiary of Mullen Automotive Inc. (NASDAQ:MULN), has completed its first delivery of the all-electric 2025 Bollinger B4 Chassis Cab trucks to Nacarato Truck Centers, marking the company's initial revenue from these vehicles. The delivery, consisting of five B4 trucks valued at $800,000, was completed at Nacarato's facility in LaVergne, Tennessee. This transaction was recognized in the revenue for the quarter ending September 30, 2024, with payment secured via wire transfer on the last day of the quarter.
Nacarato Truck Centers, a dealer of Volvo (OTC:VLVLY) Trucks and other commercial vehicles, plans to sell four of the Bollinger B4s to commercial fleet customers and will utilize the fifth truck for internal parts deliveries across its 13 locations in the East, Southeast, and Midwest regions. The Bollinger B4 Chassis Cab, which has a Manufacturer's Suggested Retail Price (MSRP) of $158,758, is designed specifically for commercial use and boasts a 158-kilowatt-hour battery pack.
The recent delivery is part of Bollinger Motors' broader expansion, which includes sales to various fleet management and clean energy companies, as well as the growth of its dealership and service center network. The company has also secured federal clean vehicle tax credits under the Inflation Reduction Act, amounting to $40,000 per B4 chassis cab.
Mullen Automotive, the parent company of Bollinger Motors, operates vehicle plants in Mississippi and Indiana and has recently been approved for federal EV tax credits, which could provide customers with up to $7,500 per vehicle. The company's commercial vehicle lineup has also received certification from the California Air Resource Board (CARB) and the Environmental Protection Agency (EPA).
This news is based on a press release statement and reflects the company's current achievements and plans for its electric commercial vehicles. The information provided is intended for factual reporting only.
In other recent news, Mullen Automotive reported a substantial 6791% surge in quarterly revenue, expecting approximately $4.5 million for the quarter ended September 2024. Mullen has also issued convertible notes and warrants, raising roughly $12.5 million, and secured a $3.2 million order from Papé Kenworth for a fleet of commercial electric vehicles. The company has expanded its dealer network and commenced production of commercial electric vehicles, including the Bollinger B4 electric truck, produced by its subsidiary, Bollinger Motors.
These developments coincide with Mullen's transition from pre-revenue product development to revenue generation, as highlighted by a $210 million order from Volt Mobility and the initiation of EV deliveries in the UAE. Furthermore, Mullen has expanded its employee equity incentive program and initiated a 1-for-100 reverse stock split.
Investors should note these are recent developments in Mullen Automotive's operations, with the company continuing to make significant strides in the electric vehicle market. It's worth mentioning that the reported financials are preliminary estimates and have not been audited or reviewed by an independent accounting firm, hence they may differ materially upon completion of standard financial closing procedures.
InvestingPro Insights
While Mullen Automotive (NASDAQ:MULN) celebrates its first delivery of Bollinger B4 Chassis Cab trucks, recent InvestingPro data paints a challenging financial picture for the company. As of the last twelve months ending Q3 2024, Mullen reported a revenue of just $0.16 million, with a staggering revenue decline of 49.17% year-over-year. This context underscores the significance of the $800,000 B4 truck delivery to Nacarato Truck Centers, potentially signaling a turning point for the company's revenue streams.
InvestingPro Tips highlight that Mullen is "trading at a low Price / Book multiple" of 0.13, which could indicate that the stock is undervalued relative to its assets. This may be of interest to value investors considering the company's recent progress in product delivery and expansion plans.
However, it's crucial to note that Mullen is "quickly burning through cash" and "may have trouble making interest payments on debt." These factors could pose significant challenges as the company ramps up production and delivery of its electric vehicles.
For investors seeking a more comprehensive analysis, InvestingPro offers 19 additional tips for Mullen Automotive, providing a deeper dive into the company's financial health and market position.
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