Mullen Automotive, headquartered in Brea, California, recently disclosed its third-quarter financial performance, revealing a total revenue of $65,235 and a substantial net loss attributed to shareholders post preferred dividends, amounting to $289.9 million with a net loss per share of $37.92 for the nine months concluding on June 30, 2024. Despite having invoiced for 377 vehicles valued at $16.8 million during the same period, the company opted to defer revenue and accounts receivable recognition until payments are received, contingent upon the dealer's sale of the vehicles to end-users effectively canceling return provisions.
The company's CEO, David Michery, expressed optimism on narrowing the loss in the recent quarter and year-to-date, aiming for significant year-over-year growth in the upcoming fiscal Q4 through strategic efforts to expand their commercial EV business within the U.S. and worldwide. However, Mullen shares have hit new 52-week lows according to data from Benzinga Pro, with approximately 19.4% of shares currently being sold short.
For individuals interested in buying Mullen Automotive's stock, various trading platforms are available where they can purchase fractional shares to own portions of stock without acquiring an entire share, particularly beneficial for high-priced stocks like Berkshire Hathaway or Amazon.com. Conversely, betting against the company involves a more intricate process requiring access to options trading platforms or brokers facilitating short-selling opportunities through lending shares to sell. As of the latest update, Mullen Automotive shares are trading at $0.55, reflecting an 11.8% decline in value.