Mullen Automotive Inc (MULN)

[jmoney360]

Financial Highlights

Asset growth of 391%
Asset growth was primarily from cash from financing activities along with increased property and equipment.
Positive working capital $27,656,446
Working capital was a positive variance due to the paydowns in current notes and cash received from financing activities.
$318 million in financial commitments
The committed capital positions Mullen for growth over the remainder of 2022 and 2023.
Change in debt –77%
The 77% debt reduction minimizes debt overhang problem and implies that equity holders can invest in a company positioned for growth and sound financial performance.
281% increase in R&D spending
Company has increased its spending for R&D, which primarily relates to engineering costs for the Mullen FIVE and Mullen EV cargo van programs.