References in this Annual Report to the Company , we , us , our or similar references, or Mullen, mean Mullen Automotive Inc., a Delaware corporation, and its subsidiaries Ottava Automotive, Inc., a California corporation, Mullen Indiana Real Estate, LLC., a Delaware corporation, Mullen Investment Properties LLC, a Mississippi corporation, Mullen Advanced Energy Operations LLC, a California cor…
The business is unprofitable at the operating level (-35805.41% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 199.0% YoY with margins expanding 67411.1pp.
ROIC dropped from -195.10% to -242.86%, capital efficiency is deteriorating. Negative free cash flow of -$200M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$9M
▲ +199.0% YoY
Net Income (TTM)
-$468M
▲ +53.0% YoY
Op. Margin
-2876.72%
▲ +67411.1pp YoY
ROIC
-725.09%
▼ -47.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$115M
▼ -3.4% YoY
Op. Cash Flow (TTM)
-$110M
▼ -3.6% YoY
Net Debt
$36M
Cash & Equiv.
$455K
3Y CAGR: -74.2%
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