Mullen Automotive Stock Sinks Lower On Q3 Results: Details
Portfolio Pulse from Erica Kollmann
Mullen Automotive (NASDAQ:MULN) shares dropped after the company reported Q3 financial results, showing minimal revenue and a significant net loss. The company deferred revenue recognition for invoiced vehicles until payment and sale to end users. Shares hit new 52-week lows with a high short interest.
August 12, 2024 | 8:32 pm
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NEGATIVE IMPACT
Mullen Automotive reported Q3 revenue of $65,235 and a net loss of $289.9 million, leading to a significant drop in share price. The company deferred revenue recognition for invoiced vehicles, and shares hit new 52-week lows with high short interest.
The significant net loss and minimal revenue reported for Q3 have led to a sharp decline in Mullen Automotive's share price. The deferral of revenue recognition and high short interest further contribute to negative sentiment, making a short-term price decline likely.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100