Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2024 -35805.4% Operating margin3 199.0% Revenue growth, 20243 Where the money goes Where each dollar of revenue went, fiscal 2024 Cost of revenue Research and development
Cost of revenue 18¢ $16.9M Research and development 78¢ $74.9M Income tax 4¢ $3.9M Out of $1.1M in revenue.3
Financial statements
Income statement Balance sheet Cash flow
Annual Quarterly
Revenue4 5 3 $1.1M in 2024−98% since 2018 0 $20.0M $40.0M $60.0M $80.0M 2018: $65.8M $65.8M 2018 2019: $65.0M $65.0M 2019 −1% 2020: $65.7M $65.7M 2020 +1% 2023: $366.0K $366.0K 2023 −99% 2024: $1.1M $1.1M 2024 +199% Gross profit4 5 3 -$15.8M in 2024-$20.0M -$10.0M 0 $10.0M $20.0M 2018: $10.2M $10.2M 2018 2019: $10.3M $10.3M 2019 +1% 2020: $9.8M $9.8M 2020 −4% 2023: $92.1K $92.1K 2023 −99% 2024: -$15.8M -$15.8M 2024 Operating income4 5 6 7 3 -$391.8M in 2024+8947% since 2018 -$400.0M -$300.0M -$200.0M -$100.0M 0 2018: -$4.3M -$4.3M 2018 2019: -$5.6M -$5.6M 2019 +29% 2020: -$4.5M -$4.5M 2020 −20% 2021: -$22.4M -$22.4M 2021 +399% 2022: -$97.0M -$97.0M 2022 +333% 2023: -$377.8M -$377.8M 2023 +289% 2024: -$391.8M -$391.8M 2024 +4% Net income4 5 8 6 7 3 -$457.1M in 2024+9159% since 2018 -$1.0B -$750.0M -$500.0M -$250.0M 0 2018: -$4.9M -$4.9M 2018 2019: -$6.5M -$6.5M 2019 +31% 2020: -$5.9M -$5.9M 2020 −9% 2021: -$44.2M -$44.2M 2021 +650% 2022: -$739.5M -$739.5M 2022 +1572% 2023: -$972.3M -$972.3M 2023 +31% 2024: -$457.1M -$457.1M 2024 −53% Revenue9 10 11 $473.7K in Q3 FY2025−84% since Q1 FY2024 0 $2.0M $4.0M $6.0M Q1 FY2024: $2.9M $2.9M Q1 FY2024 Q2 FY2025: $5.0M $5.0M Q2 FY2025 +69% Q3 FY2025: $473.7K $473.7K Q3 FY2025 −90% Gross profit9 10 11 -$10.1M in Q3 FY2025+175% since Q1 FY2024 -$15.0M -$10.0M -$5.0M 0 Q1 FY2024: -$3.7M -$3.7M Q1 FY2024 Q2 FY2025: -$2.0M -$2.0M Q2 FY2025 −44% Q3 FY2025: -$10.1M -$10.1M Q3 FY2025 +393% Operating income9 10 11 -$58.2M in Q3 FY2025+13% since Q1 FY2024 -$80.0M -$60.0M -$40.0M -$20.0M 0 Q1 FY2024: -$51.4M -$51.4M Q1 FY2024 Q2 FY2025: -$65.8M -$65.8M Q2 FY2025 +28% Q3 FY2025: -$58.2M -$58.2M Q3 FY2025 −12% Net income9 10 11 -$129.7M in Q3 FY2025+13% since Q1 FY2024 -$150.0M -$100.0M -$50.0M 0 Q1 FY2024: -$114.9M -$114.9M Q1 FY2024 Q2 FY2025: -$47.1M -$47.1M Q2 FY2025 −59% Q3 FY2025: -$129.7M -$129.7M Q3 FY2025 +176% Fiscal year 2018 2019 2020 2021 2022 2023 2024 Revenue $65.8M4 $65.0M5 $65.7M5 $366.0K3 $1.1M3 Cost of revenue $55.6M4 $54.7M5 $55.9M5 $273.9K3 $16.9M3 Gross profit $10.2M4 $10.3M5 $9.8M5 $92.1K3 -$15.8M3 Research and development $1.7M12 $3.0M6 $21.7M7 $77.4M3 $74.9M3 Selling, general and admin $9.8M4 $9.3M5 $7.0M5 Operating income -$4.3M4 -$5.6M5 -$4.5M5 -$22.4M6 -$97.0M7 -$377.8M3 -$391.8M3 Interest $847.2K4 $1.1M5 $1.4M5 Income tax $8006 -$279.0K7 -$11.0M3 -$3.9M3 Net income -$4.9M4 -$6.5M5 -$5.9M8 -$44.2M6 -$739.5M7 -$972.3M3 -$457.1M3 Earnings per share -$5.2312 -$8.566 -$63,085.267 -$157,405.253 -$1,425.613 Earnings per share (diluted) -$5.2312 -$8.566 -$63,083.677 -$1,574.147
Total assets4 5 6 7 3 $178.6M in 2024+593% since 2018 0 $200.0M $400.0M $600.0M 2018: $25.8M $25.8M 2018 2019: $23.0M $23.0M 2019 −11% 2020: $26.8M $26.8M 2020 +16% 2021: $45.4M $45.4M 2021 +69% 2022: $302.6M $302.6M 2022 +566% 2023: $421.7M $421.7M 2023 +39% 2024: $178.6M $178.6M 2024 −58% Total liabilities4 5 6 7 3 $195.2M in 2024+1037% since 2018 0 $50.0M $100.0M $150.0M $200.0M 2018: $17.2M $17.2M 2018 2019: $19.0M $19.0M 2019 +11% 2020: $24.3M $24.3M 2020 +28% 2021: $175.5M $175.5M 2021 +621% 2022: $145.6M $145.6M 2022 −17% 2023: $148.9M $148.9M 2023 +2% 2024: $195.2M $195.2M 2024 +31% Shareholders’ equity5 6 7 3 -$28.6M in 2024-$200.0M -$100.0M 0 $100.0M $200.0M $300.0M 2018: $8.6M $8.6M 2018 2019: $4.0M $4.0M 2019 −53% 2020: $2.5M $2.5M 2020 −39% 2021: -$130.1M -$130.1M 2021 2022: $58.7M $58.7M 2022 2023: $209.0M $209.0M 2023 +256% 2024: -$28.6M -$28.6M 2024 Cash4 5 6 7 3 $10.3M in 2024+527% since 2018 0 $50.0M $100.0M $150.0M $200.0M 2018: $1.6M $1.6M 2018 2019: $486.6K $486.6K 2019 −70% 2020: $4.5M $4.5M 2020 +833% 2021: $42.2K $42.2K 2021 −99% 2022: $54.1M $54.1M 2022 +128144% 2023: $155.3M $155.3M 2023 +187% 2024: $10.3M $10.3M 2024 −93% Long-term debt4 5 12 7 3 $0 in 20240 $2.5M $5.0M $7.5M $10.0M 2018: $5.9M $5.9M 2018 2019: $8.3M $8.3M 2019 +40% 2020: $8.6M $8.6M 2020 +3% 2021: $247.6K $247.6K 2021 −97% 2022: $5.2M $5.2M 2022 +1986% 2023: $0 $0 2023 2024: $0 $0 2024 Total assets9 10 11 $89.2M in Q3 FY2025−48% since Q1 FY2024 0 $50.0M $100.0M $150.0M $200.0M Q1 FY2024: $173.0M $173.0M Q1 FY2024 Q2 FY2025: $150.1M $150.1M Q2 FY2025 −13% Q3 FY2025: $89.2M $89.2M Q3 FY2025 −41% Total liabilities9 10 11 $196.3M in Q3 FY2025−27% since Q1 FY2024 0 $100.0M $200.0M $300.0M Q1 FY2024: $267.2M $267.2M Q1 FY2024 Q2 FY2025: $219.6M $219.6M Q2 FY2025 −18% Q3 FY2025: $196.3M $196.3M Q3 FY2025 −11% Shareholders’ equity9 10 11 -$107.9M in Q3 FY2025+5% since Q1 FY2024 -$150.0M -$100.0M -$50.0M 0 Q1 FY2024: -$103.1M -$103.1M Q1 FY2024 Q2 FY2024: -$94.2M -$94.2M Q2 FY2024 −9% Q2 FY2025: -$73.0M -$73.0M Q2 FY2025 −23% Q3 FY2025: -$69.5M -$69.5M Q3 FY2025 −5% Q3 FY2025: -$107.9M -$107.9M Q3 FY2025 +55% Cash9 10 11 $454.7K in Q3 FY2025−80% since Q1 FY2024 0 $1.0M $2.0M $3.0M Q1 FY2024: $2.3M $2.3M Q1 FY2024 Q2 FY2025: $1.4M $1.4M Q2 FY2025 −40% Q3 FY2025: $454.7K $454.7K Q3 FY2025 −68% Fiscal year 2018 2019 2020 2021 2022 2023 2024 Cash $1.6M4 $486.6K5 $4.5M5 $42.2K6 $54.1M7 $155.3M3 $10.3M3 Current assets $9.7M4 $8.7M5 $14.0M5 $6.8M6 $86.3M7 $198.1M3 $63.2M3 Total assets $25.8M4 $23.0M5 $26.8M5 $45.4M6 $302.6M7 $421.7M3 $178.6M3 Current liabilities $11.2M4 $10.4M5 $15.1M5 $71.2M6 $122.2M7 $139.6M3 $183.2M3 Long-term debt $5.9M4 $8.3M5 $8.6M5 $247.6K12 $5.2M7 $03 $03 Total liabilities $17.2M4 $19.0M5 $24.3M5 $175.5M6 $145.6M7 $148.9M3 $195.2M3 Shareholders’ equity $8.6M5 $4.0M5 $2.5M5 -$130.1M6 $58.7M7 $209.0M3 -$28.6M3 Shares outstanding 3.9M shares4 4.1M shares5 5.0M shares5 23.4M shares12 37.0K shares7 28.7K shares3 4.6M shares3
Cash from operations4 5 6 7 3 -$185.6M in 2024+5579% since 2018 -$200.0M -$150.0M -$100.0M -$50.0M 0 $50.0M 2018: -$3.3M -$3.3M 2018 2019: -$2.2M -$2.2M 2019 −34% 2020: $3.0M $3.0M 2020 2021: -$17.5M -$17.5M 2021 2022: -$65.8M -$65.8M 2022 +276% 2023: -$179.2M -$179.2M 2023 +172% 2024: -$185.6M -$185.6M 2024 +4% Capital spending4 12 7 3 $14.7M in 2024+12732% since 2018 0 $5.0M $10.0M $15.0M 2018: $114.9K $114.9K 2018 2019: $138.0K $138.0K 2019 +20% 2020: $270.5K $270.5K 2020 +96% 2021: $12.0M $12.0M 2021 +4336% 2022: $11.6M $11.6M 2022 −3% 2023: $14.5M $14.5M 2023 +25% 2024: $14.7M $14.7M 2024 +2% Free cash flow4 5 6 7 3 -$200.3M in 2024+5822% since 2018 -$300.0M -$200.0M -$100.0M 0 $100.0M 2018: -$3.4M -$3.4M 2018 2019: -$2.3M -$2.3M 2019 −32% 2020: $2.8M $2.8M 2020 2021: -$29.5M -$29.5M 2021 2022: -$77.4M -$77.4M 2022 +162% 2023: -$193.7M -$193.7M 2023 +150% 2024: -$200.3M -$200.3M 2024 +3% Share buybacks3 $0 in 20240 $2.0M $4.0M $6.0M 2023: $5.6M $5.6M 2023 2024: $0 $0 2024 Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Fiscal year 2018 2019 2020 2021 2022 2023 2024 Cash from operations -$3.3M4 -$2.2M5 $3.0M5 -$17.5M6 -$65.8M7 -$179.2M3 -$185.6M3 Capital spending $114.9K4 $138.0K4 $270.5K12 $12.0M12 $11.6M7 $14.5M3 $14.7M3 Free cash flow -$3.4M -$2.3M $2.8M -$29.5M -$77.4M -$193.7M -$200.3M Share buybacks $5.6M3 $03
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Former names
MULLEN AUTOMOTIVE INC. Nov 12, 2021 to Jul 23, 20252 Net Element, Inc. Jan 28, 2013 to Nov 8, 20212 Net Element International, Inc. Jul 10, 2012 to Dec 5, 20132 Cazador Acquisition Corp Ltd. Sep 3, 2010 to Oct 2, 20122
Recent filings
Feb 17, 2026 SCHEDULE 13G/A Jan 8, 2026 25-NSE Dec 17, 2025 RW Nov 26, 2025 8-K Nov 14, 2025 SCHEDULE 13G/A Oct 15, 2025 3 OWNERSHIP DOCUMENTOct 15, 2025 4 OWNERSHIP DOCUMENTOct 15, 2025 SCHEDULE 13D Oct 10, 2025 8-K Sep 23, 2025 8-K Sep 19, 2025 S-1/A Sep 16, 2025 8-K Sep 3, 2025 8-K Aug 29, 2025 8-K Aug 29, 2025 DEF 14A Every filing from the last three years, summarized . The full record is on SEC EDGAR.1
