Bollinger Innovations, Inc. Announces Quarterly Results for 3 and 9 Months Ended June 30, 2025
Company continues to reduce cash burn; including recently initiating strategic move of Bollinger B4 manufacturing from Roush Industries in Michigan to Company-owned plant in Tunica, Miss.
Subsequent to June 30, the Company increased shareholder equity by more than $110 million
BREA, Calif., Aug. 14, 2025 (GLOBE NEWSWIRE) -- via IBN, Bollinger Innovations, Inc. (NASDAQ:BINI) ("Bollinger Innovations" or the "Company"), an electric vehicle manufacturer, today announces financial results for the three and nine months ended June 30, 2025, and a current business update.
Commenting on recent results and Company highlights, CEO and chairman David Michery stated: "In July, we combined our commercial EV brands under one unified Company, Bollinger Innovations, Inc. The Company remains centered on its core business of manufacturing, sales and service for our lines of commercial EV products, while also remaining focused on balancing and positioning for the future."
"We recently initiated a strategic effort to move Bollinger B4 manufacturing from Roush Industries in Michigan to our commercial manufacturing center in Tunica, Mississippi. This effort streamlines our operations and reduces our manufacturing cost while consolidating commercial vehicle production into a single company-owned facility. Overall, we gain greater control over the manufacturing process, reduce logistical complexities, and ultimately deliver our vehicles to customers more efficiently."
Recent and Fiscal Q3 Highlights
Bollinger Innovations Class 1, 3 and 4 Commercial Vehicles
Recently the Company initiated a $7,500 pricing adjustment on both Class 1 and Class 3 commercial EVs. This new pricing adjustment can be combined (on or before Sept. 30) with the $7,500 federal tax credit, providing up to $15,000 in savings per vehicle.
In July 2025, the Company announced the name change to Bollinger Innovations, Inc., which was effective on July 28, 2025. On that date, the Company also began trading under Nasdaq symbol: BINI.
On June 2, 2025, the Company reached a definitive agreement to acquire an additional 21% of Bollinger Motors, bringing its total ownership to 95% and regaining full control of Bollinger Motors. As a result, the Company resolved claims and debt that previously led to a court-ordered receivership of Bollinger Motors.
Sale and order activity for commercial EVs in the last quarter include:
In May 2025, Bollinger Motors announced delivery on a Bollinger B4, Class 4 all-electric truck to The Lower East Side Ecology Center in New York City. The vehicle will be used as both a work and delivery truck, supporting various LES Ecology Center environmental initiatives, including the longest running compost program in NYC.
In April 2025, Global Expert Shipping, located in Glendale, California, purchased the Urban Delivery, Class 1 EV cargo van for maintenance and material transport tasks, with additional orders to follow.
In April 2025, Bollinger Motors delivered the first 2025 Bollinger B4 truck of multiple orders to EnviroCharge for conversion into mobile charging units. The initial EnviroCharge Bollinger B4, Class 4 mobile charging truck was revealed at ACT Expo on April 28, 2025.
The Company announced that it is accepting cryptocurrency, including Bitcoin and the $TRUMP meme coin, for the purchase of its commercial electric vehicles.
The Urban Delivery Class 1 EV cargo van qualified for an incentive of up to $7,500 through the ComEd Business & Public Sector EV Rebate Program (ComEd) in Illinois. When combined with the federal tax credit, customers could potentially save up to $15,000 on each vehicle.
Ride-and-drive events, conducted in the last quarter to increase awareness in many commercial fleet verticals, include ACT Expo and Government Fleet Expo.
Bollinger Motors recently announced that state incentives in New York are set to be replenished this summer. The New York Truck Voucher Incentive Program (NYTVIP) can provide credits from $85,000 up to $144,000. Paired with the federal tax credit, up to $40,000 for a Class 4, allows for unprecedented up-front affordability for commercial EVs.
Battery Technology
In April 2025, Mullen signed a partnership and supply agreement with Enpower Greentech Inc., a global leader in advanced lithium-ion battery manufacturing and technology, to build and deliver its SWIFT solid- state battery (SSB) series in Fullerton, CA.
The Company showcased two battery packs (30 kWh and 80 kWh) at the ACT show in Anaheim, California, in May 2025.
Financial Results for the Three and Nine Months Ended June 30, 2025
Losses and Non-cash Expenses
The net loss attributable to common shareholders after preferred dividends was $291.8 million, or $74.9 thousand net loss per share, for the nine months ending June 30, 2025, as compared to a net loss attributable to common shareholders after preferred dividends of $289.9 million, for the nine months ended June 30, 2024 (giving retroactive effect to reverse stock splits).
Liquidity
We had total cash (including restricted cash) of $0.9 million on June 30, 2025 versus $10.7 million on September 30, 2024. The working capital as of June 30, 2025, was negative - $144.1 million, or $41.6 million if adding back derivative liabilities and other liabilities expected to be settled in common stock.
The total cash spent on operating and investing activities during the nine months ended June 30, 2025 and 2024, was $73.6 million and $159.2 million, respectively, which represents a spending decrease of $85.6 million, or 53.7%. As it was announced previously, the Company intends to maintain its momentum of reducing the cash outflow by cutting operating costs and restructuring liabilities. Through June 30, 2025, we have financed our operations primarily through the issuance of convertible notes and warrants. Net cash provided by financing activities was $63.7 million for the nine months ended June 30, 2025, as compared to $7.5 million net cash provided by financing activities for the nine months ended June 30, 2024.
Nine months ended June 30,
2025
2024
Net loss
$
(304,447,183
)
$
(326,984,240
)
Non-cash adjustments (see table below for details)
227,110,648
182,763,377
Changes in working capital
7,928,773
(962,034
)
Net cash used in operating activities
(69,407,762
)
(145,182,897
)
Net cash used in investing activities
(4,239,551
)
(14,053,838
)
Cash spent
$
(73,647,313
)
$
(159,236,735
)
Major part of the losses during the nine months ended June 30, 2025 related to non-cash expenses: $227.1 million or 78% of the loss attributable to common shareholders after preferred dividends for the nine months ended June 30, 2025, versus $182.8 million or 63%, for the nine months ended June 30, 2024 as per the following:
Nine months ended June 30,
2025
2024
Non-cash expenses and gains during the period:
Revaluation of warrants and derivative liabilities
$
(58,787,404
)
$
805,137
Loss on exchange of warrants
57,770,454
—
Stock-based compensation
67,016,811
29,174,038
Other financing costs - initial recognition of warrants
70,366,183
17,914,480
Amortization of debt discount and other non-cash interest expense
47,440,071
8,366,613
Loss on settlement (GEM case)
14,261,736
—
Impairment of intangible assets
12,332,625
73,447,067
Depreciation and amortization
12,551,141
17,768,083
Write-down of inventory to net realizable value
9,724,757
—
Gain on settlement
(3,761,955
)
—
(Gain)/loss on extinguishment of debt
(1,803,771
)
655,721
Impairment of goodwill
—
28,846,832
Deferred income taxes
—
(3,890,100
)
Other financing costs - ELOC commitment fee
—
6,000,000
Loss/(gain) on assets disposal
—
477,838
Impairment of right-of -use assets
—
3,197,668
Total non-cash expenses and gains
$
227,110,648
$
182,763,377
Settlement of outstanding claims
During the nine months ended June 30, 2025, the Company and creditors reached a successful settlement agreement which involved transferring certain idle property to the creditors, and helped reduce carrying amount of Accrued expenses and other current liabilities from $51.6 million on September 30, 2024 to $14.9 million on June 30, 2025.
Equity
After the balance sheet date, the Company and investors, in several transactions, exchanged all remaining warrants (with a carrying amount of approximately $119 million) to shares of newly designated shares of Series G Preferred stock, and convertible notes with a principal and accumulated interest in amount of approximately $30 million to shares of newly designated shares of Series F Preferred stock. These transactions helped substantially increase stockholders' equity of the Company, so that estimated stockholders' equity of the Company as of August 14, 2025 exceeds $3 million.
Financial statements
Following are our unaudited Condensed Consolidated Balance Sheets as of June 30, 2025 and Consolidated Balance Sheets as of September 30, 2024, Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 and 2024.
BOLLINGER INNOVATIONS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited)
June 30, 2025
Sept. 30, 2024
(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
454,658
$
10,321,827
Restricted cash
397,067
426,851
Inventory
28,148,500
37,503,112
Prepaid expenses and other current assets
13,386,759
14,798,553
Accounts receivable
—
124,295
TOTAL CURRENT ASSETS
42,386,984
63,174,638
Property, plant, and equipment, net
30,187,343
82,180,266
Intangible assets, net
12,505,550
27,056,030
Right-of-use assets
2,481,312
3,041,485
Other noncurrent assets
1,667,917
3,178,870
TOTAL ASSETS
$
89,229,106
$
178,631,289
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable
$
42,396,488
$
41,335,509
Accrued expenses and other current liabilities
14,855,109
51,612,166
Derivative liabilities
101,060,811
79,742,180
Liability to issue shares
1,458,863
1,771,025
Lease liabilities, current portion
2,237,694
2,893,967
Notes payable, current portion
24,070,440
5,399,777
