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. $(BINI)$ ("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).
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
Refundable deposits 404,072 417,674
-------------- --------------
TOTAL CURRENT LIABILITIES 186,483,477 183,172,298
Liability to issue shares, net
of current portion 66,674 356,206
Lease liabilities, net of
current portion 9,733,098 11,648,662
-------------- --------------
TOTAL LIABILITIES $ 196,283,249 $ 195,177,166
-------------- --------------
STOCKHOLDERS' EQUITY
(DEFICIT)
Preferred stock; $0.001 par
value; 626,263,159 and
126,263,159 shares of
preferred stock authorized at
June 30, 2025 and September
30, 2024, respectively
Preferred Series D; 84,572,538
shares authorized; 363,097
shares issued and outstanding
at June 30, 2025 and
September 30, 2024
(preference in liquidation of
$159,000 at June 30, 2025 and
September 30, 2024) 363 363
Preferred Series C;
24,874,079 shares authorized;
458 shares issued and
outstanding at June 30, 2025
and September 30, 2024
(preference in liquidation of
$4,049 at June 30, 2025 and
September 30, 2024) -- --
Preferred Series A; 83,859
shares authorized; 648 shares
issued and outstanding at
June 30, 2025 and September
30, 2024 (preference in
liquidation of $836 at June
30, 2025 and September 30,
2024) 1 1
Common stock; $0.001 par
value; 5,000,000,000 shares
authorized at June 30, 2025
and September 30, 2024;
99,568 and 1 shares issued
and outstanding at June 30,
2025 and September 30, 2024
respectively 100 --
Additional paid-in capital 2,503,004,697 2,290,664,548
Accumulated deficit (2,610,910,202) (2,319,220,938)
-------------- --------------
TOTAL STOCKHOLDERS' EQUITY
(DEFICIT) ATTRIBUTABLE TO THE
COMPANY'S STOCKHOLDERS (107,905,041) (28,556,026)
Noncontrolling interest 850,898 12,010,149
-------------- --------------
TOTAL STOCKHOLDERS' EQUITY
(DEFICIT) (107,054,143) (16,545,877)
-------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
(DEFICIT) $ 89,229,106 $ 178,631,289
============== ==============
BOLLINGER INNOVATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended June 30, Nine months ended June 30,
---------------------------- -----------------------------
2025 2024 2025 2024
------------- ------------ ------------- -------------
Revenue from sale
of vehicles $ 473,686 $ 65,235 $ 8,344,311 $ 98,570
Cost of revenues 10,565,994 36,008 24,151,863 49,448
Gross loss (10,092,308) 29,227 (15,807,552) 49,122
Operating
expenses:
General and
administrative $ 36,173,327 $ 47,477,377 $ 114,030,172 $ 138,615,121
Research and
development 11,587,940 14,292,744 33,234,428 54,486,237
Impairment of
intangible
assets 326,173 -- 12,332,625 73,447,067
Impairment of
right-of -use
assets -- 30,060 -- 3,197,668
Impairment of
goodwill -- -- -- 28,846,832
------------ ----------- ------------ ------------
Loss from
operations (58,179,748) (61,770,954) (175,404,777) (298,543,803)
Other income
(expense):
Other financing
costs - initial
recognition of
warrants (33,181,991) (17,914,480) (70,366,183) (17,914,480)
Loss on exchange
of warrants -- -- (57,770,454) --
Gain/(loss) on
warrants and
derivative
liability
revaluation (4,829,873) 2,301,086 58,787,404 (805,137)
Gain on settlement 3,761,955 -- 3,761,955 --
Loss on settlement
(GEM case) (14,261,736) -- (14,261,736) --
Gain/(loss) on
extinguishment of
debt 250,000 (690,346) 1,803,771 (655,721)
Loss on disposal
of fixed assets -- (103,973) -- (477,838)
Interest expense (25,663,583) (8,277,802) (51,855,494) (8,795,525)
Other financing
costs - ELOC
commitment fee -- (6,000,000) -- (6,000,000)
Other income, net 337,152 829,056 860,131 2,318,164
------------ ----------- ------------ ------------
Total other income
(expense) (73,588,076) (29,856,459) (129,040,606) (32,330,537)
------------ ----------- ------------ ------------
Net loss before
income tax
benefit $(131,767,824) $(91,627,413) $(304,445,383) $(330,874,340)
------------ ----------- ------------ ------------
Income tax
benefit/
(provision) (600) (1,200) (1,800) 3,890,100
------------ ----------- ------------ ------------
Net loss (131,768,424) (91,628,613) (304,447,183) (326,984,240)
------------ ----------- ------------ ------------
Net loss
attributable to
noncontrolling
interest (2,043,608) (4,267,796) (12,757,919) (45,796,565)
------------ ----------- ------------ ------------
Net loss
attributable to
stockholders $(129,724,816) $(87,360,817) $(291,689,264) $(281,187,675)
------------ ----------- ------------ ------------
Waived/(accrued)
accumulated
preferred
dividends and
other capital
transactions with
preferred
stockholders (98,767) (8,627,095) (148,805) (8,670,441)
Net loss
attributable to
common
stockholders
after preferred
dividends and
other capital
transactions with
preferred
stockholders $(129,823,583) $(95,987,912) $(291,838,069) $(289,858,116)
============ =========== ============ ============
Net Loss per Share $ (11,231.39) $(95,987,912) $ (74,887.88) $(289,858,116)
Weighted average
shares
outstanding,
basic and
diluted 11,559 1 3,897 1
BOLLINGER INNOVATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine Months Ended June 30,
-----------------------------
2025 2024
------------- -------------
Cash Flows from Operating
Activities
Net loss $(304,447,183) $(326,984,240)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Stock-based compensation 67,016,811 29,174,038
Revaluation of warrants and
derivative liabilities (58,787,404) 805,137
Loss on exchange of warrants 57,770,454 --
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
Depreciation and amortization 12,551,141 17,768,083
(Gain)/loss on extinguishment of
debt (1,803,771) 655,721
Write-down of inventory to net
realizable value 9,724,757 --
Gain on settlement (3,761,955) --
Loss on settlement (GEM case) 14,261,736 --
Impairment of intangible assets 12,332,625 73,447,067
Impairment of goodwill -- 28,846,832
Impairment of right-of -use assets -- 3,197,668
Other financing costs - ELOC
commitment fee -- 6,000,000
Deferred income taxes -- (3,890,100)
Loss/(gain) on assets disposal -- 477,838
Changes in operating assets and
liabilities:
Accounts receivable 124,295 671,750
Inventories (685,798) (21,027,871)
Prepaids and other assets 5,362,872 (279,024)
Accounts payable 3,383,278 18,788,174
Accrued expenses and other
liabilities 1,755,790 1,757,670
Right-of-use assets and lease
liabilities (2,011,664) (872,733)
------------ ------------
Net cash used in operating
activities (69,407,762) (145,182,897)
Cash Flows from Investing
Activities
Purchase of equipment (4,239,551) (14,053,838)
Net cash used in investing
activities (4,239,551) (14,053,838)
Cash Flows from Financing
Activities
Proceeds from issuance of
convertible notes payable with
detachable warrants 62,483,225 12,450,000
Proceeds from issuance of notes
payable by subsidiary 11,250,000 --
Payment of notes payable by
subsidiary (11,000,000) --
Payment of notes payable -- (4,945,832)
Issuance of stock under equity
line of credit 1,017,135 --
Net cash provided by financing
activities 63,750,360 7,504,168
Change in cash (9,896,953) (151,732,567)
------------ ------------
Cash and restricted cash (in
amount of $426,851), beginning of
period 10,748,678 155,696,470
------------ ------------
Cash and restricted cash (in
amount of $397,067), ending of
period $ 851,725 $ 3,963,903
============ ============
Supplemental disclosure of Cash
Flow information:
Cash paid for interest $ 625,000 $ 37,458
Supplemental Disclosure for
Non-Cash Activities:
Exercise of warrants recognized
earlier as liabilities 112,386,589 67,826,884
Settlement of a liability by
noncurrent assets (GEM case) 45,989,264 --
Convertible notes and interest -
conversion to common stock 27,579,425 8,136,004
Extinguishment of debt and
interest (in exchange for own
common stock) 4,553,771 --
Change in noncontrolling interest
upon additional investments into
subsidiary 1,598,668 --
Right-of-use assets obtained in
exchange of operating lease
liabilities -- 11,867,625
Extinguishment of accounts payable
with recognition of derivatives -- 4,623,655
Common stock issued to settle
other derivative liability -- 3,293,965
Common stock issued to extinguish
other liabilities -- 639,146
About Bollinger Innovations
Bollinger Innovations (NASDAQ: BINI) is a Southern California-based automotive company building the next generation of commercial electric vehicles ("EVs") with a U.S. based vehicle manufacturing facility located in Tunica, Mississippi. Both the ONE, a Class 1 EV cargo van, and THREE, a Class 3 EV cab chassis truck, are available for sale in the U.S. The Company's commercial dealer network consists of seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets.
Bollinger Motors, of Oak Park, Michigan, is an established EV truck company of Bollinger Innovations. Bollinger Motors has passed numerous milestones including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer network with over 50 locations across the United States for sales and service support.
To learn more about the Company, visit www.BollingerEV.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Bollinger Innovations and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, future revenues and earnings of the Company, whether the Company will regain and maintain compliance with Nasdaq continued listing rules (specifically, shareholder equity and minimum bid price), whether Global Expert Shipping will purchase additional vehicles, how long governmental rebates and incentives will continue to apply to electric vehicles, the impact on vehicle pricing should such rebates no longer apply, anticipated future sales and delivery dates of Bollinger B4 trucks to EnviroCharge , whether the company will meet the anticipated timeline for production of EGI SWIFT batteries, unforeseen challenges related to the transition of manufacturing operations, disruption in the Company's supply chain, and whether the partnership and supply agreement with Enpower Greentech Inc. (EGI), will prove successful. Additional examples of such risks and uncertainties include but are not limited to: (i) Bollinger Innovations' ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Bollinger Innovations' ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Bollinger Innovations' ability to successfully expand in existing markets and enter new markets; (iv) Bollinger Innovations' ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Bollinger Innovations' business; (viii) changes in government licensing and regulation that may adversely affect Bollinger Innovations ' business; (ix) the risk that changes in consumer behavior could adversely affect Bollinger Innovations' business; (x) Bollinger Innovations' ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Bollinger Innovations with the Securities and Exchange Commission. Bollinger Innovations anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Bollinger Innovations assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Bollinger Innovations' plans and expectations as of any subsequent date.
Contact:
Bollinger Innovations, Inc.
+1 (714) 613-1900
www.BollingerEV.com
Corporate Communications:
IBN
Austin, Texas
www.InvestorBrandNetwork.com
512-354-7000 Office
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