10-Q · February 19, 2025
Mullen Automotive reported first-quarter revenue of $2.92 million (first vehicle sales) but posted a sharply wider net loss of $118.8 million for the three months ended December 31, 2024 versus $64.0 million a year…
Earnings analysis · 10-Q
BINI earnings analysis
Filed August 14, 2025 · Our reading of the company's report
The latest report
Bollinger Innovations reported Q3 revenue of $473,686 (vs. $65,235 in the prior-year quarter) but generated a large operating and net loss driven by very high cost of revenues and financing charges. Liquidity is…
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Bollinger Innovations reported Q3 revenue of $473,686 (vs. $65,235 in the prior-year quarter) but generated a large operating and net loss driven by very high cost of revenues and financing charges. Liquidity is critically constrained — cash and restricted cash totaled $851,725 at June 30, 2025 and management discloses substantial doubt about the company's ability to continue as a going concern. While operating cash burn improved (nine-month operating cash used $69.4M vs. $145.2M a year ago), large derivative liabilities ($101.06M) and near-term debt ($24.07M current notes) are key stressors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-11231.39
What stood out
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Quarterly revenue growth from vehicles
Revenue from sale of vehicles was $473,686 in the three months ended June 30, 2025 versus $65,235 in the three months ended June 30, 2024 (increase of $408,451).
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Smaller operating loss vs. prior-year quarter
Loss from operations improved slightly to $(58,179,748) in Q3 2025 from $(61,770,954) in Q3 2024 (improvement of $3,591,206).
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Reduced operating cash burn (nine months)
Net cash used in operating activities was $(69,407,762) for the nine months ended June 30, 2025, compared with $(145,182,897) for the nine months ended June 30, 2024 (improvement of $75,775,135).
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Inventory declined
Inventory decreased to $28,148,500 at June 30, 2025 from $37,503,112 at September 30, 2024 (reduction of $9,354,612).
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Large non-cash warrant exercises recognized
Supplemental disclosures show exercise of warrants recognized earlier as liabilities of $112,386,589 during the period.
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Lower near-term capex
Purchases of equipment were $4,239,551 for the nine months ended June 30, 2025 versus $14,053,838 in the prior-year period (reduction of $9,814,287).
What to watch
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Severe liquidity shortfall / going concern
Company reports cash and restricted cash of $851,725 at June 30, 2025 and states 'available liquidity will not be sufficient to meet its current obligations for a period of at least twelve months' and concludes there is 'substantial doubt' about its ability to continue as a going concern.
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Near-term bankruptcy risk if funding not obtained
MD&A states that 'Without additional funding, the Company may be unable to continue operations and could be required to seek bankruptcy protection within 30 days' of the filing of these statements.
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Very large derivative and warrant liabilities
Derivative liabilities increased to $101,060,811 at June 30, 2025 from $79,742,180 at September 30, 2024 (increase of $21,318,631), representing a material off-balance liquidity/convertibility pressure.
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Big increase in current notes payable
Notes payable, current portion rose to $24,070,440 at June 30, 2025 from $5,399,777 at September 30, 2024 (increase of $18,670,663), increasing near-term cash obligations.
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Substantial quarterly loss widening
Net loss for the three months ended June 30, 2025 was $(131,768,424) versus $(91,628,613) in the prior-year quarter (worsened by $40,139,811); net loss attributable to stockholders was $(129,724,816) versus $(87,360,817).
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Large accumulated deficit and working capital deficit
Accumulated deficit was $(2,610,910,202) and the company reported a net working capital deficit of approximately $144.1 million as of June 30, 2025.
Management's outlook
No explicit numeric guidance provided. MD&A discloses liquidity outlook (cash and restricted cash $851,725; 'available liquidity will not be sufficient... for at least twelve months') and contingency plans (seeking equity or debt financing, cost reduction, operational restructuring).
Earlier filings 4
10-Q · February 19, 2025
Mullen Automotive reported first quarter vehicle revenue of $2,920,485 but posted a materially larger net loss of $118,797,845 (net loss attributable to stockholders $114,888,557) for the three months ended December 31,…
10-K · January 24, 2025
Mullen Automotive’s 2024 Form 10‑K documents a strategic pivot to commercial electric trucks supported by three acquisitions (Bollinger for $148.6M, ELMS assets for $105M, and Romeo battery assets for $3.5M) and factory…
10-Q · August 12, 2024
Mullen reported minimal revenue of $65,235 for the quarter ended June 30, 2024 and a net loss of $91,628,613 for the quarter (nine‑month net loss $326,984,240). Net loss narrowed substantially versus the prior‑year…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.