# Bollinger Innovations, Inc. (BINI)

> Source: Nexqual · https://nexqual.com/BINI · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Bollinger Innovations, Inc. (BINI), nexqual.com/BINI" · informational, not investment advice.

**Price:** USD 0.06 (+0.00% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 0.06 · day 0.1–0.16 · 52w 0.01–0.19 · market cap $30K · PNK

## Key facts
- Last four reported quarters (through Jun 30, 2025): revenue $9.3M, net income -$468M (-5006.0% margin), free cash flow -$115M (SEC filings).
- Analysts: None.
- Total return with dividends: 1Y -53.9% vs S&P 500 +13.4%; 5Y -100.0% vs S&P 500 +76.9%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $65.7M | — | — | $366K | $1.1M | $9.3M |
| Gross profit | $9.8M | — | — | $92K | -$15.8M | — |
| Operating income | -$4.5M | -$22.4M | -$97.0M | -$378M | -$392M | -$269M |
| Net income | -$5.9M | -$44.2M | -$740M | -$972M | -$457M | -$468M |
| EPS (diluted) | -$113062500000000000.00 | -$722250000000000000.00 | -$236563762500000000.00 | -$5903025000000000.00 | — | — |
| Free cash flow | — | -$17.6M | -$77.4M | -$194M | -$200M | -$115M |
| Gross margin | 15.0% | — | — | 25.2% | -1443.8% | — |
| Operating margin | -6.8% | — | — | -103216.5% | -35805.4% | -2876.7% |
| Net margin | -9.0% | — | — | -265643.3% | -41766.4% | -5006.0% |
| Revenue growth | — | — | — | — | +199.0% | — |
| Cash + short-term investments | $4.5M | $42K | $54.1M | $155M | $10.3M | — |
| Total debt | $9.9M | $39.4M | $9.0M | $7.5M | $5.4M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2025)
P/S 0.0x · FCF yield -377784.01% · Earnings yield -1539800.72%

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -53.9% | -100.0% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -54.0% | -100.0% |
| Volatility (annualized) | 370.9% | 342.3% |
| Max drawdown | -93.8% (Oct 2025→Sep 2026) | -100.0% (Nov 2021→Sep 2025) |

## Peers (Auto Manufacturers)
VFS (VinFast Auto Ltd.) USD 3.07 +3.72% · NIO (NIO Inc.) USD 3.29 -0.60% · XPEV (XPeng Inc.) USD 9.21 +1.54% · LI (Li Auto Inc.) USD 11.39 -0.70% · STLA (Stellantis N.V.) USD 4.06 -4.92% · RIVN (Rivian Automotive, Inc.) USD 11.83 -1.91%

## More
Full page: https://nexqual.com/BINI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BINI's own 10-K filed 2025-01-24 (https://www.sec.gov/Archives/edgar/data/1499961/000143774925001816/muln20240930_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | IBM (IBM) | "This matter arises out of a contract dispute between Mullen and IBM related to a joint development and technology license agreement, patent license agreement, and a logo trademark agreement." |

## Revenue by business segment (quarter ended 2025-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Bollinger Motors | $266,281 | 56.2% | — |
| Bollinger Commercial | $207,405 | 43.8% | +217.9% |
| Total revenue | $473,686 | 100% | — |

## Company outlook (8-K filed 2025-08-14)

- "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."
- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter (ends 2024-12-31) | — | — | — | $0 | — |
| Current fiscal year (ends 2024-09-30) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |