BINI

Bollinger Innovations (the renamed Mullen Automotive) is a pre-commercial EV company that generated just $1.09M of revenue in FY2024 while posting a $457M net loss and a $392M operating loss. The economics are broken at the most basic level: cost of revenues of $16.9M against $1.09M of sales produced a NEGATIVE gross profit of -$15.8M (a -1,444% gross margin), meaning every vehicle it sells loses money before a single dollar of the $75M R&D or $182M G&A is counted. Operating cash flow was -$186M against $10.3M of cash — a runway measured in weeks, not years, absent constant external financing.

The balance sheet is already insolvent on a book basis: total liabilities of $195M exceed total assets of $179M, leaving stockholders' equity of -$28.6M and a liabilities/equity ratio of -6.83x. Accumulated deficit stands at -$2.32B. The company's own auditor has flagged this: the 10-K states there is 'substantial doubt about our ability to continue as a going concern,' with an 'emphasis of matter paragraph' due to 'lack of revenues and insufficient capital to fund our operations.' Management concedes it has 'not been profitable since operations commenced, and we may never achieve or sustain profitability,' and that losses will run 'significantly higher in future periods.'