Revenue and Sales Performance - Revenue from vehicle sales increased to $473,686 for the three months ended June 30, 2025, compared to $65,235 for the same period in 2024, representing a 626% increase[303] - Vehicle sales for the nine months ended June 30, 2025, were $8,344,311, an increase of 8,365% compared to $98,570 in the same period of 2024[312] Costs and Expenses - Cost of revenues surged to $10,565,994, up from $36,008, indicating a significant increase of 29,243%[303] - General and administrative expenses decreased by approximately $11.3 million, or 24%, from $47.5 million in Q2 2024 to $36.2 million in Q2 2025[307] - Research and development expenses decreased by $2.7 million, or 19%, from $14.3 million in Q2 2024 to $11.6 million in Q2 2025[306] - Research and development expenses decreased by $21.3 million, or 39%, from $54.5 million in the nine months ended June 30, 2024, to $33.2 million in the same period of 2025[315] - General and administrative expenses decreased by approximately $24.6 million, or 18%, from approximately $138.6 million in the nine months ended June 30, 2024, to approximately $114.0 million in the same period of 2025[316] Losses and Financial Performance - Gross loss widened to $(10,092,308) from $29,227, reflecting a 34,631% increase in losses[303] - Net loss attributable to common stockholders was $129.8 million, or $11,231.39 per share, for the three months ended June 30, 2025, compared to a net loss of approximately $96.0 million, or $95,987,912 per share, for the same period in 2024[311] - Total other income (expense) amounted to $(73,588,076) in Q2 2025, compared to $(29,856,459) in Q2 2024, marking a 146% increase in losses[303] - The net loss attributable to common stockholders for the nine months ended June 30, 2025, was $291.8 million, or $74,887.88 net loss per share, compared to a net loss of approximately $289.9 million, or $289,858,116 loss per share, for the same period in 2024[322] - The company incurred a net loss of $304.4 million for the nine months ended June 30, 2025, with an accumulated deficit of approximately $2.6 billion as of the same date[330] Financing and Cash Flow - Other financing costs related to warrants increased to $33.2 million in Q2 2025 from $17.9 million in Q2 2024[308] - Interest expense rose by $17.4 million due to a higher volume of debt outstanding in Q2 2025 compared to Q2 2024[309] - The company recognized other financing costs on initial recognition of warrants amounting to $70.4 million for the nine months ended June 30, 2025, compared to $17.9 million in the same period of 2024[318] - The company used approximately $69.4 million of cash for operating activities during the nine months ended June 30, 2025[330] - Net cash used in operating activities was $69.4 million for the nine months ended June 30, 2025, a 52% decrease from $145.2 million used during the same period in 2024[341] - Net cash used in investing activities was $4.2 million for the nine months ended June 30, 2025, a 70% decrease from $14.1 million used in the same period in 2024[342] - Net cash provided by financing activities was $63.8 million for the nine months ended June 30, 2025, compared to $7.5 million net cash spent on financing activities for the same period in 2024[343] Impairments and Settlements - The company recognized a loss on settlement of $14.3 million related to the GEM case in May 2025[310] - Impairment of intangible assets amounted to $12.3 million for the nine months ended June 30, 2025, compared to $73.5 million in the same period of 2024[317] - The Company recognized an impairment loss of $12.3 million in respect of patents during the nine months ended June 30, 2025[351] - The write-down to net realizable value amounted to $8.9 million and $9.7 million for the three and nine months ended June 30, 2025, respectively[354] Strategic Developments - The company is pursuing strategies to address liquidity concerns, including equity or debt financing and operational restructuring, due to substantial doubt about its ability to continue as a going concern[331] - The company acquired a controlling interest in Bollinger Motors Inc. in September 2022, increasing ownership to over 95% in May 2025, expanding its position in the medium-duty truck and electric vehicle segments[326] Equity and Debt - As of August 14, 2025, the stockholders' equity of the Company exceeds $2.5 million[334] - During the nine months ended June 30, 2025, the Company issued Senior secured convertible notes with an aggregate principal of approximately $68 million, bearing 15% interest[335] - Scheduled debt maturities as of June 30, 2025, total $62.3 million[345] - The Company has not engaged in any off-balance sheet arrangements[346] Lease Obligations - Total future minimum lease payments as of June 30, 2025, amount to $21.9 million[344]

[Executive Summary & Business Update](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Update) Bollinger Innovations reported quarterly results, detailing strategic manufacturing shifts, brand unification, and key product and financial updates [Company Overview and Strategic Initiatives](index=1&type=section&id=Company%20Overview%20and%20Strategic%20Initiatives) Bollinger Innovations announced its quarterly results, emphasizing efforts to reduce cash burn and a strategic move of Bollinger B4 manufacturing to its Tunica, Mississippi plant. This initiative aims to streamline operations, reduce manufacturing costs, and consolidate commercial vehicle production. The company also unified its commercial EV brands under Bollinger Innovations, Inc - Strategic move of Bollinger B4 manufacturing to Tunica, Mississippi, aims to **streamline operations, reduce manufacturing costs, and consolidate commercial vehicle production**[1](index=1&type=chunk)[3](index=3&type=chunk) - Commercial EV brands were unified under **Bollinger Innovations, Inc.** in July 2025[3](index=3&type=chunk)[4](index=4&type=chunk) [Recent Business and Product Highlights](index=1&type=section&id=Recent%20Business%20and%20Product%20Highlights) The company implemented a $7,500 pricing adjustment for Class 1 and Class 3 commercial EVs, potentially offering up to $15,000 in savings with federal tax credits. It increased ownership in Bollinger Motors to 95%, resolving prior claims. Recent sales include B4 deliveries to The Lower East Side Ecology Center and EnviroCharge, and the Urban Delivery van to Global Expert Shipping. The company now accepts cryptocurrency for vehicle purchases and showcased new battery packs - A **$7,500 pricing adjustment** on Class 1 and Class 3 commercial EVs, combined with federal tax credits, offers up to **$15,000 in savings** per vehicle[4](index=4&type=chunk)[8](index=8&type=chunk) - Ownership of Bollinger Motors increased to **95%** on June 2, 2025, regaining full control and resolving claims and debt[4](index=4&type=chunk) - Deliveries include Bollinger B4 Class 4 trucks to The Lower East Side Ecology Center and EnviroCharge, and the Urban Delivery Class 1 EV cargo van to Global Expert Shipping[4](index=4&type=chunk)[8](index=8&type=chunk) - The company now accepts **cryptocurrency**, including Bitcoin and the $TRUMP meme coin, for commercial electric vehicle purchases[8](index=8&type=chunk) - A partnership with Enpower Greentech Inc. was signed to build SWIFT solid-state batteries, showcasing **30 kWh and 80 kWh battery packs**[8](index=8&type=chunk) [Financial Performance Overview](index=2&type=section&id=Financial%20Performance%20Overview) The company reported a net loss, a significant decrease in cash, and negative working capital, but also reduced operating and investing cash burn and increased financing activities, alongside successful claim settlements and a post-period equity increase [Net Loss and Non-Cash Expenses](index=2&type=section&id=Net%20Loss%20and%20Non-Cash%20Expenses) The net loss attributable to common shareholders for the nine months ended June 30, 2025, was $291.8 million, with a significant portion ($227.1 million or 78%) attributed to non-cash expenses, an increase from $182.8 million (63%) in the prior year Net Loss Attributable to Common Shareholders | Period | Net Loss Attributable to Common Shareholders (Millions) | | :----- | :---------------------------------------------------- | | 9M FY25 | $(291.8) | | 9M FY24 | $(289.9) | Non-Cash Adjustments | Period | Non-Cash Adjustments (Millions) | % of Net Loss Attributable to Common Shareholders | | :----- | :------------------------------ | :------------------------------------------------ | | 9M FY25 | $227.1 | 78% | | 9M FY24 | $182.8 | 63% | [Liquidity and Cash Flow](index=2&type=section&id=Liquidity%20and%20Cash%20Flow) Total cash decreased significantly to $0.9 million as of June 30, 2025, from $10.7 million on September 30, 2024. Working capital was negative $144.1 million. However, cash spent on operating and investing activities decreased by 53.7% year-over-year, and net cash provided by financing activities increased substantially Total Cash and Working Capital | Metric | June 30, 2025 (Millions) | Sept. 30, 2024 (Millions) | Change | | :----- | :----------------------- | :------------------------ | :----- | | Total Cash | $0.9 | $10.7 | -91.6% | | Working Capital | $(144.1) | N/A | N/A | Cash Spent (Operating & Investing) | Period | 9 Months Ended June 30, 2025 (Millions) | 9 Months Ended June 30, 2024 (Millions) | Change (Millions) | Change (%) | | :----- | :-------------------------------------- | :-------------------------------------- | :---------------- | :--------- | | Cash Spent (Operating & Investing) | $(73.6) | $(159.2) | $85.6 | -53.7% | Net Cash Provided by Financing Activities | Period | 9 Months Ended June 30, 2025 (Millions) | 9 Months Ended June 30, 2024 (Millions) | | :----- | :-------------------------------------- | :-------------------------------------- | | Net Cash Provided by Financing Activities | $63.7 | $7.5 | [Settlement of Claims and Equity Changes](index=3&type=section&id=Settlement%20of%20Claims%20and%20Equity%20Changes) The company successfully settled outstanding claims with creditors by transferring idle property, reducing accrued expenses from $51.6 million to $14.9 million. Subsequent to June 30, 2025, shareholder equity increased by over $110 million through the exchange of warrants and convertible notes for newly designated preferred stock, bringing estimated stockholders' equity to over $3 million as of August 14, 2025 - Outstanding claims with creditors were settled by transferring idle property, reducing accrued expenses from **$51.6 million** to **$14.9 million**[10](index=10&type=chunk) - Post-June 30, 2025, shareholder equity increased by over **$110 million** through the exchange of approximately **$119 million in warrants** and **$30 million in convertible notes** for preferred stock[2](index=2&type=chunk)[11](index=11&type=chunk) - Estimated stockholders' equity as of August 14, 2025, **exceeds $3 million**[11](index=11&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The consolidated financial statements show a significant decrease in total assets and an increased stockholders' deficit, alongside substantial revenue growth from vehicle sales but a wider gross loss, and improved cash flow from operations and financing [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets from $178.6 million (Sept 30, 2024) to $89.2 million (June 30, 2025), primarily driven by reductions in cash, inventory, and property, plant, and equipment. Total liabilities remained relatively stable, while stockholders' deficit increased significantly Balance Sheet Metrics | Metric | June 30, 2025 (Millions) | Sept. 30, 2024 (Millions) | | :----- | :----------------------- | :------------------------ | | Total Assets | $89.2 | $178.6 | | Total Liabilities | $196.3 | $195.2 | | Total Stockholders' Equity (Deficit) | $(107.1) | $(16.5) | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the nine months ended June 30, 2025, revenue from vehicle sales increased significantly to $8.3 million from $0.1 million in the prior year, but gross loss widened due to higher cost of revenues. Operating expenses decreased, but total other income (expense) worsened, leading to a net loss of $304.4 million, slightly lower than the prior year's $327.0 million Revenue and Gross Loss | Metric | Nine Months Ended June 30, 2025 (Millions) | Nine Months Ended June 30, 2024 (Millions) | Change | | :----- | :--------------------------------------- | :--------------------------------------- | :----- | | Revenue from sale of vehicles | $8.3 | $0.1 | +8200% | | Gross loss | $(15.8) | $0.05 | N/A | Net Loss | Metric | Nine Months Ended June 30, 2025 (Millions) | Nine Months Ended June 30, 2024 (Millions) | Change | | :----- | :--------------------------------------- | :--------------------------------------- | :----- | | Net loss | $(304.4) | $(327.0) | +7.0% | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities decreased significantly to $69.4 million for the nine months ended June 30, 2025, from $145.2 million in the prior year. Net cash used in investing activities also decreased. Net cash provided by financing activities increased substantially to $63.8 million from $7.5 million, primarily due to proceeds from convertible notes and subsidiary notes Cash Flow Summary | Metric | Nine Months Ended June 30, 2025 (Millions) | Nine Months Ended June 30, 2024 (Millions) | Change | | :----- | :--------------------------------------- | :--------------------------------------- | :----- | | Net cash used in operating activities | $(69.4) | $(145.2) | +52.2% | | Net cash used in investing activities | $(4

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Mullen Automotive, Inc. due to a class action complaint alleging breaches of fiduciary duties by the board of directors during the specified class period [1] Summary by Relevant Sections Allegations - The complaint alleges that Mullen made false and misleading statements regarding its intentions and capabilities, including: - Lack of intent to implement a reverse stock split despite CEO David Michery believing it was necessary [2] - Overstating deals with business partners such as Rapid Response Defense Systems and Mullen Advanced Energy Operations [2] - Misrepresentation of battery technology capabilities and partnerships [2] - Misleading information about reverse splits and failure to disclose material information about financing agreements [2] - Knowledge of Lawrence Hardge's previous convictions not disclosed to investors [2] - The lawsuit claims that these misrepresentations led to investor damages when the true information became public [2] Legal Representation - Bragar Eagel & Squire, P.C. offers assistance to long-term stockholders of Mullen who may have information or questions regarding the claims [3] Firm Background - Bragar Eagel & Squire, P.C. is a recognized law firm specializing in representing investors in various complex litigations across state and federal courts [4]

Company Overview - Mullen Automotive Inc. will officially change its name to Bollinger Innovations, Inc. effective July 28, 2025, with the stock symbol changing to "BINI" on the Nasdaq Capital Market [1][2] - The name and stock symbol change will not affect the company's legal structure or business operations, and stockholders are not required to take any actions [2] Product and Operations - Bollinger Innovations is focused on building the next generation of commercial electric vehicles (EVs) with manufacturing based in Tunica, Mississippi, covering 120,000 square feet [3] - The company began commercial vehicle production in August 2023, with its Class 1 EV cargo van (ONE) and Class 3 EV cab chassis truck (THREE) certified by the California Air Resource Board (CARB) and EPA as of January 2024 [3] - The commercial dealer network consists of seven dealers providing sales and service coverage across key markets in the U.S. [3] Strategic Developments - Bollinger Motors, a majority-owned subsidiary of Bollinger Innovations, launched production of its Class 4 electric truck (B4) on September 16, 2024, and has developed a dealer network with over 50 locations across the U.S. for sales and service support [4]

Core Viewpoint - Mullen Automotive Inc. will officially change its name to Bollinger Innovations, Inc. on July 28, 2025, with the new stock symbol BINI, reflecting a strategic shift to unify its products and brands for the commercial vehicle industry [1][2]. Company Overview - Bollinger Innovations, Inc. is based in Southern California and focuses on manufacturing the next generation of commercial electric vehicles (EVs) with production facilities located in Tunica, Mississippi, covering 120,000 square feet [3]. - The company began commercial vehicle production in August 2023, with its Class 1 EV cargo van (ONE) and Class 3 EV cab chassis truck (THREE) certified by the California Air Resource Board (CARB) and EPA, available for sale in the U.S. as of January 2024 [3]. - The commercial dealer network includes seven dealers, providing sales and service coverage across key regions such as the West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic [3]. Recent Developments - Bollinger Motors, a majority-owned subsidiary of Bollinger Innovations, launched the production of its Class 4 electric truck (B4) on September 16, 2024, and has established a dealer network with over 50 locations across the U.S. for sales and service support [4].

Core Viewpoint - Mullen Automotive Inc. is rebranding to Bollinger Innovations, Inc. and has received NASDAQ approval for a new stock symbol, BINI, with the effective date yet to be determined [1][2]. Company Overview - Mullen Automotive is an emerging electric vehicle manufacturer based in Southern California, with a vehicle plant located in Tunica, Mississippi, covering 120,000 square feet [6]. - The company began commercial vehicle production in August 2023 and offers vehicles that comply with U.S. Federal Motor Vehicle Safety Standards, EPA, and CARB certifications [6]. Product Offerings - The commercial EV lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck, designed for urban last-mile delivery [4]. - The Bollinger B4 Chassis Cab is a new all-electric Class 4 commercial truck featuring a 185-mile range, a 46-foot turning radius, and a payload capacity of 7,325 pounds [5]. Strategic Location - The rebranded Oceanside, California, Commercial Vehicle Center is strategically located off Interstate 5, providing easy access for businesses in the San Diego region to explore and purchase commercial EVs [2]. Leadership Statements - CEO David Michery emphasized the company's commitment to advancing its product offerings in the commercial EV sector, specifically around Class 1, 3, and 4 vehicles [3]. Dealer Network - Mullen's commercial dealer network consists of seven dealers, ensuring sales and service coverage across key markets including the West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic [6]. Recent Developments - Bollinger Motors, a majority-owned subsidiary of Mullen, launched production of its B4 Class 4 electric truck on September 16, 2024, and is developing a dealer network with over 50 locations across the U.S. for sales and service support [7].

Core Points - Mullen Automotive Inc. plans to change its name to Bollinger Innovations, Inc. and has received NASDAQ approval for a new stock symbol, BINI [1] - The company is rebranding its Commercial Vehicle Center in Oceanside, California, to align with the new name, enhancing accessibility for local businesses [2] - The company continues to advance its product offerings in the commercial electric vehicle sector, focusing on Class 1, 3, and 4 vehicles [3] Company Overview - Mullen's commercial EV lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck, both compliant with U.S. safety and emissions standards [4] - The Bollinger B4 Chassis Cab is a new Class 4 electric truck featuring a 185-mile range, a 46-foot turning radius, and a payload capacity of 7,325 pounds, designed for urban operations [5] - Mullen operates a vehicle plant in Tunica, Mississippi, and began commercial vehicle production in August 2023, with a dealer network of seven covering key U.S. markets [6] Strategic Developments - Bollinger Motors, a majority-owned subsidiary of Mullen, launched production of its B4 electric truck in September 2024 and has established a dealer network with over 50 locations across the U.S. [7]

Core Insights - Mullen Automotive's subsidiary, Bollinger Motors, highlights that August will be an optimal time to purchase commercial electric vehicles due to the replenishment of state incentives in New York [1][3] - The New York Truck Voucher Incentive Program (NYTVIP) offers credits ranging from $85,000 to $144,000, significantly enhancing the affordability of commercial EVs when combined with federal tax credits [2][3] - The Bollinger B4, an all-electric Class 4 truck, is designed to meet the needs of commercial fleets and is supported by various incentive programs [4][5] Company Overview - Bollinger Motors, founded in 2015 and headquartered in Oak Park, Michigan, is a majority-owned subsidiary of Mullen Automotive since September 2022 [6][8] - Mullen Automotive operates two vehicle plants in the U.S. and began commercial vehicle production in August 2023, with its EVs certified for sale in the U.S. [7] - The company has established a dealer network of seven dealers across key U.S. markets to support sales and service [7] Product Details - The Bollinger B4 features a unique chassis design that protects its 158-kWh battery pack, providing enhanced capability and safety for commercial applications [4] - The vehicle's patented Quad Bend frame construction allows for a tighter turning radius, making it suitable for urban environments [5]

Core Viewpoint - Mullen Automotive is consolidating operations with Bollinger Motors, rebranding to Bollinger Innovations, and expects to change its NASDAQ ticker symbol before August 15, 2025 [2][3] Group 1: Consolidation and Cost Reduction - The consolidation involves moving commercial vehicle operations to Oak Park, Michigan, and merging sales, marketing, and service operations under the Bollinger brand [3] - Since January 2025, the company has eliminated 155 positions and reduced operating expenses by at least $35 million annually [2][5] - The consolidation aims to eliminate redundancy and focus on Class 1, 3, and 4 commercial vehicle segments [3] Group 2: Leadership Statements - The Chief Revenue Officer expressed confidence in driving products to market while being fiscally responsible under a unified brand [4] - The Chief Operating Officer highlighted significant savings in marketing, sales, engineering, and operational expenses due to the consolidation [4] Group 3: Product Lineup - Mullen's commercial EV lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck, both compliant with U.S. safety and emissions standards [6] - The Bollinger B4 Chassis Cab is an all-electric Class 4 commercial truck designed for urban operations, featuring a 185-mile range and a payload capacity of 7,325 pounds [7] Group 4: Company Background - Mullen Automotive is based in Southern California and focuses on manufacturing the next generation of electric vehicles, including various commercial and consumer models [8]

Core Viewpoint - Mullen Automotive is expanding its market reach by accepting cryptocurrency, including Bitcoin and the $TRUMP meme coin, for the purchase of its electric vehicles, positioning itself as one of the few manufacturers to do so [1][2]. Company Overview - Mullen Automotive is based in Southern California and focuses on the production of commercial electric vehicles (EVs) with two manufacturing plants located in Tunica, Mississippi, and Mishawaka, Indiana [5]. - The company began commercial vehicle production in August 2023 and has received certifications from the California Air Resources Board (CARB) and the Environmental Protection Agency (EPA) for its vehicles [5]. - Mullen's commercial EV lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck, both designed for urban last-mile delivery [3][5]. Cryptocurrency Acceptance - Mullen is one of the only vehicle manufacturers currently accepting cryptocurrency as a payment method for vehicle purchases, which is expected to broaden its customer base [2][8]. - The company is exploring the acceptance of additional cryptocurrencies, including other popular meme and stable coins [2]. Vehicle Specifications - The Bollinger B4 Chassis Cab is a Class 4 commercial truck with a 185-mile range, a 46-foot turning radius, and a payload capacity of 7,325 pounds, designed for urban operations [4]. - Mullen's vehicles comply with U.S. Federal Motor Vehicle Safety Standards and are certified for clean air emissions [3]. Dealer Network - Mullen has established a commercial dealer network consisting of seven dealers across key markets in the U.S., providing sales and service support [5][6].