Commercial Electric Vehicles

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Bollinger Innovations, Inc. Announces Quarterly Results for 3 and 9 Months Ended June 30, 2025
Globenewswire· 2025-08-14 20:00
Core Viewpoint - Bollinger Innovations, Inc. is focused on reducing cash burn and streamlining operations by moving manufacturing to a company-owned facility, while also increasing shareholder equity significantly. Financial Results - For the nine months ending June 30, 2025, the net loss attributable to common shareholders was $291.8 million, compared to a loss of $289.9 million for the same period in 2024, reflecting a slight increase in losses [5] - The total cash spent on operating and investing activities decreased by 53.7% to $73.6 million from $159.2 million in the previous year [7] - The company had total cash of $0.9 million as of June 30, 2025, down from $10.7 million on September 30, 2024, with negative working capital of $144.1 million [6] Operational Highlights - The company initiated a strategic move to transfer Bollinger B4 manufacturing from Roush Industries in Michigan to its facility in Tunica, Mississippi, aiming to reduce costs and improve efficiency [2] - A pricing adjustment of $7,500 on Class 1 and Class 3 commercial EVs was announced, which can be combined with a federal tax credit for total savings of up to $15,000 per vehicle [4] - The company has begun accepting cryptocurrency for vehicle purchases, including Bitcoin and the $TRUMP meme coin [4] Equity and Financing - Following recent transactions, the estimated stockholders' equity of the company as of August 14, 2025, exceeds $3 million, significantly increasing from previous levels [12] - Net cash provided by financing activities was $63.7 million for the nine months ended June 30, 2025, compared to $7.5 million for the same period in 2024 [7] Sales and Deliveries - Recent sales include the delivery of a Bollinger B4 truck to The Lower East Side Ecology Center in New York City and an Urban Delivery Class 1 EV cargo van to Global Expert Shipping [4] - The company is actively participating in ride-and-drive events to increase awareness of its commercial fleet offerings [4] Manufacturing and Technology Partnerships - In April 2025, the company signed a partnership with Enpower Greentech Inc. to develop solid-state battery technology [9] - The company showcased two battery packs at the ACT show in May 2025, indicating ongoing advancements in battery technology [9]
BOLLINGER INNOVATIONS OFFERS $7,500 PRICE ADJUSTMENT ON MULLEN BRANDED CLASS 1, CLASS 3 COMMERCIAL EVs; MATCHES FEDERAL INCENTIVE
Globenewswire· 2025-08-06 13:25
Core Insights - Bollinger Innovations, Inc. is offering additional price adjustments of $7,500 on existing inventory of the Mullen ONE and Mullen THREE electric vehicles, leading to a total savings of $15,000 when combined with federal tax credits [1][2][4] Group 1: Product Pricing and Incentives - The Mullen ONE, a Class 1 EV cargo van, has an MSRP of $27,000, while the Mullen THREE, a Class 3 EV cab chassis truck, is priced at $61,000 [2] - Customers can benefit from an additional $7,500 incentive through the Inflation Reduction Act if they receive delivery before the September 30 deadline [2][4] Group 2: Company Rebranding and Strategy - Bollinger Innovations, previously known as Mullen Automotive, changed its name and Nasdaq ticker symbol (Nasdaq: BINI) on July 28 to streamline operations [3] - The Mullen ONE and Mullen THREE will be rebranded as Bollinger Motors vehicles in the 2026 model year [3] Group 3: Product Line and Future Plans - The product lineup includes the Bollinger B4 Class 4 commercial electric truck, with plans to introduce a Class 5 truck in the 2027 model year [4][5] - The company aims to provide a range of affordable commercial EV options to fleet customers, enhancing sustainability in vehicle fleets [5] Group 4: Manufacturing and Dealer Network - Bollinger Innovations operates a U.S.-based manufacturing facility in Tunica, Mississippi, and has a commercial dealer network of seven dealers across key markets [5] - Bollinger Motors, a subsidiary, has established a dealer network with over 50 locations in the U.S. for sales and service support [6]
Mullen Announces Company Name Change to Bollinger Innovations, Inc. Effective July 28, 2025
Globenewswire· 2025-07-24 12:30
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]
Mullen Announces Plan to Change Company’s Name to Bollinger Innovations, Inc. and NASDAQ Approval for New Symbol — BINI
Globenewswire· 2025-07-17 12:55
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].
Mullen Announces Plan to Change Company's Name to Bollinger Innovations, Inc. and NASDAQ Approval for New Symbol — BINI
GlobeNewswire News Room· 2025-07-17 12:55
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]
New York State to Offer New Commercial EV Incentives in August; Perfect Time to Buy the Bollinger B4 All-Electric Truck
Globenewswire· 2025-07-15 15:15
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]
Workhorse(WKHS) - 2025 Q1 - Earnings Call Transcript
2025-05-15 13:02
Financial Data and Key Metrics Changes - Sales net of returns and allowances for Q1 2025 were $600,000, a decrease from $1,300,000 in Q1 2024, primarily due to the Arrow divestiture and decreased W4CC and W56 truck sales [27] - Cost of sales for Q1 2025 was $5,200,000, down from $7,400,000 in the prior year, driven by lower sales volume and reduced labor costs [28] - Selling, general and administrative expenses decreased to $6,800,000 from $14,100,000 in the prior year, primarily due to lower headcount and related expenses [28] - Research and development expenses were $1,500,000, down from $3,500,000 in the prior year, mainly due to decreased employee compensation [29] - Interest expense net for Q1 2025 was $5,300,000, compared to $1,300,000 in the prior year, driven by higher outstanding convertible note balances [29] - As of March 31, 2025, the company had $2,600,000 in cash and cash equivalents and $27,900,000 in restricted cash [30] Business Line Data and Key Metrics Changes - Year to date, the company booked purchase orders for 27 W56 Step Vans, with deliveries expected in the next 60 to 120 days [6] - The company delivered FedEx's 2024 order of fully equipped W56 Step Vans, which are expected to be deployed at three terminals by the end of Q2 [8] - The company began delivering the extended wheelbase W56 Step Van to a national fleet, providing a larger electric alternative without range or payload compromise [9] - The company expanded its dealer and service networks, adding new partners to enhance market coverage and service reliability [11] Market Data and Key Metrics Changes - The commercial EV market is experiencing a shift in customer demand, with increasing interest in the company's vehicles and growing momentum through vehicle orders and deployments [5] - The company is the only North American OEM producing complete electric step vans in-house, providing a competitive advantage in quality and lead times [14][15] - The company has seen competitors struggling with production and quality concerns, highlighting its position as a reliable provider of electric trucks [23][24] Company Strategy and Development Direction - The company is focused on building dependable electric trucks and earning customer confidence through rigorous execution and partnerships [4][5] - The company aims to expand its product portfolio to meet the demands of last-mile delivery, with plans to introduce more range options and configurations [16][17] - The company is maintaining financial discipline and cash preservation while navigating market challenges and seeking larger fleet orders [12][13] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of disciplined execution and real-world impact, focusing on building and shipping key customer orders [34] - The company is ramping production in line with demand and assessing new battery suppliers to strengthen its supply chain [34] - Management acknowledged ongoing market challenges but expressed confidence in the company's ability to scale for long-term growth [26] Other Important Information - The company completed a reverse stock split in March 2025 to regain NASDAQ compliance, which is crucial for accessing capital [13] - The company received CMBSS certification for the import and sale of vehicles into Canada, broadening its international footprint [12] Q&A Session Summary Question: What is the company's outlook for future orders? - Management indicated that they anticipate receiving the 2025 RFQ from FedEx in Q2 and are actively engaging with multiple logistics providers for demos and orders [9][33] Question: How is the company managing its financial runway? - The company has successfully reduced monthly operating cash to below $3,000,000 and is focused on further cost reductions and increasing cash reserves [31][32]
Workhorse(WKHS) - 2025 Q1 - Earnings Call Transcript
2025-05-15 13:00
Financial Data and Key Metrics Changes - Sales net of returns and allowances for Q1 2025 were $600,000, down from $1,300,000 in Q1 2024, primarily due to the Arrow divestiture and decreased W4CC and W56 truck sales [28] - Cost of sales decreased to $5,200,000 from $7,400,000 in the prior year, driven by lower sales volume and reduced labor costs [29] - Selling, general and administrative expenses were $6,800,000, down from $14,100,000, mainly due to a decrease in employee compensation and related expenses [29] - Research and development expenses decreased to $1,500,000 from $3,500,000, primarily due to lower headcount [30] - Interest expense net increased to $5,300,000 from $1,300,000, driven by higher outstanding convertible note balances [30] Business Line Data and Key Metrics Changes - Year to date, the company booked purchase orders for 27 W56 Step Vans, with deliveries expected in the next 60 to 120 days [6] - The company delivered FedEx's 2024 order of fully equipped W56 Step Vans, increasing the total number of FedEx terminals with W56 vehicles to 12 [9] - The company began delivering the extended wheelbase 208 inches W56 Step Van to a national fleet, showcasing a larger electric alternative [10] Market Data and Key Metrics Changes - The company added two new dealers in key states preparing to adopt CARB emission standards, expanding its market coverage [12] - The company received CMBSS certification for the import and sale of W56 and W750 vehicles into Canada, broadening its international footprint [13] Company Strategy and Development Direction - The company focuses on building dependable electric trucks and earning customer confidence through rigorous execution and partnerships [5] - The company aims to expand the W56 lineup to provide more range options and cargo capacity for fleet operators [17] - The company is integrating advanced telematics into its vehicles to support better operating decisions and efficiency gains [19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of maintaining financial discipline and reducing operating expenses by $9,300,000 year over year [14] - The company is focused on building and shipping key customer orders while maintaining a lean operating environment [35] - Management expressed confidence in the company's ability to scale for long-term growth despite ongoing market challenges [27] Other Important Information - The company completed a reverse stock split in March 2025 to regain NASDAQ compliance, which is crucial for long-term plans and access to capital [14] - The company is actively pursuing additional funding to support its operations and growth [35] Q&A Session Summary - No specific annual revenue guidance was provided due to uncertainty in the EV landscape, but the company aims to ship more trucks in Q2 than in all of last year [33] - Management emphasized the importance of building trust with fleet customers through demonstrations and securing purchase orders [35]