Financial Data and Key Metrics Changes - The company achieved record revenue of $18.4 million in Q2 2025, with 135 vehicle deliveries, marking the highest quarterly revenue and unit deliveries in its history [7][20] - GAAP gross margin for Q2 was 8.8%, down from 20.6% in Q1 2025 and 13.1% in Q2 2024, primarily due to a shift in product mix and unexpected tariff impacts [21] - Operating loss for Q2 was approximately $7.1 million, the lowest since going public, improving from $9.3 million in Q1 2025 [9][23] - Positive free cash flow of $4.6 million was reported, the highest in company history, compared to negative $4.8 million in Q1 2025 [25] Business Line Data and Key Metrics Changes - The Step Van platform remains a significant revenue contributor, while the company is diversifying into higher-margin products like powertrain systems and charging infrastructure [12] - Deliveries to Bluebird Corporation for electric school buses are increasing, with nearly 20 powertrain units ordered since the quarter ended [12] Market Data and Key Metrics Changes - The company is experiencing strong demand from national carriers like UPS and FedEx, which underscores confidence in its products [7] - The Hub product has attracted interest from various industries facing grid constraints, indicating a growing market for fleet electrification solutions [13] Company Strategy and Development Direction - The company focuses on disciplined growth, improving gross margins, and ensuring liquidity as its strategic pillars [6] - Plans to enhance margins and reduce customer concentration through a diversified product portfolio are in place, with ongoing development of the Hub product and power resiliency solutions [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving gross margins over time as production scales and cost reduction initiatives are executed [21] - The company remains optimistic about its long-term vision and future, emphasizing adaptability in navigating supply chain challenges and tariff impacts [34][49] Other Important Information - The company amended the repayment structure for a convertible note, allowing for principal repayment in installments, which enhances liquidity [11] - The company is actively exploring options for enhancing liquidity and has maintained positive non-GAAP gross margins for eight consecutive quarters [10][21] Q&A Session Summary Question: Performance compared to competitors - Management highlighted the strength of their team, customer trust built over years, and adaptability in operations as key factors for outperforming competitors [30][32][34] Question: Update on MDXT truck - Management reported strong customer interest and ongoing demonstrations, indicating a solid potential order backlog for the MDXT truck [36][38][40] Question: Impact of tariffs - Management quantified the tariff impact on average selling prices, noting it varies by product and customer, and emphasized their approach to share tariff costs with customers [41][43][44]

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].

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]

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]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported revenue of $5.9 million, down from $11.5 million in Q4 2024 and $13.2 million in Q1 2024, with 29 units delivered compared to 51 units in Q4 2024 and 62 units in Q1 2024 [24][27] - Cost of goods sold decreased to $4.7 million from $15.2 million in Q4 2024 and $10.4 million in Q1 2024 [24] - GAAP gross margin was a profit of $1.2 million or 20.6%, compared to a loss of $3.7 million or negative 32.4% in Q4 2024 and a profit of $2.8 million or 21.2% in Q1 2024 [25] - Non-GAAP gross margin was approximately $900,000 or 15%, down from $2.7 million or 23.2% in the prior quarter and a profit of $1.7 million or 12.8% in Q1 2024 [25][26] - Operating expenses for Q1 2025 were $10.5 million, down from $10.9 million in Q4 2024 and $13 million in Q1 2024 [27] - The operating loss for Q1 2025 was $9.3 million, an improvement from a loss of $14.6 million in Q4 2024 and $10.2 million in Q1 2024 [27] Business Line Data and Key Metrics Changes - The company shipped a total of 60 units in Q1 2025, including 31 additional strip chassis for UPS, but only recognized revenue for 29 units due to GAAP revenue recognition rules [24][7] - The MD XT, a new medium-duty chassis cab, was launched, targeting a total addressable market of up to 100,000 units per year in the U.S. [11][12] Market Data and Key Metrics Changes - Customer demand remains consistent, with growing interest from national fleets, while smaller regional operators are leveraging state incentive programs [8] - The company is experiencing increased visibility into near-term tariff exposure and has implemented mitigation strategies expected to take effect in the second half of the year [27] Company Strategy and Development Direction - The company is focused on three pillars: growth, liquidity, and margins, aiming to grow sales, manage cash discipline, and improve margin performance [17][18] - The MD XT is seen as a natural extension of the company's existing product line, leveraging existing technology and components to minimize costs and maximize reliability [12][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating challenges such as new emissions rules, tariffs, and a tough interest rate environment, emphasizing the importance of customer trust and reliable product performance [6][7] - The company reaffirmed its full-year 2025 guidance for revenue between $50.2 million and $65.8 million, with unit deliveries expected between 320 and 420 units [29] Other Important Information - The company is actively exploring options to enhance liquidity and has made significant progress in collecting receivables, totaling $10.2 million in Q1 2025 [29] - The MD XT is currently undergoing safety certifications and is expected to ramp production by Q3 2026 [16] Q&A Session Summary Question: Can you speak about the parts commonality between your step vans and the MD XT? - The MD XT shares over 90% of the same commodity components with the step van, which reduces costs and training requirements [35][36] Question: What are potential customers saying about the MD XT? - The market for conventional chassis cab products like the MD XT can sell up to 100,000 units per year, indicating a larger market opportunity compared to the strip chassis product [40] Question: How should we think about revenue recognition for the UPS units? - The company expects a heavy concentration of revenue recognition in Q2 and Q3, with smaller orders in Q4 generally at higher margins [44] Question: Can you provide an update on the ChargeHub? - The ChargeHub has received significant interest and orders beyond just truck customers, addressing charging issues faced by many fleets [46][47]

Financial Data and Key Metrics Changes - For Q1 2025, revenue was $5.9 million, down from $11.5 million in Q4 2024 and $13.2 million in Q1 2024, with 29 units recognized compared to 51 units and 62 units in the previous quarters [24][25] - Cost of goods sold decreased to $4.7 million from $15.2 million in Q4 2024 and $10.4 million in Q1 2024 [24] - GAAP gross margin was a profit of $1.2 million or 20.6%, compared to a loss of $3.7 million in Q4 2024 and a profit of $2.8 million in Q1 2024 [25] - Non-GAAP gross margin was approximately $900,000 or 15%, down from $2.7 million in Q4 2024 but up from $1.7 million in Q1 2024 [25][26] - Operating expenses were $10.5 million, down from $10.9 million in Q4 2024 and $13 million in Q1 2024 [26] - Operating loss for Q1 2025 was $9.3 million, improved from a loss of $14.6 million in Q4 2024 and $10.2 million in Q1 2024 [27] - Cash and cash equivalents totaled $4.8 million, with free cash flow negative at $4.8 million [28][29] Business Line Data and Key Metrics Changes - The company shipped a total of 60 units in Q1 2025, including 31 additional strip chassis for UPS, but only recognized revenue for 29 units due to GAAP standards [24][7] - The MD XT, a new medium-duty chassis cab, was launched, targeting a total addressable market of up to 100,000 units per year in the U.S. [12][15] Market Data and Key Metrics Changes - Customer demand remains consistent, with growing interest from national fleets, while smaller regional operators are leveraging state incentive programs [8] - The market for conventional chassis cab products like the MD XT can sell up to 100,000 units per year, significantly larger than the strip chassis market [39] Company Strategy and Development Direction - The company aims to focus on growth, protecting margins, and managing liquidity with discipline [6][18] - Plans to reduce exposure to tariffs through reshoring and resourcing strategies [10] - The MD XT is positioned as a more affordable and reliable option compared to legacy players, which are pricing their electric chassis cabs over $300,000 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating challenges such as new emissions rules, tariffs, and interest rates, emphasizing customer trust and reliable truck performance [7] - The company reaffirmed its full-year 2025 guidance for revenue between $50.2 million and $65.8 million, with unit deliveries between 320 and 420 units [29] Other Important Information - The company has made significant progress in collecting receivables, totaling $10.2 million in Q1 2025 [29] - The MD XT is still undergoing safety certifications and is targeted for production ramp-up by Q3 2026 [17] Q&A Session Summary Question: Can you speak about the parts commonality between your step vans and the MD XT? - The MD XT shares over 90% of the same commodity components with the step van, reducing costs and training requirements [35][36] Question: What are potential customers saying about the MD XT? - The market for the MD XT is larger, with several sizable fleets already interested, and it is expected to take time to ramp up orders [40] Question: How should we think about revenue recognition for the UPS units? - The margin profile for large national customers is lower, but this will be offset by other products in the portfolio, with a concentration of deliveries expected in Q2 and Q3 [42][43] Question: Can you provide an update on the ChargeHub? - There is significant interest in the ChargeHub, with orders coming from outside the truck customer base, and the company is exploring additional features for future versions [46][47]

Financial Data and Key Metrics Changes - Sales net of returns and allowances for the full year 2024 were $6.6 million, a decrease from $13.1 million in 2023, primarily due to lower W4CC truck sales, offset by an increase in W56 truck sales and service revenue [43] - Cost of sales for 2024 was $28.2 million, down $9.5 million from $38.4 million in 2023, driven by lower W4CC vehicle sales and cost-saving initiatives [44] - SG&A expenses decreased to $42.5 million in 2024 from $55.6 million in 2023, primarily due to reduced employee compensation and other cost-cutting measures [45] - R&D expenses for 2024 were $9.1 million, a decrease of $15.3 million compared to $24.5 million in 2023, mainly due to lower headcount and reduced prototype expenses [46] - The net loss for 2024 was $101.8 million, compared to a net loss of $123.9 million in 2023 [48] Business Line Data and Key Metrics Changes - The decrease in sales was primarily attributed to lower W4CC truck sales, while W56 truck sales increased, indicating a shift in product demand [43] - The company launched the new W56 208-inch wheelbase truck, receiving positive customer feedback and a purchase order for 13 units [11] Market Data and Key Metrics Changes - The commercial EV market is experiencing uncertainty due to regulatory pauses and delays in fleet electrification plans, impacting investment decisions by several fleets [8][9] - Despite challenges, some states continue to advance their electrification plans, and Workhorse is positioned to capitalize on these opportunities [9] Company Strategy and Development Direction - The company aims to extend its financial runway while advancing its product roadmap and ramping up production [53] - Workhorse is focused on securing high-volume orders with national fleets and smaller orders in states with effective incentive programs [57] - The company emphasizes its in-house manufacturing capabilities and has established a national dealer network to support long-term growth [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that EV adoption in the commercial space is slower than expected due to external factors such as regulatory delays and inadequate charging infrastructure [54] - The company remains committed to delivering a no-compromise electric truck that meets the needs of last-mile delivery fleets [56] - Management is optimistic about securing breakthrough orders and is actively engaging with Fortune 500 companies and government entities [37] Other Important Information - The company executed a one-for-12.5 reverse stock split to increase the market price of its common stock and maintain NASDAQ listing compliance [48] - Workhorse has received approval for the sale of its W750 and W56 step van models in Canada, expanding its market reach [12] Q&A Session Summary - No specific questions were recorded during the Q&A session, and the call concluded with management expressing gratitude for the support and patience of stakeholders [60][61]