Bollinger Innovations (BINI) AI Stock Analysis

• Market Cap: $1.67M
• Dividend Yield: N/A
• Average Volume (3M): 288.27K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.09
• Revenue Growth: 5865.42%
• EPS Growth: 98.16%
• Country: US
• Employees: 388
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Manufacturers
• EPS (TTM): -2807846.25
• Shares Outstanding: 17,249,113
• 10 Day Avg. Volume: 143,590
• 30 Day Avg. Volume: 288,270
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 167.63
• Enterprise Value/Revenue: 29.98
• Enterprise Value/Gross Profit: -8.85
• Enterprise Value/Ebitda: -0.75
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 38 Underperform
• Price Target: $0.00 ▼(-100.00% Downside)

Bollinger Innovations has a very low overall stock score due to severe financial instability, negative profitability, and bearish technical indicators. The lack of earnings and dividend yield further diminishes its investment appeal. Immediate strategic improvements are necessary to enhance financial health and investor confidence.

Positive Factors

Revenue Growth

Bollinger Innovations has demonstrated significant revenue growth, indicating strong demand for its products and services, which can support long-term business expansion and market penetration.

Diverse Revenue Streams

The company's diverse revenue streams from consulting, product sales, and licensing provide a stable financial base, reducing dependency on any single income source and enhancing resilience against market fluctuations.

Strategic Partnerships

Strategic partnerships in key sectors enhance Bollinger Innovations' market reach and collaborative opportunities, fostering innovation and potentially leading to increased revenue and market share.

Negative Factors

Negative Profitability

The company's negative profitability, with severely negative profit margins, indicates operational inefficiencies and challenges in cost management that could hinder long-term financial sustainability.

High Leverage

High leverage and negative equity suggest financial instability, posing risks to Bollinger Innovations' ability to meet obligations and invest in growth opportunities, potentially impacting its long-term viability.

Negative Cash Flow

Negative cash flow from operations indicates that the company is not generating sufficient cash to sustain operations, which could lead to liquidity issues and limit its capacity to invest in future growth.

Bollinger Innovations Business Overview & Revenue Model

Company Description

Bollinger Innovations, Inc., an electric vehicle company, manufactures, sells, and distributes electric vehicles in the United States. The company operates in two segments, Bollinger and Mullen Commercial. Its products include passenger and commercial vehicles; and provides battery system technology. The company was formerly known as Mullen Automotive, Inc. and changed its name to Bollinger Innovations, Inc. in July 2025. The company is headquartered in Brea, California.

How the Company Makes Money

Bollinger Innovations generates revenue through multiple streams, primarily by offering consulting services, product sales, and licensing agreements. The consulting services involve working closely with clients to design and implement tailored technological solutions, which are billed at an hourly or project-based rate. Product sales come from the commercialization of proprietary technologies, such as automation software and energy-efficient systems, sold directly to businesses. Additionally, BINI earns revenue through licensing agreements that allow other companies to use its patented technologies, providing a steady income stream. Strategic partnerships with key players in the aerospace and energy sectors further enhance its market reach and create opportunities for collaborative projects, contributing significantly to the company's overall earnings.

Bollinger Innovations Financial Statement Overview

Summary

Bollinger Innovations is facing significant financial challenges, with negative profitability, high leverage, and insufficient cash flow generation. The company's financial health is concerning, with substantial losses and a weak balance sheet. Immediate strategic actions are needed to improve operational efficiency and financial stability.

Income Statement

Bollinger Innovations shows a concerning financial performance with negative margins across the board. The TTM data reveals a gross profit margin of -241.11% and a net profit margin of -4760.58%, indicating significant losses relative to revenue. Although there is a slight revenue growth rate of 4.57%, the overall profitability remains severely negative, with EBIT and EBITDA margins also deeply in the red.

Balance Sheet

The balance sheet reflects a precarious financial position with negative stockholders' equity, resulting in a negative debt-to-equity ratio. Despite a positive return on equity of 10.03% in the TTM, this is misleading due to the negative equity base. The equity ratio is also negative, indicating that liabilities exceed assets, which poses a significant risk to financial stability.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, with a free cash flow growth rate of -12.97% in the TTM. The operating cash flow to net income ratio is negative, suggesting that the company is not generating sufficient cash from operations to cover its net losses. The free cash flow to net income ratio is slightly above 1, indicating that free cash flow is marginally better than net income, but still negative.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.34M	1.09M	366.00K	0.00	65.71M	65.71M
Gross Profit	-31.66M	-15.80M	92.12K	-3.72M	64.48M	6.81M
EBITDA	-374.08M	-438.35M	-996.27M	-93.71M	-21.68M	-1.49M
Net Income	-467.56M	-457.06M	-972.25M	-740.32M	-44.24M	-48.28M
Balance Sheet
Total Assets	89.23M	178.63M	421.71M	302.59M	17.17M	21.99M
Cash, Cash Equivalents and Short-Term Investments	454.66K	10.32M	155.27M	54.09M	42.17K	33.37K
Total Debt	36.04M	19.94M	13.16M	13.81M	41.91M	35.15M
Total Liabilities	196.28M	195.18M	148.90M	145.64M	78.88M	64.49M
Stockholders Equity	-107.91M	-28.56M	208.95M	58.70M	-61.71M	-42.50M
Cash Flow
Free Cash Flow	-114.71M	-200.30M	-287.10M	-77.82M	-17.68M	-4.94M
Operating Cash Flow	-109.78M	-185.56M	-179.17M	-65.80M	-17.52M	-4.37M
Investing Cash Flow	-6.33M	-16.15M	-107.92M	-47.15M	-161.78K	-567.01K
Financing Cash Flow	113.00M	56.76M	358.42M	197.28M	17.69M	9.16M

Bollinger Innovations Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.11
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BINI, the sentiment is Negative. The current price of 0.11 is above the 20-day moving average (MA) of 0.09, above the 50-day MA of 0.11, and below the 200-day MA of 4856001.11, indicating a neutral trend. The MACD of -582.90 indicates Negative momentum. The RSI at 21.82 is Positive, neither overbought nor oversold. The STOCH value of 45.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BINI.

Bollinger Innovations Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
WKHS	42 Neutral	$11.96M	-0.03	-162.44%	―	16.74%	81.14%
EVTV	41 Neutral	$2.37M	-0.04	-267.76%	―	113.69%	-84.50%
SBLX	41 Neutral	$4.66M	-0.06	-121.52%	―	-100.00%	11.41%
EMPD	40 Underperform	$174.83M	-0.06	-20.84%	―	-36.52%	99.81%
BINI	38 Underperform	$1.67M	―	―	―	5865.42%	98.16%
ECDA	38 Underperform	$554.83K	>-0.01	―	―	-43.17%	-36.68%

Bollinger Innovations Corporate Events

Bollinger Innovations Initiates Cost-Reduction Plan

On November 21, 2025, Bollinger Innovations, Inc. initiated a cost-reduction plan aimed at streamlining operations and preserving liquidity. This plan includes workforce reductions and the closure of its Troy, Michigan office, consolidating operations at its Oak Park facility. The company is also notifying its dealer network about changes to its support model, including the discontinuation of factory service and warranty support, as well as evaluating potential dealer-driven programs for parts and vehicle purchases.

The most recent analyst rating on (BINI) stock is a Sell with a $0.50 price target. To see the full list of analyst forecasts on Bollinger Innovations stock, see the BINI Stock Forecast page.

Bollinger Innovations to Move Listing to OTC Markets

On October 8, 2025, Bollinger Innovations announced that its stock would be suspended from Nasdaq trading due to non-compliance with the market value requirement, effective October 13, 2025. The company decided to transition its stock listing to the OTC Markets to reduce administrative costs and focus on its business strategy. This move is expected to provide more flexibility and cost-effectiveness, allowing Bollinger to better allocate resources towards expanding its commercial EV market presence.

The most recent analyst rating on (BINI) stock is a Sell with a $0.50 price target. To see the full list of analyst forecasts on Bollinger Innovations stock, see the BINI Stock Forecast page.