BOLLINGER INNOVATIONS, INC. (BINI)·Q3 2025 Earnings Summary

Executive Summary

• Q3 FY2025 revenue was $0.47M, down sharply sequentially from $4.95M in Q2, reflecting operational and liquidity constraints; GAAP EPS was $(11,231.39), distorted by reverse splits and capital structure changes .
• Management emphasized cost controls, consolidating B4 manufacturing from Roush (MI) to the company-owned Tunica, MS plant to streamline operations and reduce costs, and introduced a $7,500 price adjustment on Class 1 and 3 EVs (stackable with federal credit through Sept. 30) .
• Liquidity remained constrained at quarter-end: cash (incl. restricted) was $0.9M and working capital deficit was ~$144.1M; management highlights a 53.7% YoY reduction in operating+investing cash burn (9M) and subsequent transactions that increased shareholder equity by >$110M, lifting estimated equity to >$3M as of Aug 14 .
• No formal Q3 guidance was provided; consensus estimates via S&P Global were unavailable, limiting beat/miss analysis this quarter .

What Went Well and What Went Wrong

• What Went Well

  • Manufacturing consolidation: “We recently initiated a strategic effort to move Bollinger B4 manufacturing from Roush Industries in Michigan to our commercial manufacturing center in Tunica, Mississippi…streamlines our operations and reduces our manufacturing cost…” .
  • Pricing action to stimulate demand: $7,500 price adjustment on Class 1 and 3 EVs, combinable with $7,500 federal credit through Sept. 30, potentially improving order flow near-term .
  • Post-quarter balance sheet actions: Warrant and note exchanges increased shareholder equity by >$110M, with estimated equity >$3M as of Aug 14, improving listing compliance prospects and financial flexibility .

• What Went Wrong

  • Sequential revenue decline: Q3 revenue fell to $0.47M from $4.95M in Q2, reflecting production and liquidity constraints called out in filings and secondary summaries .
  • Profitability headwinds: Q3 gross loss $(10.1)M and loss from operations $(58.2)M underscore negative unit economics and overhead absorption during transition .
  • Liquidity strain: Cash was $0.9M and working capital deficit ~$144.1M at 6/30; management reported 9M operating+investing outflows of $73.6M despite 53.7% YoY burn reduction .

Financial Results

• Quarterly trend and estimates (S&P Global consensus unavailable)

Notes: EPS comparability is distorted by multiple reverse stock splits and capital structure changes disclosed across filings and press releases . S&P Global consensus not available via our tools this quarter .

• Q3 detail and YoY/Seq context

Segment breakdown: The company reports two operating segments (Bollinger Motors; Bollinger Commercial); Q3 press materials and secondary summaries did not disclose a quantitative segment revenue split for the quarter .

Guidance Changes

Earnings Call Themes & Trends

Note: We did not locate a public Q3 FY2025 earnings call transcript; themes below reflect management’s Q3 press release and contemporaneous disclosures.

Management Commentary

• “We recently initiated a strategic effort to move Bollinger B4 manufacturing from Roush Industries in Michigan to our commercial manufacturing center in Tunica, Mississippi… Overall, we gain greater control over the manufacturing process, reduce logistical complexities, and ultimately deliver our vehicles to customers more efficiently.” — David Michery, CEO .
• “Subsequent to June 30, the Company increased shareholder equity by more than $110 million,” with estimated stockholders’ equity exceeding $3 million as of Aug. 14, 2025 .

Q&A Highlights

• We did not identify a public Q3 FY2025 earnings call transcript or Q&A; available investor materials for the quarter were press releases and the Form 10-Q .

Estimates Context

• S&P Global consensus estimates for Q3 FY2025 EPS and revenue were not available via our tool query, and third-party aggregators also showed no published consensus values, so a beat/miss vs. consensus cannot be determined this quarter .
• Given absent consensus and no formal guidance, estimate models may need to reflect: (i) much lower near-term revenue run-rate vs. Q2, (ii) ongoing negative gross margin during the manufacturing transition, and (iii) liquidity-driven execution risk until cash runway is bolstered .

Key Takeaways for Investors

• Sequential revenue contraction and ongoing negative unit economics elevate near-term execution risk; monitor conversion of orders and the production ramp at Tunica .
• Liquidity is the primary swing factor: $0.9M cash and $(144.1)M working capital deficit at 6/30 highlight reliance on external financing and post-quarter equity actions to sustain operations .
• Manufacturing consolidation to Tunica is a potential medium-term margin catalyst if execution is smooth; near-term disruptions and transition costs are risks to track .
• Price incentives ($7,500) alongside federal credits through Sept. 30 were intended to spur demand; watch order intake, cancellations, and realized ASP mix .
• Absence of formal guidance and consensus estimates reduces visibility; investors should anchor on operational milestones (production throughput, delivery cadence, dealer network productivity) rather than near-term EPS .
• Post-quarter capital markets and listing developments (e.g., later move to OTC) underscore ongoing capital structure evolution; track dilution risk, cost of capital, and any covenant-driven constraints .

Additional references and primary materials:

• Q3 FY2025 press release (Aug 14, 2025), including financial statement attachments and business update .
• Q3 FY2025 10‑Q (quarter ended June 30, 2025) via SEC EDGAR and related summaries .

Disclaimer on estimates: S&P Global consensus values were not available via our estimates query this quarter.