Bollinger Innovations, Inc. (BINI) 10-Year Financial Performance & Capital Metrics

BINI • • Industrial / General

Consumer CyclicalAuto ManufacturersPremium/Luxury Electric VehiclesPremium Electric Sedans/SUVs

AboutBollinger 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.Show more

Revenue $1M +199.0%
EBITDA -$370M -2.3%
Net Income -$457M +53.0%
EPS (Diluted) -999999.00
Gross Margin -1443.8% -5836.4%
EBITDA Margin -33796.46% +65.8%
Operating Margin -35805.41% +65.3%
Net Margin -41766.4% +84.3%
ROE -356.71% +21.2%
ROIC -474.83% -107.3%
Debt/Equity -
Interest Coverage -3.17 +95.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 2 (bottom 2%)
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 55.8% over 5 years
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-25.65%

5Y-55.82%

3Y-74.46%

TTM5865.42%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-3.12%

EPS CAGR

10Y-

5Y-

3Y-

TTM-2310.66%

ROCE

10Y Avg-124.93%

5Y Avg-199.74%

3Y Avg-199.74%

Latest-282.34%

Peer Comparison

Premium Electric Sedans/SUVs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TSLATesla, Inc.	1.49T	447.20	219.22	0.95%	5.55%	6.58%	0.24%	0.18
BINIBollinger Innovations, Inc.	45.55K	0.09	0	199%	-50.06%	-356.71%
FFAIFaraday Future Intelligent Electric Inc.	216.14M	1.09	-0.06	-31.25%	-745.17%	-207.37%		0.86
LCIDLucid Group, Inc.	3.55B	10.94	-0.88	35.71%	-214.09%	-61.31%		0.64
AIEVThunder Power Holdings, Inc.	8.62M	0.17	-2.83			-32.68%		0.00
RIVNRivian Automotive, Inc.	23.03B	18.85	-4.02	12.09%	-61.32%	-70.38%		0.87
PSNYPolestar Automotive Holding UK PLC	1.88B	20.52	-21.15	-14.48%	-89.04%
FFAIWFaraday Future Intelligent Electric Inc.		0.03		-31.25%	-745.17%	-207.37%		0.86

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Sales/Revenue+	40.24M	54.29M	60.06M	65.79M	65M	65.71M	65.71M	0	366K	1.09M
Revenue Growth %	0.9%	0.35%	0.11%	0.1%	-0.01%	0.01%	0%	-1%	-	1.99%
Cost of Goods Sold+	36.49M	49.17M	53.77M	58.07M	57.84M	58.9M	1.23M	3.72M	273.88K	16.89M
COGS % of Revenue	0.91%	0.91%	0.9%	0.88%	0.89%	0.9%	0.02%	-	0.75%	15.44%
Gross Profit+	3.74M	5.11M	6.29M	7.72M	7.16M	6.81M	64.48M	-3.72M	92.12K	-15.8M
Gross Margin %	0.09%	0.09%	0.1%	0.12%	0.11%	0.1%	0.98%	-	0.25%	-14.44%
Gross Profit Growth %	-0.29%	0.37%	0.23%	0.23%	-0.07%	-0.05%	8.47%	-1.06%	1.02%	-172.52%
Operating Expenses+	14.34M	14.69M	14.93M	11.95M	12.74M	11.3M	22.16M	96.99M	377.86M	376.03M
OpEx % of Revenue	0.36%	0.27%	0.25%	0.18%	0.2%	0.17%	0.34%	-	1032.42%	343.62%
Selling, General & Admin	14.23M	14.51M	10.63M	11.8M	10.27M	9.36M	16.82M	72.24M	215.85M	181.95M
SG&A % of Revenue	0.35%	0.27%	0.18%	0.18%	0.16%	0.14%	0.26%	-	589.74%	166.27%
Research & Development	109.52K	178.29K	88.65K	154.46K	873.56K	1.67M	3.01M	21.65M	77.39M	74.89M
R&D % of Revenue	0%	0%	0%	0%	0.01%	0.03%	0.05%	-	211.44%	68.43%
Other Operating Expenses	0	0	4.21M	0	1.6M	274.89K	2.33M	3.1M	84.63M	119.19M
Operating Income+	-10.6M	-9.58M	-8.6M	-4.33M	-5.59M	-4.49M	-22.4M	-96.99M	-377.77M	-391.83M
Operating Margin %	-0.26%	-0.18%	-0.14%	-0.07%	-0.09%	-0.07%	-0.34%	-	-1032.16%	-358.05%
Operating Income Growth %	-0.46%	0.1%	0.1%	0.5%	-0.29%	0.2%	-3.99%	-3.33%	-2.89%	-0.04%
EBITDA+	-7.98M	-6.11M	-6.06M	-1.88M	-2.46M	-1.46M	-21.68M	-93.27M	-361.38M	-369.84M
EBITDA Margin %	-0.2%	-0.11%	-0.1%	-0.03%	-0.04%	-0.02%	-0.33%	-	-987.39%	-337.96%
EBITDA Growth %	-0.65%	0.23%	0.01%	0.69%	-0.31%	0.41%	-13.88%	-3.3%	-2.87%	-0.02%
D&A (Non-Cash Add-back)	2.62M	3.47M	2.53M	2.45M	3.12M	3.04M	720.8K	3.72M	16.39M	21.98M
EBIT	-9.75M	-12.15M	-8.83M	-4.18M	-5.45M	-4.53M	-22.4M	-96.99M	-1.01B	-460.34M
Net Interest Income+	-3.58M	-1.46M	-1.19M	-847.18K	0	0	0	0	-4.99M	-123.68M
Interest Income	0	0	0	0	29.17M	18.09M	21.17M	26.95M	0	0
Interest Expense	3.58M	1.46M	1.19M	847.18K	29.17M	18.09M	21.17M	26.95M	4.99M	123.68M
Other Income/Expense	-2.73M	-4.04M	-1.43M	-691.61K	-979.48K	-1.48M	-21.84M	-643.33M	-639.87M	-117.89M
Pretax Income+	-13.33M	-13.62M	-10.02M	-5.02M	-6.56M	-5.98M	-44.24M	-740.32M	-1.02B	-509.72M
Pretax Margin %	-0.33%	-0.25%	-0.17%	-0.08%	-0.1%	-0.09%	-0.67%	-	-2780.46%	-465.78%
Income Tax+	0	-128.54K	0	0	0	0	0	1.6K	-10.99M	-3.89M
Effective Tax Rate %	0.99%	0.99%	0.99%	0.98%	10.66%	8.08%	1%	1%	0.96%	0.9%
Net Income+	-13.25M	-13.49M	-9.91M	-4.94M	-70.01M	-48.28M	-44.24M	-740.32M	-972.25M	-457.06M
Net Margin %	-0.33%	-0.25%	-0.17%	-0.08%	-1.08%	-0.73%	-0.67%	-	-2656.43%	-417.66%
Net Income Growth %	-0.3%	-0.02%	0.26%	0.5%	-13.18%	0.31%	0.08%	-15.73%	-0.31%	0.53%
Net Income (Continuing)	-13.33M	-13.62M	-10.02M	-5.02M	-6.56M	-5.98M	-44.24M	-740.32M	-1.01B	-505.83M
Discontinued Operations	0	-128.54K	0	0	0	0	0	0	0	0
Minority Interest	198.92K	70.38K	-39.19K	-125.74K	0	0	0	98.26M	63.86M	12.01M
EPS (Diluted)+	-0.23	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00
EPS Growth %	1%	-999999%	0.95%	0.75%	-12.57%	0.37%	-2%	0.92%	-66.15%	0.72%
EPS (Basic)	-0.23	-1.03	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00
Diluted Shares Outstanding	0	0	0	0	0	0	0	0	0	0
Basic Shares Outstanding	0	0	0	0	0	0	0	0	0	0
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Total Current Assets+	7.33M	9.22M	19.04M	9.69M	17.5M	15.33M	6.81M	86.33M	198.13M	63.17M
Cash & Short-Term Investments	1.03M	621.63K	11.29M	1.65M	2.22M	33.37K	42.17K	54.09M	155.27M	10.32M
Cash Only	1.03M	621.63K	11.29M	1.65M	2.22M	33.37K	42.17K	54.09M	155.27M	10.32M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	5.2M	7.13M	5.47M	6.29M	5.55M	5.25M	0	0	671.75K	124.3K
Days Sales Outstanding	47.16	47.91	33.26	34.9	31.14	29.18	-	-	669.91	41.46
Inventory	0	0	0	0	31.54K	43.08K	55.75K	0	16.81M	37.5M
Days Inventory Outstanding	-	-	-	-	0.2	0.27	16.57	-	22.4K	810.26
Other Current Assets	1.11M	1.47M	2.28M	1.75M	9.7M	10M	-55.75K	30.29M	429.37K	426.85K
Total Non-Current Assets+	15.58M	14.09M	13.34M	16.08M	5.39M	6.66M	10.36M	216.26M	223.58M	115.46M
Property, Plant & Equipment	162.12K	117.3K	58.27K	25.34K	1.97M	3.27M	3.53M	19.4M	87.28M	85.22M
Fixed Asset Turnover	248.18x	462.82x	1030.84x	2596.68x	32.94x	20.09x	18.60x	-	0.00x	0.01x
Goodwill	9.64M	9.64M	9.64M	9.01M	0	0	0	92.83M	28.85M	0
Intangible Assets	5.42M	3.59M	3.13M	6.44M	2.35M	2.62M	2.5M	93.95M	104.24M	27.06M
Long-Term Investments	0	0	50.59K	0	629.65K	781K	0	1.23M	2.25M	0
Other Non-Current Assets	353.05K	742.81K	460.51K	604.07K	440.94K	-18.99K	4.33M	8.85M	960.5K	3.18M
Total Assets+	22.91M	23.31M	32.38M	25.76M	22.89M	21.99M	17.17M	302.59M	421.71M	178.63M
Asset Turnover	1.76x	2.33x	1.85x	2.55x	2.84x	2.99x	3.83x	-	0.00x	0.01x
Asset Growth %	0.6%	0.02%	0.39%	-0.2%	-0.11%	-0.04%	-0.22%	16.62%	0.39%	-0.58%
Total Current Liabilities+	10.43M	15.49M	14.67M	11.22M	42.01M	58.23M	71.16M	122.23M	139.61M	183.17M
Accounts Payable	5.86M	7.51M	6.79M	6.32M	1.95M	2.69M	5.21M	6.11M	13.18M	41.34M
Days Payables Outstanding	58.6	55.74	46.06	39.74	12.29	16.66	1.55K	598.91	17.56K	893.06
Short-Term Debt	518.44K	147.58K	2.49M	433.45K	20.01M	33.05M	39.2M	3.86M	7.46M	5.4M
Deferred Revenue (Current)	743.91K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	3.3M	6.48M	3.67M	2.97M	436.63K	0	7.03M	95.89M	105.64M	120.61M
Current Ratio	0.70x	0.59x	1.30x	0.86x	0.42x	0.26x	0.10x	0.71x	1.42x	0.34x
Quick Ratio	0.70x	0.59x	1.30x	0.86x	0.42x	0.26x	0.09x	0.71x	1.30x	0.14x
Cash Conversion Cycle	-	-	-	-	19.05	12.79	-	-	5.51K	-41.34
Total Non-Current Liabilities+	3.45M	3.76M	4.52M	5.95M	14.76M	6.27M	7.72M	23.41M	9.29M	12M
Long-Term Debt	3.45M	3.62M	4.52M	5.95M	10.26M	283.88K	247.61K	5.16M	0	0
Capital Lease Obligations	0	0	0	0	0	1.48M	1.86M	3.36M	3.57M	11.65M
Deferred Tax Liabilities	0	0	0	0	0	0	0	14.88M	3.89M	0
Other Non-Current Liabilities	0	139.6K	0	0	4.5M	4.5M	5.62M	0	1.83M	356.21K
Total Liabilities	13.87M	19.25M	19.19M	17.17M	56.77M	64.49M	78.88M	145.64M	148.9M	195.18M
Total Debt+	3.96M	4.19M	7.02M	6.38M	30.27M	35.15M	41.91M	13.81M	13.16M	19.94M
Net Debt	2.94M	3.94M	-4.27M	4.73M	28.05M	35.12M	41.86M	-40.28M	-142.1M	9.62M
Debt / Equity	0.44x	1.03x	0.53x	0.74x	-	-	-	0.09x	0.05x	-
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-2.96x	-6.54x	-7.23x	-5.11x	-0.19x	-0.25x	-1.06x	-3.60x	-75.66x	-3.17x
Total Equity+	9.04M	4.06M	13.19M	8.6M	-33.88M	-42.5M	-61.71M	156.96M	272.81M	-16.55M
Equity Growth %	0.65%	-0.55%	2.25%	-0.35%	-4.94%	-0.25%	-0.45%	3.54%	0.74%	-1.06%
Book Value per Share	0.08	-	-	2.23	-8.24	-	-8.76	0.19	95.00	-3.61
Total Shareholders' Equity	8.84M	3.99M	13.23M	8.72M	-33.88M	-42.5M	-61.71M	58.7M	208.95M	-28.56M
Common Stock	1.13K	154	385	386	-33.88M	5.09K	7.05K	37	29	4.58K
Retained Earnings	-143.96M	-157.44M	-167.36M	-172.29M	-178.75M	-106.13M	-150.37M	-889.91M	-1.86B	-2.32B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.67M	-4.97M	-2.53M	-2.23M	-2.27M	0	0	0	0	0
Minority Interest	198.92K	70.38K	-39.19K	-125.74K	0	0	0	98.26M	63.86M	12.01M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Cash from Operations+	-16.91M	-32.78M	-5.04M	-3.27M	-3.55M	-10.78M	-17.52M	-65.8M	-179.17M	-185.56M
Operating CF Margin %	-0.42%	-0.6%	-0.08%	-0.05%	-0.05%	-0.16%	-0.27%	-	-489.54%	-169.56%
Operating CF Growth %	-1.75%	-0.94%	0.85%	0.35%	-0.09%	-2.04%	-0.63%	-2.76%	-1.72%	-0.04%
Net Income	-132.54M	-134.88M	-9.91M	-4.94M	-40.84M	-30.18M	-44.24M	-740.32M	-1.01B	-505.83M
Depreciation & Amortization	25.13M	34.67M	2.53M	2.45M	866.77K	725.8K	8.93M	3.28M	16.39M	21.98M
Stock-Based Compensation	43.06M	34.63M	2.94M	142.02K	875.76K	1.04M	6.23M	43.72M	85.44M	40.43M
Deferred Taxes	-16.58M	-10.47M	0	0	190.87K	93.24K	800	1.6K	-10.99M	-3.89M
Other Non-Cash Items	61.38M	42.17M	5.24K	-779.81K	32.2M	14.82M	12.65M	641.24M	729.6M	254.53M
Working Capital Changes	2.64M	1.09M	-607.1K	-148.15K	3.16M	2.72M	-1.09M	-13.71M	7.05M	7.22M
Change in Receivables	-1.49M	-2.75M	3M	-1.5M	-1.5M	-263.76K	-581.56K	0	15.81M	547.46K
Change in Inventory	0	0	0	0	-69.32K	-11.54K	-87.17K	0	-16.81M	-36.27M
Change in Payables	3.16M	3.8M	-2.94M	971.2K	995.48K	741.22K	5.67M	1.19M	7.78M	25.23M
Cash from Investing+	-43.53M	-15.07M	-1.84M	-5.53M	-713.69K	-567.01K	-161.78K	-47.15M	-107.92M	-16.15M
Capital Expenditures	-5.79M	-1.87M	-1.99M	-5.53M	-720.92K	-567.01K	-161.78K	-12.02M	-107.42M	-14.75M
CapEx % of Revenue	0.14%	0.03%	0.03%	0.08%	0.01%	0.01%	0%	-	293.51%	13.48%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-37.74M	-13.2M	149.83K	0	7.23K	-162K	0	-5.5M	-498.43K	1.4B
Cash from Financing+	64.81M	44.27M	17.56M	-653.63K	5.72M	9.16M	17.69M	197.28M	358.42M	56.76M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	58.66M	40.87M	0	0	-7.55M	0	0	15M	17.72M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-22.7M	-34.65M	-7.03M	-8.8M	-4.27M	-4.94M	-17.68M	-77.82M	-287.1M	-200.3M
FCF Margin %	-0.56%	-0.64%	-0.12%	-0.13%	-0.07%	-0.08%	-0.27%	-	-784.41%	-183.04%
FCF Growth %	-2.51%	-0.53%	0.8%	-0.25%	0.51%	-0.16%	-2.58%	-3.4%	-2.69%	0.3%
FCF per Share	-0.20	-	-	-2.28	-1.04	-	-2.51	-0.09	-99.97	-43.76
FCF Conversion (FCF/Net Income)	1.28x	2.43x	0.51x	0.66x	0.05x	0.22x	0.40x	0.09x	0.18x	0.41x
Interest Paid	0	0	0	0	0	0	15.14K	0	0	0
Taxes Paid	0	0	0	0	0	0	800	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-182.48%	-205.88%	-114.9%	-45.31%	-	-	-	-1554.57%	-452.46%	-356.71%
Return on Invested Capital (ROIC)	-93.19%	-73.25%	-77.88%	-29.19%	-111.68%	-	-	-150.24%	-229.06%	-474.83%
Gross Margin	9.31%	9.42%	10.48%	11.73%	11.01%	10.36%	98.13%	-	25.17%	-1443.8%
Net Margin	-32.94%	-24.84%	-16.5%	-7.5%	-107.71%	-73.48%	-67.33%	-	-265643.33%	-41766.4%
Debt / Equity	0.44x	1.03x	0.53x	0.74x	-	-	-	0.09x	0.05x	-
Interest Coverage	-2.96x	-6.54x	-7.23x	-5.11x	-0.19x	-0.25x	-1.06x	-3.60x	-75.66x	-3.17x
FCF Conversion	1.28x	2.43x	0.51x	0.66x	0.05x	0.22x	0.40x	0.09x	0.18x	0.41x
Revenue Growth	89.84%	34.92%	10.64%	9.53%	-1.2%	1.09%	0%	-100%	-	199%

Revenue by Segment

	2015	2019
Service Fees	-	65M
Service Fees Growth	-	-

Revenue by Geography

	2015	2019
North America	27.39M	61.78M
North America Growth	-	125.56%
Russia and Cayman Islands	-	3.22M
Russia and Cayman Islands Growth	-	-

Frequently Asked Questions

Growth & Financials

Bollinger Innovations, Inc. (BINI) reported $9.3M in revenue for fiscal year 2024.

Bollinger Innovations, Inc. (BINI) grew revenue by 199.0% over the past year. This is strong growth.

Bollinger Innovations, Inc. (BINI) reported a net loss of $467.6M for fiscal year 2024.

Dividend & Returns

Bollinger Innovations, Inc. (BINI) has a return on equity (ROE) of -356.7%. Negative ROE indicates the company is unprofitable.

Bollinger Innovations, Inc. (BINI) had negative free cash flow of $114.7M in fiscal year 2024, likely due to heavy capital investments.

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Bollinger Innovations, Inc. (BINI) 10-Year Financial Performance & Capital Metrics

BINI • • Industrial / General

Consumer CyclicalAuto ManufacturersPremium/Luxury Electric VehiclesPremium Electric Sedans/SUVs

Revenue $1M +199.0%
EBITDA -$370M -2.3%
Net Income -$457M +53.0%
EPS (Diluted) -999999.00
Gross Margin -1443.8% -5836.4%
EBITDA Margin -33796.46% +65.8%
Operating Margin -35805.41% +65.3%
Net Margin -41766.4% +84.3%
ROE -356.71% +21.2%
ROIC -474.83% -107.3%
Debt/Equity -
Interest Coverage -3.17 +95.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 2 (bottom 2%)
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 55.8% over 5 years
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-25.65%

5Y-55.82%

3Y-74.46%

TTM5865.42%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-3.12%

EPS CAGR

10Y-

5Y-

3Y-

TTM-2310.66%

ROCE

10Y Avg-124.93%

5Y Avg-199.74%

3Y Avg-199.74%

Latest-282.34%

Peer Comparison

Premium Electric Sedans/SUVs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TSLATesla, Inc.	1.49T	447.20	219.22	0.95%	5.55%	6.58%	0.24%	0.18
BINIBollinger Innovations, Inc.	45.55K	0.09	0	199%	-50.06%	-356.71%
FFAIFaraday Future Intelligent Electric Inc.	216.14M	1.09	-0.06	-31.25%	-745.17%	-207.37%		0.86
LCIDLucid Group, Inc.	3.55B	10.94	-0.88	35.71%	-214.09%	-61.31%		0.64
AIEVThunder Power Holdings, Inc.	8.62M	0.17	-2.83			-32.68%		0.00
RIVNRivian Automotive, Inc.	23.03B	18.85	-4.02	12.09%	-61.32%	-70.38%		0.87
PSNYPolestar Automotive Holding UK PLC	1.88B	20.52	-21.15	-14.48%	-89.04%
FFAIWFaraday Future Intelligent Electric Inc.		0.03		-31.25%	-745.17%	-207.37%		0.86

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Sales/Revenue+	40.24M	54.29M	60.06M	65.79M	65M	65.71M	65.71M	0	366K	1.09M
Revenue Growth %	0.9%	0.35%	0.11%	0.1%	-0.01%	0.01%	0%	-1%	-	1.99%
Cost of Goods Sold+	36.49M	49.17M	53.77M	58.07M	57.84M	58.9M	1.23M	3.72M	273.88K	16.89M
COGS % of Revenue	0.91%	0.91%	0.9%	0.88%	0.89%	0.9%	0.02%	-	0.75%	15.44%
Gross Profit+	3.74M	5.11M	6.29M	7.72M	7.16M	6.81M	64.48M	-3.72M	92.12K	-15.8M
Gross Margin %	0.09%	0.09%	0.1%	0.12%	0.11%	0.1%	0.98%	-	0.25%	-14.44%
Gross Profit Growth %	-0.29%	0.37%	0.23%	0.23%	-0.07%	-0.05%	8.47%	-1.06%	1.02%	-172.52%
Operating Expenses+	14.34M	14.69M	14.93M	11.95M	12.74M	11.3M	22.16M	96.99M	377.86M	376.03M
OpEx % of Revenue	0.36%	0.27%	0.25%	0.18%	0.2%	0.17%	0.34%	-	1032.42%	343.62%
Selling, General & Admin	14.23M	14.51M	10.63M	11.8M	10.27M	9.36M	16.82M	72.24M	215.85M	181.95M
SG&A % of Revenue	0.35%	0.27%	0.18%	0.18%	0.16%	0.14%	0.26%	-	589.74%	166.27%
Research & Development	109.52K	178.29K	88.65K	154.46K	873.56K	1.67M	3.01M	21.65M	77.39M	74.89M
R&D % of Revenue	0%	0%	0%	0%	0.01%	0.03%	0.05%	-	211.44%	68.43%
Other Operating Expenses	0	0	4.21M	0	1.6M	274.89K	2.33M	3.1M	84.63M	119.19M
Operating Income+	-10.6M	-9.58M	-8.6M	-4.33M	-5.59M	-4.49M	-22.4M	-96.99M	-377.77M	-391.83M
Operating Margin %	-0.26%	-0.18%	-0.14%	-0.07%	-0.09%	-0.07%	-0.34%	-	-1032.16%	-358.05%
Operating Income Growth %	-0.46%	0.1%	0.1%	0.5%	-0.29%	0.2%	-3.99%	-3.33%	-2.89%	-0.04%
EBITDA+	-7.98M	-6.11M	-6.06M	-1.88M	-2.46M	-1.46M	-21.68M	-93.27M	-361.38M	-369.84M
EBITDA Margin %	-0.2%	-0.11%	-0.1%	-0.03%	-0.04%	-0.02%	-0.33%	-	-987.39%	-337.96%
EBITDA Growth %	-0.65%	0.23%	0.01%	0.69%	-0.31%	0.41%	-13.88%	-3.3%	-2.87%	-0.02%
D&A (Non-Cash Add-back)	2.62M	3.47M	2.53M	2.45M	3.12M	3.04M	720.8K	3.72M	16.39M	21.98M
EBIT	-9.75M	-12.15M	-8.83M	-4.18M	-5.45M	-4.53M	-22.4M	-96.99M	-1.01B	-460.34M
Net Interest Income+	-3.58M	-1.46M	-1.19M	-847.18K	0	0	0	0	-4.99M	-123.68M
Interest Income	0	0	0	0	29.17M	18.09M	21.17M	26.95M	0	0
Interest Expense	3.58M	1.46M	1.19M	847.18K	29.17M	18.09M	21.17M	26.95M	4.99M	123.68M
Other Income/Expense	-2.73M	-4.04M	-1.43M	-691.61K	-979.48K	-1.48M	-21.84M	-643.33M	-639.87M	-117.89M
Pretax Income+	-13.33M	-13.62M	-10.02M	-5.02M	-6.56M	-5.98M	-44.24M	-740.32M	-1.02B	-509.72M
Pretax Margin %	-0.33%	-0.25%	-0.17%	-0.08%	-0.1%	-0.09%	-0.67%	-	-2780.46%	-465.78%
Income Tax+	0	-128.54K	0	0	0	0	0	1.6K	-10.99M	-3.89M
Effective Tax Rate %	0.99%	0.99%	0.99%	0.98%	10.66%	8.08%	1%	1%	0.96%	0.9%
Net Income+	-13.25M	-13.49M	-9.91M	-4.94M	-70.01M	-48.28M	-44.24M	-740.32M	-972.25M	-457.06M
Net Margin %	-0.33%	-0.25%	-0.17%	-0.08%	-1.08%	-0.73%	-0.67%	-	-2656.43%	-417.66%
Net Income Growth %	-0.3%	-0.02%	0.26%	0.5%	-13.18%	0.31%	0.08%	-15.73%	-0.31%	0.53%
Net Income (Continuing)	-13.33M	-13.62M	-10.02M	-5.02M	-6.56M	-5.98M	-44.24M	-740.32M	-1.01B	-505.83M
Discontinued Operations	0	-128.54K	0	0	0	0	0	0	0	0
Minority Interest	198.92K	70.38K	-39.19K	-125.74K	0	0	0	98.26M	63.86M	12.01M
EPS (Diluted)+	-0.23	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00
EPS Growth %	1%	-999999%	0.95%	0.75%	-12.57%	0.37%	-2%	0.92%	-66.15%	0.72%
EPS (Basic)	-0.23	-1.03	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00
Diluted Shares Outstanding	0	0	0	0	0	0	0	0	0	0
Basic Shares Outstanding	0	0	0	0	0	0	0	0	0	0
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Total Current Assets+	7.33M	9.22M	19.04M	9.69M	17.5M	15.33M	6.81M	86.33M	198.13M	63.17M
Cash & Short-Term Investments	1.03M	621.63K	11.29M	1.65M	2.22M	33.37K	42.17K	54.09M	155.27M	10.32M
Cash Only	1.03M	621.63K	11.29M	1.65M	2.22M	33.37K	42.17K	54.09M	155.27M	10.32M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	5.2M	7.13M	5.47M	6.29M	5.55M	5.25M	0	0	671.75K	124.3K
Days Sales Outstanding	47.16	47.91	33.26	34.9	31.14	29.18	-	-	669.91	41.46
Inventory	0	0	0	0	31.54K	43.08K	55.75K	0	16.81M	37.5M
Days Inventory Outstanding	-	-	-	-	0.2	0.27	16.57	-	22.4K	810.26
Other Current Assets	1.11M	1.47M	2.28M	1.75M	9.7M	10M	-55.75K	30.29M	429.37K	426.85K
Total Non-Current Assets+	15.58M	14.09M	13.34M	16.08M	5.39M	6.66M	10.36M	216.26M	223.58M	115.46M
Property, Plant & Equipment	162.12K	117.3K	58.27K	25.34K	1.97M	3.27M	3.53M	19.4M	87.28M	85.22M
Fixed Asset Turnover	248.18x	462.82x	1030.84x	2596.68x	32.94x	20.09x	18.60x	-	0.00x	0.01x
Goodwill	9.64M	9.64M	9.64M	9.01M	0	0	0	92.83M	28.85M	0
Intangible Assets	5.42M	3.59M	3.13M	6.44M	2.35M	2.62M	2.5M	93.95M	104.24M	27.06M
Long-Term Investments	0	0	50.59K	0	629.65K	781K	0	1.23M	2.25M	0
Other Non-Current Assets	353.05K	742.81K	460.51K	604.07K	440.94K	-18.99K	4.33M	8.85M	960.5K	3.18M
Total Assets+	22.91M	23.31M	32.38M	25.76M	22.89M	21.99M	17.17M	302.59M	421.71M	178.63M
Asset Turnover	1.76x	2.33x	1.85x	2.55x	2.84x	2.99x	3.83x	-	0.00x	0.01x
Asset Growth %	0.6%	0.02%	0.39%	-0.2%	-0.11%	-0.04%	-0.22%	16.62%	0.39%	-0.58%
Total Current Liabilities+	10.43M	15.49M	14.67M	11.22M	42.01M	58.23M	71.16M	122.23M	139.61M	183.17M
Accounts Payable	5.86M	7.51M	6.79M	6.32M	1.95M	2.69M	5.21M	6.11M	13.18M	41.34M
Days Payables Outstanding	58.6	55.74	46.06	39.74	12.29	16.66	1.55K	598.91	17.56K	893.06
Short-Term Debt	518.44K	147.58K	2.49M	433.45K	20.01M	33.05M	39.2M	3.86M	7.46M	5.4M
Deferred Revenue (Current)	743.91K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	3.3M	6.48M	3.67M	2.97M	436.63K	0	7.03M	95.89M	105.64M	120.61M
Current Ratio	0.70x	0.59x	1.30x	0.86x	0.42x	0.26x	0.10x	0.71x	1.42x	0.34x
Quick Ratio	0.70x	0.59x	1.30x	0.86x	0.42x	0.26x	0.09x	0.71x	1.30x	0.14x
Cash Conversion Cycle	-	-	-	-	19.05	12.79	-	-	5.51K	-41.34
Total Non-Current Liabilities+	3.45M	3.76M	4.52M	5.95M	14.76M	6.27M	7.72M	23.41M	9.29M	12M
Long-Term Debt	3.45M	3.62M	4.52M	5.95M	10.26M	283.88K	247.61K	5.16M	0	0
Capital Lease Obligations	0	0	0	0	0	1.48M	1.86M	3.36M	3.57M	11.65M
Deferred Tax Liabilities	0	0	0	0	0	0	0	14.88M	3.89M	0
Other Non-Current Liabilities	0	139.6K	0	0	4.5M	4.5M	5.62M	0	1.83M	356.21K
Total Liabilities	13.87M	19.25M	19.19M	17.17M	56.77M	64.49M	78.88M	145.64M	148.9M	195.18M
Total Debt+	3.96M	4.19M	7.02M	6.38M	30.27M	35.15M	41.91M	13.81M	13.16M	19.94M
Net Debt	2.94M	3.94M	-4.27M	4.73M	28.05M	35.12M	41.86M	-40.28M	-142.1M	9.62M
Debt / Equity	0.44x	1.03x	0.53x	0.74x	-	-	-	0.09x	0.05x	-
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-2.96x	-6.54x	-7.23x	-5.11x	-0.19x	-0.25x	-1.06x	-3.60x	-75.66x	-3.17x
Total Equity+	9.04M	4.06M	13.19M	8.6M	-33.88M	-42.5M	-61.71M	156.96M	272.81M	-16.55M
Equity Growth %	0.65%	-0.55%	2.25%	-0.35%	-4.94%	-0.25%	-0.45%	3.54%	0.74%	-1.06%
Book Value per Share	0.08	-	-	2.23	-8.24	-	-8.76	0.19	95.00	-3.61
Total Shareholders' Equity	8.84M	3.99M	13.23M	8.72M	-33.88M	-42.5M	-61.71M	58.7M	208.95M	-28.56M
Common Stock	1.13K	154	385	386	-33.88M	5.09K	7.05K	37	29	4.58K
Retained Earnings	-143.96M	-157.44M	-167.36M	-172.29M	-178.75M	-106.13M	-150.37M	-889.91M	-1.86B	-2.32B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.67M	-4.97M	-2.53M	-2.23M	-2.27M	0	0	0	0	0
Minority Interest	198.92K	70.38K	-39.19K	-125.74K	0	0	0	98.26M	63.86M	12.01M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Cash from Operations+	-16.91M	-32.78M	-5.04M	-3.27M	-3.55M	-10.78M	-17.52M	-65.8M	-179.17M	-185.56M
Operating CF Margin %	-0.42%	-0.6%	-0.08%	-0.05%	-0.05%	-0.16%	-0.27%	-	-489.54%	-169.56%
Operating CF Growth %	-1.75%	-0.94%	0.85%	0.35%	-0.09%	-2.04%	-0.63%	-2.76%	-1.72%	-0.04%
Net Income	-132.54M	-134.88M	-9.91M	-4.94M	-40.84M	-30.18M	-44.24M	-740.32M	-1.01B	-505.83M
Depreciation & Amortization	25.13M	34.67M	2.53M	2.45M	866.77K	725.8K	8.93M	3.28M	16.39M	21.98M
Stock-Based Compensation	43.06M	34.63M	2.94M	142.02K	875.76K	1.04M	6.23M	43.72M	85.44M	40.43M
Deferred Taxes	-16.58M	-10.47M	0	0	190.87K	93.24K	800	1.6K	-10.99M	-3.89M
Other Non-Cash Items	61.38M	42.17M	5.24K	-779.81K	32.2M	14.82M	12.65M	641.24M	729.6M	254.53M
Working Capital Changes	2.64M	1.09M	-607.1K	-148.15K	3.16M	2.72M	-1.09M	-13.71M	7.05M	7.22M
Change in Receivables	-1.49M	-2.75M	3M	-1.5M	-1.5M	-263.76K	-581.56K	0	15.81M	547.46K
Change in Inventory	0	0	0	0	-69.32K	-11.54K	-87.17K	0	-16.81M	-36.27M
Change in Payables	3.16M	3.8M	-2.94M	971.2K	995.48K	741.22K	5.67M	1.19M	7.78M	25.23M
Cash from Investing+	-43.53M	-15.07M	-1.84M	-5.53M	-713.69K	-567.01K	-161.78K	-47.15M	-107.92M	-16.15M
Capital Expenditures	-5.79M	-1.87M	-1.99M	-5.53M	-720.92K	-567.01K	-161.78K	-12.02M	-107.42M	-14.75M
CapEx % of Revenue	0.14%	0.03%	0.03%	0.08%	0.01%	0.01%	0%	-	293.51%	13.48%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-37.74M	-13.2M	149.83K	0	7.23K	-162K	0	-5.5M	-498.43K	1.4B
Cash from Financing+	64.81M	44.27M	17.56M	-653.63K	5.72M	9.16M	17.69M	197.28M	358.42M	56.76M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	58.66M	40.87M	0	0	-7.55M	0	0	15M	17.72M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-22.7M	-34.65M	-7.03M	-8.8M	-4.27M	-4.94M	-17.68M	-77.82M	-287.1M	-200.3M
FCF Margin %	-0.56%	-0.64%	-0.12%	-0.13%	-0.07%	-0.08%	-0.27%	-	-784.41%	-183.04%
FCF Growth %	-2.51%	-0.53%	0.8%	-0.25%	0.51%	-0.16%	-2.58%	-3.4%	-2.69%	0.3%
FCF per Share	-0.20	-	-	-2.28	-1.04	-	-2.51	-0.09	-99.97	-43.76
FCF Conversion (FCF/Net Income)	1.28x	2.43x	0.51x	0.66x	0.05x	0.22x	0.40x	0.09x	0.18x	0.41x
Interest Paid	0	0	0	0	0	0	15.14K	0	0	0
Taxes Paid	0	0	0	0	0	0	800	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-182.48%	-205.88%	-114.9%	-45.31%	-	-	-	-1554.57%	-452.46%	-356.71%
Return on Invested Capital (ROIC)	-93.19%	-73.25%	-77.88%	-29.19%	-111.68%	-	-	-150.24%	-229.06%	-474.83%
Gross Margin	9.31%	9.42%	10.48%	11.73%	11.01%	10.36%	98.13%	-	25.17%	-1443.8%
Net Margin	-32.94%	-24.84%	-16.5%	-7.5%	-107.71%	-73.48%	-67.33%	-	-265643.33%	-41766.4%
Debt / Equity	0.44x	1.03x	0.53x	0.74x	-	-	-	0.09x	0.05x	-
Interest Coverage	-2.96x	-6.54x	-7.23x	-5.11x	-0.19x	-0.25x	-1.06x	-3.60x	-75.66x	-3.17x
FCF Conversion	1.28x	2.43x	0.51x	0.66x	0.05x	0.22x	0.40x	0.09x	0.18x	0.41x
Revenue Growth	89.84%	34.92%	10.64%	9.53%	-1.2%	1.09%	0%	-100%	-	199%

Revenue by Segment

	2015	2019
Service Fees	-	65M
Service Fees Growth	-	-

Revenue by Geography

	2015	2019
North America	27.39M	61.78M
North America Growth	-	125.56%
Russia and Cayman Islands	-	3.22M
Russia and Cayman Islands Growth	-	-

Frequently Asked Questions

Growth & Financials

Bollinger Innovations, Inc. (BINI) reported $9.3M in revenue for fiscal year 2024.

Bollinger Innovations, Inc. (BINI) grew revenue by 199.0% over the past year. This is strong growth.

Bollinger Innovations, Inc. (BINI) reported a net loss of $467.6M for fiscal year 2024.

Dividend & Returns

Bollinger Innovations, Inc. (BINI) has a return on equity (ROE) of -356.7%. Negative ROE indicates the company is unprofitable.

Bollinger Innovations, Inc. (BINI) had negative free cash flow of $114.7M in fiscal year 2024, likely due to heavy capital investments.