Free cash flow remains deeply negative with a $21.2M deficit in 2025Q3, while capital intensity remains high with a CapEx/Revenue ratio of 80.0%.
| Metric | TTM | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -109.78M | -185.56M | -179.17M | -65.8M | -17.52M | -10.78M | -3.55M | -3.27M | -5.04M | -32.78M | -16.91M | 22.54M | -108.1M | -25.18M | -120.22K |
| Operating CF Margin % | - | -16956.16% | -48954.15% | - | - | -16.41% | -5.46% | -4.97% | -8.39% | -60.39% | -42.02% | 106.14% | -576.55% | -1818.08% | -65.63% |
| Operating CF Growth % | 191.61% | -3.56% | -172.32% | -275.5% | -62.52% | -203.86% | -8.59% | 35.18% | 84.62% | -93.89% | -175.01% | 120.85% | -329.35% | -20842.89% | - |
| Net Income | -467.56M | -505.83M | -1.01B | -740.32M | -44.24M | -30.18M | -40.84M | -4.94M | -9.91M | -134.88M | -132.54M | -101.86M | -483.09M | -16.39M | -677.49K |
| Depreciation & Amortization | 16.77M | 21.98M | 16.39M | 3.28M | 8.93M | 725.8K | 866.77K | 2.45M | 2.53M | 34.67M | 25.13M | 23.58M | 22.43M | 532.09K | 0 |
| Stock-Based Compensation | 78.28M | 40.43M | 85.44M | 43.72M | 6.23M | 1.04M | 875.76K | 142.02K | 2.94M | 34.63M | 43.06M | 42.67M | 165.5M | 6.24M | 0 |
| Deferred Taxes | -1.8K | -3.89M | -10.99M | 1.6K | 800 | 93.24K | 190.87K | 0 | 0 | -10.47M | -16.58M | -66.36M | -17.06M | 12.04M | 0 |
| Other Non-Cash Items | 262.36M | 254.53M | 729.6M | 641.24M | 12.65M | 14.82M | 32.2M | -779.81K | 5.24K | 42.17M | 61.38M | 118.34M | 203.31M | -15.56M | 276.22K |
| Working Capital Changes | 16.11M | 7.22M | 7.05M | -13.71M | -1.09M | 2.72M | 3.16M | -148.15K | -607.1K | 1.09M | 2.64M | 6.16M | 820.39K | -12.04M | 281.04K |
| Change in Receivables | 0 | 547.46K | 15.81M | 0 | -581.56K | -263.76K | -1.5M | -1.5M | 3M | -2.75M | -1.49M | 7.91M | -562.29K | -11.05M | 0 |
| Change in Inventory | -15.93M | -36.27M | -16.81M | 0 | -87.17K | -11.54K | -69.32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 9.82M | 25.23M | 7.78M | 1.19M | 5.67M | 741.22K | 995.48K | 971.2K | -2.94M | 3.8M | 3.16M | -338.62K | 2.27M | -982.33K | 281.04K |
| Cash from Investing | -6.33M | -16.15M | -107.92M | -47.15M | -161.78K | -567.01K | -713.69K | -5.53M | -1.84M | -15.07M | -43.53M | -17.93M | 41.03M | -7.44M | 14.08K |
| Capital Expenditures | -4.93M | -14.75M | -107.42M | -12.02M | -161.78K | -567.01K | -720.92K | -5.53M | -1.99M | -1.87M | -5.79M | -7.51M | 672.66K | -219.52K | 0 |
| CapEx % of Revenue | 52.82% | 1347.68% | 29351.06% | - | - | 0.86% | 1.11% | 8.4% | 3.31% | 3.45% | 14.4% | 35.36% | 3.59% | 15.85% | - |
| Acquisitions | -1.4M | -1.4B | 0 | -29.63M | 0 | 162K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 1.4B | -498.43K | -5.5M | 0 | -162K | 7.23K | 0 | 149.83K | -13.2M | -37.74M | -10.42M | 40.36M | -7.22M | 14.08K |
| Cash from Financing | 113M | 56.76M | 358.42M | 197.28M | 17.69M | 9.16M | 5.72M | -653.63K | 17.56M | 44.27M | 64.81M | 736.02K | 31.49M | 35.83M | 0 |
| Debt Issued (Net) | 111.98M | 56.76M | 149.31M | -2.86M | 12.19M | 7.53M | 13.27M | -653.63K | 2.68M | 3.1M | 650K | -344.5K | 1.73M | 9.4M | 0 |
| Equity Issued (Net) | 1.02M | 0 | 191.39M | 185.14M | 5.51M | 1.63M | 0 | 0 | 14.88M | 300K | 5.5M | 0 | -482.42K | 4.1M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -5.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -482.42K | 0 | 0 |
| Other Financing | 0 | 0 | 17.72M | 15M | 0 | 0 | -7.55M | 0 | 0 | 40.87M | 58.66M | 1.08M | 30.24M | 22.33M | 0 |
| Net Change in Cash | -3.11M | -144.95M | 71.32M | 84.33M | 8.81K | -2.19M | 1.45M | -9.48M | 10.66M | -4.04M | 5.22M | 3.77M | -34.2M | 3.5M | -106.14K |
| Free Cash Flow | -114.71M | -200.3M | -287.1M | -77.82M | -17.68M | -4.94M | -4.27M | -8.8M | -7.03M | -34.65M | -22.7M | 15.03M | -107.43M | -25.4M | -120.22K |
| FCF Margin % | -1228.19% | -18303.94% | -78441.39% | - | - | -7.52% | -6.57% | -13.37% | -11.7% | -63.84% | -56.42% | 70.78% | -572.96% | -1833.93% | -65.63% |
| FCF Growth % | 49.07% | 30.23% | -268.93% | -340.05% | -258.07% | -15.68% | 51.46% | -25.13% | 79.72% | -52.66% | -251.02% | 113.99% | -322.99% | -21025.48% | - |
| FCF per Share | -7169632.06 | -151581.01 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | 999999.00 | -999999.00 | -999999.00 | -999999.00 |
| FCF Conversion (FCF/Net Income) | 0.25x | 0.41x | 0.18x | 0.09x | 0.40x | 1.80x | 0.54x | 0.65x | 0.50x | 2.41x | 1.27x | -2.21x | 2.19x | 1.49x | 0.00x |
| Interest Paid | 375K | 0 | 0 | 0 | 15.14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 800 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to recent quarterly filings, Bollinger Innovations exhibits a persistent disconnect between net losses and operating cash flow, with an OCF/NI ratio of 0.16 in 2025Q3, suggesting that non-cash charges and accruals are significantly masking the true magnitude of the company's underlying operational cash burn.
The wide gap between net income and operating cash flow indicates that reported losses are heavily influenced by non-cash items, including substantial stock-based compensation. Investors should monitor this divergence, as it implies that the company's cash-based operational reality is far more distressed than the headline net income figures might suggest.
As reported in financial statements, Bollinger Innovations continues to experience a severe free cash flow deficit, with quarterly outflows consistently exceeding $20M, which highlights the company's inability to generate self-sustaining cash flow while attempting to scale its commercial electric vehicle production and manufacturing infrastructure.
The negative FCF margins, which reached -44.8% in 2025Q3, underscore the structural difficulty of achieving profitability in a low-volume manufacturing environment. This trajectory suggests that the firm remains entirely dependent on external capital markets to fund its ongoing operational requirements and capital expenditures.
Based on BINI's reported figures, the company's capital intensity remains disproportionately high relative to its revenue base, with a CapEx/Revenue ratio of 80.0% in 2025Q3, indicating that significant investment is still required to build out the manufacturing capacity necessary for future vehicle delivery targets.
The high ratio of capital expenditure to revenue suggests that the company is still in the heavy investment phase of its lifecycle. This level of spending warrants further investigation into whether these assets will eventually yield the necessary production scale or if they represent sunk costs in a market that has yet to validate the B4 platform.
Data from recent SEC filings reveals that stock-based compensation, which totaled $24.7M in 2025Q3, serves as a primary non-cash adjustment that obscures the company's actual cash-based operational losses, effectively decoupling the reported net income from the firm's true liquidity consumption and shareholder value dilution.
By relying heavily on equity-based compensation, the company manages to preserve limited cash reserves at the expense of significant shareholder dilution. Analysts should interpret this as a signal that the company's operational sustainability is being artificially extended through equity issuance rather than through the generation of positive cash flow from core business activities.
Quick answers to the most common questions about buying BINI stock.
Bollinger Innovations, Inc. (BINI) generated $-185.6M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Bollinger Innovations, Inc. (BINI) reported negative free cash flow of $200.3M in 2024, indicating capital requirements exceeded cash from operations.
Bollinger Innovations, Inc. (BINI) spent $14.7M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.