Revenue remains highly erratic with a 2025Q3 gross margin of -21.3%, indicating a persistent inability to cover per-unit production costs.
| 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 |
|---|
| Sales/Revenue | 9.34M | 1.09M | 366K | 0 | 0 | 65.71M | 65M | 65.79M | 60.06M | 54.29M | 40.24M | 21.24M | 18.75M | 1.38M | 183.18K |
| Revenue Growth % | 5865.42% | 199% | - | - | -100% | 1.09% | -1.2% | 9.53% | 10.64% | 34.92% | 89.46% | 13.27% | 1253.9% | 656.01% | - |
| Cost of Goods Sold | 41M | 16.89M | 273.88K | 0 | 0 | 55.86M | 54.72M | 55.62M | 51.24M | 45.71M | 33.98M | 15.93M | 13.37M | 832.91K | 596.39K |
| COGS % of Revenue | - | 1543.8% | 74.83% | - | - | 85.02% | 84.19% | 84.54% | 85.3% | 84.2% | 84.45% | 74.99% | 71.33% | 60.14% | 325.58% |
| Gross Profit | -31.66M | -15.8M | 92.12K | 0 | 0 | 9.84M | 10.28M | 10.17M | 8.83M | 8.58M | 6.26M | 5.31M | 0 | 0 | 0 |
| Gross Margin % | -338.93% | -1443.8% | 25.17% | - | - | 14.98% | 15.81% | 15.46% | 14.7% | 15.8% | 15.55% | 25.01% | - | - | - |
| Gross Profit Growth % | - | -17251.67% | - | - | -100% | -4.22% | 1.06% | 15.2% | 2.9% | 37.08% | 17.84% | - | - | - | - |
| Operating Expenses | 211M | 256.84M | 293.23M | 96.99M | 22.4M | 14.34M | 15.86M | 14.5M | 17.43M | 17.42M | 16.78M | 12.56M | 63.5M | 14.83M | 25.24M |
| OpEx % of Revenue | - | 23469.96% | 80118.43% | - | - | 21.82% | 24.4% | 22.04% | 29.01% | 32.08% | 41.7% | 59.13% | 338.65% | 1070.55% | 13778.3% |
| Selling, General & Admin | 175.96M | 181.95M | 215.85M | 73.37M | 18.35M | 7.02M | 9.34M | 9.76M | 10.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 16626.51% | 58974.35% | - | - | 10.68% | 14.37% | 14.83% | 17.7% | - | - | - | - | - | - |
| Research & Development | 53.64M | 74.89M | 77.39M | 21.65M | 3.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 6843.45% | 21144.08% | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 1.96M | 1.04M | 7.32M | 6.52M | 4.74M | 6.8M | 17.42M | 16.78M | 12.56M | 63.5M | 14.83M | 25.24M |
| Operating Income | -242.66M | -272.64M | -293.14M | -96.99M | -22.4M | -4.49M | -5.59M | -4.33M | -8.6M | -8.84M | -10.52M | -7.25M | -44.75M | -13.44M | -25.06M |
| Operating Margin % | -2598.02% | -24913.76% | -80093.26% | - | - | -6.84% | -8.59% | -6.58% | -14.31% | -16.28% | -26.15% | -34.13% | -238.65% | -970.55% | -13678.3% |
| Operating Income Growth % | - | 6.99% | -202.24% | -332.95% | -398.59% | 19.55% | -28.95% | 49.62% | 2.72% | 16% | -45.17% | 83.8% | -232.92% | 46.36% | - |
| EBITDA | -225.89M | -250.65M | -276.75M | -93.71M | -21.68M | 1.14M | 235.08K | 223.52K | -3.76M | 1.35M | -5.73M | -2.55M | -40.4M | -13.04M | -24.53M |
| EBITDA Margin % | -2418.5% | -22904.81% | -75615.59% | - | - | 1.74% | 0.36% | 0.34% | -6.27% | 2.49% | -14.25% | -12.01% | -215.49% | -941.51% | -13391.85% |
| EBITDA Growth % | 50.66% | 9.43% | -195.34% | -332.2% | -1997.35% | 386.1% | 5.17% | 105.94% | -378.32% | 123.58% | -124.83% | 93.69% | -209.88% | 46.85% | - |
| D&A (Non-Cash Add-back) | 16.77M | 21.98M | 16.39M | 3.28M | 720.8K | 5.64M | 5.82M | 4.55M | 4.83M | 10.19M | 4.79M | 4.7M | 4.34M | 402.18K | 524.71K |
| EBIT | -390.85M | -460.34M | -1.01B | -713.37M | -23.07M | -4.47M | -4.21M | -3.16M | -8.83M | -12.76M | -13.33M | -10.21M | -47.89M | -16.81M | -25.27M |
| Net Interest Income | -92.44M | -49.38M | -4.99M | -26.95M | -21.17M | -2.89M | -2.23M | -1.69M | -2.38M | -2.32M | -3.58M | -3.71M | -2.98M | 370.57K | 38.34K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | -1.45M | -1.11M | -847.18K | -1.19M | -1.46M | -3.58M | -3.71M | -2.98M | 370.57K | 38.34K |
| Interest Expense | 92.44M | 49.38M | 4.99M | 26.95M | 21.17M | 1.45M | 1.11M | 847.18K | 1.19M | 852.41K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -240.63M | -237.08M | -724.51M | -643.33M | -21.84M | -1.43M | 260.52K | 323.45K | -1.43M | -4.78M | -2.81M | -2.97M | -3.14M | -3.37M | -217.26K |
| Pretax Income | -483.29M | -509.72M | -1.02B | -740.32M | -44.24M | -5.92M | -5.32M | -4.01M | -10.02M | -13.62M | -13.33M | -10.21M | -47.89M | -16.81M | -25.27M |
| Pretax Margin % | -5174.34% | -46578.18% | -278045.71% | - | - | -9.01% | -8.19% | -6.09% | -16.69% | -25.08% | -33.12% | -48.1% | -255.4% | -1214.03% | -13796.91% |
| Income Tax | 3.2K | -3.89M | -10.99M | 1.6K | 800 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 213.28K | 155.68K | 0 |
| Effective Tax Rate % | -0% | 0.76% | 1.08% | -0% | -0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.45% | -0.93% | 0% |
| Net Income | -467.56M | -457.06M | -972.25M | -739.53M | -44.24M | -5.98M | -6.56M | -5.02M | -10.02M | -13.62M | -13.33M | -10.21M | -49.44M | -16.93M | -25.27M |
| Net Margin % | -5005.97% | -41766.4% | -265643.33% | - | - | -9.1% | -10.1% | -7.63% | -16.69% | -25.08% | -33.12% | -48.1% | -263.68% | -1222.67% | -13796.91% |
| Net Income Growth % | -3.12% | 52.99% | -31.47% | -1571.62% | -640.24% | 8.96% | -30.7% | 49.89% | 26.39% | -2.16% | -30.48% | 79.34% | -191.98% | 33% | - |
| Net Income (Continuing) | -483.29M | -505.83M | -1.01B | -740.32M | -44.24M | -5.92M | -5.32M | -4.01M | -10.02M | -13.62M | -13.33M | -10.21M | -48.1M | -16.97M | -25.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 850.9K | 12.01M | 63.86M | 98.26M | 0 | 0 | 0 | -125.74K | -39.19K | 70.38K | 198.92K | 269.76K | -125.04K | -506.23K | 0 |
| EPS (Diluted) | -999999.00 | -345881.51 | -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 |
| EPS Growth % | 100% | 99.91% | 100% | -1242684.1% | -532.83% | 16.76% | -25.08% | 74.51% | 51.15% | 50% | 23.94% | 84.21% | -119.07% | 81.97% | - |
| EPS (Basic) | - | -345881.51 | -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 |
| Diluted Shares Outstanding | 16 | 1.32K | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 16 | 1.32K | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
As reported in recent financial filings, Bollinger Innovations' revenue remains highly erratic, with quarterly figures fluctuating between $65.2K and $5.0M, suggesting that the company has yet to establish a predictable or sustainable commercial delivery cadence necessary to support its current operational cost structure.
The inconsistent revenue trajectory appears to reflect a pilot-stage business model rather than a maturing industrial concern. Investors should monitor whether the recent rebranding to Bollinger Innovations translates into a more stable pipeline of firm vehicle deliveries, as current figures remain insufficient to validate the company's long-term growth thesis.
Based on the latest income statement data, Bollinger Innovations reported a gross margin of -21.3% in 2025Q3, highlighting a persistent inability to cover per-unit production costs, which suggests that the company is currently operating in a deeply distressed manufacturing state that requires significant scale to rectify.
The extreme negative margins indicate that the cost of goods sold is vastly outpacing revenue, likely driven by low-volume production inefficiencies and high component costs. This structural deficit implies that the company is effectively subsidizing every vehicle produced, which warrants further investigation into the path toward unit-positive manufacturing.
According to historical income statements, Bollinger Innovations maintains a heavy fixed-cost structure, with quarterly SG&A and R&D expenses consistently exceeding $40M, a level of spending that appears disconnected from the company's current ability to generate meaningful top-line revenue or achieve operational efficiency.
The company's expense discipline appears strained, as the massive gap between operating expenses and revenue suggests that management is prioritizing infrastructure and development over immediate cost containment. This high burn rate may indicate that the company is attempting to buy its way into the market, which poses significant risks to shareholder equity.
As evidenced by the company's recent quarterly reports, stock-based compensation remains a significant component of the cost structure, reaching $24.7M in 2025Q3, which further obscures the underlying operational performance and contributes to the substantial net losses reported by the firm.
The reliance on equity-based incentives in a period of extreme cash burn suggests that the company is attempting to preserve liquidity at the expense of significant shareholder dilution. Analysts should carefully adjust for these non-cash charges to understand the true magnitude of the company's operational cash requirements.
Based on the reported $10.3M cash balance against a TTM operating loss exceeding $270M, the company's financial position appears highly precarious, suggesting that the current capital structure may be insufficient to sustain operations without further dilutive financing or a potential restructuring event.
The discrepancy between the company's cash runway and its ongoing burn rate represents the most significant risk to the investment thesis. Investors should monitor the potential for further equity issuance, which may be required to bridge the gap between current production capabilities and the scale needed for viability.
Quick answers to the most common questions about buying BINI stock.
For fiscal year 2024, Bollinger Innovations, Inc. (BINI) reported total revenue of $1.1M. This represents a 497.4% increase compared to $0.2M in 2011.
Bollinger Innovations, Inc. (BINI) reported a net loss of $457.1M for the fiscal year ending 2024.
Bollinger Innovations, Inc. (BINI) reported an operating income of $-272.6M, resulting in an operating profit margin of -24913.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Bollinger Innovations, Inc. (BINI) generated $-15.8M in gross profit for the year, representing a gross profit margin of -1443.8%. This demonstrates the company's core pricing power and production efficiency.