BOLLINGER INNOVATIONS, INC.

Early-stage EV maker (Mullen/Bollinger) with going-concern doubt and roughly one quarter of cash runway.

Strengths

• Owns two manufacturing plants and began limited Class 1/3/4 and B4 truck deliveries
• Reduced net loss ~50% YoY as some one-off financing charges abated

Risks

• Cash runway 0.2 quarters (4th pct); going-concern doubt and material weaknesses
• Net margin -418%, gross margin -14.4x, operating margin -358% with massive impairments
• Chronic dilution and dependence on continual capital raises to survive

Notable findings

• Going concern● There is substantial doubt about our ability to continue as a going concern; ● Our ability to raise the substantial additional financing needed to execute our business plan, and a on acceptabl
• Cash burnNegative free cash flow (-200.3M)
• Weak liquidityCurrent ratio 0.34 (<1)
• Net lossNet loss (net margin -41766.4%)
• Material weakness● We have identified material weaknesses in our internal control over financial reporting; ● Our future growth is dependent on the demand for and consumers’ willingness to adopt electric vehicle
• Buying back stockNet buyback — share count -95%/yr over 2y
• Revenue declineRevenue -90.4% YoY