Mullen posts FY2024 net loss of $471M; going concern warning as cash drops to $10.7M

BOLLINGER INNOVATIONS, INC.

Net loss attributable to common shareholders $471.0M ($1,425.61 EPS) vs $964.9M in FY2023.
Revenue $1.1M on 443 vehicles invoiced ($21M); Bollinger delivered 31 B4 trucks for $4.2M total.
Cash and equivalents $10.7M at Sept 30, 2024 vs $155.7M a year earlier; liquidity insufficient for next 12 months.
Operating and investing cash spend reduced to $201.7M from $287.1M; additional $13M annual cost cuts effective Feb 2025.
Working capital deficit $120M; shareholders' equity negative $16.6M vs positive $272.8M prior year.

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