Mullen Q1 net loss $114.9M; cash burn slashed 58%, but cash drops to $2.7M

BOLLINGER INNOVATIONS, INC.

Net loss attributable to common shareholders of $114.9M ($661.33 loss per share) vs $61.4M loss year ago.
Invoiced $4.4M on 58 vehicles; recognized $2.9M revenue; Bollinger segment recognized $2.8M on 20 B4 trucks.
Cash and restricted cash fell to $2.7M from $10.7M; working capital negative $186.2M ($41.2M adj. for derivatives).
Spent $27.8M cash from ops and investing, down 58.4% from $66.8M; further $13M annual cost cuts implemented Feb. 1, 2025.
Raised $8.8M via senior secured convertible notes/warrants and $1M from equity line; Bollinger received $10M loan.

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