---
schema_version: "secwatch.filing_event.v1"
accession: "0001829126-25-001104"
form_type: "8-K"
ticker: "BINI"
cik: "0001499961"
company_name: "BOLLINGER INNOVATIONS, INC."
filed_at: "2025-02-19T23:59:59+00:00"
generated_at: "2026-05-26T11:26:17.079475+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001829126-25-001104
- form_type: 8-K
- ticker: BINI
- cik: 0001499961
- company_name: BOLLINGER INNOVATIONS, INC.
- filed_at: 2025-02-19T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1499961/000182912625001104/0001829126-25-001104-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1499961/000182912625001104/mullenautomotive_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001829126-25-001104
- JSON: https://secwatch.observer/filing/0001829126-25-001104.json
- Plain text: https://secwatch.observer/filing/0001829126-25-001104.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.