Introduction
Bollinger Innovations Inc (NASDAQ: BINI) is a Southern California–based manufacturer of commercial electric vehicles. Founded in 2014, the company combines automotive engineering with U.S.-based manufacturing in Tunica, Mississippi, and Mishawaka, Indiana, to produce the Mullen ONE Class 1 EV cargo van, the Mullen THREE Class 3 cab-chassis truck, and the Bollinger B4 Class 4 electric truck.
Corporate Structure
Bollinger Innovations employs between 51 and 200 people, including a chief financial officer, a vice president of operations, and a senior design engineering team. David Michery serves as CEO and Chairman, bringing over 25 years of experience in management, marketing, and business restructuring. The company’s manufacturing operations are conducted at two facilities—one in Tunica, Mississippi, and another in Mishawaka, Indiana—with a dealer network covering regions such as the West Coast, the Midwest, and the Mid-Atlantic.

Electric Vehicles by CHUTTERSNAP
Recent Developments and News
On September 16, 2024, Bollinger Motors launched its all-electric B4 Class 4 vehicle. In a Form 8-K filed September 23, 2025, Bollinger Innovations announced it received $1,074,035 in proceeds from vehicle sales in August 2025 and committed to no further reverse stock splits through at least September 2028. The company executed a reverse stock split on September 22, 2025, to meet Nasdaq’s $1.00 minimum bid requirement. Since Mullen Automotive acquired a majority stake in Bollinger Motors in September 2022, the combined entity has focused on expanding commercial EV production and building its U.S. dealer network.
Financial and Strategic Analysis
As of October 10, 2025, BINI shares traded at $0.5690, representing a decrease of 59.36%, with a trading volume of 599,954 shares. Yahoo Finance reports a market capitalization of $1.08 million and an enterprise value of $36.67 million. For the trailing twelve months, revenue was $9.34 million, with a net loss of $472.94 million and no reported PE ratio. The most recent balance sheet indicates cash on hand of $454,660 and levered free cash flow of $29.19 million. Strategically, Bollinger Innovations is focusing on expanding its dealer and service networks, developing solid-state polymer batteries, and leveraging federal and state EV incentives to drive commercial fleet adoption.
Market Position and Industry Context
Bollinger Innovations operates in a market projected to grow at a CAGR of 22.6% through 2027, competing with established OEMs and electric vehicle startups. Its U.S. manufacturing base and CARB/EPA certifications for Class 1 and Class 3 vehicles position it to serve various municipal and corporate fleets. Partnerships with dealer groups such as Papé Kenworth and National Auto Fleet Group facilitate regional sales and service coverage. Key industry challenges include scaling production, managing supply-chain issues, and securing capital for research and development.
tl;dr
Bollinger Innovations executed a reverse stock split on September 22, 2025, and committed to no further splits until at least September 2028. The company received $1.07 million for vehicle sales in August 2025 and continues integration under Mullen Automotive. Shares are trading at $0.5690 with a market capitalization of $1.08 million and $9.34 million in trailing revenue. Production of the B4 Class 4 truck commenced on September 16, 2024, and U.S. manufacturing improvements, along with federal and state incentives, remain central to its growth strategy.