Bollinger Innovations, Inc. Announces Quarterly Results for 3 and 9 Months Ended June 30, 2025

Company continues to reduce cash burn; including recently initiating strategic move of Bollinger B4 manufacturing from Roush Industries in Michigan to Company-owned plant in Tunica, Miss. Subsequent to June 30, the Company increased shareholder equity by more than $110 million BREA, Calif., Aug. 14, 2025 (GLOBE NEWSWIRE) -- via IBN – Bollinger Innovations, Inc. (NASDAQ: BINI) (“Bollinger Innovations” or the “Company”), an electric vehicle manufacturer, today announces financial results for the three and nine months ended June 30, 2025, and a current business update. Commenting on recent results and Company highlights, CEO and chairman David Michery stated: “In July, we combined our commercial EV brands under one unified Company – Bollinger Innovations, Inc. The Company remains centered on its core business of manufacturing, sales and service for our lines of commercial EV products, while also remaining focused on balancing and positioning for the future.” “We recently initiated a strategic effort to move Bollinger B4 manufacturing from Roush Industries in Michigan to our commercial manufacturing center in Tunica, Mississippi. This effort streamlines our operations and reduces our manufacturing cost while consolidating commercial vehicle production into a single company-owned facility. Overall, we gain greater control over the manufacturing process, reduce logistical complexities, and ultimately deliver our vehicles to customers more efficiently.” Recent and Fiscal Q3 Highlights Bollinger Innovations Class 1, 3 and 4 Commercial Vehicles Recently the Company initiated a $7,500 pricing adjustment on both Class 1 and Class 3 commercial EVs. This new pricing adjustment can be combined (on or before Sept. 30) with the $7,500 federal tax credit, providing up to $15,000 in savings per vehicle.In July 2025, the Company announced the name change to Bollinger Innovations, Inc., which was effective on July 28, 2025. On that date, the Company also began trading under Nasdaq symbol: BINI.On June 2, 2025, the Company reached a definitive agreement to acquire an additional 21% of Bollinger Motors, bringing its total ownership to 95% and regaining full control of Bollinger Motors. As a result, the Company resolved claims and debt that previously led to a court-ordered receivership of Bollinger Motors.Sale and order activity for commercial EVs in the last quarter include: In May 2025, Bollinger Motors announced delivery on a Bollinger B4, Class 4 all-electric truck to The Lower East Side Ecology Center in New York City. The vehicle will be used as both a work and delivery truck, supporting various LES Ecology Center environmental initiatives, including the longest running compost program in NYC.In April 2025, Global Expert Shipping, located in Glendale, California, purchased the Urban Delivery, Class 1 EV cargo van for maintenance and material transport tasks, with additional orders to follow.In April 2025, Bollinger Motors delivered the first 2025 Bollinger B4 truck of multiple orders to EnviroCharge for conversion into mobile charging units. The initial EnviroCharge Bollinger B4, Class 4 mobile charging truck was revealed at ACT Expo on April 28, 2025. The Company announced that it is accepting cryptocurrency, including Bitcoin and the $TRUMP meme coin, for the purchase of its commercial electric vehicles.The Urban Delivery Class 1 EV cargo van qualified for an incentive of up to $7,500 through the ComEd Business & Public Sector EV Rebate Program (ComEd) in Illinois. When combined with the federal tax credit, customers could potentially save up to $15,000 on each vehicle.Ride-and-drive events, conducted in the last quarter to increase awareness in many commercial fleet verticals, include ACT Expo and Government Fleet Expo.Bollinger Motors recently announced that state incentives in New York are set to be replenished this summer. The New York Truck Voucher Incentive Program (NYTVIP) can provide credits from $85,000 up to $144,000. Paired with the federal tax credit — up to $40,000 for a Class 4 — allows for unprecedented up-front affordability for commercial EVs. Battery Technology In April 2025, Mullen signed a partnership and supply agreement with Enpower Greentech Inc., a global leader in advanced lithium-ion battery manufacturing and technology, to build and deliver its SWIFT solid- state battery (SSB) series in Fullerton, CA.The Company showcased two battery packs (30 kWh and 80 kWh) at the ACT show in Anaheim, California, in May 2025. Financial Results for the Three and Nine Months Ended June 30, 2025 Losses and Non-cash Expenses The net loss attributable to common shareholders after preferred dividends was $291.8 million, or $74.9 thousand net loss per share, for the nine months ending June 30, 2025, as compared to a net loss attributable to common shareholders after preferred dividends of $289.9 million, for the nine months ended June 30, 2024 (giving retroactive effect to reverse stock splits). Liquidity We had total cash (including restricted cash) of $0.9 million on June 30, 2025 versus $10.7 million on September 30, 2024. The working capital as of June 30, 2025, was negative - $144.1 million, or $41.6 million if adding back derivative liabilities and other liabilities expected to be settled in common stock. The total cash spent on operating and investing activities during the nine months ended June 30, 2025 and 2024, was $73.6 million and $159.2 million, respectively, which represents a spending decrease of $85.6 million, or 53.7%. As it was announced previously, the Company intends to maintain its momentum of reducing the cash outflow by cutting operating costs and restructuring liabilities. Through June 30, 2025, we have financed our operations primarily through the issuance of convertible notes and warrants. Net cash provided by financing activities was $63.7 million for the nine months ended June 30, 2025, as compared to $7.5 million net cash provided by financing activities for the nine months ended June 30, 2024. Nine months ended June 30, 2025 2024 Net loss $(304,447,183) $(326,984,240)Non-cash adjustments (see table below for details) 227,110,648 182,763,377 Changes in working capital 7,928,773 (962,034)Net cash used in operating activities (69,407,762) (145,182,897)Net cash used in investing activities (4,239,551) (14,053,838)Cash spent $(73,647,313) $(159,236,735) Major part of the losses during the nine months ended June 30, 2025 related to non-cash expenses: $227.1 million or 78% of the loss attributable to common shareholders after preferred dividends for the nine months ended June 30, 2025, versus $182.8 million or 63%, for the nine months ended June 30, 2024 as per the following: Nine months ended June 30, 2025 2024 Non-cash expenses and gains during the period: Revaluation of warrants and derivative liabilities $(58,787,404) $805,137 Loss on exchange of warrants 57,770,454 — Stock-based compensation 67,016,811 29,174,038 Other financing costs - initial recognition of warrants 70,366,183 17,914,480 Amortization of debt discount and other non-cash interest expense 47,440,071 8,366,613 Loss on settlement (GEM case) 14,261,736 — Impairment of intangible assets 12,332,625 73,447,067 Depreciation and amortization 12,551,141 17,768,083 Write-down of inventory to net realizable value 9,724,757 — Gain on settlement (3,761,955) — (Gain)/loss on extinguishment of debt (1,803,771) 655,721 Impairment of goodwill — 28,846,832 Deferred income taxes — (3,890,100)Other financing costs - ELOC commitment fee — 6,000,000 Loss/(gain) on assets disposal — 477,838 Impairment of right-of -use assets — 3,197,668 Total non-cash expenses and gains $227,110,648 $182,763,377 Settlement of outstanding claims During the nine months ended June 30, 2025, the Company and creditors reached a successful settlement agreement which involved transferring certain idle property to the creditors, and helped reduce carrying amount of Accrued expenses and other current liabilities from $51.6 million on September 30, 2024 to $14.9 million on June 30, 2025. Equity After the balance sheet date, the Company and investors, in several transactions, exchanged all remaining warrants (with a carrying amount of approximately $119 million) to shares of newly designated shares of Series G Preferred stock, and convertible notes with a principal and accumulated interest in amount of approximately $30 million to shares of newly designated shares of Series F Preferred stock. These transactions helped substantially increase stockholders' equity of the Company, so that estimated stockholders' equity of the Company as of August 14, 2025 exceeds $3 million. Financial statements Following are our unaudited Condensed Consolidated Balance Sheets as of June 30, 2025 and Consolidated Balance Sheets as of September 30, 2024, Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 and 2024. BOLLINGER INNOVATIONS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited) June 30, 2025 Sept. 30, 2024 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $454,658 $10,321,827 Restricted cash 397,067 426,851 Inventory 28,148,500 37,503,112 Prepaid expenses and other current assets 13,386,759 14,798,553 Accounts receivable — 124,295 TOTAL CURRENT ASSETS 42,386,984 63,174,638 Property, plant, and equipment, net 30,187,343 82,180,266 Intangible assets, net 12,505,550 27,056,030 Right-of-use assets 2,481,312 3,041,485 Other noncurrent assets 1,667,917 3,178,870 TOTAL ASSETS $89,229,106 $178,631,289 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES Accounts payable $42,396,488 $41,335,509 Accrued expenses and other current liabilities 14,855,109 51,612,166 Derivative liabilities 101,060,811 79,742,180 Liability to issue shares 1,458,863 1,771,025 Lease liabilities, current portion 2,237,694 2,893,967 Notes payable, current portion 24,070,440 5,399,777 Refundable deposits 404,072 417,674 TOTAL CURRENT LIABILITIES 186,483,477 183,172,298 Liability to issue shares, net of current portion 66,674 356,206 Lease liabilities, net of current portion 9,733,098 11,648,662 TOTAL LIABILITIES $196,283,249 $195,177,166 STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock; $0.001 par value; 626,263,159 and 126,263,159 shares of preferred stock authorized at June 30, 2025 and September 30, 2024, respectively Preferred Series D; 84,572,538 shares authorized; 363,097 shares issued and outstanding at June 30, 2025 and September 30, 2024 (preference in liquidation of $159,000 at June 30, 2025 and September 30, 2024) 363 363 Preferred Series C; 24,874,079 shares authorized; 458 shares issued and outstanding at June 30, 2025 and September 30, 2024 (preference in liquidation of $4,049 at June 30, 2025 and September 30, 2024) — — Preferred Series A; 83,859 shares authorized; 648 shares issued and outstanding at June 30, 2025 and September 30, 2024 (preference in liquidation of $836 at June 30, 2025 and September 30, 2024) 1 1 Common stock; $0.001 par value; 5,000,000,000 shares authorized at June 30, 2025 and September 30, 2024; 99,568 and 1 shares issued and outstanding at June 30, 2025 and September 30, 2024 respectively 100 — Additional paid-in capital 2,503,004,697 2,290,664,548 Accumulated deficit (2,610,910,202) (2,319,220,938)TOTAL STOCKHOLDERS' EQUITY (DEFICIT) ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS (107,905,041) (28,556,026)Noncontrolling interest 850,898 12,010,149 TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (107,054,143) (16,545,877)TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $89,229,106 $178,631,289 BOLLINGER INNOVATIONS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited) Three months ended June 30, Nine months ended June 30, 2025 2024 2025 2024 Revenue from sale of vehicles $473,686 $65,235 $8,344,311 $98,570 Cost of revenues 10,565,994 36,008 24,151,863 49,448 Gross loss (10,092,308) 29,227 (15,807,552) 49,122 Operating expenses: General and administrative $36,173,327 $47,477,377 $114,030,172 $138,615,121 Research and development 11,587,940 14,292,744 33,234,428 54,486,237 Impairment of intangible assets 326,173 — 12,332,625 73,447,067 Impairment of right-of -use assets — 30,060 — 3,197,668 Impairment of goodwill — — — 28,846,832 Loss from operations (58,179,748) (61,770,954) (175,404,777) (298,543,803) Other income (expense): Other financing costs - initial recognition of warrants (33,181,991) (17,914,480) (70,366,183) (17,914,480)Loss on exchange of warrants — — (57,770,454) — Gain/(loss) on warrants and derivative liability revaluation (4,829,873) 2,301,086 58,787,404 (805,137)Gain on settlement 3,761,955 — 3,761,955 — Loss on settlement (GEM case) (14,261,736) — (14,261,736) — Gain/(loss) on extinguishment of debt 250,000 (690,346) 1,803,771 (655,721)Loss on disposal of fixed assets — (103,973) — (477,838)Interest expense (25,663,583) (8,277,802) (51,855,494) (8,795,525)Other financing costs - ELOC commitment fee — (6,000,000) — (6,000,000)Other income, net 337,152 829,056 860,131 2,318,164 Total other income (expense) (73,588,076) (29,856,459) (129,040,606) (32,330,537)Net loss before income tax benefit $(131,767,824) $(91,627,413) $(304,445,383) $(330,874,340) Income tax benefit/ (provision) (600) (1,200) (1,800) 3,890,100 Net loss (131,768,424) (91,628,613) (304,447,183) (326,984,240) Net loss attributable to noncontrolling interest (2,043,608) (4,267,796) (12,757,919) (45,796,565)Net loss attributable to stockholders $(129,724,816) $(87,360,817) $(291,689,264) $(281,187,675) Waived/(accrued) accumulated preferred dividends and other capital transactions with preferred stockholders (98,767) (8,627,095) (148,805) (8,670,441) Net loss attributable to common stockholders after preferred dividends and other capital transactions with preferred stockholders $(129,823,583) $(95,987,912) $(291,838,069) $(289,858,116) Net Loss per Share $(11,231.39) $(95,987,912) $(74,887.88) $(289,858,116) Weighted average shares outstanding, basic and diluted 11,559 1 3,897 1 BOLLINGER INNOVATIONS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited) Nine Months Ended June 30, 2025 2024 Cash Flows from Operating Activities Net loss $(304,447,183) $(326,984,240)Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 67,016,811 29,174,038 Revaluation of warrants and derivative liabilities (58,787,404) 805,137 Loss on exchange of warrants 57,770,454 — Other financing costs - initial recognition of warrants 70,366,183 17,914,480 Amortization of debt discount and other non-cash interest expense 47,440,071 8,366,613 Depreciation and amortization 12,551,141 17,768,083 (Gain)/loss on extinguishment of debt (1,803,771) 655,721 Write-down of inventory to net realizable value 9,724,757 — Gain on settlement (3,761,955) — Loss on settlement (GEM case) 14,261,736 — Impairment of intangible assets 12,332,625 73,447,067 Impairment of goodwill — 28,846,832 Impairment of right-of -use assets — 3,197,668 Other financing costs - ELOC commitment fee — 6,000,000 Deferred income taxes — (3,890,100)Loss/(gain) on assets disposal — 477,838 Changes in operating assets and liabilities: Accounts receivable 124,295 671,750 Inventories (685,798) (21,027,871)Prepaids and other assets 5,362,872 (279,024)Accounts payable 3,383,278 18,788,174 Accrued expenses and other liabilities 1,755,790 1,757,670 Right-of-use assets and lease liabilities (2,011,664) (872,733)Net cash used in operating activities (69,407,762) (145,182,897) Cash Flows from Investing Activities Purchase of equipment (4,239,551) (14,053,838)Net cash used in investing activities (4,239,551) (14,053,838) Cash Flows from Financing Activities Proceeds from issuance of convertible notes payable with detachable warrants 62,483,225 12,450,000 Proceeds from issuance of notes payable by subsidiary 11,250,000 — Payment of notes payable by subsidiary (11,000,000) — Payment of notes payable — (4,945,832)Issuance of stock under equity line of credit 1,017,135 — Net cash provided by financing activities 63,750,360 7,504,168 Change in cash (9,896,953) (151,732,567)Cash and restricted cash (in amount of $426,851), beginning of period 10,748,678 155,696,470 Cash and restricted cash (in amount of $397,067), ending of period $851,725 $3,963,903 Supplemental disclosure of Cash Flow information: Cash paid for interest $625,000 $37,458 Supplemental Disclosure for Non-Cash Activities: Exercise of warrants recognized earlier as liabilities 112,386,589 67,826,884 Settlement of a liability by noncurrent assets (GEM case) 45,989,264 — Convertible notes and interest - conversion to common stock 27,579,425 8,136,004 Extinguishment of debt and interest (in exchange for own common stock) 4,553,771 — Change in noncontrolling interest upon additional investments into subsidiary 1,598,668 — Right-of-use assets obtained in exchange of operating lease liabilities — 11,867,625 Extinguishment of accounts payable with recognition of derivatives — 4,623,655 Common stock issued to settle other derivative liability — 3,293,965 Common stock issued to extinguish other liabilities — 639,146 About Bollinger Innovations Bollinger Innovations (NASDAQ: BINI) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with a U.S. based vehicle manufacturing facility located in Tunica, Mississippi. Both the ONE, a Class 1 EV cargo van, and THREE, a Class 3 EV cab chassis truck, are available for sale in the U.S. The Company’s commercial dealer network consists of seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets. Bollinger Motors, of Oak Park, Michigan, is an established EV truck company of Bollinger Innovations. Bollinger Motors has passed numerous milestones including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer network with over 50 locations across the United States for sales and service support. To learn more about the Company, visit www.BollingerEV.com. Forward-Looking Statements Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Bollinger Innovations and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, future revenues and earnings of the Company, whether the Company will regain and maintain compliance with Nasdaq continued listing rules (specifically, shareholder equity and minimum bid price), whether Global Expert Shipping will purchase additional vehicles, how long governmental rebates and incentives will continue to apply to electric vehicles, the impact on vehicle pricing should such rebates no longer apply, anticipated future sales and delivery dates of Bollinger B4 trucks to EnviroCharge , whether the company will meet the anticipated timeline for production of EGI SWIFT batteries, unforeseen challenges related to the transition of manufacturing operations, disruption in the Company’s supply chain, and whether the partnership and supply agreement with Enpower Greentech Inc. (EGI), will prove successful. Additional examples of such risks and uncertainties include but are not limited to: (i) Bollinger Innovations’ ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Bollinger Innovations’ ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Bollinger Innovations’ ability to successfully expand in existing markets and enter new markets; (iv) Bollinger Innovations’ ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Bollinger Innovations’ business; (viii) changes in government licensing and regulation that may adversely affect Bollinger Innovations ‘ business; (ix) the risk that changes in consumer behavior could adversely affect Bollinger Innovations’ business; (x) Bollinger Innovations’ ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Bollinger Innovations with the Securities and Exchange Commission. Bollinger Innovations anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Bollinger Innovations assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Bollinger Innovations’ plans and expectations as of any subsequent date. Contact:Bollinger Innovations, Inc. +1 (714) 613-1900www.BollingerEV.com Corporate Communications:IBNAustin, Texaswww.InvestorBrandNetwork.com512-354-7000 OfficeEditor@InvestorBrandNetwork.com

Bollinger Innovations, Inc. Announces Quarterly Results for 3 and 9 Months Ended June 30, 2025

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