Bollinger Innovations Inc.
BINI Consumer Cyclical Auto Manufacturers
Bollinger Innovations Inc.’s revenue for fiscal 2024 (year ended September 2024) was $1.1 million, up 199.0% from fiscal 2023. In the quarter to June 2025, revenue grew 626.5%, EPS grew 99.7% and free cash flow grew 44.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Bollinger Innovations Inc. (BINI) Beneish M-score
Bollinger Innovations Inc.'s Beneish M-score for fiscal 2024 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2020 | −4.04 | (0.59) |
| FY2019 | −3.45 | (0.98) |
| FY2018 | −2.47 | 0.91 |
| FY2017 | −3.38 | 0.98 |
| FY2016 | −4.36 | (0.52) |
| FY2015 | −3.84 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.06 | — | 0.06 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 0.56 | — | 0.22 | |
| Sales growth index | 2.99 | — | 2.67 | |
| Depreciation index | 0.74 | — | 0.09 | |
| SG&A index | 0.28 | — | −0.05 | |
| Total accruals to total assets | (1.79) | — | −8.39 | |
| Leverage index | 3.10 | — | −1.01 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| VEVMQ Vicinity Motor Corp. compare | −1.8× |
| DCX Digital Currency X Technology Inc. compare | — |
| EGOXF Next.e.GO N.V. compare | — |
| SSM Sono Group N.V. compare | — |
| ZAPPF Zapp Electric Vehicles Group Limited compare | — |
| GOEVQ Canoo Inc. compare | — |
| BINI Bollinger Innovations Inc. | — |
| FFAI Faraday Future Intelligent Electric Inc. compare | — |
| ECDA ECD Automotive Design, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI