MeritValue

BOLLINGER INNOVATIONS, INC.

BINIdata completeness 100%15 fiscal years on file
The thesis, from the filings

BOLLINGER INNOVATIONS, INC. earns about -993% on invested capital, and has bought back 93% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2021FY 2022FY 2023FY 2024
Revenue$65.7M1——$366,0002$1.09M2
Net income−$5.94M3−$44.2M4−$739.5M5−$972.3M6−$457.1M6
Operating cash flow$3.02M7−$17.5M8−$65.8M9−$179.2M10−$185.6M10
Capital expenditure—$43,89311$11.6M12$14.5M13$14.7M13
Free cash flow (derived)—−$17.6M8−$77.4M9−$193.7M10−$200.3M10
Total debt$19.9M14$78.9M15$18M16$14.9M17$10.8M17
Cash & equivalents$4.54M18$42,17419$54.1M20$155.3M21$10.3M21
Diluted shares5.0M5.2M12,365612,964330,358

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$864.4
your share of equity
Profit it earned you last year
−$13,835.26
Free cash flow it threw off
−$6,063.23
Debt you’d be carrying
$326.9

10 shares is a claim on −$864.4 of net worth that earned you −$13,835.26 and generated −$6,063.23 of cash last year, against $326.9 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-993% avg · 5y
FY20 -20%FY21 -204%FY22 -2582%FY23 -1167%FY24 —

It earned an average -993% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−93% shares · 5y

Share count is down 93% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 46% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2020-12-31 · accession 0001437749-21-007796 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-09-30 · accession 0001437749-25-001816 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2020-12-31 · accession 0001437749-21-007796 (NetIncomeLoss)
  4. 10-K/A · period ending 2021-09-30 · accession 0001558370-23-000672 (NetIncomeLoss)
  5. 10-K · period ending 2022-09-30 · accession 0001558370-24-000312 (NetIncomeLoss)
  6. 10-K · period ending 2023-09-30 · accession 0001437749-25-001816 (NetIncomeLoss)
  7. 10-K · period ending 2020-12-31 · accession 0001437749-21-007796 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2021-09-30 · accession 0001558370-23-000672 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-09-30 · accession 0001558370-24-000312 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-09-30 · accession 0001437749-25-001816 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2021-09-30 · accession 0001558370-23-000672 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-09-30 · accession 0001558370-24-000312 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-09-30 · accession 0001437749-25-001816 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2020-12-31 · accession 0001437749-21-007796 (LongTermDebtNoncurrent)
  15. 10-K/A · period ending 2021-09-30 · accession 0001104659-22-002802 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-09-30 · accession 0001558370-24-000312 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2023-09-30 · accession 0001437749-25-001816 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2020-12-31 · accession 0001437749-21-007796 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2021-09-30 · accession 0001558370-23-000672 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-09-30 · accession 0001558370-24-000312 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-09-30 · accession 0001437749-25-001816 (CashAndCashEquivalentsAtCarryingValue)