Latest news with #BoltProjects
Business Insider
9 hours ago
- Business
- Business Insider
What Behind the Jaw-Dropping 556% Rally in Bolt Projects Stock (BSLK)?
Materials-solutions company Bolt Projects Holdings (BSLK) stunned the market with a jaw-dropping 550% surge in its stock price on Wednesday. The rally was fueled by exceptional Q2 2025 results and upbeat growth forecasts. Nonetheless, the stock reversed some of its gains, falling over 28% in pre-market trading on Thursday. Year-to-date, BSLK shares are still up 48.5%. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. What Does Bolt Projects Holdings Do? Bolt Projects is a biomaterials company that creates innovative solutions for the beauty and personal care industry. Its Vegan Silk Technology Platform creates eco-friendly silk alternatives from plant-based or bio-engineered sources rather than silkworms. Bolt Projects Reports Massive Sales Growth In Q2, Bolt Projects' revenue soared more than 2,200% year-over-year to $1.3 million. The company also narrowed its net loss to $4.6 million, a sharp improvement from the $58.9 million loss reported a year ago. Additionally, Bolt achieved a positive gross margin, posting a gross profit of $62,000 versus a $29,000 gross loss in the same quarter last year. What Lies Ahead for Bolt Projects? Bolt Projects' recent growth has been fueled largely by surging demand for its Vegan Silk Technology Platform. CEO Dan Widmaier stated that the platform offers high-performance, eco-friendly benefits that meet customer needs and set the company up for long-term growth. Bolt's Vegan Silk is already attracting interest from major beauty players. A global skincare brand, owned by one of the world's top seven beauty conglomerates, plans to launch its first product featuring Vegan Silk in 2026, with additional products already in the pipeline. Such partnerships signal a growing shift in the industry toward sustainable ingredients, where Bolt has a clear competitive advantage. Looking ahead, Bolt has, for the first time, added gross profit projections to its financial guidance. The company expects at least $500,000 in gross profit in 2025 and $1 million in 2026, alongside minimum revenue targets of $4.5 million and $9 million, respectively. If Vegan Silk adoption continues to accelerate, these numbers could mark just the beginning of Bolt's growth trajectory. Is BSLK a Good Stock to Buy? Turning to Wall Street, analysts have a Hold consensus rating on BSLK stock based on one Hold recommendation. Furthermore, the average Bolt Projects stock price target of $2.50 per share implies a downside of over 80% from the current level.
Yahoo
15 hours ago
- Business
- Yahoo
Bolt Projects Announces $4.25 Million Private Placement
Priced At-The-Market Under Nasdaq Rules BERKELEY, Calif., August 14, 2025--(BUSINESS WIRE)--Bolt Projects Holdings, Inc. (Nasdaq: BSLK) ("Bolt Projects" or the "Company"), a developer of biomaterials for the beauty and personal care industry, today announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 913,979 shares of common stock (or pre-funded warrants in lieu thereof) at a purchase price of $4.65 per share of common stock (or per pre-funded warrant in lieu thereof, less the nominal exercise price of $0.0001 per share) in a private placement priced at-the-market under Nasdaq rules. The private placement is expected to close on or about August 15, 2025, subject to the satisfaction of customary closing conditions. Rodman & Renshaw LLC is acting as the exclusive placement agent for the offering. The gross proceeds from the offering are expected to be approximately $4.25 million, prior to deducting placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes. The securities described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and/or Regulation D promulgated thereunder and, along with the shares of common stock underlying the pre-funded warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the securities issued in the private placement and shares of common stock underlying the pre-funded warrants may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Pursuant to a registration rights agreement with investors, the Company has agreed to file a resale registration statement covering the securities described above. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Bolt Projects Holdings Bolt Projects develops and produces innovative biomaterials for the beauty and personal care industry. The Company is built on biomaterials platforms that aim to disrupt and transform high-volume consumer goods industries. Bolt Projects is a pioneer in the consumer biomaterials space. The Company's Vegan Silk Technology Platform produces b-silk and other offerings for the beauty and personal care industry that are fully vegan and biodegradable. These versatile ingredients have been on the market since 2019. Its intellectual property portfolio is anchored by 77 granted patents and 118 pending patent applications. Forward-looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this communication, including, without limitation, statements regarding: statements related to the completion of the offering, the satisfaction of customary closing conditions related to the offering, and the intended use of proceeds therefrom. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "budget," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "will" or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain these words. Forward-looking statements involve a number of risks, uncertainties, and assumptions, and actual results or events may differ materially from those projected or implied in those statements. Important factors that could cause such differences include, but are not limited to: market and other conditions, substantial doubt as to the Company's ability to continue as a going concern; the Company's history of net losses and negative cash flows; the Company's ability to generate sufficient cash to service its debt; the Company's ability to meet the continued listing requirements of Nasdaq and remain listed on a national stock exchange; the Company's ability to execute its business plan and adequately control its expenses or raise additional capital on favorable terms, if at all; the Company's dependence on sales of b-silk™ and xl-silk™ products from its Vegan Silk Technology Platform; the Company's reliance on a single or limited manufacturing partners and manufacturing facilities; reliance on manufacturing partners in regions that could be impacted by U.S. trade policy, including renegotiating or terminating existing trade agreements and leveraging tariffs; costs of and availability for its Vegan technology Platform products that are out of the Company's control; the Company's reliance on a single manufacturing partner and manufacturing facility for the production of its Vegan Silk Technology Platform product; pricing and availability for the Company's Vegan Silk Technology Platform products; market acceptance of from consumer product companies; the Company's ability to protect adequately its patents and other intellectual property assets; government regulations and private party actions relating to the marketing and advertising of cosmetic products that include the Company's Vegan Silk Technology Platform products or other products the Company develops; and the other risks and uncertainties discussed under the caption "Risk Factors" included in the Company's Annual Report on Form 10-K for the fiscal year ended, December 31, 2024, as such factors may be updated from time to time in its other filings with the SEC, and accessible on the SEC's website at and the Investors section of the Company's website at www. The Company cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth herein speak only as of the date they are made. The Company undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, except as otherwise required by law. View source version on Contacts For Bolt Projects Holdings Media Inquiries: press@ For Bolt Projects Holdings Investor Inquiries: investors@
Business Wire
15 hours ago
- Business
- Business Wire
Bolt Projects Announces $4.25 Million Private Placement
BERKELEY, Calif.--(BUSINESS WIRE)--Bolt Projects Holdings, Inc. (Nasdaq: BSLK) ('Bolt Projects' or the 'Company'), a developer of biomaterials for the beauty and personal care industry, today announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 913,979 shares of common stock (or pre-funded warrants in lieu thereof) at a purchase price of $4.65 per share of common stock (or per pre-funded warrant in lieu thereof, less the nominal exercise price of $0.0001 per share) in a private placement priced at-the-market under Nasdaq rules. The private placement is expected to close on or about August 15, 2025, subject to the satisfaction of customary closing conditions. Bolt Projects Announces $4.25 Million Private Placement; Priced At-The-Market Under Nasdaq Rules Share Rodman & Renshaw LLC is acting as the exclusive placement agent for the offering. The gross proceeds from the offering are expected to be approximately $4.25 million, prior to deducting placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes. The securities described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the 'Securities Act'), and/or Regulation D promulgated thereunder and, along with the shares of common stock underlying the pre-funded warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the securities issued in the private placement and shares of common stock underlying the pre-funded warrants may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Pursuant to a registration rights agreement with investors, the Company has agreed to file a resale registration statement covering the securities described above. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Bolt Projects Holdings Bolt Projects develops and produces innovative biomaterials for the beauty and personal care industry. The Company is built on biomaterials platforms that aim to disrupt and transform high-volume consumer goods industries. Bolt Projects is a pioneer in the consumer biomaterials space. The Company's Vegan Silk Technology Platform produces b-silk and other offerings for the beauty and personal care industry that are fully vegan and biodegradable. These versatile ingredients have been on the market since 2019. Its intellectual property portfolio is anchored by 77 granted patents and 118 pending patent applications. Forward-looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the 'Securities Act'), and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). All statements other than statements of historical facts contained in this communication, including, without limitation, statements regarding: statements related to the completion of the offering, the satisfaction of customary closing conditions related to the offering, and the intended use of proceeds therefrom. In some cases, you can identify forward-looking statements by terminology such as 'anticipate,' 'believe,' 'budget,' 'continue,' 'could,' 'estimate,' 'expect,' 'forecast,' 'intend,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'strive,' 'will' or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain these words. Forward-looking statements involve a number of risks, uncertainties, and assumptions, and actual results or events may differ materially from those projected or implied in those statements. Important factors that could cause such differences include, but are not limited to: market and other conditions, substantial doubt as to the Company's ability to continue as a going concern; the Company's history of net losses and negative cash flows; the Company's ability to generate sufficient cash to service its debt; the Company's ability to meet the continued listing requirements of Nasdaq and remain listed on a national stock exchange; the Company's ability to execute its business plan and adequately control its expenses or raise additional capital on favorable terms, if at all; the Company's dependence on sales of b-silk™ and xl-silk™ products from its Vegan Silk Technology Platform; the Company's reliance on a single or limited manufacturing partners and manufacturing facilities; reliance on manufacturing partners in regions that could be impacted by U.S. trade policy, including renegotiating or terminating existing trade agreements and leveraging tariffs; costs of and availability for its Vegan technology Platform products that are out of the Company's control; the Company's reliance on a single manufacturing partner and manufacturing facility for the production of its Vegan Silk Technology Platform product; pricing and availability for the Company's Vegan Silk Technology Platform products; market acceptance of from consumer product companies; the Company's ability to protect adequately its patents and other intellectual property assets; government regulations and private party actions relating to the marketing and advertising of cosmetic products that include the Company's Vegan Silk Technology Platform products or other products the Company develops; and the other risks and uncertainties discussed under the caption 'Risk Factors' included in the Company's Annual Report on Form 10-K for the fiscal year ended, December 31, 2024, as such factors may be updated from time to time in its other filings with the SEC, and accessible on the SEC's website at and the Investors section of the Company's website at www. The Company cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth herein speak only as of the date they are made. The Company undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, except as otherwise required by law.
Business Insider
2 days ago
- Business
- Business Insider
Morning News Wrap-Up: Wednesday's Biggest Stock Market Stories!
Investors are halfway through the trading week and there's no slow to the flow to stock market news. Fortunately, TipRanks has them covered with a roundup of all of the hottest market happenings on Wednesday! Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Bolt Projects (BSLK) stock underwent a massive rally following the release of its Q2 2025 earnings report. Sapiens (SPNS) stock surged alongside plans to take the company private in a $2.5 billion deal. SoundHound AI (SOUN) stock received an upgrade from five-star-rated Ladenburg Thalmann analyst Glenn G. Mattson. Momentus (MNTS) stock rocketed higher after it was awarded a contract by NASA. Cava Group (CAVA) stock sank after analysts cut price targets following its Q2 2025 earnings report. The Dow Jones Industrial Average (DJIA) closed in on an all-time high as hopes for an interest rate cut increased. Reddit (RDDT) stock was up after the social media company blocked the Wayback Machine to prevent AI scraping.
Yahoo
18-03-2025
- Business
- Yahoo
Bolt Projects Reports Q4 2024 Financial Results
Strategic Partnerships to Drive Future Revenue Growth Full year 2024 revenues for the Vegan Silk Technology Platform were $1.4 million, 37% ahead of initial projections, driven by orders for fast track launches in 2025 For 2025, revenues are projected to reach at least $4.5 million, supported by multi-year supply agreements and customer expansion The Company is announcing a 2026 revenue target of $9.0 million, reflecting its growing customer base and expected successful product adoption Our goal remains to achieve long-term, sustainable profitability through revenue growth, continued operational efficiencies and cost of goods sold reductions BERKELEY, Calif., March 18, 2025--(BUSINESS WIRE)--Bolt Projects Holdings, Inc. ("Bolt," "Bolt Projects" or the "Company") (Nasdaq: BSLK), which develops and produces innovative biomaterials for the beauty and personal care industry, reported its financial results for the full year and fourth quarter ended December 31, 2024 and provided a business update. In addition, the Company's Fourth Quarter 2024 Shareholder Letter can be found on the Bolt Projects' About Page at "Bolt continues to make excellent progress in its efforts to deliver more sustainable, high-performance alternatives in the beauty and personal care market," said Dan Widmaier, Bolt Projects Chairman and CEO. "We saw substantial progress with our Vegan Silk Technology Platform, building on the demand for our commercially ready b-silkTM offering. Customers closed in 2025 will further drive us to our goal of becoming free cash flow positive."1 1 This is a non-GAAP metric. See "Non-GAAP Financial Measures" section below. Market Traction Since Bolt last reported financial results, the Company has benefited from two major customer launches. The first was the formal launch of Haus Labs' B Structural Volumizing + Lengthening Mascara. Referred to in the Company's third quarter release as "a color cosmetics offerings," this product represents the first use of the Vegan Silk Technology Platform in the color cosmetics product category. After its early January 2025 launch, the product quickly became the top-selling mascara at beauty and personal care retailer Sephora, exceeding initial volume projections by four times. Second, Bolt announced a strategic partnership with Goddess Maintenance Company, an innovative beauty brand founded by entrepreneurs Lauren Vesler and Manda Mason, alongside haircare industry disruptors Edward Connaghan and Denise Russell. Also mentioned in the Company's third quarter release, Goddess' products will be supported by a $4.0M annual minimum supply contract from Bolt. Goddess's first product launch is expected to debut in 1,300+ locations in the United States and Canada. Further details about the product and its target market will be available after its official launch in the second quarter of 2025. Lastly, Bolt is working with leading and well recognized contract manufacturers to integrate biotech materials as a key differentiator in their innovation offerings. Bolt was proud to be featured in MANA Products innovation display at Make-Up in Los Angeles (MULA) in February 2025. MANA Products has introduced new color cosmetic products featuring "Powered by Bolt" Vegan Silk™ technology, showcasing the material's versatility across multiple applications – from Mineral SPF Skin Tints to Eyeshadow Pudding Pots. These new offerings and partnerships build on Bolt's established base of brands using the Vegan Silk Technology Platform, which includes Freaks of Nature's™ Daily Defender SPF30 and Peak Performance SPF50, as well as Vegamour's GRO Revitalizing Shampoo and Conditioner. Bolt anticipates continued progress in multiple beauty and personal care segments with established and indie ("independent") consumer brands throughout the year. Bolt is working with customers toward additional launches across multiple segments of the beauty and personal care industry throughout 2025. "Overall, we are building a strong pipeline of business that we believe will deliver significant financial performance in the coming years," said President Cintia Nardi. "As regulatory pressures on silicones and other pervasive materials intensify, the demand for high-performance, sustainable alternatives continues to rise. Biotech is at the heart of the most viable solutions, and as pioneers in biotech for the Beauty and Personal Care industry, we feel we are well positioned to capture meaningful market share in the years ahead." Operational Scalability & Supply Chain Reliability Bolt produced more than 3,600 kilograms of vegan silk material at the lowest cost ever achieved in 2024, continuing its progress toward reducing the cost of manufacturing in the range of 50% year over year. Benefits of this success were passed through to customers in the form of lower prices, accelerating adoption and market penetration. Bolt achieved this while at the same time earning the EcoVadis Silver Medal, putting the Company in the top 15% of companies assessed globally for sustainability. "Bolt has implemented a clear plan for cost optimization through process improvements, strategic procurement, and volume-driven savings," said Widmaier. "At the same time, we win when our product delivers on sustainability and our mission: 'Way Better Materials for a Way Better World'." "We believe that biotech ingredients are essential to the future of clean and sustainable beauty. Our efforts are focused on scalability and cost optimization, ensuring we are positioned to achieve our target margins while expanding our market presence," said Nardi, "paving the way for profitability." Research and Development Delivers Bolt continues to invest in Research and Development, expanding its intellectual property portfolio, which grew by 17 granted patents in 2024 to reach 68 total granted patents, and 166 pending applications as of the end of the year. In addition, Bolt continues to file new patents, particularly in the Beauty and Personal Care (BPC) space, reinforcing our commitment to innovation and market leadership. "In 2024, we expanded the Vegan Silk Technology Platform by further advancing b-silk™ and introducing xl-silk™, both highly efficacious ingredients for the beauty and personal care industry," said David Breslauer, Chief Technology Officer of Bolt Projects. "These proprietary molecules not only address key regulatory challenges and evolving consumer preferences, but also offer the flexibility to generate customized performance claims. By partnering with brands on exclusive biotech development, we empower them to create differentiated, high-impact formulations while reinforcing their commitment to environmental health and sustainability." Corporate Milestones In addition to the progress above for the Vegan Silk Technology Platform, 2024 saw a number of important developments for Bolt. The Company completed a business combination with Golden Arrow Merger Corp. and Bolt became a publicly listed company on the Nasdaq providing greater access to capital markets. In the process, Bolt closed an aggregate of approximately $28 million PIPE and bridge financing, including $4.7 million in PIPE proceeds in August 2024, led by investors such as Scottish Mortgage / Baillie Gifford and Temasek. In early 2025, Bolt further secured an expected $1.5 million investment from Triton Funds, a student-led fund in San Diego, California dedicated to sustainable investment. Financial Results for the Fourth Quarter Ended December 31, 2024 Revenues. Revenues for the fourth quarter of 2024 were approximately $1.3 million compared to revenues of $1.4 million in the fourth quarter of 2023. Revenues were roughly flat year over year with fourth quarter revenues in 2024 primarily related to initial shipments to support Bolt's strategic partnership with Goddess Maintenance Company. Fourth quarter revenues in 2023 were primarily comprised of sales to Vegamour. Cost of Revenues. Cost of revenues for the fourth quarter of 2024 was approximately $1.3 million with a break-even gross margin, compared to cost of revenues of $1.1 million for the fourth quarter of 2023 with a gross margin of 19%. Cost of revenues increased slightly by $0.2 million for the three months ended December 31, 2024, compared to the three months ended December 31, 2023, primarily due to higher logistics costs. Operating Expenses. Operating expenses were approximately $6.5 million in both the fourth quarter of 2024 and 2023. The Company saw higher spending overall in operations, excluding bridge note issuance costs, to support growth of the business. In research and development, increases were driven by the delivery of a new material (xl-silk™) and a new formulation for b-silk™. In sales and marketing, increases were driven primarily by personnel and branding costs as Bolt expanded its marketing efforts. In general and administrative, the decrease was primarily due to a decrease in costs related to the Company's business combination with Golden Arrow, offset by higher costs as a public company. Operating Loss and Net Loss. Operating loss and net loss were approximately $6.5 million and $6.3 million, respectively, for the fourth quarter of 2024, compared to operating loss and net loss of $6.3 million and $7.7 million, respectively, for the fourth quarter of 2023. While operating loss was roughly flat year over year, net loss in the fourth quarter of 2023 decreased comparatively due to decreased remeasurement losses on the Bolt's shared-based liabilities in the fourth quarter of 2023. Adjusted EBITDA. Adjusted EBITDA was approximately ($3.6) million in the fourth quarter of 2024, compared to ($0.2) million for the fourth quarter of 2023. Earnings per Share. Basic and diluted net loss per share was ($0.19) for the fourth quarter of 2024. Basic net income per share was $46.38 for the fourth quarter of 2023 and diluted net loss per share was ($2.13) for the fourth quarter of 2023. Basic net income per share was due to a gain on the extinguishment of convertible preferred stock recorded in the fourth quarter of 2023. Financial Results for the Full Year 2024 Revenues. Revenues for the full year 2024 were approximately $1.4 million compared to revenues of $3.4 million in 2023. Revenues in 2023 were primarily comprised of a multi-year b-silk delivery to Vegamour, which placed orders to build their inventory and in turn led to a significant increase in our revenue for 2023. The decrease in 2024 is primarily attributable to decreased sales of products from the Vegan Silk Technology Platform. Cost of Revenues. Cost of revenues for full year 2024 was approximately $1.5 million with a nearly break-even gross margin, compared to cost of revenues of $4.8 million in 2023 with a gross margin of (40%). Cost of revenues decreased relative to revenues in 2024 primarily due to an improvement in biomanufacturing costs in 2024. Operating Expenses. Operating expenses were approximately $41.5 million for the full year 2024 compared to operating expenses of $33.2 million in 2023. The Company saw higher operating expenses overall in 2024 compared to 2023, primarily due to costs related to the merger with Golden Arrow Merger Corp., offset by full year savings from the restructuring initiative undertaken in 2023 to focus on the Vegan Silk Technology Platform. Operating Loss and Net Loss. Operating loss and net loss were approximately $41.6 million and $65.4 million, respectively, for the full year 2024, compared to operating loss and net loss of $34.6 million and $57.7 million, respectively, for 2023. Adjusted EBITDA. Adjusted EBITDA was approximately ($11.4) million for the full year 2024, compared to ($20.3) million for 2023. Earnings per Share. Basic and diluted net loss per share was ($4.14) for the full year 2024. Basic net income per share was $46.07 for the full year 2023 and diluted net loss per share was ($7.75) for the full year 2023. Basic net income per share in 2023 was due to a gain on the extinguishment of convertible preferred stock. Financial Outlook Bolt projects at least $4.5 million in revenues for 2025 and at least $9.0 million in revenues for 2026. In addition, Bolt anticipates gross profit will be positive for the full year 2025 and 2026. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this communication, including, without limitation, statements regarding the Company's financial outlooks for 2025 and 2026, operational efficiencies and cost of goods sold reductions, its partnerships and expected product launches, its market potential and market adoption, the Company's business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "budget," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "will" or the negatives of these terms or variations of them or similar terminology. Forward-looking statements include, without limitation, the Company's expectations concerning the outlook for the business, productivity, plans, and goals for future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets, and expected future financial performance, as well as any information concerning possible or assumed future results of operations of the Company. Forward-looking statements involve a number of risks, uncertainties, and assumptions, and actual results or events may differ materially from those projected or implied in those statements. Important factors that could cause such differences include, but are not limited to: the Company's history of net losses, ability to achieve or maintain profitability in the future; the Company's ability to continue as a going concern; the Company's ability to meet the continued listing requirements of Nasdaq could result in a delisting of its common stock; the Company's ability to execute its business plan and adequately control its expenses or raise additional capital on favorable terms, if at all; the Company's ability to generate sufficient cash to service its debt obligations; the Company's dependence on sales of b-silk™ and xl-silk™ products; the Company's reliance on a single or limited manufacturing partners and manufacturing facilities; costs of and availability for b-silk™ and xl-silk™ and the Company's future products that are out of the Company's control; pricing pressures if the Company's costs of producing b-silk™ materially increase; the Company's limited experience in marketing and selling b-silk™; market acceptance of from consumer product companies; the Company's ability to protect adequately its patents and other intellectual property assets; government regulations and private party actions relating to the marketing and advertising of cosmetic products that include b-silk™ , xl-silk™ or other products the Company develops may restrict, inhibit or delay its ability to sell such products; and the other risks and uncertainties discussed under the caption "Risk Factors" included in the Company's Registration Statement on Form S-1 filed with the SEC on February 14, 2025, as such factors may be updated from time to time in its other filings with the SEC, including, without limitation, its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 to be filed with the SEC, and accessible on the SEC's website at and the Investors section of the Company's website at www. The Company cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth herein speak only as of the date they are made. The Company undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, except as otherwise required by law. Non-GAAP Financial Measures In addition to the financial measures presented in this release in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the Company has included certain non-GAAP financial measures in this release, including EBITDA and Adjusted EBITDA. The Company uses such non-GAAP financial measures as internal measures of business operating performance and as performance measures for benchmarking against the Company's peers and competitors. The Company believes its presentation of EBITDA and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of the Company's current business and enables investors to better understand and evaluate its historical and prospective operating performance. The Company believes that these non-GAAP financial measures are important supplemental measures of operating performance because they exclude items that vary from period to period without correlation to the Company's core operating performance and highlight trends in its business that may not otherwise be apparent when relying solely on GAAP financial measures. Due to the nature of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of the Company's future operating performance. The Company believes investors, analysts and other interested parties use EBITDA and Adjusted EBITDA in evaluating issuers, and the presentation of these measures facilitates a comparative assessment of the Company's operating performance in addition to the Company's performance based on GAAP results. The Company uses free cash flow as an indication of the strength of the Company and its ability to generate cash. The Company believes free cash flow is meaningful to investors as a useful measure of liquidity. The Company's non-GAAP financial measures should not be considered as an alternative to net income (loss) as a measure of financial performance or any other performance measure derived in accordance with GAAP and should not be construed as an inference that the Company's future results will be unaffected by unusual or non-recurring items. In addition, free cash flow should not be understood to mean that the entire free cash flow amount is available for discretionary expenditures. EBITDA is defined as net income (loss) adjusted for interest expense and depreciation. Adjusted EBITDA is defined as net income (loss) adjusted for interest expense and depreciation and amortization, (gain)/loss on lease termination, lease property and equipment impairment, loss on extinguishment on convertible notes, non-cash fair value remeasurements of convertible notes, warrant and share-based liabilities, bridge note issuance costs, restructuring costs and stock-based compensation. EBITDA and Adjusted EBITDA are not recognized terms under GAAP, and the Company's presentation of these non-GAAP measures does not replace the presentation of the Company's financial results in accordance with GAAP. Because all companies do not use EBITDA and Adjusted EBITDA (and similarly titled financial measures) in the same way, those measures as used by other companies may not be consistent with the way the Company calculates such measures. The non-GAAP financial measures included in this release should not be construed as substitutes for or better indicators of the Company's performance than the most directly comparable GAAP financial measures. See the reconciliation tables that accompany this release for additional information regarding certain of the non-GAAP financial measures included herein. The Company defines free cash flow as net cash provided by (used in) operating activities less payments for capital expenditures. About Bolt Projects Holdings Bolt Projects develops and produces innovative biomaterials for the beauty and personal care industry. The Company is built on biomaterials platforms that aim to disrupt and transform high-volume consumer goods industries. Bolt Projects is a pioneer in the consumer biomaterials space. The Company's Vegan Silk Technology Platform produces b-silk and other offerings for the beauty and personal care industry that are fully vegan and biodegradable. These versatile ingredients have been on the market since 2019. Its intellectual property portfolio is anchored by 68 granted patents and 166 pending patent applications. BOLT PROJECTS HOLDINGS, INC. Condensed Consolidated Balance Sheets (In Thousands) December 31, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 3,512 $ 894 Restricted cash, current - 40 Accounts receivable 870 - Inventory 1,760 235 Prepaid expenses and other current assets 2,593 3,503 Total current assets 8,735 4,672 Property and equipment, net 21 - Deferred transaction costs - 16,234 Other non-current assets 3,474 3,368 Total assets $ 12,230 $ 24,274 Liabilities, Convertible Preferred Stock and Stockholders' Deficit: Current liabilities: Accounts payable $ 413 $ 1,792 Accrued expenses and other current liabilities 3,499 1,053 Excise tax payable 2,925 - Convertible notes, current - 15,604 Related party convertible notes, current - 2,133 Operating lease liabilities, current - 359 Share-based termination liability - 6,349 Total current liabilities 6,837 27,290 Operating lease liabilities, non-current - 2,093 Long-term debt, non-current 13,186 13,340 Public placement warrant liability 267 - Related party private placement warrant liability 133 - Convertible preferred stock warrant liability - 203 Other non-current liabilities 417 - Total liabilities 20,840 42,926 Convertible preferred stock - 93,889 Total stockholders' deficit (8,610 ) (112,541 ) Total liabilities, convertible preferred stock, and stockholders' deficit $ 12,230 $ 24,274 BOLT PROJECTS HOLDINGS, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (In Thousands, Except Per Share Data) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (Revised)(1) (unaudited) Revenue $ 1,293 $ 1,409 $ 1,373 $ 3,441 Cost of revenue 1,311 1,148 1,466 4,846 Gross income (loss) (18 ) 261 (93 ) (1,405 ) Operating expenses: Research and development 1,385 555 6,245 9,632 Sales and marketing 269 5 1,989 866 General and administrative 4,850 5,925 33,281 18,757 Restructuring costs — 46 — 3,973 Total operating expenses 6,504 6,531 41,515 33,228 Loss from operations (6,522 ) (6,270 ) (41,608 ) (34,633 ) Total other income (expense), net 263 (1,400 ) (23,785 ) (23,087 ) Loss before income taxes (6,259 ) (7,670 ) (65,393 ) (57,720 ) Income tax provision — — — — Net loss $ (6,259 ) $ (7,670 ) $ (65,393 ) $ (57,720 ) Other comprehensive income (loss): Reporting currency translation (65 ) (43 ) 33 (21 ) Comprehensive loss $ (6,324 ) $ (7,713 ) $ (65,360 ) $ (57,741 ) Net income (loss) attributable to common stockholders, basic $ (6,259 ) $ 208,716 $ (65,393 ) $ 158,666 Net loss attributable to common stockholders, diluted $ (6,259 ) $ (22,058 ) $ (65,393 ) $ (72,108 ) Weighted-average common shares outstanding: Basic 33,652,058 4,500,095 15,786,762 3,443,746 Diluted 33,652,058 10,382,762 15,786,762 9,305,988 Net income (loss) per share: Basic $ (0.19 ) $ 46.38 $ (4.14 ) $ 46.07 Diluted $ (0.19 ) $ (2.13 ) $ (4.14 ) $ (7.75 ) (1) Certain expenses previously recorded as general and administrative were related to activities that should be recorded as research and development or sales and marketing. As a result, management has corrected this error by reducing general and administrative expense by $2.6 million, and increasing the sales and marketing expense by $0.6 million and research and development by $2.0 million for the year ended December 31, 2023. This classification adjustment was made to better reflect the nature of the expenses in accordance with U.S. GAAP. The misclassification had no impact on the Company's total operating expenses, net loss, or earnings per share. BOLT PROJECTS HOLDINGS, INC. Reconciliation of GAAP to Non-GAAP Measures (In Thousands) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (Revised)(1) (unaudited) GAAP net loss $ (6,259 ) $ (7,670 ) $ (65,393 ) $ (57,720 ) Interest expense 574 877 1,504 3,503 Depreciation — — 2 1,088 EBITDA (5,685 ) (6,793 ) (63,887 ) (53,129 ) Non-GAAP adjustments: (Gain) loss on lease termination (2 ) — (2,015 ) 319 Lease, property and equipment impairment (2) — (8 ) — 21,559 Loss on extinguishment of convertible notes — — 26,359 — Non-cash fair value remeasurements of convertible notes, warrant, and share-based liabilities (3) (952 ) 691 (1,519 ) 565 Bridge note issuance costs (4) — 3,527 11,460 3,527 Loss on supply agreement termination — 2,211 — 2,211 Restructuring costs — 46 — 3,973 Stock-based compensation 3,026 98 18,164 643 Adjusted EBITDA $ (3,613 ) $ (228 ) $ (11,438 ) $ (20,332 ) (1) Certain expenses previously recorded as general and administrative were related to activities that should be recorded as research and development or sales and marketing. As a result, management has corrected this error by reducing general and administrative expense by $2.6 million, and increasing sales and marketing expense by $0.6 million and research and development by $2.0 million for the year ended December 31, 2023. This classification adjustment was made to better reflect the nature of the expenses in accordance with U.S. GAAP. The misclassification had no impact on the Company's total operating expenses, net loss, or earnings per share. (2) Includes property and equipment impairment charges of zero and $19.3 million, and lease impairment charges of zero and $2.3 million, for the three months and year December 31, 2023, respectively. (3) Includes the following: •Remeasurement of public placement warrant liability of ($0.6) million and ($24.9) million for the three months and year ended December 31, 2024, respectively. Remeasurement of related party private placement warrant liability of ($0.3) million and ($13.0) million for the three months and year ended December 31, 2024, respectively, •Remeasurement of share-based termination liability of zero and $1.0 million for the three months and year ended December 31, 2024, respectively, and $0.3 million for both the three months and year ended December 31, 2023. •Remeasurement of related party convertible notes of zero and $3.8 million for the three months and year ended December 31, 2024, respectively, and $0.1 million for both the three months and year ended December 31, 2023. •Remeasurement of convertible notes of zero and $31.7 million for the three months and year ended December 31, 2024, respectively, and ($0.3) million for both the three months and year ended December 31, 2023. •Remeasurement of convertible preferred stock warrant liability of zero and ($0.1) million for the three months and year ended December 31, 2023, respectively. (4) Includes Bridge Convertible Notes issuance costs of zero and $11.5 million included in operating expenses within general and administrative expenses for the three months and year ended December 31, 2024, respectively, and $3.5 million for both the three months and year ended December 31, 2023. View source version on Contacts For Bolt Projects Holdings Media Inquiries: press@ For Bolt Projects Holdings Investor Inquiries: investors@ Sign in to access your portfolio
