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Bolt Projects Holdings (NASDAQ: BSLK) reported Q3 2024 financial results, projecting full-year 2024 b-silk™ revenues to exceed $1 million and 2025 revenues to reach at least $4.5 million. Q3 2024 revenues were $0.01 million, down from $1.3 million in Q3 2023. The company achieved over 60% reduction in cost-per-kilogram for b-silk production in 2024. Operating loss was $20.2 million with net income of $6.4 million for Q3 2024. Two new products featuring b-silk were launched in Q3, and additional launches are planned for 2025, including a color cosmetic offering and a professional haircare line.
Bolt Threads (Nasdaq: BSLK) has completed its business combination with Golden Arrow Merger Corp (Nasdaq: GAMC), approved on August 9, 2024. The new entity, Bolt Projects Holdings, will trade on Nasdaq starting August 14, 2024, under the ticker BSLK. Led by CEO Dan Widmaier, Bolt Threads aims to scale its sustainable biomaterials platform, particularly in the beauty and personal care sectors.
The company boasts a significant intellectual property portfolio with 49 granted patents and 171 pending applications. Its flagship product, b-silk™, offers a biodegradable and non-toxic alternative to silicone elastomers in beauty products. Bolt Threads envisions substantial growth and value creation for stakeholders.
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