Bolt Projects Reports Q3 2024 Financial Results
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 Projects Holdings (NASDAQ: BSLK) ha riportato i risultati finanziari del terzo trimestre 2024, prevedendo che i ricavi totali del 2024 per il b-silk™ supereranno 1 milione di dollari e che i ricavi del 2025 raggiungeranno almeno 4,5 milioni di dollari. I ricavi del Q3 2024 sono stati di 0,01 milioni di dollari, in calo rispetto ai 1,3 milioni di dollari del Q3 2023. L'azienda ha raggiunto una riduzione di oltre il 60% del costo per chilogrammo nella produzione di b-silk nel 2024. La perdita operativa è stata di 20,2 milioni di dollari con un reddito netto di 6,4 milioni di dollari per il Q3 2024. Due nuovi prodotti con b-silk sono stati lanciati nel Q3 e ulteriori lanci sono previsti per il 2025, inclusi un'offerta di cosmetici colorati e una linea di cura professionale per capelli.
Bolt Projects Holdings (NASDAQ: BSLK) reportó los resultados financieros del tercer trimestre de 2024, proyectando que los ingresos de b-silk™ para todo el año 2024 superarán 1 millón de dólares y que los ingresos de 2025 alcanzarán al menos 4.5 millones de dólares. Los ingresos del tercer trimestre de 2024 fueron de 0.01 millones de dólares, en comparación con 1.3 millones de dólares en el tercer trimestre de 2023. La empresa logró una reducción de más del 60% en el costo por kilogramo de producción de b-silk en 2024. La pérdida operativa fue de 20.2 millones de dólares con un ingreso neto de 6.4 millones de dólares para el tercer trimestre de 2024. Se lanzaron dos nuevos productos con b-silk en el tercer trimestre, y se planean lanzamientos adicionales para 2025, incluyendo una oferta de cosméticos de color y una línea de cuidado profesional del cabello.
볼트 프로젝트 홀딩스 (NASDAQ: BSLK)는 2024년 3분기 재무 결과를 보고하며, 2024년 전체 b-silk™ 수익이 100만 달러를 초과하고 2025년 수익이 최소 450만 달러에 이를 것으로 예상하고 있습니다. 2024년 3분기 수익은 0.01백만 달러로, 2023년 3분기의 130만 달러에서 감소했습니다. 회사는 2024년 b-silk 생산에서 킬로그램당 비용을 60% 이상 절감했습니다. 운영 손실은 2020만 달러였고, 2024년 3분기의 순익은 640만 달러입니다. 3분기에 b-silk를 특징으로 하는 두 개의 신제품이 출시되었으며, 2025년에는 컬러 화장품과 전문 헤어케어 라인을 포함한 추가 출시가 계획되어 있습니다.
Bolt Projects Holdings (NASDAQ: BSLK) a publié les résultats financiers du troisième trimestre 2024, prévoyant que les revenus annuels pour 2024 de b-silk™ dépasseront 1 million de dollars et que les revenus pour 2025 atteindront au moins 4,5 millions de dollars. Les revenus du T3 2024 se sont élevés à 0,01 million de dollars, en baisse par rapport à 1,3 million de dollars au T3 2023. L'entreprise a réalisé une réduction de plus de 60 % du coût par kilogramme pour la production de b-silk en 2024. La perte d'exploitation est de 20,2 millions de dollars avec un revenu net de 6,4 millions de dollars pour le T3 2024. Deux nouveaux produits mettant en vedette b-silk ont été lancés au T3 et d'autres lancements sont prévus pour 2025, y compris une offre de cosmétiques colorés et une ligne de soins capillaires professionnels.
Bolt Projects Holdings (NASDAQ: BSLK) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht und prognostiziert, dass die b-silk™ Einnahmen für das gesamte Jahr 2024 1 Million Dollar übersteigen und die Einnahmen für 2025 mindestens 4,5 Millionen Dollar erreichen werden. Die Einnahmen im 3. Quartal 2024 betrugen 0,01 Millionen Dollar, ein Rückgang von 1,3 Millionen Dollar im 3. Quartal 2023. Das Unternehmen erreichte eine Kostenreduzierung von über 60 % pro Kilogramm bei der b-silk Produktion im Jahr 2024. Der operative Verlust betrug 20,2 Millionen Dollar bei einem Nettoeinkommen von 6,4 Millionen Dollar im 3. Quartal 2024. Im 3. Quartal wurden zwei neue Produkte mit b-silk eingeführt, und weitere Produkte sind für 2025 geplant, darunter ein dekoratives Kosmetikangebot und eine professionelle Haarpflegelinie.
- Projected revenue growth from $1M in 2024 to $4.5M in 2025
- 60% reduction in b-silk production costs per kilogram in 2024
- Manufacturing capacity increased by 50% with over 3,000kg of vegan silk produced
- Secured $28M in PIPE and bridge financing
- Positive gross profit expected for full year 2025
- Q3 2024 revenue declined to $0.01M from $1.3M in Q3 2023
- Operating loss increased to $20.2M in Q3 2024 from $5.1M in Q3 2023
- Q3 2024 gross margin at 0.0%, down from 2.7% in Q3 2023
- Higher operating expenses at $20.2M vs $5.2M year-over-year
Insights
This earnings report reveals significant operational developments and financial projections for Bolt Projects. The company reports
Key financial metrics show an operating loss of
The company's strategic pivot in the beauty and personal care industry shows promising market positioning. Two significant product launches planned for 2025 - a color cosmetic offering and a professional haircare line - demonstrate market expansion potential. The EcoVadis Silver Medal achievement positions Bolt favorably in the growing sustainable materials sector.
The
Vegan Silk Traction Drives Third Quarter Results
-
Full year 2024 b-silk™ revenues are projected to exceed
$1 million -
For 2025, b-silk revenues are projected to reach at least
$4.5 million -
Our 2024 COGS reduction program has delivered over
60% in cost-per-kilogram produced reduction for b-silk for the year, following on prior year gains - Continued operational efficiencies and additional COGS reduction to create a path toward the goal of long-term, sustainable profitability
“Over the past eighteen months, Bolt has undergone a transformational change toward a sustainable and efficient business model focused on replacing harmful environmental materials with sustainable, high-performance alternatives in the beauty and personal care market,” said Dan Widmaier, Bolt Projects Chairman and CEO. “The cornerstone of this strategy is our commercially ready b-silk™ technology, which has been on the market since 2019 and in multiple products within the beauty industry. As we have continued to work through the sales funnel we are seeing accelerated traction with prospects who want to use biotechnology ingredients to drive the products of the future.”
“We believe that Bolt is entering the market at an optimal time for market expansion, as companies have been facing aggressive environmental targets and regulatory restrictions, particularly around the biodegradability of materials used in their processes,” said Bolt Projects President Cintia Nardi. “Bolt’s sustainable biomaterials have the ability to meet these demands and drive a cleaner, more responsible future without sacrificing the high performance of their product offering.”
Market Traction
“This effort has been led by b-silk, a revolutionary biodegradable, film-former polypeptide that offers additional functional benefits for hair care, skin care and color cosmetics,” said Widmaier. “Since 2019, B-silk has delivered consistent and proven consumer satisfaction.”
During the third quarter, two new products featuring b-silk – the Daily Defender SPF30 and the Peak Performance SPF50 – from Freaks of Nature™ were introduced to the market, driving higher visibility and deeper penetration in the sunscreen product type within skin care.
This launch adds to b-silk’s long-standing success in the hair care segment as part of Vegamour’s GRO Revitalizing Shampoo and Conditioner since 2020, powering their proprietary Karmatin™ offering. Vegamour’s success drove our revenue growth for multiple years, illustrating the impact new customer launches can have.
Bolt anticipates continued progress in multiple segments with established and indie (“independent”) consumer brands launching new products into the global market featuring Bolt’s Vegan Silk Technology Platform.
During the third quarter, Bolt also launched a second proprietary product from its Vegan Silk Technology Platform under the trade name xl-silk and an exclusive b-silk serum ingredient.
Looking forward, the two launches currently anticipated for 2025 are:
- As early as the first quarter of 2025, a cosmetics brand is scheduled to debut a color cosmetic offering that uses Bolt’s Vegan Silk Technology Platform. “We see this product expansion as a testament to our cutting-edge Vegan Silk Technology Platform, showcasing its novel functionality,” said Nardi. “This offering has the potential to set a new standard in the beauty industry by enabling high-performance formulations in this product type. We are excited about the potential of this collaboration and its market innovation.”
- Later in 2025, a separate cosmetics brand is slated to launch a professional haircare line using Bolt’s Vegan Silk Technology Platform. “This brand will feature an exclusive b-silk serum with unique, scientifically proven, functional benefits,” said Nardi. “This innovation aims to bring true differentiation into the segment and to deliver substantial growth backed by a multi-year contract with an exciting new partner.”
Bolt management expects to share information about additional customer launches in the coming year and will further showcase the potential of its Vegan Silk Technology Platform across segments of the beauty and personal care industry. “Overall, we believe 2025 will be pivotal in demonstrating the impact of our innovative technology as it is unveiled by our customers,” said Widmaier. “We anticipate new products that not only meet new and challenging regulatory rules around silicones and that can deliver compelling and differentiated benefits but also aim to meet the consumer’s desire for more sustainable materials.”
“We aspire to be the most desirable biotech ingredient innovator for the beauty and personal care industry,” said Widmaier, “and so we will continue relentlessly developing breakthrough innovations that surprise and delight the market, helping us gain meaningful market share, because we believe that ‘the best days are ahead of us’ and we believe the future is one ‘Where Doing Good Will Help Us Do Well.’”
Based on current planned and pending launches, Bolt anticipates deliveries in the fourth quarter will bring 2024 revenue over
Operational Scalability & Supply Chain Reliability
“Bolt recognizes that to accelerate adoption and market penetration, our product needs to be priced to reflect its biotech innovation while also supporting the cost structure of our brand partners,” said Widmaier. “Bolt has implemented a clear plan for cost optimization through process improvements, strategic procurement, and volume-driven savings.”
“We believe that these changes will position us to pursue our target margins and expand our market presence,” said Nardi, “clearing a path to both profitability and competitive pricing.”
These strategic efforts delivered unprecedented results for the company in 2024. Year-to-date, Bolt has manufactured more than 3,000 kilograms of vegan silk material with its contract-manufacturing (CMO) partner. “These runs exceeded our highest historical production runs by more than
Bolt continues to strengthen its partnership with its manufacturing network while strategically diversifying its supply chain to support business continuity and future growth. “The current capacity at our CMO partner comfortably meets our 2025 needs and projected year-over-year growth,” said Nardi. “Additionally, with the completion of their newest facility, our biomanufacturing partner has significantly expanded its production capacity and enhanced our business continuity. This should better position us to continue scaling efficiently while providing greater production stability and fostering long-term growth potential.”
“Beyond their efforts to establish reliable and efficient operational processes, our supply chain team has been focused on delivering excellent customer service and exceptional quality performance, all while maintaining a focus on a key attribute of our business and products – sustainability,” said Nardi.
“Sustainability for both people and the planet is at the core of Bolt’s mission: ‘Way Better Materials for a Way Better World’,” said Widmaier. “I am proud to share that in the third quarter, we reached a significant milestone for this aspect of our mission by being awarded the EcoVadis Silver Medal”.” EcoVadis is a third-party rating organization that reviews approximately 73,000 companies each year. “This accomplishment puts us in the top
Research and Development Delivers
While our focus in the past eighteen months has been optimizing Bolt’s operational processes and bolstering its go-to-market strategy, Bolt’s Research and Development effort continues to be the driving force of the company's unique value proposition, building on an intellectual property portfolio anchored by 64 granted patents and 170 pending patent applications.
“Our Vegan Silk Technology Platform has benefited from decades of advancements in silk and biomaterials research and 15 years of development at Bolt,” said Chief Technology Officer David Breslauer. “Our breakthroughs have enabled the creation of b-silk and xl-silk, highly efficacious ingredients for the beauty and personal care industry. These materials have been shown to deliver exceptional solutions to pressing regulatory constraints and consumer’s preferences, while enabling brands to deliver on their commitment to environmental health and sustainability.”
Bolt’s focus on optimizing biomanufacturing processes, diversifying products, substantiating benefits and expanding its capabilities to support new product types has led to a number of wins over the past year, including:
-
Lower cost of manufacturing, a reduction of more than
60% per kg of b-silk produced in 2024 - Multiple patent applications, trademark filings, and published papers
- Development of five new molecules and two product extensions, all of which already have official INCI names (International Nomenclature Cosmetic Ingredient) assigned by the Personal Care Products Council (PCPC)
Bolt’s focus on efficiencies also extends to its research strategy, where external capabilities and infrastructure are situationally engaged, designed to capitalize on specific areas of expertise within the biotech ecosystem, such as our collaboration with Ginkgo Bioworks’ facilities and talent. This approach has enabled Bolt to deliver innovation without the significant upfront capital investment and taps into a large pool of technical talent.
Corporate Milestones
In addition to the progress above for b-silk, 2024 has seen a number of important steps forward for the Company. Notably, this earnings release represents its first following the completion of the business combination transaction between Golden Arrow Merger Corp. and the Bolt business. Over the course of the business combination, Bolt Projects closed on an aggregate of approximately
Financial Results for the Third Quarter Ended September 30, 2024
Revenues. Revenues for the third quarter of 2024 were approximately
Third quarter revenues in 2023 were primarily comprised of sales to a brand as part of a broader supply and license agreement that resulted in volumes that met their projections for 2023 and 2024.
Third quarter revenues in 2024 were de minimus and related to sample volumes to support impending product launches.
Cost of Revenues. Cost of revenues for the third quarter of 2024 was approximately
Operating Expenses. Operating expenses were approximately
- In research and development, increases were driven by the delivery of a new material (xl-silk) and a new formulation for b-silk in the Vegan Silk Technology Platform.
- In sales and marketing, expenses decreased excluding stock-based compensation related to RSU grants, primarily due to a temporary suspension of our sales and marketing efforts during our capital raise.
- In general and administrative, increases were caused by costs of becoming a public company, including consulting expenses and attendant public company requirements, as well as an increase in executive bonuses based on the completion of the merger transaction.
Operating and Net Income. Operating loss and net income were approximately
Adjusted EBITDA. Adjusted EBITDA was approximately
Earnings per Share. Basic earnings per share was
Financial Outlook
Bolt Projects Holdings projects at least
In addition, Bolt anticipates gross profit will be positive for the full year 2025.
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 new products, its market potential and market adoption, customer launches, 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 and ability to achieve or maintain profitability in the future; the Company 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 continue as a going concern; the Company ability to generate sufficient cash to service all of its debt obligations; the Company’s dependence on sales of its b-silk™ product; the Company’s ability to manage growth effectively; the Company’s reliance on a single or limited manufacturing partners and manufacturing facilities for the production of b-silk™; costs of and availability for b-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™ 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 prospectus on Form 424(b)(8) filed with the SEC on October 2, 2024, as such factors may be updated from time to time in its other filings with the SEC, including, without limitation, its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which are accessible on the SEC’s website at www.sec.gov and the Investors section of the Company’s website at www. boltthreads.com.
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
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’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.
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.
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 64 granted patents and 170 pending patent applications.
BOLT PROJECTS HOLDINGS, INC. |
||||||
Condensed Consolidated Balance Sheets |
||||||
(In Thousands) |
||||||
|
September 30, 2024 |
December 31, 2023 |
||||
|
(unaudited) |
|
||||
Assets: |
|
|
||||
Current assets: |
|
|
||||
Cash and cash equivalents |
$ |
6,505 |
|
$ |
894 |
|
Restricted cash, current |
|
- |
|
|
40 |
|
Inventory |
|
2,984 |
|
|
235 |
|
Prepaid expenses and other current assets |
|
2,921 |
|
|
3,503 |
|
Total current assets |
|
12,410 |
|
|
4,672 |
|
Deferred transaction costs |
|
- |
|
|
16,234 |
|
Other non-current assets |
|
3,507 |
|
|
3,368 |
|
Total assets |
$ |
15,917 |
|
$ |
24,274 |
|
Liabilities, Convertible Preferred Stock and Stockholders’ Deficit: |
|
|
||||
Current liabilities: |
|
|
||||
Accounts payable |
$ |
378 |
|
$ |
1,792 |
|
Accrued expenses and other current liabilities |
|
2,545 |
|
|
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 |
|
5,848 |
|
|
27,290 |
|
Operating lease liabilities, non-current |
|
- |
|
|
2,093 |
|
Long-term debt, non-current |
|
13,279 |
|
|
13,340 |
|
Public placement warrant liability |
|
889 |
|
|
- |
|
Related party private placement warrant liability |
|
464 |
|
|
- |
|
Convertible preferred stock warrant liability |
|
- |
|
|
203 |
|
Other non-current liabilities |
|
609 |
|
|
- |
|
Total liabilities |
|
21,089 |
|
|
42,926 |
|
Convertible preferred stock |
|
- |
|
|
93,889 |
|
Total stockholders’ deficit |
|
(5,172 |
) |
|
(112,541 |
) |
Total liabilities, convertible preferred stock, and stockholders’ deficit |
$ |
15,917 |
|
$ |
24,274 |
|
BOLT PROJECTS HOLDINGS, INC. |
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Condensed Consolidated Statements of Operations and Comprehensive Loss |
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(In Thousands, Except Per Share Data) |
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|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 (Revised)(1) |
||
|
(unaudited) |
|||||||||||
Revenue |
$ |
5 |
|
$ |
1,289 |
|
$ |
80 |
|
$ |
2,032 |
|
Cost of revenue |
|
5 |
|
|
1,254 |
|
|
155 |
|
|
3,698 |
|
Gross income (loss) |
|
— |
|
|
35 |
|
|
(75 |
) |
|
(1,666 |
) |
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
||||||||
Research and development |
|
3,476 |
|
|
844 |
|
|
4,860 |
|
|
9,077 |
|
Sales and marketing |
|
1,597 |
|
|
33 |
|
|
1,720 |
|
|
861 |
|
General and administrative |
|
15,133 |
|
|
4,039 |
|
|
28,431 |
|
|
12,832 |
|
Restructuring costs |
|
— |
|
|
243 |
|
|
— |
|
|
3,927 |
|
Total operating expenses |
|
20,206 |
|
|
5,159 |
|
|
35,011 |
|
|
26,697 |
|
Loss from operations |
|
(20,206 |
) |
|
(5,124 |
) |
|
(35,086 |
) |
|
(28,363 |
) |
|
|
|
|
|
||||||||
Total other income (expense), net |
|
26,598 |
|
|
(428 |
) |
|
(24,048 |
) |
|
(21,687 |
) |
Income (loss) before income taxes |
|
6,392 |
|
|
(5,552 |
) |
|
(59,134 |
) |
|
(50,050 |
) |
Income tax provision |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) |
$ |
6,392 |
|
$ |
(5,552 |
) |
$ |
(59,134 |
) |
$ |
(50,050 |
) |
|
|
|
|
|
||||||||
Other comprehensive income (loss): |
|
|
|
|
||||||||
Reporting currency translation |
|
71 |
|
|
26 |
|
|
98 |
|
|
22 |
|
Comprehensive income (loss) |
$ |
6,463 |
|
$ |
(5,526 |
) |
$ |
(59,036 |
) |
$ |
(50,028 |
) |
|
|
|
|
|
||||||||
Weighted-average common shares outstanding: |
|
|
|
|
||||||||
Basic |
|
19,908,205 |
|
|
3,087,760 |
|
|
9,788,196 |
|
|
3,087,760 |
|
Diluted |
|
19,935,348 |
|
|
3,087,760 |
|
|
9,788,196 |
|
|
3,087,760 |
|
Net income (loss) per share: |
|
|
|
|
||||||||
Basic |
$ |
0.32 |
|
$ |
(1.80 |
) |
$ |
(6.04 |
) |
$ |
(16.21 |
) |
Diluted |
$ |
0.32 |
|
$ |
(1.80 |
) |
$ |
(6.04 |
) |
$ |
(16.21 |
) |
(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 |
||||||||||||
BOLT PROJECTS HOLDINGS, INC. |
||||||||||||
Reconciliation of GAAP to Non-GAAP Measures |
||||||||||||
(In Thousands) |
||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 (Revised)(1) |
||
|
(unaudited) |
|||||||||||
GAAP net income (loss) |
$ |
6,392 |
|
$ |
(5,552 |
) |
$ |
(59,134 |
) |
$ |
(50,050 |
) |
Interest expense |
|
286 |
|
|
902 |
|
|
930 |
|
|
2,626 |
|
Depreciation |
|
1 |
|
|
— |
|
|
2 |
|
|
1,088 |
|
EBITDA |
|
6,679 |
|
|
(4,650 |
) |
|
(58,202 |
) |
|
(46,336 |
) |
Non-GAAP adjustments: |
|
|
|
|
||||||||
(Gain) loss on lease termination |
|
(2,013 |
) |
|
319 |
|
|
(2,013 |
) |
|
319 |
|
Lease, property and equipment impairment (2) |
|
— |
|
|
12 |
|
|
— |
|
|
21,567 |
|
Loss on extinguishment of convertible notes |
|
— |
|
|
— |
|
|
26,359 |
|
|
— |
|
Non-cash fair value remeasurements of convertible notes, warrant, and share-based liabilities (3) |
|
(24,419 |
) |
|
(126 |
) |
|
(569 |
) |
|
(126 |
) |
Bridge note issuance costs (4) |
|
2,043 |
|
|
— |
|
|
11,460 |
|
|
— |
|
Restructuring costs |
|
— |
|
|
243 |
|
|
— |
|
|
3,927 |
|
Stock-based compensation |
|
14,943 |
|
|
98 |
|
|
15,138 |
|
|
545 |
|
Adjusted EBITDA |
$ |
(2,766 |
) |
$ |
(4,104 |
) |
$ |
(7,826 |
) |
$ |
(20,104 |
) |
(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) Includes property and equipment impairment charges of
(3) Includes the following:
-
Remeasurement of public placement warrant liability of
( and related party private placement warrant liability of$24.3) million ( for both the three and nine months ended September 30, 2024, respectively,$12.7) million -
Remeasurement of share-based termination liability of
( and$0.3) million $1.0 million -
Remeasurement of related party convertible notes
( and$1.8) million $3.8 million -
Remeasurement of convertible notes of
$14.6 million $31.7 million -
Remeasurement of convertible preferred stock warrant liability of
( and$0.1) million $0.01 million $0.1 million
(4) Bridge Convertible Notes issuance costs of
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107315535/en/
For Bolt Projects Holdings Media Inquiries:
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Source: Bolt Projects Holdings, Inc.
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