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 -
The Company is announcing a 2026 revenue target of
$9.0 million - Our goal remains to achieve long-term, sustainable profitability through revenue growth, continued operational efficiencies and cost of goods sold reductions
“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
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
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
“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 $4.7 million -
In early 2025, Bolt further secured an expected
$1.5 million 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
Cost of Revenues. Cost of revenues for the fourth 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 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
Adjusted EBITDA. Adjusted EBITDA was approximately
Earnings per Share. Basic and diluted net loss per share was (
Financial Results for the Full Year 2024
Revenues. Revenues for the full year 2024 were approximately
Cost of Revenues. Cost of revenues for full year 2024 was approximately
Operating Expenses. Operating expenses were approximately
Operating Loss and Net Loss. Operating loss and net loss were approximately
Adjusted EBITDA. Adjusted EBITDA was approximately
Earnings per Share. Basic and diluted net loss per share was (
Financial Outlook
Bolt projects at least
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 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 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 |
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) Includes property and equipment impairment charges of zero and |
|
(3) Includes the following:
•Remeasurement of public placement warrant liability of
Remeasurement of related party private placement warrant liability of
•Remeasurement of share-based termination liability of zero and
•Remeasurement of related party convertible notes of zero and
•Remeasurement of convertible notes of zero and
•Remeasurement of convertible preferred stock warrant liability of zero and |
|
(4) Includes Bridge Convertible Notes issuance costs of zero and |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250318937585/en/
For Bolt Projects Holdings Media Inquiries:
press@boltthreads.com
For Bolt Projects Holdings Investor Inquiries:
investors@boltthreads.com
Source: Bolt Projects Holdings, Inc.
