Bolt Projects Holdings Reports Q2 2025 Financial Results
-
Bolt’s second quarter 2025 Vegan Silk Technology Platform revenues grew twenty-three-fold year-over-year to
$1.3 million , driven by growing commercial momentum. -
The Company delivered positive gross profit ahead of its internal estimate and is initiating gross profit guidance of
$0.5 million for 2025 and$1.0 million for 2026. -
Full year revenue guidance for 2025 and 2026 remain unchanged at
$4.5 million and$9.0 million , respectively. -
Bolt has entered into a non-binding term sheet to secure up to
$20 million of financing in preferred stock and an equity line of credit fromAscent Partners to be drawn in tranches, subject to stock price, trading volume requirements and shareholder approval. - The Company’s strategic focus remains to generate long-term, sustainable profitability through revenue growth, operational efficiencies and cost of goods sold reductions.
“Demand for Vegan Silk™ continues to grow, resulting in positive gross margins a quarter ahead of estimate,” said
Market Traction
Bolt continued to win new customers and expand relationships with existing ones in the second quarter. Notably, it secured its first brand partner from one of the seven major beauty conglomerates that control over 70% of industry revenue.
At the same time, Bolt has continued to deliver for existing customers, supporting the launch of Goddess Maintenance Company’s “Restorative Leave-In Hair Mask” formulated with the “Goddess Molecule” – a proprietary, bioengineered vegan silk molecule exclusive to Bolt.
- A global skincare brand owned by one of the top seven beauty conglomerates plans to launch its first product featuring Bolt’s Vegan Silk™ in 2026, with additional products in development. Known for its clinical-grade, transparent formulations, the brand chose Bolt’s platform to support key performance and sustainability claims.
-
Bolt’s innovative partner,
Goddess Maintenance Company , launched a product specifically created for leave-in hair treatments. This advanced technology marks a major advancement in sustainable beauty, offering eco-conscious consumers high-performance care without compromise. Designed for all hair types, the Restorative Leave-In Hair Mask is formulated for use with every client in professional settings and as a go-to treatment every time someone washes their hair at home. Since its launch inApril 2025 , Goddess has been expanding international distribution, with plans to reach over 100+ markets byOctober 2025 . This exceptional growth reflects the rising demand for environmentally responsible and scientifically-driven beauty solutions.
“Quarter by quarter, we’re building momentum for strong growth in 2026 and beyond,” said President
“Momentum with both indie brands and major global players gives us confidence in Bolt’s long-term commercial potential,” said Nardi. “Breaking into the top seven for the first time is a major milestone.”
“We believe innovations like the ‘Goddess Molecule’ show the power of our platform to deliver differentiated, scalable solutions,” added CEO
Operational Scalability & Supply Chain
Bolt has continued to scale production in 2025 to meet rising demand. Through process optimization with its manufacturing partner, the Company is reducing costs and expanding gross margins. These improvements support Bolt’s goal of lowering per-kilogram manufacturing costs throughout the year.
“With our first anniversary as a public company approaching, we’re adding gross profit to our investor guidance,” said President
“Lower costs and stronger margins have allowed us to offer sustainable, competitive pricing,” added
Research and Development
Research and Development remains central to Bolt’s progress. In Q2 2025, the Company added 5 new patents, bringing its total to 77 granted and 118 pending as of
“Bolt’s Vegan Silk Platform is already delivering commercial success stories like the ‘Goddess Molecule,’” said
Corporate Milestones
Beyond product progress, Bolt achieved several key corporate developments since Q1 2025.
-
On
June 27, 2025 , Bolt entered into a non-binding term sheet withAscent Partners LLC for up to$20 million of financing in preferred stock and an equity line of credit in shares of common stock with funding in multiple tranches, with the first tranche planned forSeptember 2025 , subject to stock price and trading volume requirements. The facility is expected to close inAugust 2025 , subject to shareholder approval at the annual meeting. -
On
July 11, 2025 , Bolt announced the appointment of two new members to its Board of Directors, effectiveJuly 11, 2025 .Gail Zauder , an experienced executive with substantial experience in public company governance and financial risk oversight, andLorne Lucree , a recognized leader in beauty innovation, product development, and research and development, join the Board as independent directors. Their diverse expertise will further strengthen Bolt’s governance and support its strategic growth initiatives. -
On
August 1, 2025 , Bolt reached an agreement withSouthern Point Capital to convert$1.7 million in vendor payables to equity, subject to court approval and shareholder approval at the annual meeting.
Financial Results for the second Quarter Ended
Revenues.
Revenues for Q2 2025 were approximately
Cost of Revenues.
Cost of revenues was approximately
Operating Expenses.
Operating expenses were approximately
- Research & Development. Decreases were driven by lower consulting costs partially offset by higher personnel costs to support the delivery of a new material (xl-silk™) and new substantiated cosmetic active claims for b-silk™.
- Sales & Marketing. Increases were driven by personnel and expanded brand activity, including trade shows and digital platforms.
- General & Administration. Higher costs, excluding bridge note issuance costs and stock-based compensation, reflect Bolt’s ongoing public company obligations.
Bolt continues to manage operating expenses to reduce cash burn and to achieve positive free cash flow.
Loss from Operations and Net Loss.
Loss from operations was approximately
Adjusted EBITDA.
Adjusted EBITDA was approximately
Net Loss per Share.
Basic and diluted net loss per share was (
Cash and Cash Equivalents.
As of
Based on our current operating plan and forecasted cash requirements, management believes Bolt’s existing cash resources will be sufficient to fund planned operations until the anticipated financing activities are completed in the third quarter of 2025. There is no assurance that these financing activities will be consummated.
Financial Outlook
Bolt projects:
-
Revenues of at least
$4.5 million in 2025 and at least$9.0 million in 2026 -
Gross profit of
$0.5 million in 2025 and$1.0 million in 2026
Nasdaq Listing Status
On
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of 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: the Company’s financial outlook and financial guidance; expected cash runway; growth objectives; planned operational efficiencies and cost reductions; expected product launches; market potential and market adoption; business strategy; and plans and objectives of management for future operations; stockholder approval, or court approval, as applicable for, or consummation of the transactions with
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: 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
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 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 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, Adjusted EBITDA, and free cash flow 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. 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, 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. The Company defines free cash flow as net cash provided by (used in) operating activities less payments for capital expenditures.
EBITDA, Adjusted EBITDA, and free cash flow 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, Adjusted EBITDA, and free cash flow (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
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Condensed Consolidated Balance Sheets |
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(In Thousands) |
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|
2025 (unaudited) |
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||||
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|
|
|
||||
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Assets: |
|
|
||||
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Current assets: |
|
|
||||
|
Cash and cash equivalents |
$ |
974 |
|
$ |
3,512 |
|
|
Accounts receivable |
|
697 |
|
|
870 |
|
|
Inventory |
|
346 |
|
|
1,760 |
|
|
Prepaid expenses and other current assets |
|
1,167 |
|
|
2,593 |
|
|
Total current assets |
|
3,184 |
|
|
8,735 |
|
|
Property and equipment, net |
|
32 |
|
|
21 |
|
|
Deferred transaction costs |
|
139 |
|
|
- |
|
|
Other non-current assets |
|
3,456 |
|
|
3,474 |
|
|
Total assets |
$ |
6,811 |
|
$ |
12,230 |
|
|
Liabilities and Stockholders’ Deficit: |
|
|
||||
|
Current liabilities: |
|
|
||||
|
Accounts payable |
$ |
2,466 |
|
$ |
413 |
|
|
Accrued expenses and other current liabilities |
|
3,321 |
|
|
3,499 |
|
|
Excise tax payable |
|
2,925 |
|
|
2,925 |
|
|
Total current liabilities |
|
8,712 |
|
|
6,837 |
|
|
Long-term debt, non-current |
|
13,009 |
|
|
13,186 |
|
|
Public placement warrant liability |
|
5 |
|
|
267 |
|
|
Related party private placement warrant liability |
|
245 |
|
|
133 |
|
|
Other non-current liabilities |
|
- |
|
|
417 |
|
|
Total liabilities |
|
21,971 |
|
|
20,840 |
|
|
Total stockholders’ deficit |
|
(15,160 |
) |
|
(8,610 |
) |
|
Total liabilities and stockholders’ deficit |
$ |
6,811 |
|
$ |
12,230 |
|
|
|
|||||||||||||||
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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
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Six Months Ended
|
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|
|
2025 |
|
|
2024 |
|
|
2025 |
|
2024 Revised (1) |
|||||
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|
(unaudited) |
(unaudited) |
|||||||||||||
|
Revenue |
$ |
1,302 |
|
$ |
56 |
|
$ |
1,473 |
|
$ |
75 |
|
|||
|
Cost of revenue |
|
1,240 |
|
|
85 |
|
|
1,412 |
|
|
150 |
|
|||
|
Gross income (loss) |
|
62 |
|
|
(29 |
) |
|
61 |
|
|
(75 |
) |
|||
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|
|
|
|
|
|||||||||||
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Operating expenses: |
|
|
|
|
|||||||||||
|
Research and development |
|
690 |
|
|
971 |
|
|
1,615 |
|
|
1,384 |
|
|||
|
Sales and marketing |
|
183 |
|
|
62 |
|
|
303 |
|
|
123 |
|
|||
|
General and administrative |
|
4,006 |
|
|
8,546 |
|
|
8,360 |
|
|
13,298 |
|
|||
|
Total operating expenses |
|
4,879 |
|
|
9,579 |
|
|
10,278 |
|
|
14,805 |
|
|||
|
Loss from operations |
|
(4,817 |
) |
|
(9,608 |
) |
|
(10,217 |
) |
|
(14,880 |
) |
|||
|
|
|
|
|
|
|||||||||||
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Total other income (expense), net |
|
234 |
|
|
(49,324 |
) |
|
(325 |
) |
|
(50,646 |
) |
|||
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Loss before income taxes |
|
(4,583 |
) |
|
(58,932 |
) |
|
(10,542 |
) |
|
(65,526 |
) |
|||
|
Income tax provision |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||
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Net loss |
$ |
(4,583 |
) |
$ |
(58,932 |
) |
$ |
(10,542 |
) |
$ |
(65,526 |
) |
|||
|
|
|
|
|
|
|||||||||||
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Other comprehensive loss: |
|
|
|
|
|||||||||||
|
Reporting currency translation |
|
5 |
|
|
4 |
|
|
7 |
|
|
27 |
|
|||
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Comprehensive loss |
$ |
(4,578 |
) |
$ |
(58,928 |
) |
$ |
(10,535 |
) |
$ |
(65,499 |
) |
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|
|
|
|
|
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Weighted-average common shares outstanding, basic and diluted |
|
2,079,609 |
|
|
233,660 |
|
|
1,905,837 |
|
|
233,660 |
|
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Net loss per share, basic and diluted |
$ |
(2.20 |
) |
$ |
(252.21 |
) |
$ |
(5.53 |
) |
$ |
(280.43 |
) |
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(1) Certain expenses previously recorded as research and development were related to activities that should be recorded as general and administrative. As a result, management has corrected this error by reducing research and development expense by |
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|
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Selected Cash Flow Information |
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(In Thousands) |
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|
Six Months Ended
|
|||||
|
|
|
2025 |
|
|
2024 |
|
|
|
(unaudited) |
|||||
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Net cash used in operating activities |
$ |
(2,856 |
) |
$ |
(7,362 |
) |
|
Net cash used in investing activities |
|
(12 |
) |
|
(13 |
) |
|
Net cash provided by financing activities |
|
330 |
|
|
16,300 |
|
|
Effect of exchange rates on cash and cash equivalents |
|
— |
|
|
(47 |
) |
|
Net change in cash and cash equivalents |
|
(2,538 |
) |
|
8,878 |
|
|
Cash and cash equivalents at beginning of period |
|
3,512 |
|
|
934 |
|
|
Cash and cash equivalents at end of the period |
$ |
974 |
|
$ |
9,812 |
|
|
|
|||||||||||||||
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Reconciliation of GAAP to Non-GAAP Measures |
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(In Thousands) |
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|
Three Months Ended
|
Six Months Ended
|
|||||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
2024 Revised (1) |
|||||
|
|
(unaudited) |
(unaudited) |
|||||||||||||
|
GAAP net loss |
$ |
(4,583 |
) |
$ |
(58,932 |
) |
$ |
(10,542 |
) |
$ |
(65,526 |
) |
|||
|
Interest expense |
|
314 |
|
|
357 |
|
|
635 |
|
|
644 |
|
|||
|
Depreciation |
|
- |
|
|
1 |
|
|
1 |
|
|
1 |
|
|||
|
EBITDA |
|
(4,269 |
) |
|
(58,574 |
) |
|
(9,906 |
) |
|
(64,881 |
) |
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Non-GAAP adjustments: |
|
|
|
|
|||||||||||
|
Non-cash fair value remeasurements of convertible notes, warrant, and share-based liabilities (2) |
|
(577 |
) |
|
22,598 |
|
|
(150 |
) |
|
23,850 |
|
|||
|
Loss on extinguishment of convertible notes |
|
— |
|
|
26,359 |
|
|
— |
|
|
26,359 |
|
|||
|
Bridge note issuance costs (3) |
|
— |
|
|
6,935 |
|
|
— |
|
|
9,417 |
|
|||
|
Stock-based compensation |
|
1,563 |
|
|
97 |
|
|
3,694 |
|
|
195 |
|
|||
|
Adjusted EBITDA |
$ |
(3,283 |
) |
$ |
(2,584 |
) |
$ |
(6,362 |
) |
$ |
(5,060 |
) |
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(1) Certain expenses previously recorded as research and development were related to activities that should be recorded as general and administrative. As a result, management has corrected this error by reducing research and development expense by |
|
(2) Includes the following:
•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 public placement warrant liability of
•Remeasurement of related party private placement warrant liability of |
|
(3) Includes Bridge Convertible Notes issuance costs of zero and |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250812355182/en/
For Bolt Projects Holdings Media Inquiries:
press@boltthreads.com
For Bolt Projects Holdings Investor Inquiries:
investors@boltthreads.com
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