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BSLK

Bolt Projects Holdings, Inc.

BSLK

Bolt Projects Holdings, Inc. • NASDAQ
$2.09 ▼ -3.69% (-0.08)
Market Cap $4.32 M
52w High $25.00
52w Low $1.44
Dividend Yield 0%
P/E 0.07
Volume 45.91K
Outstanding Shares 2.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $370K ▼ $4.42M ▼ $-7.478M ▼ -2.021K% ▼ $-2.7 ▼ $-7.156M ▼
Q2-2025 $1.302M ▲ $4.879M ▼ $-4.583M ▲ -351.997% ▲ $-2.2 ▲ $-4.269M ▲
Q1-2025 $171K ▼ $5.399M ▼ $-5.959M ▲ -3.485K% ▼ $-3 ▲ $-5.637M ▲
Q4-2024 $1.293M ▲ $6.504M ▼ $-6.259M ▼ -484.068% ▼ $-3.72 ▼ $-5.685M ▼
Q3-2024 $5K $20.206M $6.392M 127.84K% $6.42 $6.68M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.745M ▲ $11.133M ▲ $23.88M ▲ $-12.747M ▲
Q2-2025 $1.008M ▲ $6.811M ▼ $21.971M ▲ $-15.16M ▼
Q1-2025 $984K ▼ $8.76M ▼ $21.196M ▲ $-12.436M ▼
Q4-2024 $3.512M ▼ $12.23M ▼ $20.84M ▼ $-8.61M ▼
Q3-2024 $6.505M $15.917M $21.089M $-5.172M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.478M ▼ $301K ▲ $-1K ▼ $3.471M ▲ $3.771M ▲ $300K ▲
Q2-2025 $-4.583M ▲ $-389K ▲ $2K ▲ $377K ▲ $-10K ▲ $-387K ▲
Q1-2025 $-5.959M ▲ $-2.467M ▲ $-14K ▼ $-47K ▲ $-2.528M ▲ $-2.481M ▲
Q4-2024 $-6.259M ▼ $-2.784M ▲ $0 ▼ $-139K ▼ $-2.993M ▼ $-2.784M ▲
Q3-2024 $6.392M $-12.483M $6.352K $18.317M $6.505M $-12.506M

Five-Year Company Overview

Income Statement

Income Statement The income statement shows an ultra-early-stage or shell-like company: no meaningful revenue and only ongoing expenses. Losses are small in absolute dollars but have persisted every year, driven mainly by operating costs rather than any clear business scale yet. The very large swings in per‑share loss are mostly a function of share count changes and do not reflect a big underlying business. Overall, this is a company still in the spending phase, not yet in an earning phase. One important nuance: the narrative about growing sales in beauty suggests the business model may be shifting from a shell structure to an operating biomaterials company. The historical numbers, however, still look like a pre-revenue or very early-revenue profile, so any improvement in sales or margins is not yet visible in this data set.

Balance Sheet

Balance Sheet The balance sheet is thin and fragile. The company has only a very small asset base, limited cash, and a noticeable amount of liabilities relative to its size. Shareholders’ equity is negative, which usually means past losses have more than wiped out the original capital. That combination points to financial vulnerability and a reliance on external funding to keep operating. In practical terms, the business does not yet have the financial cushion or asset depth you’d see in a more mature operating company. If the biomaterials strategy scales successfully, the balance sheet would likely need to be strengthened over time through new capital, better earnings, or both.

Cash Flow

Cash Flow Cash flow is consistently negative from operations, which is typical for a development‑stage company with minimal revenue. The company spends cash to run the business and support its platform but does not yet bring in enough cash from customers to offset that. Investment spending is modest, so the cash burn seems driven mainly by operating costs rather than heavy capital projects. This pattern means the company is dependent on outside sources of cash—equity, debt, or partners—to fund its activities. Until operating cash flow turns positive, liquidity and access to capital remain key risks to watch.

Competitive Edge

Competitive Edge On the business side, the company’s positioning is more attractive than its current financials suggest. It is focused on a clear niche in sustainable beauty ingredients, with its vegan silk platform offering a differentiated alternative to traditional silicones. The combination of eco‑friendly branding, performance benefits, and clean‑beauty appeal gives it a story that aligns well with strong consumer trends. A sizable patent portfolio and collaboration with recognized beauty brands add credibility and create some barriers to entry. Those partnerships also help validate the technology and can accelerate market acceptance. However, this is still a small player in a market with larger, well‑funded ingredient and materials companies. Execution risk, scale‑up risk, and customer concentration are important competitive challenges at this stage.

Innovation and R&D

Innovation and R&D Innovation is the clear strength. The company has built a proprietary vegan silk technology that can be tuned for different functions, supported by dozens of granted and pending patents. This suggests a deliberate effort to lock in intellectual property and protect its edge as the market for clean and sustainable ingredients grows. Management appears focused on making the technology commercially viable: cutting production costs, improving margins, and expanding manufacturing capacity through partners. There is also a pipeline of other biomaterials beyond the initial vegan silk ingredients, which could broaden the opportunity if they reach the market. The flip side is that this R&D‑heavy model requires ongoing investment before full payoffs are visible, adding to financial pressure in the near term.

Summary

Overall, there is a sharp contrast between the company’s current financial profile and its strategic ambition. Financially, it still looks like a very early‑stage or shell‑transition business: no visible revenue in the historical data, ongoing losses, negative equity, and dependence on external funding. That creates clear balance‑sheet and cash‑flow risk. Strategically, the company is trying to build a real operating business around a distinctive biomaterials platform in a growing niche, backed by patents and brand partnerships. If it can scale production, deepen customer relationships, and translate innovation into sustained revenue, the financial picture could change meaningfully over time. Until then, the story is high on technology and potential, but the numbers still reflect an early, fragile phase with considerable uncertainty.

NEWS

November 12, 2025 · 4:05 PM UTC

Bolt Projects Holdings Reports Q3 2025 Financial Results

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October 21, 2025 · 4:15 PM UTC

Bolt Projects Holdings Announces Preliminary Third Quarter Results and Updates Fiscal 2025 Guidance

Read more