Bolt Projects Holdings Reports 2,225% Revenue Growth to $1.3 Million, Net Loss Reduced by 84%

Bolt Projects Holdings, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated revenue of $1.3 million for the quarter, a substantial increase of 2,225% compared to $56,000 in the same period last year. This growth was primarily driven by increased sales from its Vegan Silk Technology Platform, including a three-year supply agreement with a customer that commenced in October 2024. The cost of revenue also rose sharply to $1.2 million, up from $85,000, reflecting the increased sales volume.

Despite the rise in revenue, the company reported a net loss of $4.6 million for the quarter, a significant reduction from a net loss of $58.9 million in the prior year, marking an 84% improvement. The decrease in losses was attributed to a reduction in operating expenses, which fell to $4.9 million from $9.6 million, largely due to lower general and administrative costs. The company’s accumulated deficit as of June 30, 2025, stood at $472.3 million, with total liabilities amounting to $22.0 million.

In terms of operational metrics, Bolt Projects Holdings had 2,061,779 shares of common stock outstanding as of June 30, 2025, following a reverse stock split executed on April 21, 2025. The company also reported a cash balance of $974,000, down from $3.5 million at the end of 2024, indicating a need for additional capital to support ongoing operations and product development. The company is currently exploring various financing options, including public or private equity offerings and debt financing, to address its liquidity needs.

Strategically, the company has focused on its Vegan Silk Technology Platform, which has been the primary source of revenue. The management has indicated that they will continue to invest in research and development to enhance product offerings and market presence. However, the company faces challenges, including reliance on a single manufacturing partner and the need to expand its customer base to achieve sustainable growth. The outlook remains cautious, with management acknowledging substantial doubt about the company's ability to continue as a going concern without securing additional financing.

Looking ahead, Bolt Projects Holdings is actively working to improve its financial position and operational efficiency. The company has engaged consultants to enhance its accounting and financial reporting capabilities and is focused on remediating identified weaknesses in its internal controls. The management is optimistic about future growth opportunities but recognizes the inherent risks associated with its current business model and market conditions.