Bolt Projects Holdings Reports Q1 2025 Financial Results

   -- In the first quarter of 2025, Vegan Silk Technology Platform revenues 
      grew nine-fold year-over-year to $0.2 million, with gross margins at 
      breakeven despite shipping only modest amounts in the period 
 
   -- For full year 2025, Vegan Silk Technology Platform revenues are projected 
      to reach at least $4.5 million, supported by multi-year supply agreements 
      and customer expansion 
 
   -- For full year 2026, Vegan Silk Technology Platform revenues are projected 
      to reach at least $9.0 million, reflecting a growing customer base and 
      successful product adoption 
 
   -- Bolt's goal remains to achieve long-term, sustainable profitability 
      through revenue growth, operational efficiencies, and cost of goods sold 
      reductions 
BERKELEY, Calif.--(BUSINESS WIRE)--May 12, 2025-- 

Bolt Projects Holdings, Inc. ("Bolt," "Bolt Projects" or the "Company") (Nasdaq: BSLK), which develops and produces innovative biomaterials for the beauty and personal care industry, reported its financial results for the first quarter ended March 31, 2025 and provided a business update.

"We saw strong repeat order volume from existing customers coupled with continued growth in our sales pipeline. This combination will aid us in achieving our goal of becoming free cash flow positive," said Dan Widmaier, Bolt Projects Chairman and CEO. "We continue to be optimistic about the future of the Vegan Silk Technology Platform, which is designed to provide both customers and consumers with sustainable, high-performance alternatives in the beauty and personal care market."

Market Traction

Since Bolt last reported financial results, the Company has seen both meaningful new customer wins as well as strong initial reorders from recent launches over the past year. Bolt added two new customers in high-impact skincare and haircare segments; both leveraged Bolt's Vegan Silk$(TM)$ Technology Platform to power new functional product innovation. In parallel, continued success from recent launches led to first-quarter reorders, signaling strong early market adoption and product validation.

   -- BF Brands launched Mderm + Silk moisturizer in the first quarter of 2025. 
      Mderm was formulated by board-certified dermatologist Dr. Nancy Franklin. 
      Franklin saw a need for a moisturizer that offered compelling performance 
      while at the same time avoiding petroleum products, hormone disruptors or 
      harmful chemicals and believed Bolt's Vegan Silk Technology Platform 
      offered the right solution. 
 
   -- Bolt added another disruptive, independent ("indie") brand to its 
      haircare customers as well in the quarter with a product launch scheduled 
      for early in 2026. While both the company and the product will be 
      announced when they debut, this offering expands Bolt's coverage in the 
      haircare segment into scalp health and a new dispensing system (aerosol). 

"The pipeline continues to mature, setting Bolt up for strong revenue growth expected in 2026 and beyond," said Bolt President Cintia Nardi. "Customer needs, consumer preference and regulatory pressures all mitigate against silicones and other pervasive materials, improving demand for high-performance, sustainable alternatives. We believe customers see biotech as the solution to these problems, positioning Bolt to capture meaningful market share in the years ahead."

In addition, Bolt saw reorders from all product launches in the past twelve months, including Freaks of Nature's(TM) Daily Defender SPF30 and Peak Performance SPF50 and Haus Labs' B Structural Volumizing + Lengthening Mascara. Notably, strong early demand for Goddess Maintenance Company's Biotech Blowout(TM) Leave-In Restorative Hair Mask has led to validate the reordering volumes for 2025 after their successful Launch at the beginning of April 2025.

"The three main launches over the past year have met market expectations and are performing as anticipated," said Nardi. "Even more promising, reorders for these new offerings are tracking at the high end of our projected range for the year. As launches continue to drive repeat demand in the consumable beauty and personal care space, we're confident this momentum will translate into continued business growth alongside our customers' success."

Operational Scalability & Supply Chain

Bolt is fully prepared to scale production in 2025 to meet rising customer demand. The current supply chain is built for volume, flexibility, and resilience and is capable of supporting more than ten times 2024's output, while maintaining cost-effectiveness and reliability. With tariff uncertainty top of mind, Bolt's global supply architecture has been intentionally designed for flexibility, including geographic optionality. Further, management continues to expect double-digit reductions in cost of manufacturing per kilogram, aligned with volume growth and ongoing process optimization.

"Delivering better pricing to our customers over time as we capture volume benefits is a key assumption of Bolt's business model," said Widmaier. "We expect to balance delivering appropriately competitive prices with increasing gross margins, working toward our long-term gross margin target of 60% over time. This strategy allows us to deliver shareholders and consumers, while achieving our mission: 'Way Better Materials for a Way Better World'."

"Success in the beauty and personal care industry depends on the ability to deliver products where and when customers need them," continued Widmaier. "Bolt's production and supply chain strategy is built with scalability, cost optimization, and long-term tariff resilience in mind."

We believe we are well-positioned to serve global customers reliably while achieving our target margins," said Nardi, "we remain focused on achieving the profitability we believe is possible - building on the strength of our platforms, our partnerships, and our performance."

Research and Development

Research and Development is at the heart of Bolt's competitive advantage. Bolt continues to expand its intellectual property portfolio, which grew by 7 granted patents in the first quarter of 2025 to reach 75 total granted patents, and 114 pending applications. Bolt continues to file new patents, particularly in Beauty and Personal Care, reinforcing Bolt's commitment to innovation and market leadership.

"We continue to diligently work to expand the Vegan Silk Technology Platform in ways that offer our customers more compelling products," said David Breslauer, Chief Product and Technology Officer of Bolt Projects. "The power of Bolt's biotech-based business model is that we can create proprietary molecules that enhance performance claims while meeting regulatory challenges and evolving consumer preferences. We partner with brands on exclusive biotech development to support their growth, empowering 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, the first quarter of 2025 saw a number of important developments for Bolt.

   -- On February 13, 2025, Bolt entered into a common stock purchase agreement 
      with Triton. On March 31, 2025 the Company issued 342,842 shares of 
      common stock subject to payment from Triton. The Company recorded an 
      estimate of $1.3 million to additional paid-in capital within 
      stockholders' equity for the proceeds pending. 
 
   -- Subsequent to an affirmative shareholder vote at a special meeting 
      convened on April 9, Bolt completed a 20-to-1 reverse stock split on 
      April 22, 2025. 

Financial Results for the First Quarter Ended March 31, 2025

Revenues. Revenues for the first quarter of 2025 were approximately $171 thousand compared to revenues of $19 thousand in the first quarter of 2024. Revenues in the first quarter of 2025 were primarily related to ongoing shipments to support Bolt's strategic partnership with Goddess Maintenance Company and reorders from last year's launches.

Cost of Revenues. Cost of revenues for the first quarter of 2025 was approximately $172 thousand with a break-even gross margin, compared to cost of revenues of $65 thousand for the first quarter of 2024 with a negative gross margin, primarily due to an adjustment to the carrying cost of inventory in the first quarter of 2024.

Operating Expenses. Operating expenses were approximately $5.4 million in the first quarter of 2025 compared to operating expenses of $5.2 million in the first quarter of 2024. The Company saw higher spending overall in operations, excluding bridge note issuance costs and stock-based compensation expense, to support growth of the business.

   -- In research and development, increases were driven by the delivery of a 
      new material (xl-silk(TM)) and new substantiated cosmetic active claims 
      for b-silk(TM). 
 
   -- In sales and marketing, increases were driven primarily by personnel and 
      branding costs as Bolt expanded its marketing efforts and participation 
      on industry digital platforms and trade shows. 
 
   -- In general and administrative, the increase was primarily due to higher 
      costs for Bolt as a public company. 

Operating Loss and Net Loss. Operating loss and net loss were approximately $5.4 million and $6.0 million, respectively, for the first quarter of 2025, compared to operating loss and net loss of $5.3 million and $6.6 million, respectively, for the first quarter of 2024. While operating loss was roughly flat year over year, net loss in the first quarter of 2025 decreased comparatively due to decreased remeasurement losses on the Bolt's shared-based liabilities in the first quarter of 2024.

Adjusted EBITDA. Adjusted EBITDA was approximately ($3.1) million in the first quarter of 2025, compared to ($2.5) million for the first quarter of 2024.

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