Bolt Projects Holdings reported FY2024 revenue of $1.4 million, down 60% YoY, with a net loss of $65.4 million compared to $57.7 million in 2023. The decline primarily reflected decreased sales of b-silk products as the company strategically focused on its Vegan Silk Technology Platform. Gross loss improved to $0.1 million from $1.4 million in 2023 due to lower manufacturing costs.Operating expenses increased 25% to $41.5 million, driven by $18.2 million in stock-based compensation and $7.9 million in bridge note issuance costs. The company secured a new three-year supply agreement in October 2024 with minimum order quantities, while maintaining its manufacturing partnership with Laurus Bio. Research and development expenses decreased 35% to $6.2 million following discontinuation of Mylo production.As of December 31, 2024, Bolt had $3.5 million in cash and expressed substantial doubt about...Show More

Bolt Projects Holdings reported FY2024 revenue of $1.4 million, down 60% YoY, with a net loss of $65.4 million compared to $57.7 million in 2023. The decline primarily reflected decreased sales of b-silk products as the company strategically focused on its Vegan Silk Technology Platform. Gross loss improved to $0.1 million from $1.4 million in 2023 due to lower manufacturing costs.Operating expenses increased 25% to $41.5 million, driven by $18.2 million in stock-based compensation and $7.9 million in bridge note issuance costs. The company secured a new three-year supply agreement in October 2024 with minimum order quantities, while maintaining its manufacturing partnership with Laurus Bio. Research and development expenses decreased 35% to $6.2 million following discontinuation of Mylo production.As of December 31, 2024, Bolt had $3.5 million in cash and expressed substantial doubt about its ability to continue as a going concern. The company is pursuing additional financing options, including a $1.5 million common stock purchase agreement with Triton Funds and a settlement agreement with Golden Arrow Sponsor regarding excise tax liability. Management continues to focus on commercializing its Vegan Silk Technology Platform while seeking strategic alternatives to strengthen its financial position.