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Bolt Projects Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $5,000 from $1,289,000 in the same quarter the previous year. This decrease is attributed to reduced sales of the company's b-silk product.
Cost of revenue for the quarter was $5,000, consistent with the revenue, compared to $1,254,000 in the same quarter of the previous year.
The company reported a gross profit of $0 for the quarter, compared to $35,000 in the previous year, reflecting the decline in sales.
Research and development expenses increased to $3,476,000 from $844,000, primarily due to stock-based compensation expenses related to the completion of the Merger transaction.
Sales and marketing expenses increased significantly to $1,597,000 from $33,000, also due to stock-based compensation expenses.
General and administrative expenses increased to $15,133,000 from $4,039,000, driven by stock-based compensation and costs associated with the Merger.
The company recorded a net income of $6,392,000 for the quarter, compared to a net loss of $5,552,000 in the previous year. This change is largely due to gains from remeasurement of warrant liabilities and convertible notes.
Cash used in operating activities was $13,363,000, while cash provided by financing activities was $18,949,000, primarily from proceeds related to the Merger and PIPE financing.
Bolt Projects Holdings, Inc. acknowledges its dependence on additional capital to support its operations and product development, and highlights the uncertainties regarding its ability to continue as a going concern.
The filing also details various financial agreements, including amendments to the Ginkgo Note Purchase Agreement and the issuance of convertible notes to PIPE Subscribers.
Bolt Projects Holdings, Inc. continues to focus on the commercialization of its Vegan Silk Technology Platform and b-silk product, while addressing the challenges of market acceptance and production scalability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bolt Projects Holdings Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.