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Bolt Projects Holdings Inc. (BSLK-1.13%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on its Vegan Silk Technology Platform, which includes products like b-silk and xl-silk, used as biodegradable alternatives to silicone elastomers in the beauty industry.
For the year ended December 31, 2024, Bolt reported revenue of $1.4 million, a decrease from $3.4 million in 2023, attributed to decreased sales of its Vegan Silk Technology Platform products.
Cost of revenue was $1.5 million, down from $4.8 million in the prior year, reflecting reduced biomanufacturing costs.
The company reported a gross loss of $93,000, compared to a gross loss of $1.4 million in 2023, due to decreased costs.
Operating expenses totaled $41.5 million, up from $33.2 million in 2023, driven by an increase in general and administrative expenses following the Merger.
Research and development expenses decreased to $6.2 million from $9.6 million, following the discontinuation of the Mylo product line.
General and administrative expenses rose to $33.3 million from $18.8 million, largely due to stock-based compensation related to the Merger.
The company recorded a net loss of $65.4 million for the year, compared to a net loss of $57.7 million in 2023.
Bolt Projects Holdings Inc. noted substantial doubt about its ability to continue as a going concern, citing the need for additional capital to support its operations.
The filing also details the company's efforts to manage liquidity, including entering into agreements for potential equity offerings and restructuring its current obligations.
The company has been notified by Nasdaq regarding non-compliance with certain listing requirements and is working to regain compliance.
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. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.