BERKELEY, Calif.–(BUSINESS WIRE<\/a>)– \n\u201cBolt continues to make excellent progress in its efforts to deliver more sustainable, high-performance alternatives in the beauty and personal care market,\u201d said Dan Widmaier, Bolt Projects Chairman and CEO. \u201cWe saw substantial progress with our Vegan Silk Technology Platform, building on the demand for our commercially ready b-silkTM<\/sup> offering. Customers closed in 2025 will further drive us to our goal of becoming free cash flow positive.\u201d1<\/sup><\/p>\n 1<\/sup> This is a non-GAAP metric. See \u201cNon-GAAP Financial Measures\u201d section below.\n<\/p>\n Market Traction<\/b><\/p>\n \nSince Bolt last reported financial results, the Company has benefited from two major customer launches. The first was the formal launch of Haus Labs\u2019 B Structural Volumizing + Lengthening Mascara<\/b>. Referred to in the Company\u2019s third quarter release as \u201ca color cosmetics offerings,\u201d this product represents the first use of the Vegan Silk Technology Platform in the color cosmetics product category. After its early January 2025 launch, the product quickly became the top-selling mascara at beauty and personal care retailer Sephora, exceeding initial volume projections by four times.\n<\/p>\n \nSecond, Bolt announced a strategic partnership with Goddess Maintenance Company<\/b>, an innovative beauty brand founded by entrepreneurs Lauren Vesler and Manda Mason, alongside haircare industry disruptors Edward Connaghan and Denise Russell. Also mentioned in the Company\u2019s third quarter release, Goddess\u2019 products will be supported by a $4.0M annual minimum supply contract from Bolt. Goddess\u2019s first product launch is expected to debut in 1,300+ locations in the United States and Canada. Further details about the product and its target market will be available after its official launch in the second quarter of 2025.\n<\/p>\n \nLastly, Bolt is working with leading and well recognized contract manufacturers to integrate biotech materials as a key differentiator in their innovation offerings. Bolt was proud to be featured in MANA Products innovation display at Make-Up in Los Angeles (MULA) in February 2025. MANA Products has introduced new color cosmetic products featuring \u201cPowered by Bolt\u201d Vegan Silk\u2122 technology, showcasing the material\u2019s versatility across multiple applications \u2013 from Mineral SPF Skin Tints<\/b> to Eyeshadow Pudding Pots<\/b>.\n<\/p>\n \nThese new offerings and partnerships build on Bolt\u2019s established base of brands using the Vegan Silk Technology Platform, which includes Freaks of Nature\u2019s\u2122 Daily Defender SPF30<\/b> and Peak Performance SPF50<\/b>, as well as Vegamour\u2019s GRO Revitalizing Shampoo and Conditioner<\/b>. Bolt anticipates continued progress in multiple beauty and personal care segments with established and indie (\u201cindependent\u201d) consumer brands throughout the year.\n<\/p>\n \nBolt is working with customers toward additional launches across multiple segments of the beauty and personal care industry throughout 2025. \u201cOverall, we are building a strong pipeline of business that we believe will deliver significant financial performance in the coming years,\u201d said President Cintia Nardi. “As regulatory pressures on silicones and other pervasive materials intensify, the demand for high-performance, sustainable alternatives continues to rise. Biotech is at the heart of the most viable solutions, and as pioneers in biotech for the Beauty and Personal Care industry, we feel we are well positioned to capture meaningful market share in the years ahead.”\n<\/p>\n Operational Scalability & Supply Chain Reliability<\/b><\/p>\n \nBolt produced more than 3,600 kilograms of vegan silk material at the lowest cost ever achieved in 2024, continuing its progress toward reducing the cost of manufacturing in the range of 50% year over year. Benefits of this success were passed through to customers in the form of lower prices, accelerating adoption and market penetration. Bolt achieved this while at the same time earning the EcoVadis Silver Medal, putting the Company in the top 15% of companies assessed globally for sustainability.\n<\/p>\n \n\u201cBolt has implemented a clear plan for cost optimization through process improvements, strategic procurement, and volume-driven savings,\u201d said Widmaier. \u201cAt the same time, we win when our product delivers on sustainability and our mission: \u2018Way Better Materials for a Way Better World\u2019<\/i>.\u201d\n<\/p>\n \n\u201cWe believe that biotech ingredients are essential to the future of clean and sustainable beauty. Our efforts are focused on scalability and cost optimization, ensuring we are positioned to achieve our target margins while expanding our market presence,\u201d said Nardi, \u201cpaving the way for profitability.\u201d\n<\/p>\n Research and Development Delivers<\/b><\/p>\n \nBolt continues to invest in Research and Development, expanding its intellectual property portfolio, which grew by 17 granted patents in 2024 to reach 68 total granted patents, and 166 pending applications as of the end of the year. In addition, Bolt continues to file new patents, particularly in the Beauty and Personal Care (BPC) space, reinforcing our commitment to innovation and market leadership.\n<\/p>\n \n“In 2024, we expanded the Vegan Silk Technology Platform by further advancing b-silk\u2122 and introducing xl-silk\u2122, both highly efficacious ingredients for the beauty and personal care industry,” said David Breslauer, Chief Technology Officer of Bolt Projects. “These proprietary molecules not only address key regulatory challenges and evolving consumer preferences, but also offer the flexibility to generate customized performance claims. By partnering with brands on exclusive biotech development, we empower them to create differentiated, high-impact formulations while reinforcing their commitment to environmental health and sustainability.”\n<\/p>\n Corporate Milestones<\/b><\/p>\n \nIn addition to the progress above for the Vegan Silk Technology Platform, 2024 saw a number of important developments for Bolt.\n<\/p>\n Financial Results for the Fourth Quarter Ended December 31, 2024<\/b><\/p>\n Revenues<\/i><\/b>. Revenues for the fourth quarter of 2024 were approximately $1.3 million compared to revenues of $1.4 million in the fourth quarter of 2023. Revenues were roughly flat year over year with fourth quarter revenues in 2024 primarily related to initial shipments to support Bolt\u2019s strategic partnership with Goddess Maintenance Company. Fourth quarter revenues in 2023 were primarily comprised of sales to Vegamour.\n<\/p>\n Cost of Revenues<\/i><\/b>. Cost of revenues for the fourth quarter of 2024 was approximately $1.3 million with a break-even gross margin, compared to cost of revenues of $1.1 million for the fourth quarter of 2023 with a gross margin of 19%. Cost of revenues increased slightly by $0.2 million for the three months ended December 31, 2024, compared to the three months ended December 31, 2023, primarily due to higher logistics costs.\n<\/p>\n Operating Expenses<\/i><\/b>. Operating expenses were approximately $6.5 million in both the fourth quarter of 2024 and 2023. The Company saw higher spending overall in operations, excluding bridge note issuance costs, to support growth of the business.\n<\/p>\n Operating Loss and Net Loss<\/i><\/b>. Operating loss and net loss were approximately $6.5 million and $6.3 million, respectively, for the fourth quarter of 2024, compared to operating loss and net loss of $6.3 million and $7.7 million, respectively, for the fourth quarter of 2023. While operating loss was roughly flat year over year, net loss in the fourth quarter of 2023 decreased comparatively due to decreased remeasurement losses on the Bolt\u2019s shared-based liabilities in the fourth quarter of 2023.\n<\/p>\n Adjusted EBITDA<\/i><\/b>. Adjusted EBITDA was approximately ($3.6) million in the fourth quarter of 2024, compared to ($0.2) million for the fourth quarter of 2023.\n<\/p>\n Earnings per Share<\/i><\/b>. Basic and diluted net loss per share was ($0.19) for the fourth quarter of 2024. Basic net income per share was $46.38 for the fourth quarter of 2023 and diluted net loss per share was ($2.13) for the fourth quarter of 2023. Basic net income per share was due to a gain on the extinguishment of convertible preferred stock recorded in the fourth quarter of 2023.\n<\/p>\n Financial Results for the Full Year 2024<\/b><\/p>\n Revenues<\/i><\/b>. Revenues for the full year 2024 were approximately $1.4 million compared to revenues of $3.4 million in 2023. Revenues in 2023 were primarily comprised of a multi-year b-silk delivery to Vegamour, which placed orders to build their inventory and in turn led to a significant increase in our revenue for 2023. The decrease in 2024 is primarily attributable to decreased sales of products from the Vegan Silk Technology Platform.\n<\/p>\n Cost of Revenues<\/i><\/b>. Cost of revenues for full year 2024 was approximately $1.5 million with a nearly break-even gross margin, compared to cost of revenues of $4.8 million in 2023 with a gross margin of (40%). Cost of revenues decreased relative to revenues in 2024 primarily due to an improvement in biomanufacturing costs in 2024.\n<\/p>\n Operating Expenses<\/i><\/b>. Operating expenses were approximately $41.5 million for the full year 2024 compared to operating expenses of $33.2 million in 2023. The Company saw higher operating expenses overall in 2024 compared to 2023, primarily due to costs related to the merger with Golden Arrow Merger Corp., offset by full year savings from the restructuring initiative undertaken in 2023 to focus on the Vegan Silk Technology Platform.\n<\/p>\n Operating Loss and Net Loss<\/i><\/b>. Operating loss and net loss were approximately $41.6 million and $65.4 million, respectively, for the full year 2024, compared to operating loss and net loss of $34.6 million and $57.7 million, respectively, for 2023.\n<\/p>\n Adjusted EBITDA<\/i><\/b>. Adjusted EBITDA was approximately ($11.4) million for the full year 2024, compared to ($20.3) million for 2023.\n<\/p>\n Earnings per Share<\/i><\/b>. Basic and diluted net loss per share was ($4.14) for the full year 2024. Basic net income per share was $46.07 for the full year 2023 and diluted net loss per share was ($7.75) for the full year 2023. Basic net income per share in 2023 was due to a gain on the extinguishment of convertible preferred stock.\n<\/p>\n Financial Outlook<\/b><\/p>\n \nBolt projects at least $4.5 million<\/b> in revenues for 2025 and at least $9.0 million<\/b> in revenues for 2026.\n<\/p>\n \nIn addition, Bolt anticipates gross profit will be positive for the full year 2025 and 2026.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this communication, including, without limitation, statements regarding the Company\u2019s financial outlooks for 2025 and 2026, operational efficiencies and cost of goods sold reductions, its partnerships and expected product launches, its market potential and market adoption, the Company\u2019s business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cbudget,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cplan,\u201d \u201cpossible,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cshould,\u201d \u201cstrive,\u201d \u201cwill\u201d or the negatives of these terms or variations of them or similar terminology. Forward-looking statements include, without limitation, the Company\u2019s expectations concerning the outlook for the business, productivity, plans, and goals for future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets, and expected future financial performance, as well as any information concerning possible or assumed future results of operations of the Company.\n<\/p>\n \nForward-looking statements involve a number of risks, uncertainties, and assumptions, and actual results or events may differ materially from those projected or implied in those statements. Important factors that could cause such differences include, but are not limited to: the Company\u2019s history of net losses, ability to achieve or maintain profitability in the future; the Company\u2019s ability to continue as a going concern; the Company\u2019s ability to meet the continued listing requirements of Nasdaq could result in a delisting of its common stock; the Company\u2019s ability to execute its business plan and adequately control its expenses or raise additional capital on favorable terms, if at all; the Company\u2019s ability to generate sufficient cash to service its debt obligations; the Company\u2019s dependence on sales of b-silk\u2122 and xl-silk\u2122 products; the Company\u2019s reliance on a single or limited manufacturing partners and manufacturing facilities; costs of and availability for b-silk\u2122 and xl-silk\u2122 and the Company\u2019s future products that are out of the Company\u2019s control; pricing pressures if the Company\u2019s costs of producing b-silk\u2122 materially increase; the Company\u2019s limited experience in marketing and selling b-silk\u2122; market acceptance of from consumer product companies; the Company\u2019s ability to protect adequately its patents and other intellectual property assets; government regulations and private party actions relating to the marketing and advertising of cosmetic products that include b-silk\u2122 , xl-silk\u2122 or other products the Company develops may restrict, inhibit or delay its ability to sell such products; and the other risks and uncertainties discussed under the caption \u201cRisk Factors\u201d included in the Company\u2019s Registration Statement on Form S-1 filed with the SEC on February 14, 2025, as such factors may be updated from time to time in its other filings with the SEC, including, without limitation, its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 to be filed with the SEC, and accessible on the SEC\u2019s website at www.sec.gov<\/a> and the Investors section of the Company\u2019s website at www. boltthreads.com.\n<\/p>\n \nThe Company cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth herein speak only as of the date they are made. The Company undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, except as otherwise required by law.\n<\/p>\n Non-GAAP Financial Measures<\/i><\/b><\/p>\n \nIn addition to the financial measures presented in this release in accordance with U.S. Generally Accepted Accounting Principles (\u201cGAAP\u201d), the Company has included certain non-GAAP financial measures in this release, including EBITDA and Adjusted EBITDA.\n<\/p>\n \nThe Company uses such non-GAAP financial measures as internal measures of business operating performance and as performance measures for benchmarking against the Company\u2019s peers and competitors. The Company believes its presentation of EBITDA and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of the Company\u2019s current business and enables investors to better understand and evaluate its historical and prospective operating performance. The Company believes that these non-GAAP financial measures are important supplemental measures of operating performance because they exclude items that vary from period to period without correlation to the Company\u2019s core operating performance and highlight trends in its business that may not otherwise be apparent when relying solely on GAAP financial measures. Due to the nature of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of the Company\u2019s future operating performance. The Company believes investors, analysts and other interested parties use EBITDA and Adjusted EBITDA in evaluating issuers, and the presentation of these measures facilitates a comparative assessment of the Company\u2019s operating performance in addition to the Company\u2019s performance based on GAAP results.\n<\/p>\n \nThe Company uses free cash flow as an indication of the strength of the Company and its ability to generate cash. The Company believes free cash flow is meaningful to investors as a useful measure of liquidity.\n<\/p>\n \nThe Company\u2019s non-GAAP financial measures should not be considered as an alternative to net income (loss) as a measure of financial performance or any other performance measure derived in accordance with GAAP and should not be construed as an inference that the Company\u2019s future results will be unaffected by unusual or non-recurring items. In addition, free cash flow should not be understood to mean that the entire free cash flow amount is available for discretionary expenditures.\n<\/p>\n \nEBITDA is defined as net income (loss) adjusted for interest expense and depreciation. Adjusted EBITDA is defined as net income (loss) adjusted for interest expense and depreciation and amortization, (gain)\/loss on lease termination, lease property and equipment impairment, loss on extinguishment on convertible notes, non-cash fair value remeasurements of convertible notes, warrant and share-based liabilities, bridge note issuance costs, restructuring costs and stock-based compensation.\n<\/p>\n \nEBITDA and Adjusted EBITDA are not recognized terms under GAAP, and the Company\u2019s presentation of these non-GAAP measures does not replace the presentation of the Company\u2019s financial results in accordance with GAAP. Because all companies do not use EBITDA and Adjusted EBITDA (and similarly titled financial measures) in the same way, those measures as used by other companies may not be consistent with the way the Company calculates such measures. The non-GAAP financial measures included in this release should not be construed as substitutes for or better indicators of the Company\u2019s performance than the most directly comparable GAAP financial measures. See the reconciliation tables that accompany this release for additional information regarding certain of the non-GAAP financial measures included herein.\n<\/p>\n \nThe Company defines free cash flow as net cash provided by (used in) operating activities less payments for capital expenditures.\n<\/p>\n About Bolt Projects Holdings<\/b><\/p>\n \nBolt Projects develops and produces innovative biomaterials for the beauty and personal care industry. The Company is built on biomaterials platforms that aim to disrupt and transform high-volume consumer goods industries. Bolt Projects is a pioneer in the consumer biomaterials space. The Company\u2019s Vegan Silk Technology Platform produces b-silk and other offerings for the beauty and personal care industry that are fully vegan and biodegradable. These versatile ingredients have been on the market since 2019. Its intellectual property portfolio is anchored by 68 granted patents and 166 pending patent applications.\n<\/p>\n BOLT PROJECTS HOLDINGS, INC.<\/b><\/p>\n Condensed Consolidated Balance Sheets<\/b><\/p>\n (In Thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n December 31, 2024<\/b><\/p>\n<\/td>\n December 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Assets:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent assets:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,512\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n894\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRestricted cash, current\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n870\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInventory\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,760\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n235\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other current assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,593\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,503\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,735\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,672\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred transaction costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,234\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-current assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,474\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,368\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total assets<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 12,230<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 24,274<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Liabilities, Convertible Preferred Stock and Stockholders\u2019 Deficit:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent liabilities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n413\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,792\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses and other current liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,499\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,053\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nExcise tax payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,925\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nConvertible notes, current\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n15,604\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRelated party convertible notes, current\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,133\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease liabilities, current\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n359\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShare-based termination liability\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,349\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,837\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,290\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease liabilities, non-current\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,093\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt, non-current\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,186\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,340\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPublic placement warrant liability\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n267\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRelated party private placement warrant liability\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n133\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nConvertible preferred stock warrant liability\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n203\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-current liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n417\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20,840\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n42,926\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nConvertible preferred stock\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n93,889\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal stockholders\u2019 deficit\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(8,610\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(112,541\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Total liabilities, convertible preferred stock, and stockholders\u2019 deficit<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 12,230<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 24,274<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n BOLT PROJECTS HOLDINGS, INC.<\/b><\/p>\n Condensed Consolidated Statements of Operations and Comprehensive Loss<\/b><\/p>\n (In Thousands, Except Per Share Data)<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/i><\/b><\/p>\n December 31,<\/i><\/b><\/p>\n<\/td>\n Year Ended<\/i><\/b><\/p>\n December 31,<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/i><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/i><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/i><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/i><\/b><\/p>\n (Revised)(1)<\/sup><\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n (unaudited)<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRevenue\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,293\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,409\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,373\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,441\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,311\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,148\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,466\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,846\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGross income (loss)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(18\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n261\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(93\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,405\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating expenses:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nResearch and development\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,385\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n555\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,245\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,632\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSales and marketing\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n269\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,989\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n866\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,850\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,925\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,281\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,757\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRestructuring costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n46\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,973\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal operating expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,504\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,531\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n41,515\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,228\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLoss from operations\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,522\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,270\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(41,608\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(34,633\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal other income (expense), net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n263\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,400\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(23,785\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(23,087\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nLoss before income taxes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,259\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(7,670\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(65,393\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(57,720\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax provision\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(6,259\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(7,670\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(65,393\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(57,720\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther comprehensive income (loss):\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nReporting currency translation\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(65\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(43\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(21\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nComprehensive loss\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(6,324\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(7,713\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(65,360\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(57,741\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss) attributable to common stockholders, basic\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(6,259\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n208,716\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(65,393\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n158,666\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss attributable to common stockholders, diluted\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(6,259\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(22,058\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(65,393\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(72,108\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted-average common shares outstanding:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,652,058\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,500,095\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n15,786,762\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,443,746\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,652,058\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,382,762\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n15,786,762\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,305,988\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss) per share:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.19\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n46.38\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(4.14\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n46.07\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.19\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(2.13\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(4.14\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(7.75\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1) Certain expenses previously recorded as general and administrative were related to activities that should be recorded as research and development or sales and marketing. As a result, management has corrected this error by reducing general and administrative expense by $2.6 million, and increasing the sales and marketing expense by $0.6 million and research and development by $2.0 million for the year ended December 31, 2023. This classification adjustment was made to better reflect the nature of the expenses in accordance with U.S. GAAP. The misclassification had no impact on the Company\u2019s total operating expenses, net loss, or earnings per share.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n BOLT PROJECTS HOLDINGS, INC.<\/b><\/p>\n Reconciliation of GAAP to Non-GAAP Measures<\/b><\/p>\n (In Thousands)<\/i><\/p>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/i><\/b><\/p>\n December 31,<\/i><\/b><\/p>\n<\/td>\n Year Ended<\/i><\/b><\/p>\n December 31,<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/i><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/i><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/i><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/i><\/b><\/p>\n (Revised)(1)<\/sup><\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n (unaudited)<\/i><\/p>\n<\/td>\n<\/tr>\n \nGAAP net loss\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(6,259\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(7,670\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(65,393\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(57,720\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nInterest expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n574\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n877\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,504\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,503\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,088\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nEBITDA\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,685\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,793\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(63,887\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(53,129\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP adjustments:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(Gain) loss on lease termination\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,015\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n319\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLease, property and equipment impairment (2)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(8\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21,559\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLoss on extinguishment of convertible notes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26,359\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-cash fair value remeasurements of convertible notes, warrant, and share-based liabilities (3)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(952\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n691\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,519\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n565\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBridge note issuance costs (4)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,527\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,460\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,527\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLoss on supply agreement termination\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,211\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,211\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRestructuring costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n46\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,973\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,026\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n98\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,164\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n643\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(3,613\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(228\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(11,438\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(20,332\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1) Certain expenses previously recorded as general and administrative were related to activities that should be recorded as research and development or sales and marketing. As a result, management has corrected this error by reducing general and administrative expense by $2.6 million, and increasing sales and marketing expense by $0.6 million and research and development by $2.0 million for the year ended December 31, 2023. This classification adjustment was made to better reflect the nature of the expenses in accordance with U.S. GAAP. The misclassification had no impact on the Company\u2019s total operating expenses, net loss, or earnings per share.\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(2) Includes property and equipment impairment charges of zero and $19.3 million, and lease impairment charges of zero and $2.3 million, for the three months and year December 31, 2023, respectively.\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(3) Includes the following:\n<\/p>\n \n\u2022Remeasurement of public placement warrant liability of ($0.6) million and ($24.9) million for the three months and year ended December 31, 2024, respectively.\n<\/p>\n \nRemeasurement of related party private placement warrant liability of ($0.3) million and ($13.0) million for the three months and year ended December 31, 2024, respectively,\n<\/p>\n \n\u2022Remeasurement of share-based termination liability of zero and $1.0 million for the three months and year ended December 31, 2024, respectively, and $0.3 million for both the three months and year ended December 31, 2023.\n<\/p>\n \n\u2022Remeasurement of related party convertible notes of zero and $3.8 million for the three months and year ended December 31, 2024, respectively, and $0.1 million for both the three months and year ended December 31, 2023.\n<\/p>\n \n\u2022Remeasurement of convertible notes of zero and $31.7 million for the three months and year ended December 31, 2024, respectively, and ($0.3) million for both the three months and year ended December 31, 2023.\n<\/p>\n \n\u2022Remeasurement of convertible preferred stock warrant liability of zero and ($0.1) million for the three months and year ended December 31, 2023, respectively.\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(4) Includes Bridge Convertible Notes issuance costs of zero and $11.5 million included in operating expenses within general and administrative expenses for the three months and year ended December 31, 2024, respectively, and $3.5 million for both the three months and year ended December 31, 2023.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250318937585\/en\/<\/a><\/span><\/p>\n For Bolt Projects Holdings Media Inquiries: For Bolt Projects Holdings Investor Inquiries: KEYWORDS:<\/b> United States North America California<\/p>\n INDUSTRY KEYWORDS:<\/b> Cosmetics Retail<\/p>\n
\nBolt Projects Holdings, Inc. (\u201cBolt,\u201d \u201cBolt Projects\u201d or the \u201cCompany\u201d) (Nasdaq: BSLK), which develops and produces innovative biomaterials for the beauty and personal care industry, reported its financial results for the full year and fourth quarter ended December 31, 2024 and provided a business update. In addition, the Company\u2019s Fourth Quarter 2024 Shareholder Letter can be found on the Bolt Projects\u2019 About Page at https:\/\/www.boltprojectsholdings.com\/<\/a>.\n<\/p>\n\n
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\n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n
\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n<\/b>
press@boltthreads.com<\/a><\/p>\n
\n<\/b>
investors@boltthreads.com<\/a><\/p>\n
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