Bolt Projects Holdings, Inc. (BSLK)·Q1 2025 Earnings Summary

Executive Summary

• Q1 2025 revenue was $0.171M, up sharply year-over-year from $0.019M, with gross margin at breakeven; operating loss was $5.4M and net loss was $6.0M, EPS ($3.00) due to lower remeasurement losses versus Q1 2024 .
• Management maintained full-year revenue guidance at “at least $4.5M” for FY2025 and “at least $9.0M” for FY2026; they anticipate positive full-year gross profit in both FY2025 and FY2026 .
• Commercial momentum was supported by reorders across recent launches and ongoing shipments to the Goddess Maintenance Company partnership; supply chain is designed for >10x 2024 output with tariff flexibility and expected double-digit manufacturing cost reductions .
• No Wall Street (S&P Global) consensus estimates were available for Q1 2025; as a result, beat/miss versus Street cannot be assessed (S&P Global data unavailable).

What Went Well and What Went Wrong

What Went Well

• Strong commercial traction: reorders across the past year’s launches (Freaks of Nature Daily Defender/Peak Performance SPF, Haus Labs Mascara) and shipments supporting Goddess Maintenance Company drove the quarter; “reorders… are tracking at the high end of our projected range” .
• Strategic positioning and pipeline: “The pipeline continues to mature, setting Bolt up for strong revenue growth expected in 2026 and beyond,” supported by regulatory pressure on silicones and demand for sustainable performance ingredients .
• IP expansion underpinning differentiation: patents grew by 7 in Q1 to 75 granted, with 114 pending; Bolt emphasizes proprietary molecules (b‑silk™, xl‑silk™) to deliver performance claims amid evolving regulations .

What Went Wrong

• Scale vs P&L: Despite yoy revenue growth, gross profit was effectively break-even in Q1 and operating loss remained substantial at $5.4M, with adjusted EBITDA at ($3.079M) as Bolt invests to scale commercialization .
• Liquidity pressure: Cash declined to $0.984M at quarter-end (from $3.512M at year-end), while accounts payable rose, highlighting near-term financing needs .
• Limited external validation: No S&P Global consensus estimates available; lack of Street coverage reduces near-term catalysts from “beat/miss” dynamics and may contribute to volatility (S&P Global data unavailable).

Financial Results

Notes:

• Management stated Q1 2025 gross margin was “break-even,” consistent with the small gross loss reported .
• Q4 2024 gross margin also described as “break-even” .

KPIs

Estimates vs Actuals (S&P Global)

Guidance Changes

Context: In Q2 2025, management initiated explicit gross profit guidance of $0.5M for FY2025 and $1.0M for FY2026, while revenue guidance remained unchanged; this was not part of Q1 guidance and is noted here for trajectory context .

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was available in our document catalog; themes are derived from press releases.

Management Commentary

• “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.” — Dan Widmaier, Chairman & CEO .
• “The pipeline continues to mature, setting Bolt up for strong revenue growth expected in 2026 and beyond… Customer needs, consumer preference and regulatory pressures all mitigate against silicones and other pervasive materials…” — Cintia Nardi, President .
• “We continue to diligently work to expand the Vegan Silk Technology Platform… we can create proprietary molecules that enhance performance claims while meeting regulatory challenges and evolving consumer preferences.” — David Breslauer, Chief Product & Technology Officer .
• “Delivering better pricing to our customers over time as we capture volume benefits is a key assumption of Bolt’s business model… working toward our long-term gross margin target of 60% over time.” — Dan Widmaier .

Q&A Highlights

• No Q1 2025 earnings call transcript was available; Q&A themes and clarifications cannot be assessed based on primary-source call materials. Narrative above is sourced from the 8‑K press release –.

Estimates Context

• S&P Global consensus estimates for Q1 2025 revenue and EPS were not available; coverage appears limited and we cannot determine beat/miss versus Street (Values retrieved from S&P Global).
• Given the absence of consensus, the focus shifts to internal trajectory: yoy revenue growth, maintenance of revenue guidance, and comments on achieving positive gross profit in FY2025 .

Key Takeaways for Investors

• Early commercialization is gaining traction: Q1 revenue climbed to $0.171M with strong reorder activity and shipments to key partners; this validates product-market fit in select beauty categories .
• Cost curve is moving favorably: management emphasizes double-digit manufacturing cost reductions and a supply chain built for >10x 2024 output, underpinning the long-term gross margin target (60%) and positive GP outlook .
• Guidance stability suggests execution confidence: FY2025/FY2026 revenue targets maintained; positive gross profit expected in FY2025 and FY2026, with explicit gross profit guidance added in Q2 (for trajectory context) .
• Liquidity remains a watch item: cash fell to $0.984M; investors should monitor financing actions and working capital dynamics as commercialization scales .
• Near-term stock catalysts may come from additional brand wins, geographic expansion of partners like Goddess, and demonstrable gross margin improvement in subsequent quarters .
• Absent sell-side estimates, the narrative is driven by execution milestones and cost reductions rather than beat/miss optics (S&P Global data unavailable).
• Corporate actions (reverse stock split; equity agreements) and governance steps provide additional context on capital structure and strategic readiness for growth .

Additional Context and Disclosures

• Corporate milestones in Q1 included a 20‑to‑1 reverse stock split (April 22) and a common stock purchase agreement with Triton (342,842 shares; $1.3M estimated APIC) .
• Q4 2024 provided baseline momentum: revenue of $1.293M with break-even gross margin; expanded customer partnerships and initial 2025/2026 guidance .
• Q2 2025 demonstrated progress on gross profit ahead of internal estimates and introduced explicit gross profit guidance for FY2025 and FY2026 (trajectory context) .