Executive Summary

Revenues reached $1.30M in Q2 2025, up 23x year-over-year, with positive gross profit and gross margin ahead of internal estimates, driven by shipments to Goddess Maintenance Company and reorders from prior launches .
Guidance maintained for revenues ($4.5M FY2025, $9.0M FY2026) and newly initiated for gross profit ($0.5M FY2025, $1.0M FY2026), signaling confidence in pricing discipline and cost reductions through H2 2025 .
Strategic developments include a non-binding term sheet for up to $20M in financing from Ascent Partners (subject to conditions) and conversion of $1.7M vendor payables to equity, strengthening liquidity while awaiting shareholder and court approvals .
A Nasdaq delisting notice was received; management will appeal and seek a stay pending hearing—listing status and financing closure are near-term stock catalysts .
Earnings-call transcript and S&P Global consensus estimates were unavailable for Q2 2025; estimate comparison cannot be performed (S&P Global data unavailable).

What Went Well and What Went Wrong

What Went Well

Revenues grew twenty-three-fold year-over-year to $1.3M, and Bolt delivered positive gross profit a quarter ahead of plan, aided by pricing discipline and cost reductions .
Commercial traction: first brand partner from a top-seven beauty conglomerate; Goddess Maintenance Company’s launch expanding toward 100+ markets by October 2025 .
Management initiated explicit gross profit guidance and highlighted expected double-digit manufacturing cost reductions in H2 2025, supporting margin expansion .

Selected quotes:

“Demand for Vegan Silk™ continues to grow, resulting in positive gross margins a quarter ahead of estimate” — CEO Dan Widmaier .
“We expect double-digit manufacturing cost reductions in the second half of 2025” — President Cintia Nardi .

What Went Wrong

Cash remains tight at $0.97M at Q2-end; free cash flow remains negative, and adjusted EBITDA stayed in the red at $(3.283)M, highlighting ongoing liquidity risks .
Nasdaq issued a delisting determination, with the company appealing; listing uncertainty is a material overhang .
Operating loss and net loss remain significant despite improvements year-over-year, reflecting the early-stage revenue base and scaling costs (Q2 operating loss $(4.817)M; net loss $(4.583)M) .

Financial Results

Sequential Trend (Q4 2024 → Q1 2025 → Q2 2025)

Metric (Units)	Q4 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$1.293	$0.171	$1.302
Cost of Revenue ($USD Millions)	$1.311	$0.172	$1.240
Gross Income (Loss) ($USD Thousands)	$(18)	$(1)	$62
Operating Expenses ($USD Millions)	$6.504	$5.399	$4.879
Operating Loss ($USD Millions)	$(6.522)	$(5.400)	$(4.817)
Net Loss ($USD Millions)	$(6.259)	$(5.959)	$(4.583)
Diluted EPS ($USD)	$(0.19)	$(3.00)	$(2.20)
Adjusted EBITDA ($USD Millions)	$(3.613)	$(3.079)	$(3.283)
Cash and Equivalents ($USD Millions)	$3.512 (12/31/24)	$0.984 (3/31/25)	$0.974 (6/30/25)

Year-over-Year Comparison (Q2 2024 → Q2 2025)

Metric (Units)	Q2 2024	Q2 2025
Revenue ($USD Thousands)	$56	$1,302
Cost of Revenue ($USD Thousands)	$85	$1,240
Gross Income (Loss) ($USD Thousands)	$(29)	$62
Operating Expenses ($USD Thousands)	$9,579	$4,879
Operating Loss ($USD Thousands)	$(9,608)	$(4,817)
Net Loss ($USD Thousands)	$(58,932)	$(4,583)
Net Loss per Share ($USD)	$(252.21)	$(2.20)
Adjusted EBITDA ($USD Thousands)	$(2,584)	$(3,283)
Weighted Avg Shares (Basic & Diluted)	233,660	2,079,609

Actual vs Wall Street Estimates (Q2 2025)

S&P Global consensus EPS and revenue for Q2 2025 were unavailable; comparisons to estimates cannot be made.
Values would be retrieved from S&P Global; data unavailable for this period.

Metric	Q2 2025 Actual	Q2 2025 S&P Global Consensus
Revenue ($USD Millions)	$1.302	N/A (S&P Global consensus unavailable)
Diluted EPS ($USD)	$(2.20)	N/A (S&P Global consensus unavailable)

KPIs and Operating Metrics

KPI	Q4 2024	Q1 2025	Q2 2025
Patents Granted	68	75	77
Patent Applications Pending	166	114	118
Production Volume (FY2024)	3,600 kg	—	—

Note: No formal segment reporting disclosed; results are presented at the consolidated level .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	≥ $4.5M	$4.5M	Maintained
Revenue	FY 2026	≥ $9.0M	$9.0M	Maintained
Gross Profit	FY 2025	Positive (no amount)	$0.5M	Initiated (explicit)
Gross Profit	FY 2026	Positive (no amount)	$1.0M	Initiated (explicit)

Additional outlook commentary: expected double-digit manufacturing cost reductions in H2 2025 to support margin expansion .

Earnings Call Themes & Trends

Note: No Q2 2025 earnings-call transcript was available; themes are derived from quarterly 8-K press releases (Q4’24, Q1’25, Q2’25).

Topic	Previous Mentions (Q4 2024)	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
Supply Chain & Tariffs	Flexible global supply architecture; tariff resilience highlighted	Supply chain built for volume; geographic optionality; double-digit per-kg cost reductions expected	Process optimization with manufacturing partner; costs falling; margin expansion expected	Improving cost profile; resilient supply chain
Product Performance	Haus Labs mascara: top-selling at Sephora; 4x initial volume projections	Reorders tracking high end of projected range; pipeline maturing	Goddess Leave-In Hair Mask scaling to 100+ markets; first top-seven conglomerate partner secured	Accelerating adoption across brands
R&D & IP	68 granted; 166 pending	75 granted; 114 pending	77 granted; 118 pending	Building IP moat
Financing & Capital Markets	PIPE/bridge financing in 2024; public listing	Triton stock purchase agreement; 20:1 reverse split	$20M Ascent term sheet; $1.7M payables to equity; Nasdaq delisting notice and appeal	Active capital actions; listing risk
Regulatory & Macro	Sustainability (EcoVadis Silver Medal)	Regulatory pressure against silicones driving demand	Stricter rules on silicones/microplastics as demand drivers	Tailwinds for sustainable materials

Management Commentary

Pricing discipline and earlier-than-planned margin: “Demand for Vegan Silk™ continues to grow, resulting in positive gross margins a quarter ahead of estimate… Our pricing discipline helped us achieve profitability on material from our last campaign” — CEO Dan Widmaier .
Cost reductions and margin trajectory: “We expect double-digit manufacturing cost reductions in the second half of 2025… guiding to at least $0.5 million in gross profit for fiscal 2025, and at least twice that in fiscal 2026” — President Cintia Nardi .
Platform differentiation: “Our biotech expertise and growing IP portfolio has allowed us to create novel molecules… improve performance and enable proprietary claims” — Chief Product & Technology Officer David Breslauer .
Business model and pricing: “Lower costs and stronger margins have allowed us to offer sustainable, competitive pricing… provide healthy gross margins that support growth while enabling volume expansion” — CEO Dan Widmaier .

Q&A Highlights

No Q2 2025 earnings-call transcript was available in our document set; as a result, Q&A themes and any guidance clarifications from the call cannot be provided.

Estimates Context

S&P Global consensus estimates for Q2 2025 EPS and revenue were unavailable; therefore, no comparison to consensus can be made for this quarter.
Where available, we default to S&P Global for consensus estimates; data was not provided for BSLK in Q2 2025.

Key Takeaways for Investors

Revenue inflection with early margin progress: A 23x YoY revenue increase to $1.30M and positive gross profit ahead of plan suggest initial operating leverage as volumes scale and unit costs decline .
Guidance credibility improved: Explicit gross profit targets ($0.5M FY25, $1.0M FY26) and maintained revenue targets ($4.5M FY25, $9.0M FY26) indicate confidence in cost-downs and pricing discipline into H2 2025 .
Commercial validation: Entry into a top-seven beauty conglomerate and Goddess’ international expansion underpin 2026 growth visibility; watch for additional product launches and reorder cadence .
Liquidity and listing risks: Cash of $0.97M at quarter-end and ongoing losses necessitate timely financing; the $20M Ascent term sheet and $1.7M payables-to-equity conversion are positives but contingent; Nasdaq delisting appeal is a near-term binary catalyst .
Profitability still distant: Adjusted EBITDA remains negative at $(3.283)M; operating expense discipline and cost reductions must translate into sustained gross margin expansion and improved cash flow .
Trading implications: Near term, stock likely reacts to listing appeal outcomes and financing closure; medium term, watch cost-per-kg trends, pricing actions, and the pace of brand adoption to validate FY2026 revenue and margin targets .
Monitor IP and regulatory tailwinds: Expanding patent estate and tightening rules on silicones/microplastics may favor biotech alternatives, supporting Bolt’s competitive positioning .

References:
Press release and 8-K (Q2 2025):
Press release and 8-K (Q1 2025):
Press release and 8-K (Q4 2024):

Bolt Projects Holdings, Inc. (BSLK)·Q2 2025 Earnings Summary