Sign in

You're signed outSign in or to get full access.

BP

Bolt Projects Holdings, Inc. (BSLK)·Q3 2025 Earnings Summary

Executive Summary

  • Revenue was $0.370M (+7,300% YoY), but declined sequentially versus Q2’s $1.302M; gross margin expanded to 16% (from ~5% in Q2), and management expects Q4 gross margin to exceed 40% .
  • Gross profit guidance for FY2025 was raised from $0.5M to $1.0M, while revenue guidance was maintained at $4.5M (2025) and $9.0M (2026); liquidity improved via a $4.3M private placement, a $1.5M equity line draw, and a term sheet for up to $30M convertible debt .
  • Net loss was $(7.478)M with adjusted EBITDA improving to $(2.496)M (from $(2.767)M YoY) as operating expenses fell sharply YoY; the prior-year quarter benefited from large non-cash warrant remeasurements, driving a $6.392M net income in Q3 2024 .
  • Nasdaq granted a listing compliance extension; management believes cash resources plus anticipated financings can fund operations through mid-2026, though success of financing plans is not assured .

What Went Well and What Went Wrong

What Went Well

  • Sequential margin expansion: gross margin rose to 16% in Q3 and management guided Q4 to >40% as unit economics improved, supported by cost reductions and pricing discipline .
  • Commercial traction: onboarding completed for a global beauty conglomerate; partners advancing second products; new aerosol application with amika was highlighted as a contributor to next-phase growth .
  • R&D and operations execution: earned EcoVadis Silver rating; scaled and validated a new XL-Silk variant to manufacturing readiness in <1 month; added three patents in Q3 (84 granted/114 pending total) . “We delivered meaningful cost reductions, scaled a new ingredient in record time, and earned an EcoVadis Silver rating” — Cintia Nardi .

What Went Wrong

  • Sequential revenue decline from $1.302M in Q2 to $0.370M in Q3; management noted quarterly variability due to timing of demand .
  • Net loss widened driven by loss on debt extinguishment and negative other income/expense; loss from operations remained sizable despite expense reductions .
  • Listing and financing risks persist: Nasdaq delisting notice received; company pursuing extensions and multiple financings to maintain liquidity and listing, with no assurance of success .

Financial Results

Quarterly progression (Q1–Q3 2025)

MetricQ1 2025Q2 2025Q3 2025
Revenue ($USD Millions)$0.171 $1.302 $0.370
Cost of Revenue ($USD Millions)$0.172 $1.240 $0.312
Gross Income ($USD Millions)$(0.001) $0.062 $0.058
Gross Margin %0% ~5% 16%
Operating Expenses ($USD Millions)$5.399 $4.879 $4.422
Loss from Operations ($USD Millions)$(5.400) $(4.817) $(4.364)
Other Income (Expense), Net ($USD Millions)$(0.559) $0.234 $(3.114)
Net Income (Loss) ($USD Millions)$(5.959) $(4.583) $(7.478)
Net Income (Loss) per Share ($USD)$(3.00) $(2.20) $(2.70)

Year-over-year comparison (Q3 2024 vs Q3 2025)

MetricQ3 2024Q3 2025
Revenue ($USD Millions)$0.005 $0.370
Gross Margin %0% 16%
Operating Expenses ($USD Millions)$20.206 $4.422
Net Income (Loss) ($USD Millions)$6.392 $(7.478)
Net Income (Loss) per Share ($USD)$6.42 $(2.70)
Adjusted EBITDA ($USD Millions)$(2.767) $(2.496)

KPIs and Liquidity

MetricQ1 2025Q2 2025Q3 2025
Adjusted EBITDA ($USD Millions)$(3.079) $(3.283) $(2.496)
Cash and Cash Equivalents ($USD Millions)$0.984 $0.974 $4.745
Accounts Receivable ($USD Thousands)993 697 167
Inventory ($USD Thousands)1,588 346 1,005
Long-term Debt, Non-current ($USD Millions)$13.100 $13.009 $12.911

Note: Q2 gross margin ~5% reflects reported positive margin and the income statement math; management cited ~5% explicitly .

Segment breakdown

  • Not applicable; the company reports results for its Vegan Silk Technology Platform without segment granularity .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue ($USD Millions)FY 2025$4.5 $4.5 Maintained
Revenue ($USD Millions)FY 2026$9.0 $9.0 Maintained
Gross Profit ($USD Millions)FY 2025$0.5 $1.0 Raised
Gross Profit ($USD Millions)FY 2026$1.0 $1.0 Maintained
Gross Margin %Q4 2025N/A>40% New/Raised implication
Cash RunwayCorporateQ3 2025 financing expected to extend runway Through mid-2026, contingent on financings Updated horizon

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript was found; management’s prepared remarks and 8-K disclosures inform themes below [ListDocuments returned none for transcripts; 2025-09-01 to 2025-11-20].

TopicPrevious Mentions (Q1 & Q2 2025)Current Period (Q3 2025)Trend
Technology & Product PlatformIntroduced pipeline wins; emphasized Vegan Silk platform; reorders from launches; supply chain built for scale and tariff resilience . Q2: “Goddess Molecule”, first top beauty conglomerate partner; process optimizations driving cost reductions .XL-Silk variant scaled to manufacturing readiness in <1 month; continued platform expansion; aerosol application with amika highlighted .Execution momentum improving; faster scale-up cycles .
Supply Chain & MarginsQ1: Built for volume with geographic optionality; expected double-digit cost reductions per kg . Q2: Positive gross margin ahead of estimate; guiding to cost reductions in 2H25 .Gross margin 16%; Q4 gross margin >40% implied; EcoVadis Silver rating achieved .Margin trajectory up; sustainability credentials enhanced .
Tariffs/Macro RiskDesigned for tariff resilience ; risks noted in forward-looking statements .Continued disclosure of trade policy/tariff risk in forward-looking statements .Persistent risk; mitigations in supply design .
Customer Traction & Product PerformanceReorders from recent launches (Freaks of Nature, Haus Labs); strong early demand for Goddess Maintenance hair mask .Onboarding completed for global conglomerate; partners advancing second products; amika aerosol collaboration; RAD-REMEDY launch targeted for Q4 .Pipeline conversion ongoing; deeper brand penetration .
R&D & IPQ1: +7 patents (75 granted/114 pending) . Q2: +5 patents (77 granted/118 pending) .Q3: +3 patents (84 granted/114 pending) .Consistent IP build; slight fluctuations quarter-to-quarter .
Listing/RegulatoryQ2: Received Nasdaq delisting notice; planned appeal .Q3: Nasdaq granted extension to regain compliance .Near-term listing risk moderated but not eliminated .

Management Commentary

  • “Demand for Vegan Silk™ continues to accelerate and drove another quarter of sequential gross margin expansion” — Dan Widmaier, CEO .
  • “Together, we are advancing a first-of-its-kind application of our Vegan Silk™ technology in the aerosol format… a meaningful contributor to Bolt’s next phase of growth” — Cintia Nardi, President (regarding amika) .
  • “We delivered meaningful cost reductions, scaled a new ingredient in record time, and earned an EcoVadis Silver rating” — Cintia Nardi .
  • “By pairing our Vegan Silk™ platform with fast development, we’re turning science into on-shelf results. That translates to customer reorders and improved margins as we scale.” — David Breslauer, Chief Product & Technology Officer .

Q&A Highlights

  • No Q3 2025 earnings call transcript was available; the company’s disclosures were communicated via the 8-K and press release (we searched and found no transcript filings) [ListDocuments returned none for earnings-call-transcript; 2025-09-01 to 2025-11-20].

Estimates Context

  • We attempted to pull S&P Global consensus estimates for Q3 2025, Q4 2025, and FY2025 (EPS, revenue, EBITDA); no consensus data was available for BSLK, indicating minimal analyst coverage. As a result, comparisons to Wall Street estimates are not possible at this time [GetEstimates returned empty for Q3 2025, Q4 2025, FY 2025].
PeriodPrimary EPS Consensus MeanRevenue Consensus MeanEBITDA Consensus Mean# EPS Estimates# Revenue Estimates
Q3 2025N/A [GetEstimates]N/A [GetEstimates]N/A [GetEstimates]N/A [GetEstimates]N/A [GetEstimates]
Q4 2025N/A [GetEstimates]N/A [GetEstimates]N/A [GetEstimates]N/A [GetEstimates]N/A [GetEstimates]
FY 2025N/A [GetEstimates]N/A [GetEstimates]N/A [GetEstimates]N/A [GetEstimates]N/A [GetEstimates]

Key Takeaways for Investors

  • Margin inflection: Q3 gross margin reached 16%, with Q4 guided to >40% as unit economics improve — a potential near-term catalyst if delivered .
  • Revenue trajectory remains lumpy due to timing; watch Q4 shipment timing and order conversion from newly onboarded and expanding brand relationships (including aerosol format with amika) .
  • Liquidity improved in Q3 via equity financing and an equity line draw; closing of the up-to-$30M convertible facility in December (subject to shareholder approval) is a critical milestone for runway to mid-2026 .
  • Listing risk moderated with Nasdaq extension; continued progress on equity rule compliance and financing execution will be key to sentiment .
  • Adjusted EBITDA trend improving; operational efficiency and cost reductions are translating into better margins despite small absolute revenue base .
  • Concentration and single manufacturing partner risks persist; monitor diversification of customer base and supply chain resilience amidst tariff/trade uncertainties .
  • Near-term trading lens: Delivery on Q4 margin guidance and evidence of sustained reorders/new product launches could re-rate the story; financing closure and listing compliance are binary events to watch for volatility .