Vegan Silk Traction Drives Third Quarter Results
- Full year 2024 b-silk™ revenues are projected to exceed $1
million, propelled by deeper segment penetration and growing
customers and consumers adoption
- For 2025, b-silk revenues are projected to reach at least $4.5
million, bolstered by new customer acquisition
- Our 2024 COGS reduction program has delivered over 60% in
cost-per-kilogram produced reduction for b-silk for the year,
following on prior year gains
- Continued operational efficiencies and additional COGS
reduction to create a path toward the goal of long-term,
sustainable profitability
Bolt Projects Holdings, Inc. (“Bolt,” “Bolt Projects” or the
“Company”) (Nasdaq: BSLK), which develops and produces innovative
biomaterials for the beauty and personal care industry, reported
its financial results for the third quarter ended September 30,
2024 and provided a business update. In addition, the Company’s
Third Quarter 2024 Shareholder Letter can be found on Bolt
Projects’ Investor Relations website at
https://www.boltprojectsholdings.com/.
“Over the past eighteen months, Bolt has undergone a
transformational change toward a sustainable and efficient business
model focused on replacing harmful environmental materials with
sustainable, high-performance alternatives in the beauty and
personal care market,” said Dan Widmaier, Bolt Projects Chairman
and CEO. “The cornerstone of this strategy is our commercially
ready b-silk™ technology, which has been on the market since 2019
and in multiple products within the beauty industry. As we have
continued to work through the sales funnel we are seeing
accelerated traction with prospects who want to use biotechnology
ingredients to drive the products of the future.”
“We believe that Bolt is entering the market at an optimal time
for market expansion, as companies have been facing aggressive
environmental targets and regulatory restrictions, particularly
around the biodegradability of materials used in their processes,”
said Bolt Projects President Cintia Nardi. “Bolt’s sustainable
biomaterials have the ability to meet these demands and drive a
cleaner, more responsible future without sacrificing the high
performance of their product offering.”
Market Traction
“This effort has been led by b-silk, a revolutionary
biodegradable, film-former polypeptide that offers additional
functional benefits for hair care, skin care and color cosmetics,”
said Widmaier. “Since 2019, B-silk has delivered consistent and
proven consumer satisfaction.”
During the third quarter, two new products featuring b-silk –
the Daily Defender SPF30 and the Peak Performance
SPF50 – from Freaks of Nature™ were introduced to the
market, driving higher visibility and deeper penetration in the
sunscreen product type within skin care.
This launch adds to b-silk’s long-standing success in the hair
care segment as part of Vegamour’s GRO Revitalizing Shampoo and
Conditioner since 2020, powering their proprietary
Karmatin™ offering. Vegamour’s success drove our revenue
growth for multiple years, illustrating the impact new customer
launches can have.
Bolt anticipates continued progress in multiple segments with
established and indie (“independent”) consumer brands launching new
products into the global market featuring Bolt’s Vegan Silk
Technology Platform.
During the third quarter, Bolt also launched a second
proprietary product from its Vegan Silk Technology Platform under
the trade name xl-silk and an exclusive b-silk serum
ingredient.
Looking forward, the two launches currently anticipated for 2025
are:
- As early as the first quarter of 2025, a cosmetics brand is
scheduled to debut a color cosmetic offering that uses Bolt’s Vegan
Silk Technology Platform. “We see this product expansion as a
testament to our cutting-edge Vegan Silk Technology Platform,
showcasing its novel functionality,” said Nardi. “This offering has
the potential to set a new standard in the beauty industry by
enabling high-performance formulations in this product type. We are
excited about the potential of this collaboration and its market
innovation.”
- Later in 2025, a separate cosmetics brand is slated to launch a
professional haircare line using Bolt’s Vegan Silk Technology
Platform. “This brand will feature an exclusive b-silk serum with
unique, scientifically proven, functional benefits,” said Nardi.
“This innovation aims to bring true differentiation into the
segment and to deliver substantial growth backed by a multi-year
contract with an exciting new partner.”
Bolt management expects to share information about additional
customer launches in the coming year and will further showcase the
potential of its Vegan Silk Technology Platform across segments of
the beauty and personal care industry. “Overall, we believe 2025
will be pivotal in demonstrating the impact of our innovative
technology as it is unveiled by our customers,” said Widmaier. “We
anticipate new products that not only meet new and challenging
regulatory rules around silicones and that can deliver compelling
and differentiated benefits but also aim to meet the consumer’s
desire for more sustainable materials.”
“We aspire to be the most desirable biotech ingredient innovator
for the beauty and personal care industry,” said Widmaier, “and so
we will continue relentlessly developing breakthrough innovations
that surprise and delight the market, helping us gain meaningful
market share, because we believe that ‘the best days are ahead of
us’ and we believe the future is one ‘Where Doing Good Will Help Us
Do Well.’”
Based on current planned and pending launches, Bolt anticipates
deliveries in the fourth quarter will bring 2024 revenue over $1.0
million. For 2025, Bolt foresees significant acceleration of b-silk
and xl-silk sales, with at least $4.5 million of revenue already
committed in 2025.
Operational Scalability & Supply Chain
Reliability
“Bolt recognizes that to accelerate adoption and market
penetration, our product needs to be priced to reflect its biotech
innovation while also supporting the cost structure of our brand
partners,” said Widmaier. “Bolt has implemented a clear plan for
cost optimization through process improvements, strategic
procurement, and volume-driven savings.”
“We believe that these changes will position us to pursue our
target margins and expand our market presence,” said Nardi,
“clearing a path to both profitability and competitive
pricing.”
These strategic efforts delivered unprecedented results for the
company in 2024. Year-to-date, Bolt has manufactured more than
3,000 kilograms of vegan silk material with its
contract-manufacturing (CMO) partner. “These runs exceeded our
highest historical production runs by more than 50%, and cost per
kilo for 2024 was reduced by over 60%, both strong results along
the company’s path to becoming a free-cash-flow generating
business,” said Nardi.
Bolt continues to strengthen its partnership with its
manufacturing network while strategically diversifying its supply
chain to support business continuity and future growth. “The
current capacity at our CMO partner comfortably meets our 2025
needs and projected year-over-year growth,” said Nardi.
“Additionally, with the completion of their newest facility, our
biomanufacturing partner has significantly expanded its production
capacity and enhanced our business continuity. This should better
position us to continue scaling efficiently while providing greater
production stability and fostering long-term growth potential.”
“Beyond their efforts to establish reliable and efficient
operational processes, our supply chain team has been focused on
delivering excellent customer service and exceptional quality
performance, all while maintaining a focus on a key attribute of
our business and products – sustainability,” said Nardi.
“Sustainability for both people and the planet is at the core of
Bolt’s mission: ‘Way Better Materials for a Way Better World’,”
said Widmaier. “I am proud to share that in the third quarter, we
reached a significant milestone for this aspect of our mission by
being awarded the EcoVadis Silver Medal”.” EcoVadis is a
third-party rating organization that reviews approximately 73,000
companies each year. “This accomplishment puts us in the top 15% of
companies assessed globally for sustainability, and it underscores
our dedication to ethical practices, environmental stewardship, and
social impact, positioning us as a trusted partner for customers
and a responsible investment opportunity for stakeholders.”
Research and Development Delivers
While our focus in the past eighteen months has been optimizing
Bolt’s operational processes and bolstering its go-to-market
strategy, Bolt’s Research and Development effort continues to be
the driving force of the company's unique value proposition,
building on an intellectual property portfolio anchored by 64
granted patents and 170 pending patent applications.
“Our Vegan Silk Technology Platform has benefited from decades
of advancements in silk and biomaterials research and 15 years of
development at Bolt,” said Chief Technology Officer David
Breslauer. “Our breakthroughs have enabled the creation of b-silk
and xl-silk, highly efficacious ingredients for the beauty and
personal care industry. These materials have been shown to deliver
exceptional solutions to pressing regulatory constraints and
consumer’s preferences, while enabling brands to deliver on their
commitment to environmental health and sustainability.”
Bolt’s focus on optimizing biomanufacturing processes,
diversifying products, substantiating benefits and expanding its
capabilities to support new product types has led to a number of
wins over the past year, including:
- Lower cost of manufacturing, a reduction of more than 60% per
kg of b-silk produced in 2024
- Multiple patent applications, trademark filings, and published
papers
- Development of five new molecules and two product extensions,
all of which already have official INCI names
(International Nomenclature Cosmetic Ingredient) assigned by
the Personal Care Products Council (PCPC)
Bolt’s focus on efficiencies also extends to its research
strategy, where external capabilities and infrastructure are
situationally engaged, designed to capitalize on specific areas of
expertise within the biotech ecosystem, such as our collaboration
with Ginkgo Bioworks’ facilities and talent. This approach has
enabled Bolt to deliver innovation without the significant upfront
capital investment and taps into a large pool of technical
talent.
Corporate Milestones
In addition to the progress above for b-silk, 2024 has seen a
number of important steps forward for the Company. Notably, this
earnings release represents its first following the completion of
the business combination transaction between Golden Arrow Merger
Corp. and the Bolt business. Over the course of the business
combination, Bolt Projects closed on an aggregate of approximately
$28 million PIPE and bridge financing, including $4.7 million in
PIPE proceeds in August 2024, led by investors such as Scottish
Mortgage / Baillie Gifford and Temasek, to support
Bolt’s structure and increase its capital to advance its
b-silk market expansion efforts.
Financial Results for the Third Quarter Ended September 30,
2024
Revenues. Revenues for the third quarter of 2024 were
approximately $0.01 million compared to revenues of $1.3 million in
the third quarter of 2023. Revenues decreased by $1.3 million for
the three months ended September 30, 2024 compared to the three
months ended September 30, 2023, primarily due to decreased sales
of products from the Vegan Silk Technology Platform, including our
b-silk product.
Third quarter revenues in 2023 were primarily comprised of sales
to a brand as part of a broader supply and license agreement that
resulted in volumes that met their projections for 2023 and
2024.
Third quarter revenues in 2024 were de minimus and related to
sample volumes to support impending product launches.
Cost of Revenues. Cost of revenues for the third quarter
of 2024 was approximately $0.01 million with a gross margin of
0.0%, compared to cost of revenues of $1.3 million for the third
quarter of 2023 with a gross margin of 2.7%. Cost of revenues
decreased by $1.3 million for the three months ended September 30,
2024 compared to the three months ended September 30, 2023,
primarily due to the decrease of biomanufacturing costs relative to
the decreased sales from our Vegan Silk Technology Platform,
including our b-silk product.
Operating Expenses. Operating expenses were approximately
$20.2 million in the third quarter of 2024, compared to $5.2
million for the same period in 2023. The primary increase was
driven by transaction expenses and an increase in stock-based
compensation expense related to the vesting of Restricted Stock
Unit (RSU) grants related to the merger agreement with Golden Arrow
Merger Corporation. In addition, the Company saw higher spending
overall in operations to support growth of the business.
- In research and development, increases were driven by the
delivery of a new material (xl-silk) and a new formulation for
b-silk in the Vegan Silk Technology Platform.
- In sales and marketing, expenses decreased excluding
stock-based compensation related to RSU grants, primarily due to a
temporary suspension of our sales and marketing efforts during our
capital raise.
- In general and administrative, increases were caused by costs
of becoming a public company, including consulting expenses and
attendant public company requirements, as well as an increase in
executive bonuses based on the completion of the merger
transaction.
Operating and Net Income. Operating loss and net income
were approximately $20.2 million and $6.4 million, respectively,
for the third quarter of 2024, compared to operating loss and net
loss of $5.1 million and $5.6 million, respectively, for the third
quarter of 2023. Net income in the third quarter of 2024 is
primarily driven by a gain related to the remeasurement gains on
the Company’s warrant liabilities.
Adjusted EBITDA. Adjusted EBITDA was approximately ($2.8)
million in the third quarter 2024, compared to ($4.1) million for
the third quarter of 2023.
Earnings per Share. Basic earnings per share was $0.32
for the third quarter of 2024, compared to basic net loss per share
of $1.80 for the third quarter of 2023.
Financial Outlook
Bolt Projects Holdings projects at least $1.0 million in
revenues for 2024 and at least $4.5 million in revenues for
2025.
In addition, Bolt anticipates gross profit will be positive for
the full year 2025.
Forward-Looking Statements
This 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’s new products, its market potential and market
adoption, customer launches, the Company’s 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 “anticipate,”
“believe,” “budget,” “continue,” “could,” “estimate,” “expect,”
“forecast,” “intend,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “strive,” “will” or
the negatives of these terms or variations of them or similar
terminology. Forward-looking statements include, without
limitation, the Company’s 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.
Forward-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’s history of net
losses and ability to achieve or maintain profitability in the
future; the Company ability to execute its business plan and
adequately control its expenses or raise additional capital on
favorable terms, if at all; the Company’s ability to continue as a
going concern; the Company ability to generate sufficient cash to
service all of its debt obligations; the Company’s dependence on
sales of its b-silk™ product; the Company’s ability to manage
growth effectively; the Company’s reliance on a single or limited
manufacturing partners and manufacturing facilities for the
production of b-silk™; costs of and availability for b-silk™ and
the Company’s future products that are out of the Company’s
control; pricing pressures if the Company’s costs of producing
b-silk™ materially increase; the Company’s limited experience in
marketing and selling b-silk™; market acceptance of from consumer
product companies; the Company’s 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™ 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 “Risk Factors” included
in the Company’s prospectus on Form 424(b)(8) filed with the SEC on
October 2, 2024, as such factors may be updated from time to time
in its other filings with the SEC, including, without limitation,
its Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2024, which are accessible on the SEC’s website at
www.sec.gov and the Investors section of the Company’s website at
www. boltthreads.com.
The 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.
Non-GAAP Financial Measures
In addition to the financial measures presented in this release
in accordance with U.S. Generally Accepted Accounting Principles
(“GAAP”), the Company has included certain non-GAAP financial
measures in this release, including EBITDA and Adjusted EBITDA.
The Company uses such non-GAAP financial measures as internal
measures of business operating performance and as performance
measures for benchmarking against the Company’s 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’s 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’s 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’s 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’s operating performance in addition to the Company’s
performance based on GAAP results.
The Company’s 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’s future results will be unaffected by unusual or
non-recurring items.
EBITDA 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.
EBITDA and Adjusted EBITDA are not recognized terms under GAAP,
and the Company’s presentation of these non-GAAP measures does not
replace the presentation of the Company’s 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’s
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.
About Bolt Projects Holdings
Bolt 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’s 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 64
granted patents and 170 pending patent applications.
BOLT PROJECTS HOLDINGS,
INC.
Condensed Consolidated Balance
Sheets
(In Thousands)
September 30, 2024
December 31, 2023
(unaudited)
Assets:
Current assets:
Cash and cash equivalents
$
6,505
$
894
Restricted cash, current
-
40
Inventory
2,984
235
Prepaid expenses and other current
assets
2,921
3,503
Total current assets
12,410
4,672
Deferred transaction costs
-
16,234
Other non-current assets
3,507
3,368
Total assets
$
15,917
$
24,274
Liabilities, Convertible Preferred
Stock and Stockholders’ Deficit:
Current liabilities:
Accounts payable
$
378
$
1,792
Accrued expenses and other current
liabilities
2,545
1,053
Excise tax payable
2,925
-
Convertible notes, current
-
15,604
Related party convertible notes,
current
-
2,133
Operating lease liabilities, current
-
359
Share-based termination liability
-
6,349
Total current liabilities
5,848
27,290
Operating lease liabilities,
non-current
-
2,093
Long-term debt, non-current
13,279
13,340
Public placement warrant liability
889
-
Related party private placement warrant
liability
464
-
Convertible preferred stock warrant
liability
-
203
Other non-current liabilities
609
-
Total liabilities
21,089
42,926
Convertible preferred stock
-
93,889
Total stockholders’ deficit
(5,172
)
(112,541
)
Total liabilities, convertible preferred
stock, and stockholders’ deficit
$
15,917
$
24,274
BOLT PROJECTS HOLDINGS,
INC.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(In Thousands, Except Per Share
Data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
(Revised)(1)
(unaudited)
Revenue
$
5
$
1,289
$
80
$
2,032
Cost of revenue
5
1,254
155
3,698
Gross income (loss)
—
35
(75
)
(1,666
)
Operating expenses:
Research and development
3,476
844
4,860
9,077
Sales and marketing
1,597
33
1,720
861
General and administrative
15,133
4,039
28,431
12,832
Restructuring costs
—
243
—
3,927
Total operating expenses
20,206
5,159
35,011
26,697
Loss from operations
(20,206
)
(5,124
)
(35,086
)
(28,363
)
Total other income (expense), net
26,598
(428
)
(24,048
)
(21,687
)
Income (loss) before income taxes
6,392
(5,552
)
(59,134
)
(50,050
)
Income tax provision
—
—
—
—
Net income (loss)
$
6,392
$
(5,552
)
$
(59,134
)
$
(50,050
)
Other comprehensive income (loss):
Reporting currency translation
71
26
98
22
Comprehensive income (loss)
$
6,463
$
(5,526
)
$
(59,036
)
$
(50,028
)
Weighted-average common shares
outstanding:
Basic
19,908,205
3,087,760
9,788,196
3,087,760
Diluted
19,935,348
3,087,760
9,788,196
3,087,760
Net income (loss) per share:
Basic
$
0.32
$
(1.80
)
$
(6.04
)
$
(16.21
)
Diluted
$
0.32
$
(1.80
)
$
(6.04
)
$
(16.21
)
(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 $3.5 million, and
increasing the sales and marketing expense by $0.6 million and
research and development by $2.9 million for the nine months ended
September 30, 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’s total
operating expenses, net income, or earnings per share.
BOLT PROJECTS HOLDINGS,
INC.
Reconciliation of GAAP to
Non-GAAP Measures
(In Thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
(Revised)(1)
(unaudited)
GAAP net income (loss)
$
6,392
$
(5,552
)
$
(59,134
)
$
(50,050
)
Interest expense
286
902
930
2,626
Depreciation
1
—
2
1,088
EBITDA
6,679
(4,650
)
(58,202
)
(46,336
)
Non-GAAP adjustments:
(Gain) loss on lease termination
(2,013
)
319
(2,013
)
319
Lease, property and equipment impairment
(2)
—
12
—
21,567
Loss on extinguishment of convertible
notes
—
—
26,359
—
Non-cash fair value remeasurements of
convertible notes, warrant, and share-based liabilities (3)
(24,419
)
(126
)
(569
)
(126
)
Bridge note issuance costs (4)
2,043
—
11,460
—
Restructuring costs
—
243
—
3,927
Stock-based compensation
14,943
98
15,138
545
Adjusted EBITDA
$
(2,766
)
$
(4,104
)
$
(7,826
)
$
(20,104
)
(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 $3.5 million, and increasing sales and
marketing expense by $0.6 million and research and development by
$2.9 million for the nine months ended September 30, 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’s total operating expenses, net
income, or earnings per share. (2) Includes property and equipment
impairment charges of $0.01 million and $19.3 million and lease
impairment charges of $0.01 million and $2.3 million for the three
and nine months ended September 30, 2023, respectively. (3)
Includes the following:
- Remeasurement of public placement warrant liability of ($24.3)
million and related party private placement warrant liability of
($12.7) million for both the three and nine months ended September
30, 2024, respectively,
- Remeasurement of share-based termination liability of ($0.3)
million and $1.0 million for the three and nine months ended
September 30, 2024, respectively,
- Remeasurement of related party convertible notes ($1.8) million
and $3.8 million for the three and nine months ended September 30,
2024, respectively,
- Remeasurement of convertible notes of $14.6 million and $31.7
million for the three and nine months ended September 30, 2024,
respectively, and
- Remeasurement of convertible preferred stock warrant liability
of ($0.1) million and $0.01 million for the three and nine months
ended September 30, 2024, respectively, and $0.1 million for both
the three and nine months ended September 30, 2023.
(4) Bridge Convertible Notes issuance costs of $2.0 million and
$11.5 million included in operating expenses within general and
administrative expenses for the three and nine months ended
September 30, 2024, respectively.
View source
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For Bolt Projects Holdings Media Inquiries:
press@boltthreads.com
For Bolt Projects Holdings Investor Inquiries:
investors@boltthreads.com
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