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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ FORM 10-Q _______________________________________________________________________ (MARK ONE) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fr ...

BOLT PROJECTS HOLDINGS REPORTS Q2 2025 FINANCIAL RESULTS Berkeley, California – August 12, 2025 Introduction Bolt Projects Holdings, Inc. (Nasdaq: BSLK), a developer of biomaterials for the beauty and personal care industry, reported financial results for the second quarter ended June 30, 2025. "Demand for Vegan Silk™ continues to grow, resulting in positive gross margins a quarter ahead of estimate," said Dan Widmaier, Chairman and CEO. "Our pricing discipline helped us achieve profitability on material fr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ FORM 10-Q _______________________________________________________________________ (MARK ONE) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period f ...

Revenue Performance - Revenues for Q1 2025 were approximately $171 thousand, a significant increase from $19 thousand in Q1 2024, primarily driven by ongoing shipments and reorders[16] - Total revenue for Q1 2025 was $171,000, compared to $19,000 in Q1 2024, representing an increase of 800%[36] - Vegan Silk Technology Platform revenues grew nine-fold year-over-year to $0.2 million in Q1 2025, with projections of at least $4.5 million for 2025 and $9.0 million for 2026[5][22] Operating Expenses and Losses - Operating expenses for Q1 2025 were approximately $5.4 million, slightly up from $5.2 million in Q1 2024, reflecting increased spending to support business growth[18] - Total operating expenses for Q1 2025 were $5,399,000, slightly higher than $5,226,000 in Q1 2024, reflecting increased investment in research and development[36] - The net loss for Q1 2025 was approximately $6.0 million, an improvement from a net loss of $6.6 million in Q1 2024[19] - Net loss for Q1 2025 was $5,959,000, compared to a net loss of $6,594,000 in Q1 2024, showing a reduction in losses[36] - Adjusted EBITDA for Q1 2025 was approximately ($3.1) million, compared to ($2.5) million for Q1 2024[20] - Adjusted EBITDA for Q1 2025 was $(3,079,000), compared to $(2,475,000) in Q1 2024, indicating ongoing challenges in achieving profitability[39] Financial Position - Cash and cash equivalents decreased to $984,000 in Q1 2025 from $3,512,000 in Q4 2024, highlighting liquidity concerns[35] - Total current liabilities increased to $7,217,000 in Q1 2025 from $6,837,000 in Q4 2024, indicating rising short-term financial obligations[35] - Long-term debt remained relatively stable at $13,100,000 in Q1 2025 compared to $13,186,000 in Q4 2024[35] Research and Development - Research and development expenses for Q1 2025 were $925,000, up from $413,000 in Q1 2024, emphasizing the company's focus on innovation[36] Customer and Market Development - The company added two new customers in high-impact skincare and haircare segments, leveraging the Vegan Silk Technology Platform for new product innovations[4] Intellectual Property - Bolt's intellectual property portfolio expanded by 7 granted patents in Q1 2025, totaling 75 granted patents and 114 pending applications[11] Production and Supply Chain - Bolt's production and supply chain strategy is designed to support more than ten times the output of 2024 while maintaining cost-effectiveness[8] Stock and Shareholder Actions - The company completed a 20-to-1 reverse stock split on April 22, 2025, following an affirmative shareholder vote[15] - The company reported a weighted-average common shares outstanding of 1,985,621 for Q1 2025, significantly higher than 233,660 in Q1 2024, reflecting potential dilution[36]

Revenue Performance - Full year 2024 revenues for the Vegan Silk Technology Platform were $1.4 million, 37% ahead of initial projections, driven by orders for fast track launches in 2025[4] - For 2025, platform revenues are projected to reach at least $4.5 million, supported by multi-year supply agreements and customer expansion[4] - The company announced a 2026 revenue target of $9.0 million, reflecting its growing customer base and expected successful product adoption[4] - 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, remaining roughly flat year over year[14] - Revenues for the full year 2024 were approximately $1.4 million compared to revenues of $3.4 million in 2023, primarily due to decreased sales of products from the Vegan Silk Technology Platform[20] - The Company reported revenue of $1,293,000 for the three months ended December 31, 2024, a decrease of 8.2% compared to $1,409,000 for the same period in 2023[41] Financial Losses - 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 for the fourth quarter of 2023[17] - Adjusted EBITDA was approximately ($3.6) million in the fourth quarter of 2024, compared to ($0.2) million for the fourth quarter of 2023[18] - The net loss for the year ended December 31, 2024, was $65,393,000, compared to a net loss of $57,720,000 for the year ended December 31, 2023, indicating a worsening financial performance[41] - Adjusted EBITDA for the year ended December 31, 2024, was $(11,438,000), an improvement from $(20,332,000) in 2023, suggesting operational efficiency gains despite overall losses[44] Cost and Expenses - Cost of revenues for the full year 2024 was approximately $1.5 million with a nearly break-even gross margin, compared to $4.8 million in 2023 with a gross margin of (40%)[21] - The Company’s operating expenses totaled $41,515,000 for the year ended December 31, 2024, compared to $33,228,000 for the previous year, indicating increased investment in operations[41] - Research and development expenses increased to $1,385,000 for the three months ended December 31, 2024, from $555,000 in the same period of 2023, reflecting a significant investment in innovation[41] Manufacturing and Innovation - Bolt produced more than 3,600 kilograms of vegan silk material at the lowest cost ever achieved in 2024, reducing manufacturing costs by approximately 50% year over year[9] - The Company holds 68 granted patents and 166 pending patent applications, underscoring its commitment to innovation in biomaterials[38] Asset and Liability Management - The Company’s total current assets increased to $8,735,000 as of December 31, 2024, compared to $4,672,000 as of December 31, 2023, indicating improved liquidity[40] - Total liabilities decreased to $20,840,000 as of December 31, 2024, from $42,926,000 as of December 31, 2023, reflecting a reduction in financial obligations[40] - The Company’s cash and cash equivalents increased significantly to $3,512,000 as of December 31, 2024, from $894,000 as of December 31, 2023, enhancing its financial stability[40]

Financial Performance - The company reported a net loss of $65.4 million and $57.7 million for the years ended December 31, 2024, and December 31, 2023, respectively, with an accumulated deficit of $461.8 million as of December 31, 2024[38]. - The company reported substantial doubt about its ability to continue as a going concern, needing additional capital to support planned product development and operations[78]. - Estimated cash and cash equivalents as of the issuance date of the consolidated financial statements are insufficient to fund operating, investing, and financing cash flow needs for the next twelve months[78]. - The company expects significant losses and negative cash flow as it works to expand market share and incurs additional costs for product development and commercialization[83]. - The company has a limited history of commercial operations, making it difficult to accurately forecast revenues and earnings[84]. - The company incurred net losses of $65.4 million and $57.7 million for the years ended December 31, 2024, and 2023, respectively, with an accumulated deficit of $461.8 million as of December 31, 2024[81]. Market and Industry Insights - The overall beauty and personal care market is projected to grow at a compound annual growth rate (CAGR) of 7.7% to reach $973 billion by 2030[41]. - The global silicone market within the beauty and personal care sector is estimated to be between $16.7 billion and $19.9 billion, with the silicone elastomers subsector representing a market of $6.3 billion to $10.0 billion[43]. - The company is positioned to capture the market shift towards sustainable ingredients, although silicone elastomers are expected to remain the primary ingredient for the foreseeable future[66]. - The company may face substantial competition in the cosmetic ingredients segment, which could impact market share and financial performance[114]. Product Development and Technology - The Vegan Silk Technology Platform includes b-silk and xl-silk, which are fully biodegradable and have been in the market since 2019, supported by a patent portfolio of 68 granted patents and 166 pending applications[36][62]. - The Vegan Silk Technology Platform is designed to replace silicone elastomers, offering a wider range of potential claims as a functional cosmetic ingredient[44][46]. - The company has developed additional offerings from the Vegan Silk Technology Platform, including xl-silk, in response to customer needs for enhanced solubility and binding[57]. - The company is focused on developing and selling offerings from its Vegan Silk Technology Platform, which includes products like b-silk and xl-silk[65]. Operational Challenges - The company faces challenges in achieving market acceptance for its Vegan Silk Technology Platform products, which depend on factors such as public perception and regulatory approvals[93]. - The company relies on a single manufacturing partner, Laurus Bio, for the production of its products, which poses risks related to supply chain stability and production capacity[95]. - The company must increase production volumes to achieve economies of scale and reduce per-unit production costs, but may face challenges in selling output timely[112]. - The company faces significant risks in scaling up production due to potential delays and complications in manufacturing processes, which could adversely affect supply and gross margins[117]. Intellectual Property and Compliance - The company aims to protect its intellectual property through various means, including patents, trademarks, and trade secrets[63]. - Patent protection is critical for the company's competitive position, with current patents set to expire between 2034 and 2044, which may affect future revenue generation[132]. - The company may face challenges in defending its intellectual property rights, which could lead to costly litigation and impact its ability to commercialize products[135]. - The company is required to comply with various federal, state, and international laws and regulations, including those from the FDA and FTC, regarding its products[68]. Human Resources and Management - As of December 31, 2024, the company had 13 full-time employees in the United States and one in Canada, with a total of eight consultants[72]. - The management team has limited experience in operating a public company, which may impact the company's ability to meet regulatory obligations and manage investor relations effectively[121]. - The company relies on key personnel for its success, and the inability to attract or retain skilled employees may have a material adverse effect on its operations[120]. Financial Instruments and Market Conditions - The company has 9,583,265 Public Warrants, 5,000,000 Sponsor Warrants, and 3,000,000 Triton Warrants outstanding, all exercisable for shares of Common stock at exercise prices of $11.50, $0.50, and $0.50 respectively[157]. - The company may redeem outstanding Public Warrants at a price of $0.01 per warrant if the last reported sales price of Common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period[160]. - The market price of Common stock has been volatile and may decline regardless of the company's operating performance, potentially leading to losses for investors[167]. - The company has filed a registration statement covering the resale of up to 28,319,770 shares of Common stock, which could significantly impact the market price of its securities[177]. Regulatory and Compliance Issues - The company received a letter from Nasdaq on November 6, 2024, indicating that the closing bid price for its Common stock was below the minimum required share price for continued listing[185]. - The company has until May 5, 2025, to regain compliance with the Minimum Bid Price Requirement, which requires the closing bid price to be at least $1.00 for a minimum of 10 consecutive business days[186]. - The company also received notifications on February 10, 2025, regarding non-compliance with the minimum $50 million value of listed securities and the $15 million market value of publicly held shares, with a compliance deadline of August 11, 2025[227]. Cybersecurity and Risk Management - The company has developed a cybersecurity risk management program to protect its critical systems and information[202]. - The Board of Directors considers cybersecurity risk as part of its risk oversight function, delegating oversight to the Audit Committee[206]. - The Audit Committee receives periodic reports from management regarding cybersecurity risks and significant incidents[207]. - Cybersecurity risks are heightened due to the company's remote-first operational model, potentially exposing it to data or financial loss[144].

Financial Performance and Risks - The company has a history of net losses and negative cash flows from operations, raising substantial doubt about its ability to continue as a going concern [12]. - The company may incur significant future expenses and capital expenditures to execute its business plan, potentially impacting profitability [22]. - Future litigation or legal proceedings could adversely affect the company's business and results of operations [36]. Revenue Dependence and Customer Base - Revenue is primarily generated from sales of the b-silk product, indicating high dependency on its market success [23]. - A limited number of customers and distributors account for a significant portion of revenue, making the company vulnerable to the loss of major clients [26]. Manufacturing and Supply Chain Risks - The company currently relies on a single manufacturing partner for b-silk production, which poses risks if this partnership is disrupted [24]. Competition and Market Position - The company faces substantial competition from existing materials and new entrants, which could impact market share if innovative products are not developed [29]. - The company may not be able to adequately protect its patents and intellectual property, which could harm its competitive position [32]. Internal Controls and Reporting - Material weaknesses in internal control over financial reporting have been identified, which could affect the accuracy of financial reporting [31]. Stock Market and Investment Risks - The market price of the company's common stock has been volatile, which could lead to investment losses [36].

Revenue and Growth Projections - Full year 2024 b-silk revenues are projected to exceed $1 million, with 2025 revenues expected to reach at least $4.5 million[1][7]. - Third quarter 2024 revenues were approximately $0.01 million, a decrease of $1.3 million compared to $1.3 million in Q3 2023[1][14]. - The company reported revenue of $1.289 million for the three months ended September 30, 2024, compared to $2.032 million for the same period in 2023, representing a decrease of approximately 36.6%[33]. Cost and Expense Management - The 2024 COGS reduction program has achieved over 60% reduction in cost-per-kilogram produced for b-silk[1][7]. - Operating expenses for Q3 2024 were approximately $20.2 million, up from $5.2 million in Q3 2023, primarily due to transaction expenses and increased stock-based compensation[1][17]. - Total operating expenses for the three months ended September 30, 2024, were $20.206 million, an increase from $5.159 million in the same period in 2023[33]. - The company incurred research and development expenses of $3.476 million for the three months ended September 30, 2024, compared to $9.077 million for the same period in 2023[33]. Profitability and Loss - Operating loss for Q3 2024 was approximately $20.2 million, compared to an operating loss of $5.1 million in Q3 2023[1][20]. - Gross loss for the three months ended September 30, 2024, was $1.254 million, compared to a gross loss of $3.698 million for the same period in 2023[33]. - The net loss for the three months ended September 30, 2024, was $6.392 million, compared to a net loss of $5.552 million for the same period in 2023[33]. - For the nine months ended September 2024, GAAP net loss was $(59,134,000), compared to $(50,050,000) for the same period in 2023[34]. Adjusted Financial Metrics - Adjusted EBITDA for Q3 2024 was approximately ($2.8) million, an improvement from ($4.1) million in Q3 2023[1][21]. - Adjusted EBITDA for the three months ended September 2024 was $(2,766,000), compared to $(4,104,000) for the same period in 2023, indicating a narrowing loss[34]. - The company emphasizes the importance of non-GAAP financial measures such as EBITDA and Adjusted EBITDA for evaluating its operating performance[27]. Intellectual Property and Production - The company has a robust intellectual property portfolio with 64 granted patents and 170 pending patent applications[1][11]. - The company has a total of 64 granted patents and 170 pending patent applications related to its Vegan Silk Technology Platform[31]. - Bolt has manufactured over 3,000 kilograms of vegan silk material in 2024, exceeding previous production runs by more than 50%[1][8]. Financial Position and Assets - Current assets totaled $12.410 million as of September 30, 2024, compared to $4.672 million as of September 30, 2023[32]. - Total liabilities amounted to $21.089 million as of September 30, 2024, down from $42.926 million as of September 30, 2023[32]. - The company’s cash and cash equivalents were $6.505 million as of September 30, 2024, compared to $894,000 as of September 30, 2023[32]. Sustainability and Recognition - Bolt's EcoVadis Silver Medal achievement places it in the top 15% of companies globally for sustainability[1][10].