Revenue and Profitability - Full year 2024 b-silk revenues are projected to exceed $1 million, with 2025 revenues expected to reach at least $4.5 million[1] - Third quarter 2024 revenues were approximately $0.01 million, a decrease of $1.3 million compared to $1.3 million in Q3 2023[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] - The company anticipates gross profit to be positive for the full year 2025[22] Costs and Expenses - The 2024 COGS reduction program has achieved over 60% reduction in cost-per-kilogram produced for b-silk[1] - 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[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] - Research and development expenses for the three months ended September 30, 2024, were $3.476 million, compared to $9.077 million for the same period in 2023[33] Losses - Operating loss for Q3 2024 was approximately $20.2 million, compared to an operating loss of $5.1 million in Q3 2023[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] - The company reported a comprehensive loss of $5.526 million for the three months ended September 30, 2024[33] - GAAP net loss of $(59,134,000) for the nine months ended September 2024, compared to a loss of $(50,050,000) for the same period in 2023[34] Adjusted Metrics - Adjusted EBITDA for Q3 2024 was approximately ($2.8) million, an improvement from ($4.1) million in Q3 2023[21] - EBITDA for the three months ended September 2024 was $6,679,000, a significant improvement from a loss of $4,650,000 in the prior year[34] - Adjusted EBITDA for the nine months ended September 2024 was $(7,826,000), compared to $(20,104,000) for the same period in 2023, indicating a narrowing loss[34] Intellectual Property - The company has an intellectual property portfolio with 64 granted patents and 170 pending patent applications[11] - The company has a total of 64 granted patents and 170 pending patent applications related to its Vegan Silk Technology Platform[31] Production and Sustainability - Bolt has manufactured over 3,000 kilograms of vegan silk material in 2024, exceeding previous production runs by more than 50%[8] - Bolt's EcoVadis Silver Medal recognition places it in the top 15% of companies globally for sustainability[10] Assets and Liabilities - 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] Forward-Looking Statements - The company cautions that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected[24]
Golden Arrow Merger (GAMC) - 2024 Q3 - Quarterly Results