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].
Bolt Projects Holdings, Inc.(BSLK) - 2024 Q3 - Quarterly Results