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, roughly flat year over year, primarily related to initial shipments to support the strategic partnership with Goddess Maintenance Company[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 Q4 2024, a decrease of 8.2% from $1,409,000 in Q4 2023[41] Profitability and Loss - 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] - Gross loss for Q4 2024 was $18,000 compared to a gross income of $261,000 in Q4 2023, indicating a significant decline in profitability[41] - The net loss for the year ended December 31, 2024, was $65,393,000, compared to a net loss of $57,720,000 in 2023, representing an increase of 13.0%[41] - The Company’s Adjusted EBITDA for the year ended December 31, 2024, was $(11,438,000), an improvement from $(20,332,000) in 2023[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] - Total operating expenses for the year ended December 31, 2024, were $41,515,000, up from $33,228,000 in 2023, reflecting an increase of 25.0%[41] Manufacturing and Innovation - The company 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, showcasing its commitment to innovation in biomaterials[38] Liquidity and Financial Health - Cash and cash equivalents increased to $3,512,000 in December 2024 from $894,000 in December 2023, indicating improved liquidity[40] - Total current liabilities decreased significantly from $27,290,000 in December 2023 to $6,837,000 in December 2024, reflecting a reduction in financial obligations[40] - The Company’s total stockholders' deficit improved to $(8,610,000) in December 2024 from $(112,541,000) in December 2023, indicating a positive shift in financial health[40] - Free cash flow is defined as net cash provided by operating activities less capital expenditures, indicating the Company’s liquidity strength[33] Future Outlook - Bolt anticipates gross profit will be positive for the full year 2025 and 2026[26]
Golden Arrow Merger (GAMC) - 2024 Q4 - Annual Results