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]
Bolt Projects Holdings, Inc.(BSLK) - 2024 Q4 - Annual Results