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 the full year 2025 and at least $9.0 million for 2026[5][22] Loss and Expenses - Operating loss for Q1 2025 was approximately $5.4 million, compared to $5.3 million in Q1 2024, while net loss decreased to $6.0 million from $6.6 million year-over-year[19] - Adjusted EBITDA for Q1 2025 was approximately ($3.1) million, compared to ($2.5) million in Q1 2024[20] - Operating expenses for Q1 2025 were approximately $5.4 million, slightly higher than $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] - 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 $(3,079,000), compared to $(2,475,000) in Q1 2024, indicating a deeper operational loss[39] Cash and Liquidity - Cash and cash equivalents as of March 31, 2025, were $1.0 million, down from $3.5 million as of December 31, 2024[20] - Cash and cash equivalents decreased to $984,000 in Q1 2025 from $3,512,000 in Q4 2024, highlighting liquidity challenges[35] Liabilities and Financial Health - Total current liabilities increased to $7,217,000 in Q1 2025 from $6,837,000 in Q4 2024, indicating rising short-term obligations[35] - Long-term debt remained relatively stable at $13,100,000 in Q1 2025 compared to $13,186,000 in Q4 2024[35] - Total stockholders' deficit increased to $(12,436,000) in Q1 2025 from $(8,610,000) in Q4 2024, indicating worsening financial health[35] Intellectual Property and Market Position - Bolt's intellectual property portfolio expanded by 7 granted patents in Q1 2025, totaling 75 granted patents and 114 pending applications[11] - The company added two new customers in high-impact skincare and haircare segments, indicating strong market traction and product validation[4] Strategic Focus - The company is focused on expanding its Vegan Silk Technology Platform to meet evolving consumer preferences and regulatory challenges[12] - The company anticipates achieving long-term gross margin targets of 60% as it scales production and optimizes costs[10]
Golden Arrow Merger (GAMC) - 2025 Q1 - Quarterly Results