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 2025 and $9.0 million for 2026[5][22] Operating Expenses and Losses - Operating expenses for Q1 2025 were approximately $5.4 million, slightly up from $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] - The net loss for Q1 2025 was approximately $6.0 million, an improvement from a net loss of $6.6 million in Q1 2024[19] - 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 approximately ($3.1) million, compared to ($2.5) million for Q1 2024[20] - Adjusted EBITDA for Q1 2025 was $(3,079,000), compared to $(2,475,000) in Q1 2024, indicating ongoing challenges in achieving profitability[39] Financial Position - Cash and cash equivalents decreased to $984,000 in Q1 2025 from $3,512,000 in Q4 2024, highlighting liquidity concerns[35] - Total current liabilities increased to $7,217,000 in Q1 2025 from $6,837,000 in Q4 2024, indicating rising short-term financial obligations[35] - Long-term debt remained relatively stable at $13,100,000 in Q1 2025 compared to $13,186,000 in Q4 2024[35] Research and Development - Research and development expenses for Q1 2025 were $925,000, up from $413,000 in Q1 2024, emphasizing the company's focus on innovation[36] Customer and Market Development - The company added two new customers in high-impact skincare and haircare segments, leveraging the Vegan Silk Technology Platform for new product innovations[4] Intellectual Property - Bolt's intellectual property portfolio expanded by 7 granted patents in Q1 2025, totaling 75 granted patents and 114 pending applications[11] Production and Supply Chain - Bolt's production and supply chain strategy is designed to support more than ten times the output of 2024 while maintaining cost-effectiveness[8] Stock and Shareholder Actions - The company completed a 20-to-1 reverse stock split on April 22, 2025, following an affirmative shareholder vote[15] - The company reported a weighted-average common shares outstanding of 1,985,621 for Q1 2025, significantly higher than 233,660 in Q1 2024, reflecting potential dilution[36]
Bolt Projects Holdings, Inc.(BSLK) - 2025 Q1 - Quarterly Results