Financial Performance - Total revenue for the three months ended September 30, 2025, was $370,000, a significant increase from $5,000 in the same period of 2024, representing a growth of 7,300%[28] - Gross income for the nine months ended September 30, 2025, was $119,000, compared to a loss of $75,000 in the same period of 2024[28] - The company reported a net loss of $7,478,000 for the three months ended September 30, 2025, compared to a net income of $6,392,000 in the same period of 2024[28] - Net loss for the nine months ended September 30, 2025, was $18,020 thousand, compared to a loss of $59,134 thousand for the same period in 2024, indicating a significant improvement[35] - The Company incurred a net loss of $18.0 million during the nine months ended September 30, 2025[52] - The Company reported a net loss attributable to common stockholders of $7.478 million for the three months ended September 30, 2025, compared to a net income of $6.392 million for the same period in 2024[185] Assets and Liabilities - Total current liabilities increased to $10,586,000 as of September 30, 2025, from $6,837,000 at December 31, 2024, reflecting a rise of 55%[26] - The total assets decreased to $11,133,000 as of September 30, 2025, from $12,230,000 at December 31, 2024, a decline of 9%[26] - The accumulated deficit increased to $(479,821,000) as of September 30, 2025, from $(461,801,000) at December 31, 2024, reflecting a worsening of 4%[26] - The Company has an accumulated deficit of $479.8 million and negative net working capital of $3.3 million as of September 30, 2025[52] Cash Flow and Financing - The company had cash and cash equivalents of $4,745,000 as of September 30, 2025, compared to $3,512,000 at December 31, 2024, an increase of 35%[26] - Net cash used in operating activities for the nine months ended September 30, 2025, was $2,555 thousand, a decrease from $13,363 thousand in the same period of 2024, showing improved cash flow management[35] - The company reported a net cash provided by financing activities of $3,801 thousand for the nine months ended September 30, 2025, compared to $18,949 thousand in 2024, indicating a decrease in financing inflows[35] - Cash and cash equivalents as of September 30, 2025, were $4.7 million, insufficient to fund operations for the next twelve months[53] Expenses - Research and development expenses for the three months ended September 30, 2025, were $420,000, down from $3,476,000 in the same period of 2024, indicating a reduction of 88%[28] - Total operating expenses for the nine months ended September 30, 2025, were $14,700,000, down from $35,011,000 in the same period of 2024, a decrease of 58%[28] - Stock-based compensation expense for the nine months ended September 30, 2025, was $5,167 thousand, down from $15,138 thousand in 2024, reflecting a reduction in compensation costs[35] - The Company recorded total stock-based compensation expense of $1.474 million for the three months ended September 30, 2025, compared to $14.943 million for the same period in 2024[163] Stock and Shares - The weighted-average common shares outstanding, basic, increased to 2,765,446 for the three months ended September 30, 2025, compared to 995,410 in the same period of 2024, an increase of 178%[28] - As of September 30, 2025, there were 500,000,000 shares of Common stock authorized, with 3,706,197 shares issued and outstanding[153] - Total shares of Common stock reserved for issuance increased from 1,118,008 to 1,589,231 from December 31, 2024 to September 30, 2025[154] Compliance and Regulatory Issues - The Company received a notice from Nasdaq on November 6, 2024, indicating non-compliance with the minimum bid price requirement of $1.00 per share, with a compliance deadline of May 5, 2025[176] - The Company has a compliance plan to regain Nasdaq listing standards by December 31, 2025, following a determination letter from the Nasdaq Hearings Panel[179] - On September 30, 2025, the Company received an extension from Nasdaq to regain compliance with listing standards, with a compliance plan due by December 31, 2025[219] Mergers and Acquisitions - The company completed a merger with GAMC on August 13, 2024, resulting in the change of its name to Bolt Projects Holdings, Inc., and its common stock began trading under the symbol "BSLK" on Nasdaq[40] - The Company completed a merger with Golden Arrow Merger Corp on August 13, 2024, with Legacy Bolt being the accounting acquirer[205] Tax and Legal Obligations - The Company owes approximately $2.9 million in excise tax as of September 30, 2025, with additional interest and penalties estimated at 9% per annum[115] - The Company currently owes approximately $2.9 million in excise tax liability related to redemptions of shares prior to the merger[223] Risks and Dependencies - The Company is dependent on a sole supplier for certain manufacturing activities, which poses a risk to inventory commercialization[67] - During the three months ended September 30, 2025, two customers represented 48% and 36% of total revenue, indicating significant customer concentration risk[68] - The Company has had negative cash flow from operations since inception, indicating ongoing financial challenges[52] Future Financing Plans - The Company may seek additional capital through public or private equity offerings or debt financing to support operations[54] - The Company entered into an equity purchase agreement with Ascent Partners Fund LLC, allowing the sale of up to $20.0 million of Common stock[195] - As of September 30, 2025, no shares had been sold to Ascent under the agreement, and the equity line of credit remained available for future use[199] - Starting in October 2025, the Company utilized the Ascent ELOC facility, issuing a total of 791,153 shares for gross proceeds of $1.8 million[200]
Bolt Projects Holdings, Inc.(BSLK) - 2025 Q3 - Quarterly Report