$BSLK

Bolt Projects Holdings, Inc.

CIK:0001841125|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue	$ 370,000	$ 5,000	$ 1,843,000	$ 80,000
Cost of revenue	312,000	5,000	1,724,000	155,000
Gross income (loss)	58,000	0	119,000	(75,000)
Operating expenses:
Research and development	420,000	3,476,000	2,035,000	4,860,000
Sales and marketing	109,000	1,597,000	412,000	1,720,000
General and administrative	3,893,000	15,133,000	12,253,000	28,431,000
Total operating expenses	4,422,000	20,206,000	14,700,000	35,011,000
Loss from operations	(4,364,000)	(20,206,000)	(14,581,000)	(35,086,000)
Other income (expense)
Interest expense	(320,000)	(286,000)	(955,000)	(930,000)
Loss on debt extinguishment	(3,053,000)	0	(3,053,000)	(26,359,000)
Gain on lease termination	0	2,013,000	0	2,013,000
Remeasurement of share-based termination liability	0	334,000	0	(978,000)
Other income, net	392,000	452,000	552,000	659,000
Total other income (expense), net	(3,114,000)	26,598,000	(3,439,000)	(24,048,000)
Income (loss) before income taxes	(7,478,000)	6,392,000	(18,020,000)	(59,134,000)
Income tax provision	0	0	0	0
Net income (loss)	(7,478,000)	6,392,000	(18,020,000)	(59,134,000)
Other comprehensive income (loss):
Reporting currency translation	0	71,000	7,000	98,000
Comprehensive income (loss)	$ (7,478,000)	$ 6,463,000	$ (18,013,000)	$ (59,036,000)
Net income (loss) per share, basic (in dollars per share)	$ (2.70)	$ 6.42	$ (8.21)	$ (120.83)
Net income (loss) per share, diluted (in dollars per share)	$ (2.70)	$ 6.41	$ (8.21)	$ (120.83)
Weighted-average common shares outstanding, basic (in shares)	2,765,446	995,410	2,195,522	489,409
Weighted-average common shares outstanding, diluted (in shares)	2,765,446	996,766	2,195,522	489,409
Nonrelated Party
Other income (expense)
Remeasurement of convertible notes	$ 0	$ (14,577,000)	$ 0	$ (31,664,000)
Related Party
Other income (expense)
Remeasurement of convertible notes	0	1,796,000	0	(3,752,000)
Remeasurement of convertible preferred stock warrant liability
Other income (expense)
Remeasurement of warrant liability	0	(91,000)	0	6,000
Public placement warrant liability
Other income (expense)
Remeasurement of warrant liability	(13,000)	24,286,000	249,000	24,286,000
Related party private placement warrant liability
Other income (expense)
Remeasurement of warrant liability	$ (120,000)	$ 12,671,000	$ (232,000)	$ 12,671,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities:
Net loss	$ (18,020)	$ (59,134)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	3	2
Stock-based compensation	5,167	15,138
Gain on lease termination	0	(2,013)
Non-cash interest expense	634	477
Non-cash debt issuance costs	0	11,460
Non-cash non-capitalized transaction costs	0	268
Loss on extinguishment of debt	3,053	26,359
Remeasurement of share-based termination liability	0	978
Changes in operating assets and liabilities:
Accounts receivable	(167)	0
Inventory	755	(2,749)
Prepaid expenses and other current assets	2,122	733
Other non-current assets	66	(118)
Accounts payable	3,082	(1,060)
Accrued expenses and other current liabilities	1,457	(1,814)
Operating lease liabilities	0	(346)
Other non-current liabilities	(690)	3
Net cash used in operating activities	(2,555)	(13,363)
Investing activities:
Purchases of property and equipment	(13)	(23)
Net cash used in investing activities	(13)	(23)
Financing activities:
Proceeds from Merger with GAMC	0	5,268
Payments of deferred transaction costs	(115)	(5,508)
Proceeds from issuance of Common stock (net of $875 of transaction costs)	3,916	0
Payments of Amended Senior Note		(539)
Proceeds from issuance of related party notes	0	250
Payments on related party notes	0	(250)
Payments of related party promissory note	0	(648)
Net cash provided by financing activities	3,801	18,949
Exchange rate effect on cash, cash equivalents and restricted cash	0	8
Net change in cash, cash equivalents and restricted cash	1,233	5,571
Cash, cash equivalents and restricted cash at beginning of period	3,512	934
Cash, cash equivalents and restricted cash at end of period	4,745	6,505
Supplemental cash flow disclosures:
Cash paid for income taxes	0	0
Cash paid for interest	880	440
Supplemental disclosures of non-cash investing and financing activities:
Deferred transaction costs in accounts payable and accrued expenses	317	1,818
Issuance of Common stock to settle accounts payable and accrued liabilities	1,741	0
Decrease of deferred transaction costs due to the Merger and PIPE Financing	0	11,124
Issuance of Common stock to settle underwriting commission	0	6,106
Issuance of Common stock upon conversion of convertible preferred stock	0	93,889
Issuance of Common stock upon conversion of convertible bridge notes	0	102,155
Issuance of Common stock upon settlement of share-based termination liability	0	7,327
Conversion of convertible preferred stock warrants to Private Warrants	0	197
Decrease of operating lease liabilities due to lease termination	0	2,013
Nonrelated Party
Adjustments to reconcile net loss to net cash used in operating activities:
Remeasurement of convertible notes	0	31,664
Financing activities:
Proceeds from Bridge Financing Notes	0	22,643
Related Party
Adjustments to reconcile net loss to net cash used in operating activities:
Remeasurement of convertible notes	0	3,752
Financing activities:
Payments of related party convertible promissory note	0	(2,267)
Remeasurement of convertible preferred stock warrant liability
Adjustments to reconcile net loss to net cash used in operating activities:
Remeasurement of warrant liability	0	(6)
Public placement warrant liability
Adjustments to reconcile net loss to net cash used in operating activities:
Remeasurement of warrant liability	(249)	(24,286)
Related party private placement warrant liability
Adjustments to reconcile net loss to net cash used in operating activities:
Remeasurement of warrant liability	$ 232	$ (12,671)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 4,745	$ 3,512
Accounts receivable	167	870
Inventory	1,005	1,760
Prepaid expenses and other current assets	1,346	2,593
Total current assets	7,263	8,735
Property and equipment, net	30	21
Deferred transaction costs	432	0
Other non-current assets	3,408	3,474
Total assets	11,133	12,230
Current liabilities:
Accounts payable	2,276	413
Accrued expenses and other current liabilities	5,385	3,499
Excise tax payable	2,925	2,925
Total current liabilities	10,586	6,837
Long-term debt, non-current	12,911	13,186
Other non-current liabilities	0	417
Total liabilities	23,880	20,840
Commitments and contingencies (Note 10)
Stockholders’ Deficit:
Common stock: $0.0001 par value, 500,000,000 shares authorized at September 30, 2025 and December 31, 2024; 3,706,197 and 1,714,792 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	0	0
Additional paid-in capital	467,048	453,172
Accumulated other comprehensive income	26	19
Accumulated deficit	(479,821)	(461,801)
Total stockholders’ deficit	(12,747)	(8,610)
Total liabilities and stockholders’ deficit	11,133	12,230
Public placement warrant liability
Current liabilities:
Warrants	18	267
Related party private placement warrant liability
Current liabilities:
Warrants	$ 365	$ 133