Bolt Projects (BSLK 556.88%), a biotechnology company developing sustainable biomaterials for the beauty and personal care market, reported its second quarter results on August 12, 2025. The earnings showed a surge in revenue to $1.3 million (GAAP), up from $56,000 (GAAP) in Q2 2024, with the business delivering positive gross profit earlier than management had targeted. No analyst estimates were available for the period, but the company exceeded its own internal gross profit expectations and reiterated its revenue and profitability guidance for fiscal 2025. Despite these operating milestones, management flagged severe liquidity pressure and a Nasdaq delisting risk, narrowing the company’s strategic options. The quarter marked significant progress on commercialization and technology, but also underscored critical financial vulnerabilities.
| Metric | Q2 2025 | Q2 2024 | Y/Y Change |
|---|---|---|---|
| Revenue (GAAP) | $1.3 million | $0.06 million | 2,066.7% |
| Gross Profit | $0.06 million | ($0.03 million) | N/A |
| Operating Expenses | $4.9 million | $9.6 million | (48.8%) |
| Net Loss (GAAP) | ($4.6 million) | ($58.9 million) | (92.2%) |
| EPS (GAAP) | ($2.20) | ($252.21) | (99.1%) |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
About Bolt Projects and Recent Strategic Focus
Bolt Projects develops bioengineered materials for use in cosmetics and personal care, with its core product being the Vegan Silk Technology Platform. This technology uses a fermentation process to transform yeast, sugar, and water into vegan silk, intended as a sustainable, biodegradable replacement for silicone in beauty products.
The business sharpened its focus in recent periods, concentrating all development and commercialization efforts on the Vegan Silk Technology Platform. Management believes this strategic focus will allow it to capture share as beauty brands look for eco-friendly material alternatives. Success factors for Bolt Projects now center on market adoption, manufacturing scale-up, and protecting innovations through an expanding patent portfolio.
Notable Events, Results, and Drivers in the Quarter
The quarter was defined by steep revenue growth and early proof of commercial viability for the core platform. Revenue (GAAP) soared to $1.3 million, up more than 2,200% compared to Q2 2024, primarily from shipments to the Goddess Maintenance Company, which launched a new hair care product using the platform’s “Goddess Molecule” in April. This hair mask product is set for international expansion to over 100 markets by October 2025. Key reorders and shipments highlight both customer traction and initial repeat business.
Gross profit (GAAP) was $62,000. Management dedicated special attention to reaching gross profitability, a notable milestone as the company moves from R&D focus toward product commercialization. This margin improvement came as costs of revenue, at $1.2 million (GAAP), remained tightly managed even as manufacturing volumes scaled up. Operating expenses (GAAP) fell to $4.9 million from $9.6 million in Q2 2024, due in part to lower consulting spend.
The intellectual property portfolio continued to expand, with five new patents granted in the quarter, bringing the totals to 77 granted and 118 pending. Management emphasized that a growing set of proprietary molecules underpins its market position, enabling exclusive claims for partners in a competitive industry. One of the biggest commercial wins came as Bolt secured its first deal with a brand owned by a major global beauty conglomerate — a group that collectively controls over 70 % of the industry’s revenue. This marks a strategic entry, with new skincare products scheduled for launch in 2026 and additional products moving through development pipelines.
Despite operating momentum, deeper financial challenges remain apparent. The net loss (GAAP) narrowed to $4.6 million from $58.9 million in Q2 2024, as last year’s number was weighed down by non-recurring losses related to extinguishment of debt and revaluations. On an adjusted basis, the EBITDA loss grew to $3.3 million as Bolt invested in scaling core operations, with higher staff costs and selling activities. Cash on hand (GAAP) stood at $1.0 million at quarter-end, down steeply from $3.5 million at year-end 2024, with management warning explicitly that continued operations depend on new capital. Bolt entered a non-binding agreement for up to $20 million in new financing but closing is not assured. In addition, Bolt received notice from Nasdaq regarding planned delisting.
Business Model Background and Product Details
The Vegan Silk Technology Platform is Bolt Projects’ foundation for developing synthetic silk biopolymers. These biopolymers are intended to replace silicone elastomers, a commonly used ingredient in skin and hair care for texture and performance. By engineering silk using yeast and fermentation, Bolt offers an alternative that is both biodegradable and compatible with a range of personal care formulations.
The company’s strategy is to compete on both sustainability and performance for ingredient supply in a beauty and personal care market projected to reach $973 billion by 2030. Intellectual property is a core moat for Bolt, offering partners patent-backed exclusivity and protection from copycats. The focus is now fully on the Vegan Silk Platform, which management believes is a timely match for shifting regulatory and consumer preferences away from traditional synthetics.
Looking Ahead: Management Guidance and Key Watch Points
Bolt Projects reiterated its guidance and added gross profit targets for 2025. Management forecasts at least $4.5 million in revenue and $0.5 million in gross profit for fiscal 2025. For fiscal 2026, guidance calls for at least $9.0 million in revenue and $1.0 million in gross profit, emphasizing a continued margin expansion and scaling up of manufacturing. However, management has not provided explicit guidance for net income, free cash flow, or when it might expect to reach overall profitability.
Investors should follow several critical factors in the coming quarters. These include progress on the planned financing transaction, whether Bolt can broaden its customer base beyond initial launches, and progress toward scaling manufacturing and keeping costs down. The risk of Nasdaq delisting and consequences for future funding also remain in sharp focus for stakeholders.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
