Revenue volatility remains extreme, highlighted by a 97.9% year-over-year decline in 2026Q1, while the firm continues to struggle with a -292.3% operating margin.
| Sales/Revenue | 6.5M | 7.7M | 7.69M | 7.88M | 5.73M | 1.26M | 231K | 215K | 0 |
| Revenue Growth % | 78.64% | 0.07% | -2.36% | 37.48% | 354.68% | 445.45% | 7.44% | - | - |
| Cost of Goods Sold | 203K | 1.49M | 0 | 61.54M | 73.12M | 75.66M | 40.36M | 0 | 302K |
| COGS % of Revenue | - | 19.38% | - | 781.39% | 1276.37% | 6004.37% | 17470.56% | - | - |
| Gross Profit | 6.3M | 6.2M | 7.69M | -53.67M | -67.39M | -74.39M | -40.13M | 215K | -302K |
| Gross Margin % | 96.88% | 80.62% | 100% | -681.39% | -1176.37% | -5904.37% | -17370.56% | 100% | - |
| Gross Profit Growth % | - | -19.32% | 114.33% | 20.37% | 9.41% | -85.4% | -18763.26% | 171.19% | - |
| Operating Expenses | 36.41M | 40.84M | 80.74M | 22.53M | 22.93M | 18.39M | 9.06M | 31.18M | 11.63M |
| OpEx % of Revenue | - | 530.7% | 1049.91% | 286.06% | 400.19% | 1459.76% | 3920.35% | 14504.19% | - |
| Selling, General & Admin | 12.77M | 13.79M | 18.46M | 22.53M | 22.93M | 18.39M | 9.06M | 5.18M | 2.21M |
| SG&A % of Revenue | - | 179.27% | 240.01% | 286.06% | 400.19% | 1459.76% | 3920.35% | 2410.23% | - |
| Research & Development | 23.65M | 28.53M | 57.47M | 61.54M | 73.12M | 75.66M | 40.36M | 26M | 9.42M |
| R&D % of Revenue | - | 370.8% | 747.32% | 781.39% | 1276.37% | 6004.37% | 17470.56% | 12093.95% | - |
| Other Operating Expenses | 0 | -1.49M | 4.81M | -61.54M | -73.12M | -75.66M | -40.36M | 0 | -153K |
| Operating Income | -30.12M | -34.63M | -73.05M | -76.2M | -90.32M | -92.79M | -49.18M | -30.97M | -11.63M |
| Operating Margin % | -463.44% | -450.07% | -949.91% | -967.45% | -1576.56% | -7364.13% | -21290.91% | -14404.19% | - |
| Operating Income Growth % | - | 52.59% | 4.13% | 15.64% | 2.66% | -88.66% | -58.81% | -166.31% | - |
| EBITDA | -29.02M | -33.14M | -71.27M | -74.34M | -88.66M | -91.59M | -48.57M | -30.63M | -11.33M |
| EBITDA Margin % | -446.59% | -430.7% | -926.75% | -943.91% | -1547.48% | -7269.44% | -21026.41% | -14248.37% | - |
| EBITDA Growth % | 55.42% | 53.5% | 4.14% | 16.14% | 3.21% | -88.58% | -58.55% | -170.45% | - |
| D&A (Non-Cash Add-back) | 1.09M | 1.49M | 1.78M | 1.85M | 1.67M | 1.19M | 611K | 335K | 302K |
| EBIT | -30.12M | -34.63M | -68.24M | -76.2M | -90.32M | -92.79M | -49.18M | -30.97M | -11.59M |
| Net Interest Income | 1.72M | 2.5M | 5.25M | 7M | 2.22M | 281K | 199K | 524K | 0 |
| Interest Income | 1.72M | 2.5M | 5.25M | 7M | 2.22M | 281K | 199K | 524K | 193K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 539K | 1.26M | 9.93M | 7M | 2.22M | -5.8M | -11.55M | 482K | 40K |
| Pretax Income | -29.58M | -33.38M | -63.12M | -69.2M | -88.1M | -98.59M | -60.73M | -30.49M | -11.59M |
| Pretax Margin % | -455.15% | -433.74% | -820.78% | -878.58% | -1537.76% | -7824.68% | -26289.18% | -14180% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.35% |
| Net Income | -29.58M | -33.38M | -63.12M | -69.2M | -88.1M | -98.59M | -60.73M | -30.49M | -11.59M |
| Net Margin % | -455.15% | -433.74% | -820.78% | -878.58% | -1537.76% | -7824.68% | -26289.18% | -14180% | - |
| Net Income Growth % | 53.3% | 47.12% | 8.79% | 21.45% | 10.64% | -62.35% | -99.19% | -163.07% | - |
| Net Income (Continuing) | -29.58M | -33.38M | -63.12M | -69.2M | -88.1M | -98.59M | -60.73M | -30.49M | -11.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -15.82 | -17.85 | -1.65 | -1.83 | -2.30 | -2.79 | -1.99 | -3.75 | -5.96 |
| EPS Growth % | -851.5% | -981.82% | 9.84% | 20.43% | 17.56% | -40.2% | 46.93% | 37.08% | - |
| EPS (Basic) | - | -17.85 | -1.65 | -1.83 | -2.30 | -2.79 | -1.99 | -3.75 | -5.96 |
| Diluted Shares Outstanding | 1.87M | 1.87M | 38.18M | 37.81M | 37.36M | 37.4M | 36.25M | 8.01M | 1.94M |
| Basic Shares Outstanding | 1.87M | 1.87M | 38.18M | 37.81M | 37.36M | 37.4M | 36.25M | 8.01M | 1.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Liquidity and clinical binary
According to reported financial statements, Bolt's revenue trajectory remains highly erratic, characterized by a 97.9% year-over-year decline in 2026Q1, which underscores the company's reliance on non-recurring milestone payments rather than a sustainable, predictable commercial product stream that could support long-term operational growth or valuation stability.
The absence of consistent revenue growth suggests that the company's collaboration-based model is currently failing to trigger meaningful milestone payments. Investors should interpret this volatility as a sign that the underlying clinical programs are not yet achieving the technical benchmarks required to unlock further capital from partners.
Based on the provided income statement data, Bolt's cost structure is dominated by R&D expenditures, which consistently dwarf the nominal revenue figures, indicating that the firm remains in a high-burn, pre-commercial phase where expense discipline is secondary to the urgent requirement for clinical trial progression.
While R&D spending has shown some moderation from the 2024 peak of $16.1 million, the current levels remain unsustainable relative to the company's limited cash inflows. This structural imbalance suggests that the firm is effectively consuming its remaining capital to fund speculative research without a clear path to near-term cost recovery.
As indicated by the -450.07% operating margin, Bolt lacks the necessary scale to achieve operating leverage, as the company's fixed overhead and clinical development costs continue to outstrip its ability to generate revenue, leaving the firm highly exposed to the risks of capital market volatility.
The inability to scale operating income alongside research activities implies that the company is not yet optimizing its cost base for efficiency. This lack of leverage suggests that any future growth will require significant additional capital, likely leading to further dilution for existing shareholders.
Based on the reported $11.7 million cash position and persistent quarterly losses, the company faces a critical liquidity risk that may force management into highly dilutive financing rounds or distressed asset sales, as the current burn rate appears to be rapidly exhausting the firm's remaining financial runway.
Short-sellers would likely focus on the widening gap between the company's cash reserves and its ongoing clinical development requirements. This situation warrants further investigation into whether the firm can secure non-dilutive funding before its current capital is fully depleted, as the current trajectory appears increasingly precarious.
Quick answers to the most common questions about buying BOLT stock.
For fiscal year 2025, Bolt Biotherapeutics, Inc. (BOLT) reported total revenue of $7.7M.
Bolt Biotherapeutics, Inc. (BOLT) reported a net loss of $33.4M for the fiscal year ending 2025.
Bolt Biotherapeutics, Inc. (BOLT) reported an operating income of $-34.6M, resulting in an operating profit margin of -450.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Bolt Biotherapeutics, Inc. (BOLT) generated $6.2M in gross profit for the year, representing a gross profit margin of 80.6%. This demonstrates the company's core pricing power and production efficiency.