Revenue volatility remains extreme with quarterly figures fluctuating between $5K and $1.4M, while negative gross margins as low as -51.8% in 2024Q2 highlight a fundamental inability to cover production costs.
| Sales/Revenue | 3.14M | - | - | - | - |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | 99K | -93K | -1.41M | -388K | -575K |
| Gross Margin % | 3.16% | -6.77% | -40.83% | -112.14% | -188.52% |
| Gross Profit Growth % | - | 93.38% | -262.11% | 32.52% | - |
| Operating Expenses | 21.2M | 41.52M | 33.23M | 52.66M | 40.66M |
| OpEx % of Revenue | - | 3023.67% | 965.65% | 15219.94% | 13331.8% |
| Selling, General & Admin | 17.78M | 35.27M | 19.62M | 36.8M | 17.09M |
| SG&A % of Revenue | - | 2568.83% | 570.27% | 10636.99% | 5603.28% |
| Research & Development | 0 | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - |
| Operating Income | -21.1M | -41.61M | -34.63M | -53.05M | -41.24M |
| Operating Margin % | -672.93% | -3030.44% | -1006.48% | -15332.08% | -13520.33% |
| Operating Income Growth % | - | -20.14% | 34.72% | -28.64% | - |
| EBITDA | -19.71M | -41.61M | -32.49M | -51.4M | -36.93M |
| EBITDA Margin % | -628.67% | -3030.3% | -944.35% | -14856.65% | -12109.18% |
| EBITDA Growth % | 54.06% | -28.04% | 36.79% | -39.18% | - |
| D&A (Non-Cash Add-back) | 3K | 2K | 2.14M | 1.65M | 4.3M |
| EBIT | -22.75M | -63.89M | -54.22M | -53.05M | -31.92M |
| Net Interest Income | -1.53M | -1.5M | -3.5M | -914K | -6.58M |
| Interest Income | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.53M | 1.5M | 3.5M | 914K | 6.58M |
| Other Income/Expense | 0 | - | - | - | - |
| Pretax Income | -24.28M | -65.39M | -57.72M | -51.7M | -38.5M |
| Pretax Margin % | -774.2% | -4762.78% | -1677.42% | -14942.49% | -12623.93% |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -24.28M | -65.39M | -57.72M | -51.7M | -38.5M |
| Net Margin % | -774.2% | -4762.78% | -1677.42% | -14942.49% | -12623.93% |
| Net Income Growth % | 63.66% | -13.29% | -11.64% | -34.28% | - |
| Net Income (Continuing) | -24.28M | -65.39M | -57.72M | -51.7M | -38.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -8.78 | -82.85 | -154.97 | -32.66 | -24.32 |
| EPS Growth % | -3421.21% | 46.54% | -374.49% | -34.29% | - |
| EPS (Basic) | - | -82.85 | 921.47 | -32.66 | -24.32 |
| Diluted Shares Outstanding | 2.77M | 789.34K | 465.3K | 1.8M | 1.8M |
| Basic Shares Outstanding | 2.77M | 789.34K | 172.19K | 1.8M | 1.8M |
| Dividend Payout Ratio | - | - | - | - | - |
Imminent liquidity and solvency crisis
As reported in recent financial filings, BSLK's top-line performance exhibits extreme quarterly volatility, with revenue fluctuating between $5K and $1.4M, suggesting that the company lacks a repeatable commercial engine and remains entirely dependent on sporadic, non-recurring project-based contracts rather than a sustainable, scalable business model.
The erratic revenue pattern indicates that the company has failed to transition from pilot-stage experimentation to consistent commercial adoption. Investors should monitor whether the recent revenue contraction reflects the permanent loss of anchor partnerships or merely the timing of milestone-based payments, as the current trajectory suggests a business struggling to find product-market fit.
Based on the provided income statement data, BSLK's gross margin has frequently dipped into negative territory, reaching as low as -51.8% in 2024Q2, which indicates that the direct costs of production currently exceed the market value of the company's bio-engineered materials and beauty ingredients.
This structural margin profile suggests that the company's fermentation-based manufacturing process is not yet optimized for commercial scale. The inability to achieve positive gross margins consistently implies that every unit sold currently erodes shareholder value, necessitating a fundamental breakthrough in production yields to achieve any semblance of long-term viability.
According to the company's historical income statements, SG&A expenses have consistently dwarfed revenue, with quarterly operating losses frequently exceeding $5M, demonstrating a complete lack of operating leverage as the company continues to burn through capital without achieving the necessary scale to cover its fixed overhead.
The persistent gap between operating expenses and revenue suggests that the company's cost structure is decoupled from its commercial output. This high fixed-cost burden, primarily driven by specialized laboratory and personnel requirements, appears to be a significant drag on the company's ability to reach a break-even point in the near term.
Analysis of recent SEC filings reveals that BSLK utilizes significant stock-based compensation, reaching $3.0M in 2024Q4, which serves to mask the underlying cash burn and dilutes existing shareholders while the company fails to generate positive net income or meaningful operating cash flow from its core operations.
The reliance on equity-based incentives in the absence of operational profitability warrants caution, as it may misalign management interests with long-term value creation. Investors should scrutinize the impact of these non-cash charges on the net margin, as they obscure the severity of the company's ongoing cash consumption and reliance on external financing.
Based on the reported figures, the company's $3.5M cash position against persistent quarterly losses suggests a high probability of a going concern risk, as the current burn rate appears unsustainable without immediate, highly dilutive capital raises or a radical pivot to a more capital-efficient operating model.
Short-sellers would likely focus on the company's inability to scale production and the recent suspension of its flagship Mylo product line as evidence of a failed commercial strategy. The lack of a clear path to profitability, combined with the high sensitivity to input costs and capital market conditions, suggests that the company's current valuation may be disconnected from its fundamental financial reality.
Quick answers to the most common questions about buying BSLK stock.
Bolt Projects Holdings, Inc. (BSLK) reported a net loss of $65.4M for the fiscal year ending 2024.
Bolt Projects Holdings, Inc. (BSLK) reported an operating income of $-41.6M, resulting in an operating profit margin of -3030.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Bolt Projects Holdings, Inc. (BSLK) generated $-0.1M in gross profit for the year, representing a gross profit margin of -6.8%. This demonstrates the company's core pricing power and production efficiency.