The company exhibits structural unprofitability with an operating margin of -11.8% in 2025Q3, reflecting a failure to align high SG&A expenses with its volatile revenue stream.
| 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 | -49.26M | -36.93M |
| EBITDA Margin % | -628.67% | -3030.3% | -944.35% | -14235.55% | -12109.18% |
| EBITDA Growth % | -223.47% | -28.04% | 34.03% | -33.36% | - |
| D&A (Non-Cash Add-back) | 3K | 2K | 2.14M | 3.79M | 4.3M |
| EBIT | -22.75M | -63.89M | -54.22M | -50.79M | -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 % | -221.43% | -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 | -73.12 | -65.50 | -48.78 |
| EPS Growth % | 55.12% | -13.31% | -11.63% | -34.28% | - |
| EPS (Basic) | - | -82.85 | -73.12 | -65.50 | -48.78 |
| Diluted Shares Outstanding | 2.77M | 789.34K | 789.34K | 789.34K | 789.34K |
| Basic Shares Outstanding | 2.77M | 789.34K | 789.34K | 789.34K | 789.34K |
| Dividend Payout Ratio | - | - | - | - | - |
Imminent Liquidity and Solvency Risk
As reported in recent financial filings, BSLKW's quarterly revenue has fluctuated significantly, peaking at $1.3M in 2025Q2 before collapsing to $370K in 2025Q3, highlighting the lack of a repeatable, scalable commercial model for its bio-engineered protein products within the current luxury and consumer markets.
The erratic revenue pattern suggests that the company remains reliant on sporadic, non-recurring project-based sales rather than a consistent B2B pipeline. Investors should monitor whether the recent decline reflects a structural loss of interest from key brand partners or merely the timing of developmental milestones.
Based on the company's reported figures, gross margins have remained deeply inconsistent, oscillating between negative territory and a modest 15.1% in 2025Q3, which indicates that the underlying production costs for bio-materials currently lack the efficiency required for sustainable, long-term commercial viability in competitive markets.
The inability to maintain positive gross margins suggests that the fermentation and processing costs remain prohibitively high relative to the market price of the output. This margin profile implies that the company is currently subsidizing its product sales rather than generating value from its proprietary protein sequences.
According to the income statement data, BSLKW continues to incur quarterly SG&A expenses often exceeding $4M, which dwarfs the current revenue generation and results in an operating margin of -11.8% in 2025Q3, demonstrating a lack of operational leverage as the company attempts to scale its infrastructure.
The persistent gap between overhead spending and revenue suggests that the company's cost structure is built for a scale of operations that has not yet materialized. Without a significant reduction in fixed costs or a massive increase in volume, the current operating model appears unsustainable.
Analysis of recent SEC filings reveals that stock-based compensation, reaching $1.5M in 2025Q3, represents a significant portion of the company's operating expenses, which complicates the assessment of true cash-based operational performance and dilutes the value for existing shareholders during periods of heavy net losses.
The reliance on equity-based incentives in the absence of positive cash flow suggests that management is attempting to preserve cash at the expense of shareholder dilution. Investors should be wary of how these non-cash charges impact the reported net income and the overall quality of the company's earnings.
Based on the reported $3.5M cash balance and consistent quarterly net losses, the company faces a critical liquidity crunch that may necessitate dilutive financing or a total cessation of operations, as the current burn rate appears incompatible with the company's limited remaining capital reserves.
Short-term survival appears contingent on the company's ability to secure additional funding, which may be difficult given the current market environment for pre-revenue synthetic biology firms. The suspension of the Mylo product line further complicates the narrative, leaving the company with few levers to pull to improve its financial position.
Quick answers to the most common questions about buying BSLKW stock.
Bolt Projects Holdings, Inc. (BSLKW) reported a net loss of $65.4M for the fiscal year ending 2024.
Bolt Projects Holdings, Inc. (BSLKW) 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. (BSLKW) 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.