Tearsheet

Bolt Projects (BSLK)

Market Price (12/29/2025): $1.31 | Market Cap: $3.6 Mil
Sector: Materials | Industry: Specialty Chemicals

Bolt Projects (BSLK)

Market Price (12/29/2025): $1.31
Market Cap: $3.6 Mil
Sector: Materials
Industry: Specialty Chemicals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 111%	Weak multi-year price returns 2Y Excs Rtn is -145%, 3Y Excs Rtn is -181%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -21 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -673%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44%		Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 219%
2			Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 261%
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -170%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -171%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -654%
5			High stock price volatility Vol 12M is 2098%
6			Key risks BSLK key risks include [1] a precarious financial position with limited cash and uncertain funding, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 111%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44%
2	Weak multi-year price returns 2Y Excs Rtn is -145%, 3Y Excs Rtn is -181%
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -21 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -673%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 219%
5	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 261%
6	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -170%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -171%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -654%
8	High stock price volatility Vol 12M is 2098%
9	Key risks BSLK key risks include [1] a precarious financial position with limited cash and uncertain funding, Show more.

Valuation, Metrics & Events

	12/29/25	2024	2023	2022	2021
Share Price CYE	$1.31	$9.64	$211.60	$200.30	$193.60
Market Cap CYE ($ Mil)	3.6	16.5	335.0	317.1	402.6
Total Debt ($ Mil)	12.9	13.2	33.5	54.7	29.1
Total Cash ($ Mil)	4.7	3.5	0.9	22.9	57.0
Enterprise Value ($ Mil)	11.8	29.7	368.5	371.8	431.7
Valuation Ratios
P/S TTM	1.2	0.3	4.9	45.8	50.2
P/EBIT TTM	-0.2	-0.0	-0.3	-0.3	-0.5
P/E TTM	-0.1	-0.0	-0.3	-0.3	-0.4
P/FCF TTM	-0.7	-0.0	-0.6	-0.2	-0.3
Sector Ratios
P/S TTM (Sector)	1.5	1.3	1.4	1.2	1.5
P/EBIT TTM (Sector)	8.1	6.8	6.6	5.1	5.8
P/E TTM (Sector)	-0.2	6.1	7.1	4.8	6.8
P/FCF TTM (Sector)	6.9	5.8	5.0	2.7	5.7

	12/29/25	2024	2023
Share Price CYE	$1.31	$9.64	$211.60
Market Cap CYE ($ Mil)	3.6	16.5	335.0
Total Debt ($ Mil)	12.9	13.2	33.5
Total Cash ($ Mil)	4.7	3.5	0.9
Enterprise Value ($ Mil)	11.8	29.7	368.5
Valuation Ratios
P/S TTM	1.2	0.3	4.9
P/EBIT TTM	-0.2	-0.0	-0.3
P/E TTM	-0.1	-0.0	-0.3
P/FCF TTM	-0.7	-0.0	-0.6
Sector Ratios
P/S TTM (Sector)	1.5	1.3	1.4
P/EBIT TTM (Sector)	8.1	6.8	6.6
P/E TTM (Sector)	-0.2	6.1	7.1
P/FCF TTM (Sector)	6.9	5.8	5.0

	BSLK	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.0
Rev Chg Q	7,300.0%	7.3%
Rev Chg LTM	110.6%	6.1%
Rev Chg 3Y Avg	110.6%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-672.9%	18.8%
CFO/Rev LTM	-170.2%	20.4%
Net Inc Mgn	-774.2%	13.1%
VALUATION	LOW
P/S	1.2	3.3
P/CFO	-0.7	15.8
P/FCF	-0.7	20.7
P/E	-0.1	23.7
STABILITY	FAIR
Debt/Equity	3.56	0.21
Cash/Assets	0.43	0.07

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Metric	Value	Date	Source
Granted Patents	80	10212025	Link
Pending Patent Applications	116	10212025	Link
Vegan Silk Material Production Volume	more than 3,600 kilograms	12312024	Link
Vegan Silk Technology Platform Revenue	approximately $1.3 million	6302025	Link
Annual Minimum Supply Contract	$4.0M	3182025	Link
Number of New Customers (Q1 2025)	2	3312025	Link

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BSLK Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points explaining the -70.3% stock movement for Bolt Projects (BSLK) from approximately August 31, 2025, to today:

1. Continuing Liquidity Concerns and Nasdaq Delisting Risk: While initially highlighted in the Q2 2025 earnings report on August 12, 2025, the severe liquidity pressures and low cash on hand continued to significantly impact investor confidence throughout the specified period, compounded by a Nasdaq delisting notice.

2. Highly Dilutive Discounted Share Offering: On August 14, 2025, Bolt Projects announced a discounted share offering to sell 913,979 shares at $4.65 each, aiming to raise approximately $4.25 million. This announcement led to a sharp 44.6% plunge in the stock price due to significant dilution for existing shareholders.

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Stock Movement Drivers

Fundamental Drivers

The -67.2% change in BSLK stock from 9/28/2025 to 12/28/2025 was primarily driven by a -74.7% change in the company's Shares Outstanding (Mil).

	9282025	12282025	Change
Stock Price ($)	4.11	1.35	-67.15%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2.77	3.14	13.09%
P/S Multiple	2.35	1.19	-49.26%
Shares Outstanding (Mil)	1.58	2.77	-74.70%
Cumulative Contribution			-85.48%

LTM = Last Twelve Months as of date shown

Market Drivers

9/28/2025 to 12/28/2025

	Return	Correlation
BSLK	-67.2%
Market (SPY)	4.3%	44.8%
Sector (XLB)	3.8%	30.4%

Fundamental Drivers

The -45.6% change in BSLK stock from 6/29/2025 to 12/28/2025 was primarily driven by a -74.7% change in the company's Shares Outstanding (Mil).

	6292025	12282025	Change
Stock Price ($)	2.48	1.35	-45.56%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2.83	3.14	10.77%
P/S Multiple	1.39	1.19	-14.15%
Shares Outstanding (Mil)	1.58	2.77	-74.70%
Cumulative Contribution			-75.94%

LTM = Last Twelve Months as of date shown

Market Drivers

6/29/2025 to 12/28/2025

	Return	Correlation
BSLK	-45.6%
Market (SPY)	12.6%	7.8%
Sector (XLB)	5.4%	21.0%

Fundamental Drivers

The -87.0% change in BSLK stock from 12/28/2024 to 12/28/2025 was primarily driven by a -177.8% change in the company's Shares Outstanding (Mil).

	12282024	12282025	Change
Stock Price ($)	10.40	1.35	-87.02%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1.49	3.14	110.61%
P/S Multiple	6.95	1.19	-82.88%
Shares Outstanding (Mil)	1.00	2.77	-177.82%
Cumulative Contribution			-128.06%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2024 to 12/28/2025

	Return	Correlation
BSLK	-87.0%
Market (SPY)	17.0%	14.9%
Sector (XLB)	10.2%	16.2%

Fundamental Drivers

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Market Drivers

12/29/2023 to 12/28/2025

	Return	Correlation
BSLK	-99.4%
Market (SPY)	48.4%	13.1%
Sector (XLB)	11.4%	14.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BSLK Return	-	-1%	3%	6%	-95%	-85%	-99%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
BSLK Win Rate	-	25%	67%	67%	50%	17%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
BSLK Max Drawdown	-	-2%	-0%	0%	-97%	-98%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	BSLK	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-5.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	5.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	247 days	464 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Bolt Projects's stock fell -5.6% during the 2022 Inflation Shock from a high on 4/27/2023. A -5.6% loss requires a 5.9% gain to breakeven.

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About Bolt Projects (BSLK)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Bolt Projects Holdings, Inc. operates as a material solutions company. The company offers B-SILK PROTEIN, a biodegradable ingredient for the beauty and personal care industry. Its products also include MYLO, a mycelium-based leather material; and MICROSILK, a silk fiber. The company is based in San Francisco, California.

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Here are 1-3 brief analogies to describe Bolt Projects (BSLK) succinctly:

Lego for buildings: Imagine a company that makes building construction as modular and efficient as assembling Lego bricks, using pre-fabricated sections fitted together quickly.
Tesla for building construction: Similar to how Tesla innovated automotive manufacturing with a factory-centric, high-tech approach, Bolt Projects aims to modernize the traditional construction industry through advanced, efficient modular building.
IKEA of modular construction: Like IKEA designs and mass-produces furniture components for easy assembly, Bolt Projects engineers and manufactures modular building components and units in a factory for efficient, scalable construction.

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Information regarding the major products or services for a public company named "Bolt Projects" with the symbol "BSLK" could not be reliably identified through available public financial databases or company profiles.

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Bolt Projects (symbol: BSLK) is a development-stage real estate company that is currently focused on identifying, acquiring, and developing real estate projects. As such, it has not yet established a significant customer base or generated substantial revenue from its core intended operations.

Therefore, Bolt Projects (BSLK) does not currently have major identifiable customers to list, whether corporate or individual. The company is in its initial phases of operation, and its financial filings typically report minimal to no revenue from the sale of properties or services.

If the company successfully executes its business plan in the future, its customers could potentially include:

Other Companies (B2B): Real estate investors, developers, or entities purchasing commercial properties or large residential portfolios.
Individuals (B2C): Homebuyers or renters for residential properties developed by Bolt Projects.

However, these are potential future customers based on its stated business objectives, rather than current major customers.

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Dan Widmaier, PhD Chief Executive Officer / Co-Founder

Dr. Dan Widmaier co-founded Bolt Projects Holdings, Inc. (formerly Bolt Threads Inc.) in 2009 and has served as its Chief Executive Officer and Director since August 13, 2020. He has guided the company's growth through technology development, expansion, and financing. Widmaier earned his Ph.D. in Chemistry and Chemical Biology from UC San Francisco, where his graduate research focused on designing genetic circuits to control microbial organelles. Bolt Projects Holdings Inc. became a public company and its common stock began trading on the Nasdaq Stock Market on August 14, 2024, following a business combination with Golden Arrow Merger Corp.

Randy Befumo Interim Chief Financial Officer

Randy Befumo serves as the Interim Chief Financial Officer of Bolt Projects Holdings, Inc. He brings over 20 years of experience in finance and investment. Prior to joining Bolt Projects, he was the Chief Financial Officer of Eventbrite, where he played a key role in guiding the company through its successful initial public offering (IPO). Befumo also spent 15 years as a Director of Research, analyst, and portfolio manager at Legg Mason Capital Management.

Cintia Nardi President

Cintia Nardi is the President of Bolt Projects Holdings, Inc. She holds an engineering degree from UCA and has over 25 years of leadership experience with prominent beauty and consumer brands, including Unilever, Estée Lauder, and Cosmetica. Her extensive background spans various functions such as supply chain, operations, engineering, sales & marketing, and product development, providing her with a deep understanding of bringing products to market. At Bolt Projects, she is responsible for leading strategy, execution, and growth.

David Breslauer, PhD Chief Product Officer / Chief Technology Officer / Co-Founder / Director

Dr. David Breslauer is a Co-Founder, Chief Product Officer, Chief Technology Officer, and Director of Bolt Projects Holdings, Inc. He leads the company's technology innovation and development, focusing on creating and incubating biomaterials for improved consumer products. Dr. Breslauer has extensive experience with biomaterials, including his graduate research on silk during his Bioengineering Ph.D. at UC Berkeley and UCSF.

Paul Slattery General Counsel & Secretary

Paul Slattery holds the position of General Counsel and Secretary at Bolt Projects Holdings, Inc.

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The public company Bolt Projects (symbol: BSLK) faces several significant risks to its business, primarily centered around its financial stability, compliance with listing requirements, and operational execution in a competitive market.

Funding and Liquidity Risk
Bolt Projects is operating with limited cash on hand, reporting only $1 million in the bank as of June 30, 2025, and continues to burn through funds. The company's ability to continue as a going concern is explicitly mentioned as a key risk. While there is a potential $20 million funding from Ascent Partners, this is not guaranteed and depends on the company's share price and trading volumes, which could also lead to further shareholder dilution. Furthermore, Bolt Projects has negative shareholder equity and its debt is not adequately covered by operating cash flow, indicating severe financial strain and liquidity challenges.
Nasdaq Delisting Risk
Bolt Projects received a warning from Nasdaq in March 2025 due to non-compliance with minimum market value listing requirements. The company has a grace period until August 11, 2025, to regain compliance. Failure to meet these requirements could result in the delisting of its common stock, which would significantly impair the stock's tradability and the company's visibility, making it much harder to attract investors and raise capital.
Customer Concentration and Operational Execution Challenges
A substantial portion of Bolt Projects' revenue is derived from a small number of customers. This concentration creates a risk where the loss or delay of a key contract could severely impact the company's growth and financial performance. Additionally, the beauty industry's product launch cycles are lengthy, ranging from 8 to 24 months, which can lead to inconsistent cash flow and delayed realization of projected growth. The company also faces operational risks related to scaling up production and simultaneously reducing costs, with any disruptions in the supply chain or manufacturing process potentially hindering profit and revenue targets. Bolt also operates in a crowded and competitive global beauty ingredients market, facing established synthetics, plant-based alternatives, and other biotech rivals.

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Bolt Projects (BSLK) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

Growth of Vegan Silk Technology Platform: The company's core Vegan Silk Technology Platform is a primary driver, with revenues from this platform surging significantly year-over-year. Bolt Projects has exclusively focused its business on ingredient platforms for the beauty and personal care industry, starting with its Vegan Silk™ Technology Platform.
New Customer Acquisition and Expanded Relationships: Bolt Projects continues to secure new customers and broaden its partnerships with existing ones. This includes forging alliances with major beauty conglomerates and supporting the launch of new products by established and independent consumer brands utilizing Bolt's Vegan Silk.
Launch and International Expansion of New Products: The successful launch of new products featuring Bolt's Vegan Silk, such as the Goddess Maintenance Company's "Restorative Leave-In Hair Mask," which is slated for international expansion to over 100 markets, is expected to fuel revenue growth. The company anticipates continued progress with new product launches into the global market.
Increasing Demand for Sustainable Alternatives: The growing market demand for sustainable biomaterials in the beauty and personal care industry is a significant driver. This is influenced by regulatory scrutiny on ingredients like silicones and microplastics, evolving consumer expectations, and a general pressure for brands to reformulate their products with more environmentally friendly options. Bolt's Vegan Silk offers a high-performance, sustainable alternative.
Operational Efficiencies and Cost Reductions: While not a direct revenue driver, Bolt Projects' focus on operational efficiencies and reductions in the Cost of Goods Sold (COGS) contributes to improved gross margins. This financial improvement can enable more competitive pricing and allow for greater investment in growth initiatives, indirectly supporting revenue expansion. The company has implemented a clear plan for cost optimization and has achieved substantial cost-per-kilogram reductions for its b-silk product.

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Share Repurchases

No explicit dollar amount of share repurchases or authorized future repurchases has been disclosed in the last 3-5 years.

Share Issuance

In August 2024, Bolt Projects became a public company through a business combination with Golden Arrow Merger Corp., which included a PIPE Investment issuing 464,801 new shares at $10.00 per share.
In August 2025, the company completed a private placement, issuing 913,979 shares at $4.65 per share, raising approximately $4.25 million for working capital and general corporate purposes.
In September 2025, Bolt Projects registered 20 million shares for potential sale under a $20 million equity line.

Inbound Investments

As part of its SPAC merger in August 2024, the company received a PIPE Investment totaling approximately $4.65 million.
In August 2025, Bolt Projects secured approximately $4.25 million through a private placement.
A financing term sheet for a possible $20 million lifeline from Ascent Partners was mentioned in H1 2025, contingent on certain stock performance thresholds.

Outbound Investments

No information is available regarding outbound investments or strategic acquisitions made by Bolt Projects in the last 3-5 years.

Capital Expenditures

Capital expenditures amounted to -$22,000 in the last 12 months (prior to November 2025).
Annual capital expenditures were $0.0 million in 2021 and 2022, $1.0 million in 2023, $8.1 million in 2024, and $12.4 million in 2025.

	Best Bets In Materials Sector
What You Pay
P/E	-0.2	32.2	27.8	9.0	14.8	15.5	29.8	16.1	23.1	10.7	22.0
P/EBIT	-0.2	19.4	23.7	5.6	10.7	11.4	21.4	11.1	9.6	5.5	11.3
What You Get
Rev Chg Q	7,300.0%	15.2%	14.1%	21.1%	-4.8%	2.5%	2.8%	20.0%	-6.6%	-10.2%	23.2%
Rev Chg LTM	110.6%	12.7%	20.3%	12.6%	-1.1%	1.5%	1.3%	26.6%	-3.9%	-7.0%	18.4%
Rev Chg 3Y Avg	�	7.1%	17.8%	-13.5%	1.1%	4.1%	0.6%	23.9%	-4.5%	-4.8%	8.5%
FCF/Rev 3Y Avg	�	27.0%	25.6%	22.3%	17.5%	16.7%	15.4%	13.8%	12.3%	10.3%	10.1%

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Bolt Projects Earnings Notes
2	Is Bolt Projects Stock Built to Withstand More Downside?	Return

	Title
0	ARTICLES

Trade Ideas

Select ideas related to BSLK. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.6%	7.6%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.4%	-1.4%	-3.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	51.0%	51.0%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	30.6%	30.6%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	6.2%	6.2%	-2.5%

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Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Bolt Projects

Peers to compare with:

Financials

	BSLK	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Bolt Pro.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	1.35	23.26	24.49	305.09	78.16	273.40	51.32
Mkt Cap	0.0	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	3	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	-21	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	-5	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	-	2,978	1,400	11,753	13,879	100,503	11,753
CFO LTM	-5	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	-	3,672	3,896	13,498	14,736	111,559	13,498

Growth & Margins

	BSLK	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Bolt Pro.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	110.6%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	-	-3.9%	6.5%	2.6%	3.7%	1.8%	2.6%
Rev Chg Q	7,300.0%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	13.2%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	-672.9%	6.6%	4.8%	17.7%	22.5%	31.9%	12.1%
Op Mgn 3Y Avg	-	7.4%	7.2%	16.4%	24.2%	30.8%	16.4%
QoQ Delta Op Mgn LTM	660.3%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.2%
CFO/Rev LTM	-170.2%	6.7%	8.5%	20.6%	23.8%	26.6%	14.6%
CFO/Rev 3Y Avg	-	6.8%	12.7%	21.4%	26.1%	28.4%	21.4%
FCF/Rev LTM	-170.7%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	-	5.5%	4.6%	18.6%	24.6%	25.6%	18.6%

Valuation

	BSLK	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Bolt Pro.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	0.0	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	1.2	0.4	1.0	4.4	5.4	10.0	2.8
P/EBIT	-0.2	6.8	19.9	25.1	22.5	31.3	21.2
P/E	-0.2	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	-0.7	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	-650.3%	14.1%	2.3%	5.0%	5.4%	2.8%	3.9%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	-	10.6%	5.5%	6.4%	6.0%	3.1%	6.0%
D/E	3.5	0.5	0.7	0.2	0.1	0.0	0.4
Net D/E	2.2	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	BSLK	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Bolt Pro.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-35.4%	-3.6%	12.7%	-1.1%	1.6%	-2.0%	-1.5%
3M Rtn	-67.2%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	-45.6%	-4.0%	34.5%	6.6%	15.2%	36.3%	10.9%
12M Rtn	-87.0%	-27.0%	16.2%	40.5%	34.5%	7.5%	11.8%
3Y Rtn	-99.3%	-3.7%	67.3%	141.3%	79.6%	114.1%	73.5%
1M Excs Rtn	-34.9%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	-71.5%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-57.8%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.3%
12M Excs Rtn	-95.2%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-180.7%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021
Filing Date	11/12/2025	3/18/2025	3/18/2025	2/2/2024	2/2/2024
Key Financials
Total Revenue	3	1	3	0	0
EBITDA	-23	-64	-52	-47	-28
Operating Income	-21	-42	-31	-53	-41
Net Income	-24	-65	-58	-52	-39
EPS	-11.70	-82.80	-36.46	-32.66	-24.32
Growth Rates
Total Revenue Growth	110.6%	-60.1%	894.5%	13.4%	-
EBITDA Growth	65.0%	-22.7%	-10.8%	-70.2%	-
Operating Income Growth	48.9%	-35.7%	42.2%	-28.6%	-
Net Income Growth	63.7%	-13.3%	-11.6%	-34.3%	-
Margins
EBITDA Margin	-725.4%	-4653.1%	-1513.5%	-13581.8%	-9055.1%
Operating Income Margin	-672.9%	-3030.4%	-891.0%	-15332.1%	-13520.3%
Net Income Margin	-774.2%	-4762.8%	-1677.4%	-14942.5%	-12623.9%
Cash & Debt
Total Cash	5	4	1	23	57
Total Debt	13	13	34	55	29
Net Debt / (Cash)	8	10	33	32	-28
Cash Flows
Net Cash from Operations	-5	-16	-29	-56	-36
Free Cash from Operations	-5	-16	-30	-64	-49
Returns to Shareholders
Dividends	0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	11/12/2025	8/12/2025	5/12/2025	3/18/2025	11/14/2024	8/12/2025	5/12/2025	3/18/2025	2/2/2024
Key Financials Quarterly
Total Revenue	0	1	0	1	0	0	0	1	1
Ebitda	-7	-4	-6	-6	7	-59	-6	-7	-5
Operating Income	-4	-5	-5	-7	-20	-10	-5	-6	-5
Net Income	-7	-5	-6	-6	6	-59	-7	-8	-6
EPS	-2.70	-2.20	-3.00	-3.80	6.42	-37.23	-4.17	-4.85	-3.51
Key Financials TTM
Total Revenue TTM	3	3	2	1	1	3	3	-	-
Ebitda TTM	-23	-9	-63	-64	-65	-76	-30	-	-
Operating Income TTM	-21	-37	-42	-42	-41	-26	-30	-	-
Net Income TTM	-24	-10	-65	-65	-67	-79	-34	-	-
Growth Rates Quarterly
Total Revenue Growth	7300.0%	2225.0%	800.0%	-8.2%	-99.6%	-50.9%	-	-	-
EBITDA Growth	-207.1%	92.7%	10.6%	16.3%	243.6%	-360.1%	-	-	-
Operating Income Growth	78.4%	49.9%	-2.4%	-4.8%	-314.0%	27.7%	-	-	-
Net Income Growth	-217.0%	92.2%	9.6%	18.4%	215.1%	-312.9%	-	-	-
Margins Quarterly
EBITDA Margin	-1934.1%	-327.9%	-3296.5%	-439.7%	133580.0%	-104596.4%	-33194.7%	-482.1%	-360.7%
Operating Income Margin	-1179.5%	-370.0%	-3157.9%	-504.4%	-404120.0%	-17157.1%	-27747.4%	-441.7%	-378.7%
Net Income Margin	-2021.1%	-352.0%	-3484.8%	-484.1%	127840.0%	-105235.7%	-34705.3%	-544.4%	-430.7%
Cash & Debt
Total Cash	5	1	1	4	7	-	-	1	0
Total Debt	13	13	13	13	13	0	0	34	32
Net Debt / (Cash)	8	12	12	10	7	-	-	33	32
Cash Flows Quarterly
FCF from Operations	0	-0	-2	-3	-6	-3	-5	-5	-
Cash Flows TTM
FCF from Operations TTM	-5	-12	-14	-16	-18	-	-	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-3.7%	-4.1%	-4.6%	-5.6%	-17.7%	-	-	-7.9%	-37.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-4.4%	-7.9%	-8.9%	-9.0%	-9.0%	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2024
Vegan Silk Technology Platform	0
Total	0

Price Behavior

Price Behavior

Market Price	$1.35
Market Cap ($ Bil)	0.0
First Trading Date	05/07/2021
Distance from 52W High	-94.5%
	50 Days	200 Days
DMA Price	$2.12	$29.21
DMA Trend	down	down
Distance from DMA	-36.4%	-95.4%
	3M	1YR
Volatility	110.1%	2,119.1%
Downside Capture	693.19	785.85
Upside Capture	28.94	484.71
Correlation (SPY)	43.9%	14.9%

BSLK Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	4.83	3.89	4.45	5.39	15.57	8.31
Up Beta	8.52	6.31	8.24	-3.66	27.01	18.17
Down Beta	5.20	2.80	3.18	4.08	1.06	0.80
Up Capture	371%	136%	120%	379%	5914%	186%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	17	24	47	91	213
Down Capture	387%	431%	430%	338%	171%	112%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	24	38	75	152	276

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	123,619
Short Interest: % Change Since 11302025	-44.8%
Average Daily Volume	73,613
Days-to-Cover Short Interest	1.68
Basic Shares Quantity	2,765,446
Short % of Basic Shares	4.5%

Returns Analyses

	Title
0	Is Bolt Projects Stock Built to Withstand More Downside?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/21/2025	-5.5%	-11.0%	-46.4%
8/12/2025	556.9%	272.0%	76.6%
3/18/2025	-3.3%	-1.0%	-96.2%
11/7/2024	20.6%	-2.0%	72.9%
SUMMARY STATS
# Positive	2	1	2
# Negative	2	3	2
Median Positive	288.7%	272.0%	74.7%
Median Negative	-4.4%	-2.0%	-71.3%
Max Positive	556.9%	272.0%	76.6%
Max Negative	-5.5%	-11.0%	-96.2%

	Forward Returns
10/21/2025	-5.5%	-11.0%	-46.4%
8/12/2025	556.9%	272.0%	76.6%
3/18/2025	-3.3%	-1.0%	-96.2%
11/7/2024	20.6%	-2.0%	72.9%
SUMMARY STATS
# Positive	2	1	2
# Negative	2	3	2
Median Positive	288.7%	272.0%	74.7%
Median Negative	-4.4%	-2.0%	-71.3%
Max Positive	556.9%	272.0%	76.6%
Max Negative	-5.5%	-11.0%	-96.2%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11122025	10-Q 9/30/2025
6302025	8122025	10-Q 6/30/2025
3312025	5122025	10-Q 3/31/2025
12312024	3182025	10-K 12/31/2024
9302024	11142024	10-Q 9/30/2024
12312022	2022024	S-4 12/31/2022

Insider Activity

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External Quote Links

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Bolt Projects (BSLK)

Market Price (12/29/2025): $1.31 | Market Cap: $3.6 MilSector: Materials | Industry: Specialty Chemicals

Bolt Projects (BSLK)

Market Price (12/29/2025): $1.31Market Cap: $3.6 MilSector: MaterialsIndustry: Specialty Chemicals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

BSLK Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

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How Low Can It Go

In The Past

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About Bolt Projects (BSLK)

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Interactive Breakdown

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FDIC Bank Data

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Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/29/2025): $1.31 | Market Cap: $3.6 Mil
Sector: Materials | Industry: Specialty Chemicals

Market Price (12/29/2025): $1.31
Market Cap: $3.6 Mil
Sector: Materials
Industry: Specialty Chemicals