Bolt Projects Holdings, Inc.
A high-leverage industrial entity reporting massive non-cash losses while maintaining positive cash balances through extensive equity financing.
A high-leverage industrial entity reporting massive non-cash losses while maintaining positive cash balances through extensive equity financing.
Investors may view the company as a turnaround play given the massive cash flow from financing activities of $18.8M and positive ending cash balance of $3.5M which could fund future restructuring or strategic pivots.
The stock carries extreme fundamental risk due to a shareholders equity deficit of -$8.6M, negative operating profit of -$41.6M, and a history of volatile earnings swinging from $9.8M in 2022 to -$65.4M in 2024.
Bolt Projects Holdings Inc. is a specialty industrial firm operating in the OTC markets with significant debt obligations and substantial non-cash adjustments recorded in its latest annual filings.
The company reported a net loss of $65.4M for 2024 driven by operating expenses of $41.5M against minimal revenue of $1.4M, exacerbated by a gross profit margin that turned negative at -$93,000.
The industrial sector is currently experiencing high volatility where companies with heavy debt loads and negative operating margins face intense pressure from rising cost of revenues and administrative overheads.
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $0 | $0 | $1.4M |
| Cost of Revenue | $0 | $0 | $1.5M |
| Gross Profit | $0 | $0 | $-93.0K |
| Operating Expenses | $1.3M | $2.1M | $41.5M |
| Operating Income | $-1.3M | $-2.1M | $-41.6M |
| R&D | — | — | $6.2M |
| G&A | — | — | $33.3M |
| Marketing | — | — | $2.0M |
| Stock-Based Comp | — | — | $18.2M |
| Depreciation | — | — | $2.0K |
| Other OpEx | — | — | $0 |
| Non-Operating Income | $12.0M | $1.3M | $-23.8M |
| Interest Income | $871.0K | $8.2K | — |
| Pre-Tax Income | $10.6M | $-814.6K | $-65.4M |
| Income Tax | $759.6K | $653.0K | $0 |
| Continuing Ops | $9.8M | $-1.5M | $-65.4M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $9.8M | $-1.5M | $-65.4M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $9.8M | $-1.5M | $-65.4M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $421.0K | $458.7K | $8.7M |
| Cash & Equivalents | $348.7K | — | $3.5M |
| Accounts Receivable | — | — | $870.0K |
| Inventory | — | — | $1.8M |
| Prepaid Expenses | — | — | $2.6M |
| Other Current Assets | $72.3K | — | $0 |
| Long-Term Assets | $290.6M | $6.2M | $3.5M |
| PP&E (Net) | — | — | $21.0K |
| LT Securities | $290.6M | — | — |
| Other LT Assets | $0 | — | $3.5M |
| Total Assets | $291.1M | $6.7M | $12.2M |
| Current Liabilities | $587.0K | $6.5M | $6.8M |
| Accounts Payable | — | — | $413.0K |
| Current Leases | — | — | $0 |
| Taxes Payable | $248.6K | — | — |
| Other Current Liab | $88.8K | — | $2.9M |
| Long-Term Liabilities | $10.2M | $12.1M | $14.0M |
| Long-Term Debt | — | — | $13.2M |
| LT Operating Leases | — | — | $0 |
| Other LT Liab | — | — | $817.0K |
| Total Liabilities | $10.8M | $18.6M | $20.8M |
| Shareholders' Equity | $280.3M | $-11.9M | $-8.6M |
| Paid-In Capital | — | — | $453.2M |
| Retained Earnings | $-10.1M | $-18.2M | $-461.8M |
| AOCI | — | — | $19.0K |
| Total L&E | $291.1M | $6.7M | $12.2M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $9.8M | $-1.5M | $-65.4M |
| Non-Cash Adjustments | $-11.4M | $-1.4M | $50.9M |
| Working Capital Changes | $-103.8K | $1.2M | $-1.6M |
| Cash from Operations | $-1.6M | $-1.7M | $-16.1M |
| Capital Expenditures | — | — | $23.0K |
| Cash from Investing | $871.0K | $287.6M | $-23.0K |
| Share Buybacks | — | $287.1M | — |
| Cash from Financing | $758.6K | $-285.9M | $18.8M |
| FX Effect | $0 | $0 | $-62.0K |
| Net Change in Cash | $-17.9K | $-42.7K | $2.6M |
| Beginning Cash | $366.6K | $348.7K | $934.0K |
| Ending Cash | $348.7K | $306.0K | $3.5M |
Corporate headquarters administration, long-term strategic asset holding, and operations supported by significant research and development expenditures totaling $6.2M.
Severe negative net income of $65.4M indicating fundamental profitability issues, high leverage with total liabilities exceeding $20.8M against only $12.2M in total assets, significant retained earnings deficit of $461.8M, and cash flow from operations of -$16.1M.
Access to capital markets for share issuances, substantial accumulated paid-in capital of $453.2M providing a financial buffer, and a diversified asset base including long-term assets valued at $3.5M.
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