Bolt Projects Holdings Financials
This page shows Bolt Projects Holdings (BSLKW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
BSLKW’s core operating pattern is a development-stage cash burn sustained by financing rather than self-funding sales.
In FY2024, operating cash burn of-$16.1M almost matched free cash burn of-$16.2M . With capex at only$23K , the drain came from running the business rather than building capacity. That is an asset-light burn profile: cash is being consumed by operations, not turned into long-lived assets. Year-end cash still rose to$3.5M only because financing inflow of$18.8M outpaced the burn.
The revenue base got smaller, but sale-level economics improved: gross margin moved from
Short-term liquidity improved, with the current ratio rising from 0.2x to 1.3x, which means the immediate cash squeeze eased. But the balance sheet still carries negative equity of
Financial Health Signals
Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Bolt Projects Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Bolt Projects Holdings has an operating margin of -3030.4%, meaning the company retains $-3030 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -1006.5% the prior year.
Bolt Projects Holdings's current ratio of 1.28 is below the typical benchmark, resulting in a score of 21/100. However, the company holds substantial cash reserves (51% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
While Bolt Projects Holdings generated -$16.1M in operating cash flow, capex of $23K consumed most of it, leaving -$16.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Bolt Projects Holdings passes 3 of 9 financial strength tests. No profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Bolt Projects Holdings earns $-27.7 in operating income for every $1 of interest expense (-$41.6M vs $1.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Bolt Projects Holdings generated $1.4M in revenue in fiscal year 2024. This represents a decrease of 60.1% from the prior year.
Bolt Projects Holdings's EBITDA was -$41.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 24.0% from the prior year.
Bolt Projects Holdings earned $-4.14 per diluted share (EPS) in fiscal year 2024. This represents an increase of 46.6% from the prior year.
Cash & Balance Sheet
Bolt Projects Holdings generated -$16.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 46.4% from the prior year.
Bolt Projects Holdings held $3.5M in cash against $13.2M in long-term debt as of fiscal year 2024.
Bolt Projects Holdings had 2M shares outstanding in fiscal year 2024. This represents a decrease of 48.6% from the prior year.
Margins & Returns
Bolt Projects Holdings's gross margin was -6.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 34.1 percentage points from the prior year.
Bolt Projects Holdings's operating margin was -3030.4% in fiscal year 2024, reflecting core business profitability. This is down 2024.0 percentage points from the prior year.
Capital Allocation
Bolt Projects Holdings invested $6.2M in research and development in fiscal year 2024. This represents a decrease of 35.2% from the prior year.
Bolt Projects Holdings invested $23K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 97.6% from the prior year.
BSLKW Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $370K-71.6% | $1.3M+661.4% | $171K-86.8% | $1.3M+25760.0% | $5K-91.1% | $56K+194.7% | $19K | N/A |
| Cost of Revenue | $312K-74.8% | $1.2M+620.9% | $172K-86.9% | $1.3M+26120.0% | $5K-94.1% | $85K+30.8% | $65K | N/A |
| Gross Profit | $58K-6.5% | $62K+6300.0% | -$1K+94.4% | -$18K | $0+100.0% | -$29K+37.0% | -$46K | N/A |
| R&D Expenses | $420K-39.1% | $690K-25.4% | $925K-33.2% | $1.4M-60.2% | $3.5M+258.0% | $971K+135.1% | $413K | N/A |
| SG&A Expenses | $3.9M-2.8% | $4.0M-8.0% | $4.4M-10.2% | $4.8M-68.0% | $15.1M+77.1% | $8.5M+79.8% | $4.8M | N/A |
| Operating Income | -$4.4M+9.4% | -$4.8M+10.8% | -$5.4M+17.2% | -$6.5M+67.7% | -$20.2M-110.3% | -$9.6M-82.2% | -$5.3M | N/A |
| Interest Expense | $320K+1.9% | $314K-2.2% | $321K-44.1% | $574K+100.7% | $286K-19.9% | $357K+24.4% | $287K | N/A |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | N/A |
| Net Income | -$7.5M-63.2% | -$4.6M+23.1% | -$6.0M | N/A | $6.4M | N/A | -$6.6M | N/A |
| EPS (Diluted) | $-2.70-22.7% | $-2.20+26.7% | $-3.00 | N/A | $6.41+102.5% | $-252.21-793.7% | $-28.22 | N/A |
BSLKW Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $11.1M+63.5% | $6.8M-22.2% | $8.8M-28.4% | $12.2M-23.2% | $15.9M+143.6% | $6.5M+0.2% | $6.5M-73.1% | $24.3M |
| Current Assets | $7.3M+128.1% | $3.2M-37.2% | $5.1M-42.0% | $8.7M-29.6% | $12.4M+7244.7% | $169K-33.1% | $252K-94.6% | $4.7M |
| Cash & Equivalents | $4.7M+387.2% | $974K-1.0% | $984K-72.0% | $3.5M-46.0% | $6.5M+22599.5% | $29K-96.7% | $880K-1.6% | $894K |
| Inventory | $1.0M+190.5% | $346K-78.2% | $1.6M-9.8% | $1.8M-41.0% | $3.0M | N/A | N/A | $235K |
| Accounts Receivable | $167K-76.0% | $697K-29.8% | $993K+14.1% | $870K | N/A | N/A | N/A | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $23.9M+8.7% | $22.0M+3.7% | $21.2M+1.7% | $20.8M-1.2% | $21.1M-88.6% | $184.4M+46.9% | $125.5M-8.2% | $136.8M |
| Current Liabilities | $10.6M+21.5% | $8.7M+20.7% | $7.2M+5.6% | $6.8M+16.9% | $5.8M-18.0% | $7.1M+6.3% | $6.7M-75.4% | $27.3M |
| Long-Term Debt | $12.9M-0.8% | $13.0M-0.7% | $13.1M-0.7% | $13.2M+10.3% | $12.0M | N/A | N/A | $13.3M |
| Total Equity | -$12.7M+15.9% | -$15.2M-21.9% | -$12.4M-44.4% | -$8.6M-66.5% | -$5.2M+97.1% | -$177.8M-49.4% | -$119.0M-5.8% | -$112.5M |
| Retained Earnings | -$479.8M-1.6% | -$472.3M-1.0% | -$467.8M-1.3% | -$461.8M-1.4% | -$455.5M-2272.3% | -$19.2M+1.2% | -$19.4M+95.1% | -$396.4M |
BSLKW Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $301K+177.4% | -$389K+84.2% | -$2.5M+11.4% | -$2.8M+53.6% | -$6.0M-112.3% | -$2.8M+37.7% | -$4.5M+11.1% | -$5.1M |
| Capital Expenditures | $1K+150.0% | -$2K-114.3% | $14K | $0-100.0% | $10K | $0-100.0% | $13K+44.4% | $9K |
| Free Cash Flow | $300K+176.7% | -$391K+84.2% | -$2.5M+10.9% | -$2.8M+53.7% | -$6.0M-112.7% | -$2.8M+37.9% | -$4.5M+11.0% | -$5.1M |
| Investing Cash Flow | -$1K-150.0% | $2K+114.3% | -$14K | $0+100.0% | -$10K | $0+100.0% | -$13K-44.4% | -$9K |
| Financing Cash Flow | $3.5M+820.7% | $377K+902.1% | -$47K+66.2% | -$139K-105.2% | $2.6M-77.5% | $11.8M+159.9% | $4.5M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $16.3M |
BSLKW Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.7%+10.9pp | 4.8%+5.3pp | -0.6%+0.8pp | -1.4%-1.4pp | 0.0%+51.8pp | -51.8%+190.3pp | -242.1% | N/A |
| Operating Margin | -1179.5%-809.5pp | -370.0%+2787.9pp | -3157.9%-2653.5pp | -504.4%+403615.6pp | -404120.0%-386962.9pp | -17157.1%+10590.2pp | -27747.4% | N/A |
| Net Margin | -2021.1%-1669.1pp | -352.0%+3132.8pp | -3484.8% | N/A | 127840.0% | N/A | -34705.3% | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -67.2%+0.1pp | -67.3%+0.7pp | -68.0% | N/A | 40.2% | N/A | -101.1% | N/A |
| Current Ratio | 0.69+0.3 | 0.37-0.3 | 0.70-0.6 | 1.28-0.8 | 2.12+2.1 | 0.02-0.0 | 0.04-0.1 | 0.17 |
| Debt-to-Equity | -1.01-0.2 | -0.86+0.2 | -1.05+0.5 | -1.53+0.8 | -2.31-1.3 | -1.04+0.0 | -1.05-0.9 | -0.12 |
| FCF Margin | 81.1%+111.1pp | -30.0%+1420.9pp | -1450.9%-1235.6pp | -215.3%+120004.7pp | -120220.0%-115173.6pp | -5046.4%+18895.7pp | -23942.1% | N/A |
Note: Shareholder equity is negative (-$8.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Frequently Asked Questions
What is Bolt Projects Holdings's annual revenue?
Bolt Projects Holdings (BSLKW) reported $1.4M in total revenue for fiscal year 2024. This represents a -60.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Bolt Projects Holdings's revenue growing?
Bolt Projects Holdings (BSLKW) revenue declined by 60.1% year-over-year, from $3.4M to $1.4M in fiscal year 2024.
What is Bolt Projects Holdings's EBITDA?
Bolt Projects Holdings (BSLKW) had EBITDA of -$41.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Bolt Projects Holdings have?
As of fiscal year 2024, Bolt Projects Holdings (BSLKW) had $3.5M in cash and equivalents against $13.2M in long-term debt.
What is Bolt Projects Holdings's gross margin?
Bolt Projects Holdings (BSLKW) had a gross margin of -6.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Bolt Projects Holdings's operating margin?
Bolt Projects Holdings (BSLKW) had an operating margin of -3030.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Bolt Projects Holdings's free cash flow?
Bolt Projects Holdings (BSLKW) generated -$16.2M in free cash flow during fiscal year 2024. This represents a 46.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Bolt Projects Holdings's operating cash flow?
Bolt Projects Holdings (BSLKW) generated -$16.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Bolt Projects Holdings's total assets?
Bolt Projects Holdings (BSLKW) had $12.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Bolt Projects Holdings's capital expenditures?
Bolt Projects Holdings (BSLKW) invested $23K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Bolt Projects Holdings spend on research and development?
Bolt Projects Holdings (BSLKW) invested $6.2M in research and development during fiscal year 2024.
What is Bolt Projects Holdings's current ratio?
Bolt Projects Holdings (BSLKW) had a current ratio of 1.28 as of fiscal year 2024, which is considered adequate.
What is Bolt Projects Holdings's debt-to-equity ratio?
Bolt Projects Holdings (BSLKW) had a debt-to-equity ratio of -1.53 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bolt Projects Holdings's cash runway?
Based on fiscal year 2024 data, Bolt Projects Holdings (BSLKW) had $3.5M in cash against an annual operating cash burn of $16.1M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Bolt Projects Holdings's debt-to-equity ratio negative or unusual?
Bolt Projects Holdings (BSLKW) has negative shareholder equity of -$8.6M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Bolt Projects Holdings's Piotroski F-Score?
Bolt Projects Holdings (BSLKW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Can Bolt Projects Holdings cover its interest payments?
Bolt Projects Holdings (BSLKW) has an interest coverage ratio of -27.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Bolt Projects Holdings?
Bolt Projects Holdings (BSLKW) scores 3 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.