10-Q · August 12, 2025
Bolt Projects Holdings, Inc. reported a significant increase in revenues for Q2 2025, reaching $1.302 million, a 2,225% increase compared to the same quarter last year. However, the company continued to incur…
Earnings analysis · 10-Q
BSLK earnings analysis
Filed November 12, 2025 · Our reading of the company's report
The latest report
Bolt Projects Holdings, Inc. reported a mixed Q3 2025, with revenue rising to $370,000, a dramatic increase against last year's performance, but still operating at a significant loss with an EPS of -$2.70. Management…
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Bolt Projects Holdings, Inc. reported a mixed Q3 2025, with revenue rising to $370,000, a dramatic increase against last year's performance, but still operating at a significant loss with an EPS of -$2.70. Management has highlighted ongoing operational challenges, particularly concerning cash flow and negative EPS, contributing to continued risk factors related to Nasdaq compliance.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Reported figures
- Earnings per share
- $-2.7
What stood out
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Revenue Surge
Q3 2025 revenue of $370,000, up 7,300% from $5,000 in Q3 2024.
-
Gross Margin Improvement
Gross margin improved to 15.7%, up from a gross loss in Q3 2024.
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Free Cash Flow Positive
Free cash flow was positive at $300,000, contrasting the $6M outflow last year.
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Reduced Operating Expenses
Operating expenses decreased by 78% to $4.4M from $20.2M in Q3 2024.
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Improved Financials Year-to-Date
Revenue for the nine months increased by 2,204% to $1.84M from $80,000 in 2024.
-
Compliance Efforts with Nasdaq
Extended until December 31, 2025, the requirement to regain compliance with Nasdaq standards.
What to watch
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Continued Negative EPS
EPS remains negative at -$2.70, worsening from -$6.41 in Q3 2024.
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Liquidity Concerns
Cash reserves of $4.7M are insufficient to cover operational needs for the next year.
-
Delisting Risks from Nasdaq
Potential Nasdaq delisting persists if compliance with listing standards is not restored by December 31, 2025.
Management's outlook
Management's capital needs and operational strategies are under review; no specific numeric guidance provided.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.