TRUISM
3 weeks ago
Wouldn't surprise me in the least.
Not mad at the action at all 😉
Time Price Size Type B/S Bid Price Ask Price Buy Ind. Total Volume Num Exch.
16:59:58 0.64 5 Odd lot Sell 0.641 0.6468 80,068,982 242121 nasd
16:59:58 0.64 100 form t Sell 0.641 0.6468 80,068,977 242120 nasd
16:59:58 0.64 100 form t Sell 0.641 0.6468 80,068,877 242119 nasd
16:59:58 0.64 2 Odd lot Sell 0.641 0.6468 80,068,777 242118 nasd
16:59:58 0.64 300 form t Sell 0.641 0.6482 80,068,775 242117 nasd
16:59:58 0.6405 66 Odd lot Sell 0.641 0.6482 80,068,475 242116 nasd
16:59:58 0.641 74 Odd lot Sell 0.641 0.6482 80,068,409 242115 nasd
16:59:58 0.641 74 Odd lot Sell 0.641 0.6482 80,068,335 242114 nasd
16:59:58 0.641 400 form t Sell 0.641 0.6482 80,068,261 242113 nasd
16:59:58 0.641 74 Odd lot Sell 0.641 0.6482 80,067,861 242112 nasd
16:59:58 0.641 300 form t Sell 0.641 0.65 80,067,787 242111 nasd
16:59:58 0.641 100 form t Sell 0.641 0.65 80,067,487 242110 nasd
16:59:58 0.641 400 form t Sell 0.641 0.65 80,067,387 242109 nasd
16:59:58 0.641 400 form t Sell 0.641 0.65 80,066,987 242108 nasd
16:59:58 0.643 1 Odd lot Sell 0.641 0.65 80,066,587 242107 nasd
16:59:58 0.6439 21 Odd lot Sell 0.641 0.65 80,066,586 242106 nasd
16:59:58 0.645 61 Odd lot Sell 0.641 0.65 80,066,565 242105 nasd
16:59:58 0.645 200 form t Sell 0.645 0.65 80,066,504 242104 nasd
16:59:57 0.645 139 form t 0.64 0.65 80,066,304 242103 nasd
16:59:53 0.64 195 form t Sell 0.6404 0.65 80,066,165 242102 nasd
16:59:53 0.6404 1,000 form t Sell 0.6404 0.65 80,065,970 242101 nasd
16:59:53 0.643 5 Odd lot Sell 0.6404 0.65 80,064,970 242100 nasd
16:59:25 0.6439 29 Odd lot Sell 0.645 0.6499 80,064,965 242099 nasd
16:59:25 0.645 1,000 form t Sell 0.645 0.6499 80,064,936 242098 nasd
16:59:25 0.6454 30 Odd lot Sell 0.645 0.6499 80,063,936 242097 nasd
16:59:25 0.6497 2 Odd lot Buy 0.645 0.6499 80,063,906 242096 nasd
16:59:25 0.645 1,493 form t Sell 0.645 0.6499 80,063,904 242095 nasd
16:59:24 0.645 280 form t Sell 0.645 0.6454 80,062,411 242094 nasd
16:59:13 0.6454 10 Odd lot Buy 0.645 0.6454 80,062,131 242093 nasd
16:59:08 0.645 521 form t Sell 0.645 0.65 80,062,121 242092 nasd
16:59:08 0.6471 5 Odd lot Sell 0.645 0.65 80,061,600 242091 nasd
16:59:08 0.6499 1 Odd lot Buy 0.645 0.65 80,061,595 242090 nasd
16:59:06 0.6499 1,000 form t Buy 0.645 0.65 80,061,594 242089 nasd
16:59:04 0.6451 900 form t Sell 0.645 0.65 80,060,594 242088 nasd
16:58:55 0.65 100 form t Sell 0.65 0.655 80,059,694 242087 nasd
16:58:55 0.65 1 Odd lot Sell 0.65 0.655 80,059,594 242086 nasd
16:58:55 0.65 10 Odd lot Sell 0.65 0.655 80,059,593 242085 nasd
16:58:55 0.65 10 Odd lot Sell 0.65 0.655 80,059,583 242084 nasd
16:58:55 0.65 500 form t Sell 0.65 0.655 80,059,573 242083 nasd
16:58:55 0.65 6 Odd lot Sell 0.65 0.655 80,059,073 242082 nasd
16:58:55 0.65 10 Odd lot Sell 0.65 0.655 80,059,067 242081 nasd
16:58:55 0.65 337 form t Sell 0.65 0.655 80,059,057 242080 nasd
16:58:48 0.655 2 Odd lot Buy 0.65 0.655 80,058,720 242079 nasd
16:58:42 0.65 4 Odd lot Sell 0.65 0.655 80,058,718 242078 nasd
16:58:40 0.65 100 form t Sell 0.65 0.655 80,058,714 242077 nasd
16:58:38 0.655 182 form t Buy 0.65 0.655 80,058,614 242076 nasd
16:58:38 0.6505 18 Odd lot Sell 0.65 0.655 80,058,432 242075 nasd
16:58:36 0.65 13 Odd lot Sell 0.65 0.655 80,058,414 242074 nasd
16:58:31 0.6505 92 Odd lot Sell 0.65 0.655 80,058,401 242073 nasd
16:58:30 0.65 835 form t Sell 0.65 0.6505 80,058,309 242072 nasd
16:58:24 0.6505 101 form t Sell 0.6505 0.655 80,057,474 242071 nasd
16:58:24 0.6505 500 form t Sell 0.6505 0.655 80,057,373 242070 nasd
16:58:24 0.6505 313 form t Sell 0.6505 0.655 80,056,873 242069 nasd
16:58:08 0.655 1 Odd lot Buy 0.6505 0.655 80,056,560 242068 nasd
16:57:56 0.655 22 Odd lot Buy 0.6505 0.655 80,056,559 242067 nasd
16:57:53 0.6505 22 Odd lot Sell 0.6505 0.655 80,056,537 242066 nasd
16:57:51 0.6505 75 Odd lot Sell 0.6505 0.655 80,056,515 242065 nasd
16:57:50 0.6505 30 Odd lot Sell 0.6505 0.655 80,056,440 242064 nasd
16:57:40 0.6505 447 form t Sell 0.651 0.655 80,056,410 242063 nasd
16:57:40 0.651 100 form t Sell 0.651 0.655 80,055,963 242062 nasd
16:57:40 0.651 100 form t Sell 0.651 0.655 80,055,863 242061 nasd
16:57:40 0.6528 1 Odd lot Sell 0.651 0.655 80,055,763 242060 nasd
16:57:40 0.6529 4 Odd lot Sell 0.651 0.655 80,055,762 242059 nasd
16:57:40 0.6532 30 Odd lot Buy 0.651 0.655 80,055,758 242058 nasd
16:57:40 0.6538 5 Odd lot Buy 0.651 0.655 80,055,728 242057 nasd
16:57:40 0.651 170 form t Sell 0.651 0.655 80,055,723 242056 nasd
16:57:35 0.6511 620 form t Sell 0.655 0.6551 80,055,553 242055 nasd
16:57:35 0.6546 3 Odd lot Sell 0.655 0.6551 80,054,933 242054 nasd
16:57:35 0.655 200 form t Sell 0.655 0.6551 80,054,930 242053 nasd
16:57:35 0.655 177 form t Sell 0.655 0.6551 80,054,730 242052 nasd
16:57:22 0.6551 100 form t Buy 0.655 0.6551 80,054,553 242051 nasd
16:57:16 0.6551 1 Odd lot Buy 0.655 0.6551 80,054,453 242050 nasd
16:57:14 0.655 12 Odd lot Sell 0.655 0.6551 80,054,452 242049 nasd
16:56:56 0.655 5 Odd lot Sell 0.655 0.6561 80,054,440 242048 nasd
16:56:56 0.655 70 Odd lot Sell 0.655 0.6561 80,054,435 242047 nasd
16:56:48 0.6551 2,000 form t Sell 0.655 0.6561 80,054,365 242046 nasd
16:56:45 0.6561 100 form t Buy 0.655 0.6561 80,052,365 242045 nasd
16:56:30 0.6561 4 Odd lot Buy 0.655 0.6561 80,052,265 242044 nasd
16:56:30 0.6561 6 Odd lot Buy 0.655 0.6561 80,052,261 242043 nasd
16:56:17 0.655 81 Odd lot Sell 0.655 0.6561 80,052,255 242042 nasd
16:56:05 0.655 10,668 form t Sell 0.655 0.6561 80,052,174 242041 nasd
16:55:56 0.6561 10 Odd lot Buy 0.655 0.6561 80,041,506 242040 nasd
16:55:53 0.655 68 Odd lot Sell 0.655 0.6561 80,041,496 242039 nasd
16:55:53 0.656 79 Odd lot Buy 0.655 0.6561 80,041,428 242038 nasd
16:55:53 0.6561 1 Odd lot Buy 0.655 0.6561 80,041,349 242037 nasd
16:55:33 0.6561 4 Odd lot Buy 0.655 0.6561 80,041,348 242036 nasd
16:55:23 0.656 54 Odd lot Sell 0.656 0.6561 80,041,344 242035 nasd
16:54:52 0.6561 1,000 form t Buy 0.656 0.6561 80,041,290 242034 nasd
16:54:34 0.669999 2 Odd lot Buy 0.656 0.6561 80,040,290 242033 nasd
16:54:34 0.67 2 Odd lot Buy 0.656 0.6561 80,040,288 242032 nasd
16:53:26 0.656 23 Odd lot Sell 0.656 0.67 80,040,286 242031 nasd
16:53:17 0.6561 50 Odd lot Sell 0.656 0.67 80,040,263 242030 nasd
16:53:16 0.656 2 Odd lot Sell 0.656 0.67 80,040,213 242029 nasd
16:53:11 0.656 250 form t Sell 0.656 0.67 80,040,211 242028 nasd
16:53:04 0.656 842 form t Sell 0.656 0.67 80,039,961 242027 nasd
16:53:03 0.67 1 Odd lot Buy 0.656 0.67 80,039,119 242026 nasd
16:52:54 0.669999 1,000 form t Buy 0.6551 0.67 80,039,118 242025 nasd
16:52:54 0.67 1,000 form t Buy 0.6551 0.67 80,038,118 242024 nasd
16:52:54 0.6699 1,000 form t Buy 0.6551 0.67 80,037,118 242023 nasd
16:52:39 0.6646 100 form t Buy
Follow thru next week?
TRUISM
1 month ago
Bolt Projects Reports Q3 2024 Financial Results
Thu, November 7, 2024, 4:30 PM EST
LINK
Vegan Silk Traction Drives Third Quarter Results
* Full year 2024 b-silk™ revenues are projected to exceed $1 million, propelled by deeper segment penetration and growing customers and consumers adoption
* For 2025, b-silk revenues are projected to reach at least $4.5 million, bolstered by new customer acquisition
* Our 2024 COGS reduction program has delivered over 60% in cost-per-kilogram produced reduction for b-silk for the year, following on prior year gains
* Continued operational efficiencies and additional COGS reduction to create a path toward the goal of long-term, sustainable profitability
November 07, 2024--(BUSINESS WIRE)--Bolt Projects Holdings, Inc. ("Bolt," "Bolt Projects" or the "Company") (Nasdaq: BSLK), which develops and produces innovative biomaterials for the beauty and personal care industry, reported its financial results for the third quarter ended September 30, 2024 and provided a business update. In addition, the Company’s Third Quarter 2024 Shareholder Letter can be found on Bolt Projects’ Investor Relations website at https://www.boltprojectsholdings.com/.
"Over the past eighteen months, Bolt has undergone a transformational change toward a sustainable and efficient business model focused on replacing harmful environmental materials with sustainable, high-performance alternatives in the beauty and personal care market," said Dan Widmaier, Bolt Projects Chairman and CEO.
"The cornerstone of this strategy is our commercially ready b-silk™ technology, which has been on the market since 2019 and in multiple products within the beauty industry. As we have continued to work through the sales funnel we are seeing accelerated traction with prospects who want to use biotechnology ingredients to drive the products of the future."
"We believe that Bolt is entering the market at an optimal time for market expansion, as companies have been facing aggressive environmental targets and regulatory restrictions, particularly around the biodegradability of materials used in their processes," said Bolt Projects President Cintia Nardi. "Bolt’s sustainable biomaterials have the ability to meet these demands and drive a cleaner, more responsible future without sacrificing the high performance of their product offering."
Market Traction
"This effort has been led by b-silk, a revolutionary biodegradable, film-former polypeptide that offers additional functional benefits for hair care, skin care and color cosmetics," said Widmaier. "Since 2019, B-silk has delivered consistent and proven consumer satisfaction."
During the third quarter, two new products featuring b-silk – the Daily Defender SPF30 and the Peak Performance SPF50 – from Freaks of Nature™ were introduced to the market, driving higher visibility and deeper penetration in the sunscreen product type within skin care.
This launch adds to b-silk’s long-standing success in the hair care segment as part of Vegamour’s GRO Revitalizing Shampoo and Conditioner since 2020, powering their proprietary Karmatin™ offering. Vegamour’s success drove our revenue growth for multiple years, illustrating the impact new customer launches can have.
Bolt anticipates continued progress in multiple segments with established and indie ("independent") consumer brands launching new products into the global market featuring Bolt’s Vegan Silk Technology Platform.
During the third quarter, Bolt also launched a second proprietary product from its Vegan Silk Technology Platform under the trade name xl-silk and an exclusive b-silk serum ingredient.
Looking forward, the two launches currently anticipated for 2025 are:
As early as the first quarter of 2025, a cosmetics brand is scheduled to debut a color cosmetic offering that uses Bolt’s Vegan Silk Technology Platform. "We see this product expansion as a testament to our cutting-edge Vegan Silk Technology Platform, showcasing its novel functionality," said Nardi.
"This offering has the potential to set a new standard in the beauty industry by enabling high-performance formulations in this product type. We are excited about the potential of this collaboration and its market innovation."
Later in 2025, a separate cosmetics brand is slated to launch a professional haircare line using Bolt’s Vegan Silk Technology Platform. "This brand will feature an exclusive b-silk serum with unique, scientifically proven, functional benefits," said Nardi. "This innovation aims to bring true differentiation into the segment and to deliver substantial growth backed by a multi-year contract with an exciting new partner."
Bolt management expects to share information about additional customer launches in the coming year and will further showcase the potential of its Vegan Silk Technology Platform across segments of the beauty and personal care industry. "Overall, we believe 2025 will be pivotal in demonstrating the impact of our innovative technology as it is unveiled by our customers," said Widmaier.
"We anticipate new products that not only meet new and challenging regulatory rules around silicones and that can deliver compelling and differentiated benefits but also aim to meet the consumer’s desire for more sustainable materials."
"We aspire to be the most desirable biotech ingredient innovator for the beauty and personal care industry," said Widmaier, "and so we will continue relentlessly developing breakthrough innovations that surprise and delight the market, helping us gain meaningful market share, because we believe that ‘the best days are ahead of us’ and we believe the future is one ‘Where Doing Good Will Help Us Do Well.’"
Based on current planned and pending launches, Bolt anticipates deliveries in the fourth quarter will bring 2024 revenue over $1.0 million. For 2025, Bolt foresees significant acceleration of b-silk and xl-silk sales, with at least $4.5 million of revenue already committed in 2025.
Operational Scalability & Supply Chain Reliability
"Bolt recognizes that to accelerate adoption and market penetration, our product needs to be priced to reflect its biotech innovation while also supporting the cost structure of our brand partners," said Widmaier. "Bolt has implemented a clear plan for cost optimization through process improvements, strategic procurement, and volume-driven savings."
"We believe that these changes will position us to pursue our target margins and expand our market presence," said Nardi, "clearing a path to both profitability and competitive pricing."
These strategic efforts delivered unprecedented results for the company in 2024. Year-to-date, Bolt has manufactured more than 3,000 kilograms of vegan silk material with its contract-manufacturing (CMO) partner. "These runs exceeded our highest historical production runs by more than 50%, and cost per kilo for 2024 was reduced by over 60%, both strong results along the company’s path to becoming a free-cash-flow generating business," said Nardi.
Bolt continues to strengthen its partnership with its manufacturing network while strategically diversifying its supply chain to support business continuity and future growth. "The current capacity at our CMO partner comfortably meets our 2025 needs and projected year-over-year growth," said Nardi. "Additionally, with the completion of their newest facility, our biomanufacturing partner has significantly expanded its production capacity and enhanced our business continuity. This should better position us to continue scaling efficiently while providing greater production stability and fostering long-term growth potential."
"Beyond their efforts to establish reliable and efficient operational processes, our supply chain team has been focused on delivering excellent customer service and exceptional quality performance, all while maintaining a focus on a key attribute of our business and products – sustainability," said Nardi.
"Sustainability for both people and the planet is at the core of Bolt’s mission: ‘Way Better Materials for a Way Better World’," said Widmaier. "I am proud to share that in the third quarter, we reached a significant milestone for this aspect of our mission by being awarded the EcoVadis Silver Medal"." EcoVadis is a third-party rating organization that reviews approximately 73,000 companies each year.
"This accomplishment puts us in the top 15% of companies assessed globally for sustainability, and it underscores our dedication to ethical practices, environmental stewardship, and social impact, positioning us as a trusted partner for customers and a responsible investment opportunity for stakeholders."
Research and Development Delivers
While our focus in the past eighteen months has been optimizing Bolt’s operational processes and bolstering its go-to-market strategy, Bolt’s Research and Development effort continues to be the driving force of the company's unique value proposition, building on an intellectual property portfolio anchored by 64 granted patents and 170 pending patent applications.
"Our Vegan Silk Technology Platform has benefited from decades of advancements in silk and biomaterials research and 15 years of development at Bolt," said Chief Technology Officer David Breslauer. "Our breakthroughs have enabled the creation of b-silk and xl-silk, highly efficacious ingredients for the beauty and personal care industry.
These materials have been shown to deliver exceptional solutions to pressing regulatory constraints and consumer’s preferences, while enabling brands to deliver on their commitment to environmental health and sustainability."
Bolt’s focus on optimizing biomanufacturing processes, diversifying products, substantiating benefits and expanding its capabilities to support new product types has led to a number of wins over the past year, including:
Lower cost of manufacturing, a reduction of more than 60% per kg of b-silk produced in 2024
Multiple patent applications, trademark filings, and published papers
Development of five new molecules and two product extensions, all of which already have official INCI names (International Nomenclature Cosmetic Ingredient) assigned by the Personal Care Products Council (PCPC)
Bolt’s focus on efficiencies also extends to its research strategy, where external capabilities and infrastructure are situationally engaged, designed to capitalize on specific areas of expertise within the biotech ecosystem, such as our collaboration with Ginkgo Bioworks’ facilities and talent. This approach has enabled Bolt to deliver innovation without the significant upfront capital investment and taps into a large pool of technical talent.
Corporate Milestones
In addition to the progress above for b-silk, 2024 has seen a number of important steps forward for the Company. Notably, this earnings release represents its first following the completion of the business combination transaction between Golden Arrow Merger Corp. and the Bolt business. Over the course of the business combination, Bolt Projects closed on an aggregate of approximately $28 million PIPE and bridge financing, including $4.7 million in PIPE proceeds in August 2024, led by investors such as Scottish Mortgage / Baillie Gifford and Temasek, to support Bolt’s structure and increase its capital to advance its b-silk market expansion efforts.
Financial Results for the Third Quarter Ended September 30, 2024
Revenues. Revenues for the third quarter of 2024 were approximately $0.01 million compared to revenues of $1.3 million in the third quarter of 2023. Revenues decreased by $1.3 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to decreased sales of products from the Vegan Silk Technology Platform, including our b-silk product.
Third quarter revenues in 2023 were primarily comprised of sales to a brand as part of a broader supply and license agreement that resulted in volumes that met their projections for 2023 and 2024.
Third quarter revenues in 2024 were de minimus and related to sample volumes to support impending product launches.
Cost of Revenues. Cost of revenues for the third quarter of 2024 was approximately $0.01 million with a gross margin of 0.0%, compared to cost of revenues of $1.3 million for the third quarter of 2023 with a gross margin of 2.7%. Cost of revenues decreased by $1.3 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to the decrease of biomanufacturing costs relative to the decreased sales from our Vegan Silk Technology Platform, including our b-silk product.
Operating Expenses. Operating expenses were approximately $20.2 million in the third quarter of 2024, compared to $5.2 million for the same period in 2023. The primary increase was driven by transaction expenses and an increase in stock-based compensation expense related to the vesting of Restricted Stock Unit (RSU) grants related to the merger agreement with Golden Arrow Merger Corporation. In addition, the Company saw higher spending overall in operations to support growth of the business.
In research and development, increases were driven by the delivery of a new material (xl-silk) and a new formulation for b-silk in the Vegan Silk Technology Platform.
In sales and marketing, expenses decreased excluding stock-based compensation related to RSU grants, primarily due to a temporary suspension of our sales and marketing efforts during our capital raise.
In general and administrative, increases were caused by costs of becoming a public company, including consulting expenses and attendant public company requirements, as well as an increase in executive bonuses based on the completion of the merger transaction.
Operating and Net Income. Operating loss and net income were approximately $20.2 million and $6.4 million, respectively, for the third quarter of 2024, compared to operating loss and net loss of $5.1 million and $5.6 million, respectively, for the third quarter of 2023. Net income in the third quarter of 2024 is primarily driven by a gain related to the remeasurement gains on the Company’s warrant liabilities.
Adjusted EBITDA. Adjusted EBITDA was approximately ($2.8) million in the third quarter 2024, compared to ($4.1) million for the third quarter of 2023.
Earnings per Share. Basic earnings per share was $0.32 for the third quarter of 2024, compared to basic net loss per share of $1.80 for the third quarter of 2023.
Financial Outlook
Bolt Projects Holdings projects at least $1.0 million in revenues for 2024 and at least $4.5 million in revenues for 2025.
In addition, Bolt anticipates gross profit will be positive for the full year 2025.[/color]
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