Bolt Projects Holdings, Inc.是一家专注于可持续生物材料的公司，已发布其年度 10-K 表格报告，详细说明了其财务表现、业务运营、战略举措以及面临的挑战。该报告全面概述了公司对其素食丝绸技术平台的关注，以及增强市场存在感和运营能力的战略举措。
财务亮点
<ul>
<li>收入：137.3 万美元，较去年下降 60%，主要由于素食丝绸技术平台产品销售减少。</li>
<li>毛损失：9.3 万美元，较去年改善 93%，主要由于收入成本降低。</li>
<li>运营损失：4160.8 万美元，较去年增加 20%，主要受一般和行政费用上升的推动。</li>
<li>净损失：6539.3 万美元，较去年增加 13%，反映出运营费用和可转换票据赎回损失的增加。</li>
<li>每股净损失（基本和稀释）：$(4.14)，反映出净损失增加和流通股数量变化。</li>
</ul>
业务亮点
<ul>
<li>素食丝绸技术平台：Bolt Threads 专注于其素食丝绸技术平台，包括 b-silk 和 xl-silk，作为美容和个人护理行业中硅弹性体的可持续替代品。该平台拥有强大的专利组合和经过 13 年开发的重要商业秘密。</li>
<li>产品聚焦转变：在 2023 年初，Bolt Threads 做出了战略决定，停止开发其他产品候选者，如 Mylo，专注于素食丝绸技术平台，旨在加速商业化并解锁新应用。</li>
<li>销售单位：自 2019 年以来，Bolt Threads 一直在销售 b-silk，2024 年，公司的制造合作伙伴 Laurus Bio 生产了超过 1700 公斤的产品。</li>
<li>制造战略：公司依赖第三方发酵专家网络进行制造，Laurus Bio 是主要合作伙伴。Laurus Bio 正在扩展其产能，预计新设施将在 2026 年下半年投入运营。</li>
<li>研发：Bolt Threads 在研发和产品开发方面投资超过 3 亿美元，专注于完善制造过程并支持其他设施的生产。</li>
<li>知识产权：公司拥有 68 项已授予专利和 166 项待审专利申请，b-silk 受到 40 项已授予专利的保护。这些知识产权对于在生物材料市场保持竞争优势至关重要。</li>
<li>客户格局：Bolt Threads 的目标客户是大型美容和化妆品制造商，强调其产品由于与硅弹性体相比的较低负载水平而具有成本效益。</li>
<li>未来展望：公司计划扩展其素食丝绸技术平台，以包括更多可持续材料，旨在改变全球消费品行业并支持高容量消费品品牌。</li>
</ul>
战略举措
<ul>
<li>与 Golden Arrow Merger Corp. (GAMC) 合并：公司完成了与 GAMC 的合并，Bolt Threads 成为 GAMC 的全资子公司，后者更名为 Bolt Projects Holdings, Inc.。这一战略举措旨在增强公司的市场存在感和运营能力。</li>
<li>供应协议：公司与新客户签订了一项为期三年的供应协议，包括年度最低订单数量，以确保未来的收入来源。</li>
<li>资本管理：公司进行了多项资本管理活动，包括与 Triton Funds LP 的私募股权融资，使公司能够要求 Triton 购买最多 150 万美元的普通股。此外，公司还向 Triton 发行了一项认股权证，允许其以每股 0.50 美元的行使价格购买最多 300 万股普通股。公司还通过 Ginkgo 票据购买协议修订重组了其债务，涉及将 1000 万美元的未偿还本金交换为可转换票据，并修改剩余债务的条款以延长到期日和调整利率。</li>
<li>未来展望：公司预计需要大量资本来支持计划中的产品开发和运营。计划通过股权融资、债务融资或重组当前义务来获得必要资金。公司还在探索扩大制造能力和增强产品供应的机会。然而，由于实现预期运营结果和重组当前债务的不确定性，公司持续经营能力存在重大疑虑。</li>
</ul>
挑战与风险
<ul>
<li>财务挑战：公司面临重大财务挑战，包括历史亏损和负现金流，这对其持续经营能力提出了重大质疑。支持运营和产品开发所需的额外资本至关重要，未能获得资金可能导致严重的运营削减或停止。</li>
<li>运营风险：公司依赖单一制造合作伙伴 Laurus Bio 生产其素食丝绸技术平台产品，这构成了重大运营风险。位于印度班加罗尔的 Laurus Bio 设施的任何中断都可能严重影响生产能力。此外，公司还面临全球运营固有的风险，如法律、关税和地缘政治不稳定的变化，这可能增加成本并干扰运营。</li>
<li>市场接受度：公司素食丝绸技术平台产品的市场接受度不确定，客户承诺有限，需要成功商业化以产生可观收入。公司还面临来自已建立和新进入者在化妆品成分市场的竞争，这可能影响其市场份额和盈利能力。</li>
<li>监管风险：监管风险包括遵守 2022 年《化妆品监管现代化法》下的新 FDA 法规，这对化妆品制造和安全提出了新要求。未能遵守可能导致执法行动和声誉损害。</li>
<li>管理策略：管理层承认实现盈利和维持财务稳定的挑战。应对这些挑战的策略包括寻求额外融资、优化生产流程以降低成本，以及扩大素食丝绸技术平台产品的市场覆盖。然而，这些策略能否成功缓解已识别的风险并无保证。</li>
<li>市场风险：公司面临市场风险，包括原材料价格和外汇汇率的波动，这可能对财务结果产生不利影响。原材料，特别是尿素的价格和供应波动，可能影响生产成本和定价策略，进而影响客户获取和保留。</li>
</ul>
SEC 备案：Bolt Projects Holdings, Inc. [ BSLK ] - 10-K -2025 年 3 月 18 日

BSLK

Bolt Projects Holdings, Inc. 发布了其年度 10-K 表格报告，显示收入下降 60% 至 137.3 万美元，同时净亏损为 6539.3 万美元。该公司专注于其素食丝绸技术平台，停止其他产品候选项目以增强商业化。与 Golden Arrow Merger Corp. 的合并已完成，并建立了为期三年的供应协议。财务挑战依然存在，由于重大亏损和对单一制造合作伙伴的依赖，外界对公司能否持续经营表示怀疑

Bolt Projects Holdings, Inc., a company specializing in sustainable biomaterials, has released its annual Form 10-K report, detailing its financial performance, business operations, strategic initiatives, and the challenges it faces. The report provides a comprehensive overview of the company's focus on its Vegan Silk Technology Platform and its strategic moves to enhance market presence and operational capabilities.
<div class="lb-trans">Bolt Projects Holdings, Inc.是一家专注于可持续生物材料的公司，已发布其年度 10-K 表格报告，详细说明了其财务表现、业务运营、战略举措以及面临的挑战。该报告全面概述了公司对其素食丝绸技术平台的关注，以及增强市场存在感和运营能力的战略举措。
</div>Financial Highlights
<div class="lb-trans">财务亮点
</div><ul>
<li>Revenue: $1.373 million, decreased by 60% compared to the previous year primarily due to decreased sales of products from the Vegan Silk Technology Platform.</li>
<li>Gross Loss: $0.093 million, improved by 93% from the previous year, primarily due to decreased cost of revenue.</li>
<li>Loss from Operations: $41.608 million, increased by 20% from the previous year, driven by higher general and administrative expenses.</li>
<li>Net Loss: $65.393 million, increased by 13% from the previous year, reflecting higher operating expenses and losses on extinguishment of convertible notes.</li>
<li>Net Loss Per Share (Basic and Diluted): $(4.14), reflecting the increased net loss and changes in the number of shares outstanding.</li>
</ul>
<div class="lb-trans"><ul>
<li>收入：137.3 万美元，较去年下降 60%，主要由于素食丝绸技术平台产品销售减少。</li>
<li>毛损失：9.3 万美元，较去年改善 93%，主要由于收入成本降低。</li>
<li>运营损失：4160.8 万美元，较去年增加 20%，主要受一般和行政费用上升的推动。</li>
<li>净损失：6539.3 万美元，较去年增加 13%，反映出运营费用和可转换票据赎回损失的增加。</li>
<li>每股净损失（基本和稀释）：$(4.14)，反映出净损失增加和流通股数量变化。</li>
</ul>
</div>Business Highlights
<div class="lb-trans">业务亮点
</div><ul>
<li>Vegan Silk Technology Platform: Bolt Threads focuses on its Vegan Silk Technology Platform, which includes b-silk and xl-silk, as a sustainable alternative to silicone elastomers in the beauty and personal care industry. This platform is backed by a robust patent portfolio and significant trade secrets developed over 13 years.</li>
<li>Product Focus Shift: In early 2023, Bolt Threads made a strategic decision to discontinue the development of other product candidates, such as Mylo, to concentrate exclusively on the Vegan Silk Technology Platform, aiming to accelerate commercialization and unlock new applications.</li>
<li>Sales Units: Since 2019, Bolt Threads has been selling b-silk, and in 2024, over 1,700 kilograms of products were produced by Laurus Bio, the company's manufacturing partner.</li>
<li>Manufacturing Strategy: The company relies on a network of third-party fermentation specialists for manufacturing, with Laurus Bio as the primary partner. Laurus Bio is expanding its capacity with a new facility expected to be operational by the second half of 2026.</li>
<li>Research and Development: Bolt Threads has invested over $300 million in research and product development, focusing on refining the manufacturing process and supporting production at additional facilities.</li>
<li>Intellectual Property: The company holds 68 granted patents and 166 pending patent applications, with b-silk protected by 40 granted patents. This intellectual property is crucial for maintaining a competitive edge in the biomaterials market.</li>
<li>Customer Landscape: Bolt Threads targets large beauty and cosmetic manufacturers, emphasizing the cost-efficiency of its products due to lower loading levels compared to silicone elastomers.</li>
<li>Future Outlook: The company plans to expand its Vegan Silk Technology Platform to include additional sustainable materials, aiming to transform the global consumer goods industry and support high-volume consumer goods brands.</li>
</ul>
<div class="lb-trans"><ul>
<li>素食丝绸技术平台：Bolt Threads 专注于其素食丝绸技术平台，包括 b-silk 和 xl-silk，作为美容和个人护理行业中硅弹性体的可持续替代品。该平台拥有强大的专利组合和经过 13 年开发的重要商业秘密。</li>
<li>产品聚焦转变：在 2023 年初，Bolt Threads 做出了战略决定，停止开发其他产品候选者，如 Mylo，专注于素食丝绸技术平台，旨在加速商业化并解锁新应用。</li>
<li>销售单位：自 2019 年以来，Bolt Threads 一直在销售 b-silk，2024 年，公司的制造合作伙伴 Laurus Bio 生产了超过 1700 公斤的产品。</li>
<li>制造战略：公司依赖第三方发酵专家网络进行制造，Laurus Bio 是主要合作伙伴。Laurus Bio 正在扩展其产能，预计新设施将在 2026 年下半年投入运营。</li>
<li>研发：Bolt Threads 在研发和产品开发方面投资超过 3 亿美元，专注于完善制造过程并支持其他设施的生产。</li>
<li>知识产权：公司拥有 68 项已授予专利和 166 项待审专利申请，b-silk 受到 40 项已授予专利的保护。这些知识产权对于在生物材料市场保持竞争优势至关重要。</li>
<li>客户格局：Bolt Threads 的目标客户是大型美容和化妆品制造商，强调其产品由于与硅弹性体相比的较低负载水平而具有成本效益。</li>
<li>未来展望：公司计划扩展其素食丝绸技术平台，以包括更多可持续材料，旨在改变全球消费品行业并支持高容量消费品品牌。</li>
</ul>
</div>Strategic Initiatives
<div class="lb-trans">战略举措
</div><ul>
<li>Merger with Golden Arrow Merger Corp. (GAMC): The company completed a merger with GAMC, resulting in Bolt Threads becoming a wholly-owned subsidiary of GAMC, which was renamed Bolt Projects Holdings, Inc. This strategic move was aimed at enhancing the company's market presence and operational capabilities.</li>
<li>Supply Agreement: The company entered into a three-year supply agreement with a new customer, which includes annual minimum order quantities, to secure future revenue streams.</li>
<li>Capital Management: The company engaged in several capital management activities, including a private placement equity offering with Triton Funds LP, allowing the company to require Triton to purchase up to $1.5 million in shares of common stock. Additionally, the company issued a warrant to Triton to purchase up to 3,000,000 shares of common stock at an exercise price of $0.50 per share. The company also restructured its debt through the Ginkgo Note Purchase Agreement Amendment, which involved exchanging $10 million of outstanding principal for convertible notes and modifying the terms of the remaining debt to extend the maturity date and adjust the interest rate.</li>
<li>Future Outlook: The company anticipates needing substantial capital to support planned product development and operations. It plans to obtain necessary funds through equity offerings, debt financing, or restructuring current obligations. The company is also exploring opportunities to expand its manufacturing capacity and enhance its product offerings. However, there is substantial doubt about the company's ability to continue as a going concern due to uncertainties in achieving expected operating results and restructuring current debt.</li>
</ul>
<div class="lb-trans"><ul>
<li>与 Golden Arrow Merger Corp. (GAMC) 合并：公司完成了与 GAMC 的合并，Bolt Threads 成为 GAMC 的全资子公司，后者更名为 Bolt Projects Holdings, Inc.。这一战略举措旨在增强公司的市场存在感和运营能力。</li>
<li>供应协议：公司与新客户签订了一项为期三年的供应协议，包括年度最低订单数量，以确保未来的收入来源。</li>
<li>资本管理：公司进行了多项资本管理活动，包括与 Triton Funds LP 的私募股权融资，使公司能够要求 Triton 购买最多 150 万美元的普通股。此外，公司还向 Triton 发行了一项认股权证，允许其以每股 0.50 美元的行使价格购买最多 300 万股普通股。公司还通过 Ginkgo 票据购买协议修订重组了其债务，涉及将 1000 万美元的未偿还本金交换为可转换票据，并修改剩余债务的条款以延长到期日和调整利率。</li>
<li>未来展望：公司预计需要大量资本来支持计划中的产品开发和运营。计划通过股权融资、债务融资或重组当前义务来获得必要资金。公司还在探索扩大制造能力和增强产品供应的机会。然而，由于实现预期运营结果和重组当前债务的不确定性，公司持续经营能力存在重大疑虑。</li>
</ul>
</div>Challenges and Risks
<div class="lb-trans">挑战与风险
</div><ul>
<li>Financial Challenges: The company faces significant financial challenges, including a history of losses and negative cash flows, which raise substantial doubt about its ability to continue as a going concern. The need for additional capital to support operations and product development is critical, and failure to secure funding could lead to severe operational cutbacks or cessation.</li>
<li>Operational Risks: The company's reliance on a single manufacturing partner, Laurus Bio, for the production of its Vegan Silk Technology Platform products poses a significant operational risk. Any disruption at the Laurus Bio Facility, located in Bangalore, India, could severely impact production capabilities. Additionally, the company is subject to risks inherent in operating globally, such as changes in laws, tariffs, and geopolitical instability, which could increase costs and disrupt operations.</li>
<li>Market Acceptance: Market acceptance of the company's Vegan Silk Technology Platform products is uncertain, with limited customer commitments and the need for successful commercialization to generate significant revenues. The company also faces competition from established and new entrants in the cosmetic ingredients market, which could impact its market share and profitability.</li>
<li>Regulatory Risks: Regulatory risks include compliance with new FDA regulations under the Modernization of Cosmetics Regulation Act of 2022, which imposes new requirements on cosmetic manufacturing and safety. Failure to comply could result in enforcement actions and reputational harm.</li>
<li>Management Strategies: Management acknowledges the challenges of achieving profitability and maintaining financial stability. Strategies to address these challenges include seeking additional financing, optimizing production processes to reduce costs, and expanding market reach for the Vegan Silk Technology Platform products. However, there is no assurance that these strategies will be successful in mitigating the identified risks.</li>
<li>Market Risks: The company is exposed to market risks, including fluctuations in raw material prices and foreign currency exchange rates, which could adversely affect financial results. The volatility in pricing and availability of raw materials, particularly urea, could impact production costs and pricing strategies, potentially affecting customer acquisition and retention.</li>
</ul>
<div class="lb-trans"><ul>
<li>财务挑战：公司面临重大财务挑战，包括历史亏损和负现金流，这对其持续经营能力提出了重大质疑。支持运营和产品开发所需的额外资本至关重要，未能获得资金可能导致严重的运营削减或停止。</li>
<li>运营风险：公司依赖单一制造合作伙伴 Laurus Bio 生产其素食丝绸技术平台产品，这构成了重大运营风险。位于印度班加罗尔的 Laurus Bio 设施的任何中断都可能严重影响生产能力。此外，公司还面临全球运营固有的风险，如法律、关税和地缘政治不稳定的变化，这可能增加成本并干扰运营。</li>
<li>市场接受度：公司素食丝绸技术平台产品的市场接受度不确定，客户承诺有限，需要成功商业化以产生可观收入。公司还面临来自已建立和新进入者在化妆品成分市场的竞争，这可能影响其市场份额和盈利能力。</li>
<li>监管风险：监管风险包括遵守 2022 年《化妆品监管现代化法》下的新 FDA 法规，这对化妆品制造和安全提出了新要求。未能遵守可能导致执法行动和声誉损害。</li>
<li>管理策略：管理层承认实现盈利和维持财务稳定的挑战。应对这些挑战的策略包括寻求额外融资、优化生产流程以降低成本，以及扩大素食丝绸技术平台产品的市场覆盖。然而，这些策略能否成功缓解已识别的风险并无保证。</li>
<li>市场风险：公司面临市场风险，包括原材料价格和外汇汇率的波动，这可能对财务结果产生不利影响。原材料，特别是尿素的价格和供应波动，可能影响生产成本和定价策略，进而影响客户获取和保留。</li>
</ul>
</div>SEC Filing: Bolt Projects Holdings, Inc. [ BSLK ] - 10-K - Mar. 18, 2025
<div class="lb-trans">SEC 备案：Bolt Projects Holdings, Inc. [ BSLK ] - 10-K -2025 年 3 月 18 日
</div>

Bolt Projects Holdings, Inc. 向美国证券交易委员会提交的 10-K 年度报告