Bolt Projects Holdings, Inc.是一家專注於可持續生物材料的公司，已發佈其年度 10-K 表格報告，詳細説明了其財務表現、業務運營、戰略舉措以及面臨的挑戰。該報告全面概述了公司對其素食絲綢技術平台的關注，以及增強市場存在感和運營能力的戰略舉措。
財務亮點
<ul>
<li>收入：137.3 萬美元，較去年下降 60%，主要由於素食絲綢技術平台產品銷售減少。</li>
<li>毛損失：9.3 萬美元，較去年改善 93%，主要由於收入成本降低。</li>
<li>運營損失：4160.8 萬美元，較去年增加 20%，主要受一般和行政費用上升的推動。</li>
<li>淨損失：6539.3 萬美元，較去年增加 13%，反映出運營費用和可轉換票據贖回損失的增加。</li>
<li>每股淨損失（基本和稀釋）：$(4.14)，反映出淨損失增加和流通股數量變化。</li>
</ul>
業務亮點
<ul>
<li>素食絲綢技術平台：Bolt Threads 專注於其素食絲綢技術平台，包括 b-silk 和 xl-silk，作為美容和個人護理行業中硅彈性體的可持續替代品。該平台擁有強大的專利組合和經過 13 年開發的重要商業秘密。</li>
<li>產品聚焦轉變：在 2023 年初，Bolt Threads 做出了戰略決定，停止開發其他產品候選者，如 Mylo，專注於素食絲綢技術平台，旨在加速商業化並解鎖新應用。</li>
<li>銷售單位：自 2019 年以來，Bolt Threads 一直在銷售 b-silk，2024 年，公司的製造合作伙伴 Laurus Bio 生產了超過 1700 公斤的產品。</li>
<li>製造戰略：公司依賴第三方發酵專家網絡進行製造，Laurus Bio 是主要合作伙伴。Laurus Bio 正在擴展其產能，預計新設施將在 2026 年下半年投入運營。</li>
<li>研發：Bolt Threads 在研發和產品開發方面投資超過 3 億美元，專注於完善製造過程並支持其他設施的生產。</li>
<li>知識產權：公司擁有 68 項已授予專利和 166 項待審專利申請，b-silk 受到 40 項已授予專利的保護。這些知識產權對於在生物材料市場保持競爭優勢至關重要。</li>
<li>客户格局：Bolt Threads 的目標客户是大型美容和化妝品製造商，強調其產品由於與硅彈性體相比的較低負載水平而具有成本效益。</li>
<li>未來展望：公司計劃擴展其素食絲綢技術平台，以包括更多可持續材料，旨在改變全球消費品行業並支持高容量消費品品牌。</li>
</ul>
戰略舉措
<ul>
<li>與 Golden Arrow Merger Corp. (GAMC) 合併：公司完成了與 GAMC 的合併，Bolt Threads 成為 GAMC 的全資子公司，後者更名為 Bolt Projects Holdings, Inc.。這一戰略舉措旨在增強公司的市場存在感和運營能力。</li>
<li>供應協議：公司與新客户簽訂了一項為期三年的供應協議，包括年度最低訂單數量，以確保未來的收入來源。</li>
<li>資本管理：公司進行了多項資本管理活動，包括與 Triton Funds LP 的私募股權融資，使公司能夠要求 Triton 購買最多 150 萬美元的普通股。此外，公司還向 Triton 發行了一項認股權證，允許其以每股 0.50 美元的行使價格購買最多 300 萬股普通股。公司還通過 Ginkgo 票據購買協議修訂重組了其債務，涉及將 1000 萬美元的未償還本金交換為可轉換票據，並修改剩餘債務的條款以延長到期日和調整利率。</li>
<li>未來展望：公司預計需要大量資本來支持計劃中的產品開發和運營。計劃通過股權融資、債務融資或重組當前義務來獲得必要資金。公司還在探索擴大製造能力和增強產品供應的機會。然而，由於實現預期運營結果和重組當前債務的不確定性，公司持續經營能力存在重大疑慮。</li>
</ul>
挑戰與風險
<ul>
<li>財務挑戰：公司面臨重大財務挑戰，包括歷史虧損和負現金流，這對其持續經營能力提出了重大質疑。支持運營和產品開發所需的額外資本至關重要，未能獲得資金可能導致嚴重的運營削減或停止。</li>
<li>運營風險：公司依賴單一製造合作伙伴 Laurus Bio 生產其素食絲綢技術平台產品，這構成了重大運營風險。位於印度班加羅爾的 Laurus Bio 設施的任何中斷都可能嚴重影響生產能力。此外，公司還面臨全球運營固有的風險，如法律、關税和地緣政治不穩定的變化，這可能增加成本並干擾運營。</li>
<li>市場接受度：公司素食絲綢技術平台產品的市場接受度不確定，客户承諾有限，需要成功商業化以產生可觀收入。公司還面臨來自已建立和新進入者在化妝品成分市場的競爭，這可能影響其市場份額和盈利能力。</li>
<li>監管風險：監管風險包括遵守 2022 年《化妝品監管現代化法》下的新 FDA 法規，這對化妝品製造和安全提出了新要求。未能遵守可能導致執法行動和聲譽損害。</li>
<li>管理策略：管理層承認實現盈利和維持財務穩定的挑戰。應對這些挑戰的策略包括尋求額外融資、優化生產流程以降低成本，以及擴大素食絲綢技術平台產品的市場覆蓋。然而，這些策略能否成功緩解已識別的風險並無保證。</li>
<li>市場風險：公司面臨市場風險，包括原材料價格和外匯匯率的波動，這可能對財務結果產生不利影響。原材料，特別是尿素的價格和供應波動，可能影響生產成本和定價策略，進而影響客户獲取和保留。</li>
</ul>
SEC 備案：Bolt Projects Holdings, Inc. [ BSLK ] - 10-K -2025 年 3 月 18 日

BSLK

Bolt Projects Holdings, Inc. 發佈了其年度 10-K 表格報告，顯示收入下降 60% 至 137.3 萬美元，同時淨虧損為 6539.3 萬美元。該公司專注於其素食絲綢技術平台，停止其他產品候選項目以增強商業化。與 Golden Arrow Merger Corp. 的合併已完成，並建立了為期三年的供應協議。財務挑戰依然存在，由於重大虧損和對單一製造合作伙伴的依賴，外界對公司能否持續經營表示懷疑

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.是一家專注於可持續生物材料的公司，已發佈其年度 10-K 表格報告，詳細説明了其財務表現、業務運營、戰略舉措以及面臨的挑戰。該報告全面概述了公司對其素食絲綢技術平台的關注，以及增強市場存在感和運營能力的戰略舉措。
</div>Financial Highlights
<div class="lb-trans">財務亮點
</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): $(4.14), reflecting the increased net loss and changes in the number of shares outstanding.</li>
</ul>
<div class="lb-trans"><ul>
<li>收入：137.3 萬美元，較去年下降 60%，主要由於素食絲綢技術平台產品銷售減少。</li>
<li>毛損失：9.3 萬美元，較去年改善 93%，主要由於收入成本降低。</li>
<li>運營損失：4160.8 萬美元，較去年增加 20%，主要受一般和行政費用上升的推動。</li>
<li>淨損失：6539.3 萬美元，較去年增加 13%，反映出運營費用和可轉換票據贖回損失的增加。</li>
<li>每股淨損失（基本和稀釋）：$(4.14)，反映出淨損失增加和流通股數量變化。</li>
</ul>
</div>Business Highlights
<div class="lb-trans">業務亮點
</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>素食絲綢技術平台：Bolt Threads 專注於其素食絲綢技術平台，包括 b-silk 和 xl-silk，作為美容和個人護理行業中硅彈性體的可持續替代品。該平台擁有強大的專利組合和經過 13 年開發的重要商業秘密。</li>
<li>產品聚焦轉變：在 2023 年初，Bolt Threads 做出了戰略決定，停止開發其他產品候選者，如 Mylo，專注於素食絲綢技術平台，旨在加速商業化並解鎖新應用。</li>
<li>銷售單位：自 2019 年以來，Bolt Threads 一直在銷售 b-silk，2024 年，公司的製造合作伙伴 Laurus Bio 生產了超過 1700 公斤的產品。</li>
<li>製造戰略：公司依賴第三方發酵專家網絡進行製造，Laurus Bio 是主要合作伙伴。Laurus Bio 正在擴展其產能，預計新設施將在 2026 年下半年投入運營。</li>
<li>研發：Bolt Threads 在研發和產品開發方面投資超過 3 億美元，專注於完善製造過程並支持其他設施的生產。</li>
<li>知識產權：公司擁有 68 項已授予專利和 166 項待審專利申請，b-silk 受到 40 項已授予專利的保護。這些知識產權對於在生物材料市場保持競爭優勢至關重要。</li>
<li>客户格局：Bolt Threads 的目標客户是大型美容和化妝品製造商，強調其產品由於與硅彈性體相比的較低負載水平而具有成本效益。</li>
<li>未來展望：公司計劃擴展其素食絲綢技術平台，以包括更多可持續材料，旨在改變全球消費品行業並支持高容量消費品品牌。</li>
</ul>
</div>Strategic Initiatives
<div class="lb-trans">戰略舉措
</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>與 Golden Arrow Merger Corp. (GAMC) 合併：公司完成了與 GAMC 的合併，Bolt Threads 成為 GAMC 的全資子公司，後者更名為 Bolt Projects Holdings, Inc.。這一戰略舉措旨在增強公司的市場存在感和運營能力。</li>
<li>供應協議：公司與新客户簽訂了一項為期三年的供應協議，包括年度最低訂單數量，以確保未來的收入來源。</li>
<li>資本管理：公司進行了多項資本管理活動，包括與 Triton Funds LP 的私募股權融資，使公司能夠要求 Triton 購買最多 150 萬美元的普通股。此外，公司還向 Triton 發行了一項認股權證，允許其以每股 0.50 美元的行使價格購買最多 300 萬股普通股。公司還通過 Ginkgo 票據購買協議修訂重組了其債務，涉及將 1000 萬美元的未償還本金交換為可轉換票據，並修改剩餘債務的條款以延長到期日和調整利率。</li>
<li>未來展望：公司預計需要大量資本來支持計劃中的產品開發和運營。計劃通過股權融資、債務融資或重組當前義務來獲得必要資金。公司還在探索擴大製造能力和增強產品供應的機會。然而，由於實現預期運營結果和重組當前債務的不確定性，公司持續經營能力存在重大疑慮。</li>
</ul>
</div>Challenges and Risks
<div class="lb-trans">挑戰與風險
</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>財務挑戰：公司面臨重大財務挑戰，包括歷史虧損和負現金流，這對其持續經營能力提出了重大質疑。支持運營和產品開發所需的額外資本至關重要，未能獲得資金可能導致嚴重的運營削減或停止。</li>
<li>運營風險：公司依賴單一製造合作伙伴 Laurus Bio 生產其素食絲綢技術平台產品，這構成了重大運營風險。位於印度班加羅爾的 Laurus Bio 設施的任何中斷都可能嚴重影響生產能力。此外，公司還面臨全球運營固有的風險，如法律、關税和地緣政治不穩定的變化，這可能增加成本並干擾運營。</li>
<li>市場接受度：公司素食絲綢技術平台產品的市場接受度不確定，客户承諾有限，需要成功商業化以產生可觀收入。公司還面臨來自已建立和新進入者在化妝品成分市場的競爭，這可能影響其市場份額和盈利能力。</li>
<li>監管風險：監管風險包括遵守 2022 年《化妝品監管現代化法》下的新 FDA 法規，這對化妝品製造和安全提出了新要求。未能遵守可能導致執法行動和聲譽損害。</li>
<li>管理策略：管理層承認實現盈利和維持財務穩定的挑戰。應對這些挑戰的策略包括尋求額外融資、優化生產流程以降低成本，以及擴大素食絲綢技術平台產品的市場覆蓋。然而，這些策略能否成功緩解已識別的風險並無保證。</li>
<li>市場風險：公司面臨市場風險，包括原材料價格和外匯匯率的波動，這可能對財務結果產生不利影響。原材料，特別是尿素的價格和供應波動，可能影響生產成本和定價策略，進而影響客户獲取和保留。</li>
</ul>
</div>SEC Filing: Bolt Projects Holdings, Inc. [ BSLK ] - 10-K - Mar. 18, 2025
<div class="lb-trans">SEC 備案：Bolt Projects Holdings, Inc. [ BSLK ] - 10-K -2025 年 3 月 18 日
</div>

Bolt Projects Holdings, Inc. 向美國證券交易委員會提交的 10-K 年度報告