Bolt Projects Soars on Growth, Teeters on Nasdaq Tightrope

BERKELEY, CA – December 29, 2025 – By Stephanie Lewis

Biomaterials developer Bolt Projects Holdings, Inc. (Nasdaq: BSLK) today unveiled a dazzling financial forecast, announcing preliminary fiscal 2025 results that show triple-digit revenue growth and a significantly upgraded outlook for 2026. The news, driven by surging demand for its sustainable beauty ingredients, paints a picture of a company hitting its commercial stride. Yet, this portrait of success is framed by a critical and unresolved challenge: a persistent threat of being delisted from the Nasdaq stock exchange, creating a high-stakes drama for investors and the company's future.

In a preliminary announcement, the Berkeley-based firm reported it expects to close its 2025 fiscal year with approximately $4.5 million in revenue, a year-over-year surge of more than 200%. The fourth quarter was particularly strong, with expected revenue topping $2.7 million, nearly doubling the same period in 2024. These figures suggest that Bolt’s technology is rapidly gaining traction in a competitive market.

“Our expected fiscal year 2025 financial performance reflects the growing validation of Bolt’s’ technology and commercial strategy,” said Dan Widmaier, Chairman and CEO, in the company's press release. “Revenue growth was driven by increased demand for our Vegan Silk™ Technology Platform from brand partners seeking high performing and sustainable material solutions.”

A Financial Outlook Reimagined

Buoyed by its 2025 performance, Bolt Projects has aggressively raised its guidance for fiscal year 2026. The company now projects revenues of $11.0 million, a significant increase from the $9.0 million it forecast just last quarter and representing a potential 144% jump from 2025’s expected results.

Even more striking is the revised projection for gross profit, which has been quadrupled from a prior guidance of $1.0 million to $4.0 million for 2026. This reflects a 300% increase over the expected 2025 gross profit and signals a dramatic improvement in the company's underlying unit economics. The company's gross profit margin for fiscal year 2025 is expected to be above 20%, bolstered by an estimated 38% margin in the fourth quarter alone—a substantial leap from the 16% reported in the third quarter.

This improved profitability is attributed to ongoing process efficiencies and a planned double-digit percentage reduction in the cost of goods sold for 2026. These operational gains are crucial as Bolt aims for its ambitious long-term gross margin target of 60%, a level that would give it significant pricing flexibility and broaden its customer base.

The Vegan Silk™ Revolution

The engine behind this growth is Bolt’s innovative Vegan Silk™ Technology Platform. The company develops and produces biomaterials, such as b-silk™, that offer a sustainable, vegan, and biodegradable alternative to traditional ingredients in the beauty and personal care industry. With consumers and major brands alike increasingly focused on sustainability and ingredient efficacy, Bolt appears to be in the right place at the right time.

Market adoption has been a key driver. The company has secured strategic partnerships, including with Haus Labs, whose mascara featuring Bolt's ingredient became a top seller at Sephora. It also landed a $4.0 million annual minimum supply contract with Goddess Maintenance Company, underscoring the commercial demand for its products. This momentum is further supported by a robust intellectual property portfolio, which includes over 80 granted patents protecting its innovations.

Looking ahead, Bolt plans to expand its portfolio by introducing a new ingredient within the Vegan Silk™ platform in 2026. This expansion, coupled with cost reductions from manufacturing efficiencies with partners like Laurus Bio, is central to its strategy for capturing a larger share of the burgeoning biomaterials market.

Navigating the Delisting Danger

Despite the glowing financial reports, a dark cloud looms over Bolt Projects. The company is in a protracted battle to maintain its Nasdaq listing. The trouble began on February 10, 2025, when it received a notice for failing to meet minimum market value requirements. After failing to regain compliance within the grace period, Bolt received a formal delisting determination on August 12.

The company successfully appealed and was granted an extension by the Nasdaq Hearings Panel until December 31, 2025, to meet the listing standards. With that deadline now imminent, Bolt has announced its intention to request a further extension. The decision rests entirely with the Panel, and there is no guarantee it will be granted.

A delisting would be a severe blow, restricting the company's access to public capital markets, shaking investor confidence, and potentially complicating its growth plans. It transforms the company's narrative into a dual-track story: one of impressive innovation and commercial success, and another of precarious regulatory standing.

The Murchinson Lifeline

To fuel its ambitious growth and navigate its financial challenges, Bolt is progressing a crucial financing transaction of up to $30.0 million in convertible notes and warrants with Murchinson Ltd., a Toronto-based investment manager specializing in special situations. This deal, however, is not yet finalized and remains subject to the completion of definitive documents and, critically, shareholder approval.

Securing this capital is paramount. The funds would not only support the scaling of its Vegan Silk™ platform and the launch of new products but could also provide the financial stability needed to address the issues underlying its Nasdaq compliance struggle. For Bolt Projects, the coming months will be decisive, as it attempts to align its soaring operational trajectory with the stringent demands of the public market, all while trying to lock down a vital financial lifeline.