Bolt Projects Holdings Inc. ( BSLK ) shares soared 38.53% in after-hours trading to $3.02 on Tuesday following robust second-quarter earnings and news of potential financing worth up to $20 million.

Check out the current price of BSLK stock here. 

What Happened: The biomaterials company reported second-quarter revenue of $1.3 million from its Vegan Silk Technology Platform, representing a 23-fold increase from $56,000 in the prior year period. The Berkeley, California-based firm achieved positive gross margins ahead of internal estimates, driven by operational efficiencies and pricing discipline.

Dan Widmaier, Chairman and CEO of Bolt, stated, “Demand for Vegan Silk continues to grow, resulting in positive gross margins a quarter ahead of estimate.” The company maintained full-year revenue guidance of $4.5 million for 2025 and $9.0 million for 2026, while introducing new gross profit targets of $500,000 and $1.0 million, respectively.

The biotech innovator company entered a non-binding term sheet with Ascent Partners LLC for up to $20 million in preferred stock and equity line financing, structured in tranches beginning September 2025. The facility requires shareholder approval and depends on stock price and trading volume thresholds.

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A global skincare brand, owned by one of the seven major beauty conglomerates, also plans to launch its first product featuring Bolt’s Vegan Silk in 2026, with additional products in development.

According to Benzinga Pro data, Bolt closed at $2.18, up 1.87% on Tuesday. With a market capitalization of $4.5 million and average daily trading volume around 2.4 million shares, BSLK has traded between $1.75 and $199.60 over the past 52 weeks.

Why It Matters: Bolt secured a significant milestone by landing its first brand partner from one of the seven major beauty conglomerates controlling over 70% of industry revenue.

The positive growth outlook with operating expenses decreasing to $4.9 million from $9.6 million year over year and excluding one-time costs, Bolt significantly reduced its net loss to $4.6 million in the second quarter of 2025 compared to $58.9 million in the same period last year. This improvement was mainly due to the absence of losses related to the extinguishment of convertible notes in 2024.

However, challenges remain. Bolt received a delisting notice from NASDAQ on August 12 and plans to appeal the decision. The company reported just $1.0 million in cash as of June 30, down from $3.5 million at year-end 2024, highlighting the critical need for the pending financing.

According to Benzinga's Edge Stock Rankings, BSLK has a negative price trend across all time frames. Know how its momentum lines up with the other companies.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.