Bolt Projects Holdings, Inc. ( BSLK ) shares are trading higher Wednesday after the company reported a year-over-year increase in second quarter financial results.

What To Know: The company reported a loss of $2.20 per share, narrowing from a loss of $252.21 per share in the same quarter last year. Revenue rose to $1.30 million, up from $56,000 year-over-year.

Bolt said revenue growth was driven by its Vegan Silk Technology Platform, which saw rising demand from both new and existing customers. The company highlighted a new partnership with one of the seven major beauty conglomerates and continued orders from Goddess Maintenance Company, which is expanding global distribution of its Restorative Leave-In Hair Mask.

The company posted a positive gross margin in the quarter, ahead of internal estimates.

Bolt also entered a non-binding term sheet with Ascent Partners for up to $20 million in financing, to be drawn in tranches and subject to shareholder approval. The company said it continues to focus on long-term profitability through revenue growth, operational efficiencies and cost reductions.

FY25 Outlook: The company projects revenue of at least $4.5 million and gross profit of $0.5 million.

FY26 Outlook: Bolt anticipates revenue of at least $9.0 million and gross profit of $1.0 million.

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BSLK Price Action: At the time of publication, Bolt stock is trading 502.27% higher at $13.11, according to data from Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.