Investment Thesis
Bolt Projects Holdings exhibits critical financial distress with negative stockholders equity of -12.7M, indicating liabilities exceed assets and shareholders have negative net worth. The company is burning cash with -2.6M operating cash flow, collapsing revenue (-60.1% YoY), and massive operating losses (-791.2% margin), suggesting fundamental business deterioration without clear path to profitability.
Strengths
- Maintains $4.7M cash position providing near-term liquidity runway
- Still generating minimal gross profit ($119K) indicating some revenue conversion at product level
- Recent insider activity (10 Form 4 filings) suggests management engagement with capital structure
Risks
- Negative stockholders equity of -12.7M represents technical insolvency and existential risk to equity holders
- Revenue collapsed 60.1% YoY while operating losses widened to -14.6M, indicating accelerating deterioration
- Operating cash flow of -2.6M combined with $12.9M long-term debt creates imminent refinancing risk and potential bankruptcy scenario
- Current ratio of 0.69x and quick ratio of 0.59x indicate inability to cover short-term obligations, severe liquidity crisis
- Operating margin of -791.2% and net margin of -977.8% demonstrate fundamentally broken business model with no profitability trajectory
Key Metrics to Watch
- Quarterly revenue trends and ability to stabilize top-line decline
- Operating cash flow and cash runway before depletion
- Total liabilities trajectory and debt restructuring announcements
Financial Metrics
Revenue
1.8M
Net Income
-18.0M
EPS (Diluted)
$-8.21
Free Cash Flow
-2.6M
Total Assets
11.1M
Cash
4.7M
Profitability Ratios
Gross Margin
6.5%
Operating Margin
-791.2%
Net Margin
-977.8%
ROE
N/A
ROA
-161.9%
FCF Margin
-139.3%
Balance Sheet & Liquidity
Current Ratio
0.69x
Quick Ratio
0.59x
Debt/Equity
N/A
Debt/Assets
214.5%
Interest Coverage
N/A
Long-term Debt
12.9M
Disclaimer: This analysis is generated by AI based on publicly available SEC EDGAR filings.
It does not include stock price data and should not be considered financial advice.
All fundamental data is sourced from SEC public domain filings.
Always conduct your own research before making investment decisions.
Data Source: SEC EDGAR |
Analysis Date: 2026-03-21T13:54:10.345738 |
Data as of: 2025-09-30 |
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