Bolt Projects Holdings, Inc.

BSLKdata completeness 100%4 fiscal years on file

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024
Revenue	—	—	$3.44M¹	$1.37M¹
Net income	$5.27M²	$9.85M³	−$57.7M⁴	−$65.4M⁴
Operating cash flow	−$1.05M⁵	−$1.65M⁶	−$29.2M⁷	−$16.1M⁷
Capital expenditure	—	—	$962,000⁸	$23,000⁸
Free cash flow (derived)	—	—	−$30.2M⁷	−$16.2M⁷
Total debt	—	—	$13.3M⁹	$26.4M⁹
Cash & equivalents	$366,612¹⁰	$22.9M¹¹	$894,000¹¹	$3.51M¹¹
Diluted shares	—	—	9.3M	15.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

−$5.45

your share of equity

Profit it earned you last year

−$41.42

Free cash flow it threw off

−$10.24

Debt you’d be carrying

$16.71

10 shares is a claim on −$5.45 of net worth that earned you −$41.42 and generated −$10.24 of cash last year, against $16.71 of debt.

iii. Is this a good business?

Moat signal · return on equity

— avg · 4y

Not enough data in the filings for a return-on-capital reading.

Management signal · capital allocation

+70% shares · 4y

Share count is up 70% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 98% over the same window.

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

Sources — the receipts