Key Highlights

● Nasdaq issued a delisting determination on December 31, 2025, suspended trading on January 5, 2026, and Bolt did not appeal.

● The company outlined a Form 25 filing around March 2, delisting about March 12, then deregistration after a Form 15.

● Third-quarter 2025 Revenue was $370 thousand with a 16% gross margin, and the quarterly net loss was $7.478 million.

● Revenue guidance for fiscal 2026 rose to $11.0 million from $9.0 million, but going-concern doubt remains.

Bolt Projects Holdings (OTC:BSLK) left Nasdaq because it could not meet the exchange's minimum stockholders' Equity requirement, and it has since told investors it intends to deregister from the US Securities and Exchange Commission. Its common stock now trades on the OTC Pink market as BSLK, with warrants as BSLKW. The change affects how much information shareholders can expect to receive.

Nasdaq sent a delisting determination on December 31, 2025 under Listing Rule 5550(b)(1). Trading was suspended on January 5, 2026, and the company said it would not appeal. In a release dated February 19, 2026 it set out the next steps: a Form 25 filing around March 2, formal delisting about March 12, then a Form 15 to suspend reporting, with deregistration effective 90 days afterwards.

Business and sector

Bolt develops and produces biomaterials for the beauty and personal care industry. Its products, b-silk and xl-silk, are biodegradable vegan protein polymers marketed as replacements for silicone elastomers. The company says it holds more than 80 granted patents and relies on a single Manufacturing partner. In February 2025 it announced a collaboration with Goddess Maintenance Co. on a beauty launch.

Third-party data classify it as a specialty chemicals Business in the materials sector, founded in 2009 and based in San Francisco, with a very small workforce of about 14 employees. That scale matters, because the company depends on partners for production, distribution and Brand launches rather than owning large facilities of its own. Revenue is therefore highly sensitive to a handful of customers and launch timetables.

Financial performance

The latest full Quarterly Report covers the third quarter of 2025, published on November 12, 2025. Revenue was $370 thousand, compared with $5 thousand a year earlier, and nine-month revenue reached $1.843 million against $80 thousand. Gross Margin was 16% for the quarter. The quarterly net loss was $7.478 million, while the nine-month net loss of $18.020 million compared with $59.134 million a year before.

Cash was $4.745 million at September 30, 2025, up from $3.512 million at the end of 2024, and nine-month Operating Activities used $2.555 million. Long-term Debt was $12.911 million. On December 29, 2025 the company issued preliminary fiscal 2025 results, indicating revenue of about $4.5 million, growth above 200% and gross margin above 20%. It lifted fiscal 2026 revenue guidance to $11.0 million from $9.0 million and Gross Profit guidance to $4.0 million from $1.0 million.

These are company projections, not outcomes. No audited fiscal 2025 results have been located.

Material risks

The February 19, 2026 release repeated that there is substantial doubt about the company's ability to continue as a going concern. It also cited a history of net losses, negative cash flows and reliance on one manufacturing partner. The equity shortfall that triggered delisting implies that liabilities weigh heavily on the balance sheet, though the exact shortfall was not stated.

Deregistration brings its own hazard. Once reporting ceases, shareholders lose scheduled 10-Q and 10-K filings, and the company flagged reduced liquidity, transparency and market-making. Market data shows very low prices and a trivial market capitalisation, but those quotes are inconsistent.

Deregistration and Going-Concern Doubt Cloud Bolt's Revenue Guidance

Key open questions are whether the Form 15 and deregistration took effect as scheduled, and whether Bolt publishes information through OTC Markets disclosure instead. Also watch for any fiscal 2025 results, evidence that the 2026 revenue guidance is being met, and financing that would address going-concern doubts.