Over the past eighteen months, Bolt Projects Holdings [Nasdaq: BSLK] has undergone transformational change designed to accelerate penetration of its Vegan Silk Technology Platform into the beauty and personal care industry.

“This effort has been led by b-silk, a novel biodegradable, film-former polypeptide designed to offer additional functional benefits for haircare, skincare and color cosmetics,” said Bolt Projects Holdings Chairman and CEO Dan Widmaier. “B-silk has been in the market since 2018 and has delivered consistent and proven consumer satisfaction.”

During the third quarter of 2024, two new products featuring b-silk^™ – the Daily Defender SPF30 and the Peak Performance SPF50 – from Freaks of Nature^™ were introduced to the market, driving higher visibility and penetration in the sunscreen product type within skincare.

This launch adds to b-silk’s long-standing presence in the haircare segment since 2020 as part of Vegamour’s GRO Revitalizing Shampoo and Conditioner, powering their proprietary Karmatin^™ offering. Vegamour’s success drove Bolt’s revenue growth for multiple years, resulting in 2023’s annual revenue of $3.4M, illustrating the building impact new customer launches can have.

Another launch featuring b-silk^™ is expected as early as the first quarter of 2025. A cosmetics brand is slated to debut a color cosmetic product. “We see this product expansion as a testament to our cutting-edge Vegan Silk Technology Platform, showcasing its novel functionality,” said Bolt Projects Holdings President Cintia Nardi. “This offering has the potential to set a new standard in the beauty industry and enable high-performance formulations in this product type. We are excited about the potential of this collaboration and the innovation it brings to the segment.”

Bolt expects to share information about additional customer launches in the upcoming months and to showcase the potential of its Vegan Silk Technology Platform across many segments of the beauty and personal care industry. These launches will be supported in part by a second proprietary product from its Vegan Silk technology platform under the trade name xl-silk.

“Overall, we believe 2025 will be pivotal in demonstrating the impact of our innovative technology as it is unveiled by our customers’ new product launches,” said Nardi. “This market innovation not only meets new and challenging regulatory rules around silicones but also targets consumers’ desire for efficacious products and more sustainable materials.”

“We aspire to be the most desirable biotech ingredient innovator for the beauty and personal care industry,” said Widmaier, “and so we will continue relentlessly pursuing market share because we believe that ‘the best days are ahead of us’ and we believe the future is one ‘Where Doing Good Will Help Us Do Well.’”

Bolt Projects Holdings will announce third quarter 2024 earnings on November 7, 2024 after market close.

About Bolt Projects Holdings

Bolt Projects Holdings is pioneering a new generation of biotech ingredients for haircare, skincare, and color cosmetics. By harnessing the power of nature’s materials, Bolt creates scientifically advanced, clean, luxurious ingredients that help beauty brands meet their customers’ demands for sustainability and performance.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this communication, including statements regarding the Company’s new products, its market potential and market adoption, customer launches, the Company’s business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “budget,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “will” or the negatives of these terms or variations of them or similar terminology. Forward-looking statements include, without limitation, the Company’s expectations concerning the outlook for the business, productivity, plans, and goals for future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets, and expected future financial performance, as well as any information concerning possible or assumed future results of operations of the Company.

Forward-looking statements involve a number of risks, uncertainties, and assumptions, and actual results or events may differ materially from those projected or implied in those statements. Important factors that could cause such differences include, but are not limited to: the Company’s history of net losses and ability to achieve or maintain profitability in the future; the Company ability to execute its business plan and adequately control its expenses or raise additional capital on favorable terms, if at all; the Company’s ability to continue as a going concern; the Company ability to generate sufficient cash to service all of its debt obligations; the Company’s dependence on sales of its b-silk^™ product; the Company’s ability to manage growth effectively; the Company’s reliance on a single or limited manufacturing partners and manufacturing facilities for the production of b-silk^™; costs of and availability for b-silk^™ and the Company’s future products that are out of the Company’s control; pricing pressures if the Company’s costs of producing b-silk^™ materially increase; the Company’s limited experience in marketing and selling b-silk^™; market acceptance of from consumer product companies; the Company’s ability to protect adequately its patents and other intellectual property assets; government regulations and private party actions relating to the marketing and advertising of cosmetic products that include b-silk^™ or other products the Company develops may restrict, inhibit or delay its ability to sell such products; and the other risks and uncertainties discussed under the caption “Risk Factors” included in the Company’s prospectus on Form 424(b)(8) filed with the SEC on October 2, 2024, as such factors may be updated from time to time in its other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investors section of the Company’s website at www. boltthreads.com.

The Company cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth herein speak only as of the date they are made. The Company undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, except as otherwise required by law.

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