Bolt Threads

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We estimate that Bolt Threads made about $23M in revenue in 2021, growing about 35% from 2020. Bolt Threads currently makes the majority of its revenue by selling raw materials and services to its partners, such as Lululemon and Adidas.

Bolt Threads went public via SPAC and traded on Nasdaq under the ticker BSLK. As of December 31, 2024, Bolt held $3.5M in cash, and its 2024 10-K disclosed substantial doubt about its ability to continue as a going concern. Nasdaq notified Bolt in February 2025 that it was below the minimum thresholds for market value of listed securities ($50M) and market value of publicly held shares ($15M), leading to a 1-for-20 reverse stock split effective April 21, 2025. Nasdaq ultimately notified Bolt on December 31, 2025 that it would be delisted for failing to meet the minimum equity standard; trading on Nasdaq was suspended on January 5, 2026. As of February 2026, Bolt's stock and warrants trade on OTC Pink under BSLK / BSLKW, and its board approved voluntary SEC deregistration.

To shore up liquidity, Bolt stacked several financing actions: $4.3M gross proceeds from an August 2025 private placement, conversion of $1.7M of vendor payables into equity in September 2025, an equity line of credit for up to $20.0M with Ascent Partners signed September 2025 with a $1.5M draw in October 2025, and a proposed up to $30.0M convertible-notes-and-warrants financing with Murchinson announced in December 2025. Total prior funding raised as a private company was $471M from investors including Founders Fund, Foundation Capital, and Innovation Endeavors.

Bolt Threads uses bioengineering to produce sustainable fibers, powders, and leather-like fabrics as replacements for synthetic and animal-based raw materials. The company has shifted its primary commercial focus from Mylo and Microsilk textiles to Vegan Silk, a spider-silk-inspired protein ingredient targeting the beauty and personal care industry.

Vegan Silk is a bioengineered protein designed as a sustainable, animal-free replacement for silicone and keratin in skincare, haircare, and beauty products. It is produced via fermentation—spider silk genes are introduced into yeast, which mass-produces the silk protein, which is then isolated and purified. Bolt sells Vegan Silk as an ingredient to beauty brands, having signed its first brand partner from one of the top seven global beauty conglomerates, with that brand's first Bolt-powered product planned for 2026. Vegan Silk also powers Goddess Maintenance, a hair-care line available in 100+ international markets.

Bolt Threads uses mycelium, the underground root structure of mushrooms, to build the leather-like material it calls Mylo. It is grown in vertical farms using a fermentation process where mushroom spores are mixed with sawdust and organic material under controlled temperature and humidity. While Mylo is not biodegradable, it consumes less water and emits fewer greenhouse gases than livestock leather and can be grown in weeks rather than years. Bolt formed a consortium in 2020 with Adidas, Stella McCartney, Kering, and Lululemon as its first commercial partners; Lululemon launched Mylo bags in early 2022. Mylo remains part of Bolt's portfolio but is no longer the primary commercial focus.

Microsilk is a proprietary fiber that mimics spider silk, created by injecting genes into yeast to produce proteins that are then fermented, isolated, purified, and spun. The result can be formed into various fabrics and garments. Microsilk is significantly costlier than existing fibers and has not yet been used in widely available consumer goods; Bolt has shifted resources away from Microsilk toward Vegan Silk for beauty applications.

The market for sustainable material development has seen intense competition rise in the last few years. In 2021, VC firms invested $1B in startups creating alternatives to animal-based and plastic-based raw materials. Depending on their manufacturing process, these companies generally fall into two categories: cell-cultivated or plant-based.

These companies grow raw material from inputs such as animal cells, spider DNA-infused yeast, or mushroom spores. In the right environment, seeds multiply rapidly to grow into a new material such as foam or molasses, which can be converted to powder, fiber, or fabric.

Bolt Threads is a cell-cultivated material company. Modern Meadow, MycoWorks, and VitroLabs are some of the other key companies in this space.

Modern Meadow creates leather-like material under the brand name Bio-Tex by fermenting yeast. It has raised $180M from Horizon Ventures, ICONIQ Capital, Evonik Venture Capital, and others and is valued at $500M. It recently announced a partnership with a leading Italian textile supplier Limonta and launched a tote bag with Everlane.

MycoWorks is another company like Bolt Threads that creates leather-like material from mushrooms under the brand name REISHI. It has raised $187M from 8VC, Natalie Portman, and Valor Equity Partners. It’s valued at $437M. Recently it launched its first consumer product, a limited edition handbag in partnership with Hermès.

VitroLabs takes a different approach to cell-based growth. Instead of mushroom or yeast, it uses stem cells from a cow and regenerates them in a controlled environment to create a leather-like material. It recently raised $46M in Series A from Regeneration VC, Leonardo DiCaprio, and Kering.

Most of these startups have only launched prototypes in collaboration with fashion houses—widely available consumer products are still in early stages of production.

These companies use naturally available cactus, pineapple leaves, cork, coconut husk or other plant materials to create a leather-like substance that can be used in textiles. The manufacturing process typically involves drying and mixing the ingredients with a solvent, purifying the mixture, drying it, and rolling it to make sheets.

Natural Fiber Welding is one of the largest startups in this space. It creates both leather-like fabric and silk-like fiber from different plant ingredients. Its customers include Allbirds, BMW, Ralph Lauren, Patagonia, and H&M. It has raised $155M from BMW iVentures, Evolution VC, and Tidal Impact. It’s valued at $300M.

Piñatex uses pineapple leaves, a natural agricultural byproduct, to create a leather-like textile. Its parent company Ananas Anam raised seed funding of $340K from Spark Ventures and Greater London Investment Fund. Ananas Anam sells Piñatex to a wide range of customers from fashion (Hugo Boss, Paul Smith), apparel (H&M), and furnishings (Hilton).

Similar to Piñatex, Desserto is a Mexican startup that uses cactus as a natural ingredient. It counts Adidas, H&M, Fossil, and BMW as its customers. Capri Holdings (formerly Michael Kors Holdings) took a 30% stake in Desserto for $6.4M, valuing it at $21.3M.

As consumers around the world start to push brands towards more sustainable practices, the fashion and textile industry is in the spotlight. Fashion is one of the biggest polluters in the world, spewing out 1.2B tons of greenhouse gases a year—more than all shipping and international flights combined.

Popular brands like H&M, Zara, Old Navy, Adidas, and Nike have all stepped up efforts to reduce their environmental footprint and convince consumers that they're sustainable. This includes using alternative raw materials, promoting recycling and reuse, and investing in startups working on sustainable materials and practices for fashion. For instance, H&M has invested in companies like Fairbrics ($7M), Ambercycle ($21M), and Infinited Fiber ($35M), while Zara aims to eliminate all single-use plastics from its supply chain by 2023 and achieve net-zero emissions by 2040.

This drive towards more sustainable practices will be a powerful tailwind for Bolt Threads and its bioengineered fabrics and fibers.

Sustainable apparel sales reached $6.3B in 2021, increasing at a CAGR of 6% since 2015. This growth contrasts with the stagnation in the overall apparel market's size during the same period. Sustainable apparel sales are expected to cross $10B by 2025.

The majority of the demand for sustainable fashion today comes from millennial and Gen Z customers. Surveys indicate that 50% to 60% of millennial and Gen Z customers prefer to buy from sustainable brands and are willing to pay more than a 10% premium for it, compared to 20% to 30% of Gen X'ers and boomers.

Gen Z and millennials are, crucially, becoming the largest consumer base in the global economy—their spending power is now over $143B.

Going concern / liquidity: Bolt's 2024 10-K disclosed substantial doubt about its ability to continue as a going concern, with only $3.5M cash at year-end 2024 and a net loss of $65.4M. Despite multiple 2025 financing actions and preliminary FY2025 revenue of ~$4.5M, the company remains far from cash-flow breakeven.

Nasdaq delisting / reduced market access: Bolt was delisted from Nasdaq (effective January 5, 2026) and now trades on OTC Pink under BSLK, with voluntary SEC deregistration in process. OTC status limits institutional investor participation and reduces the company's ability to raise equity capital at scale.

Product pivot execution: Bolt has shifted its commercial focus from Mylo and Microsilk textiles—where it spent years and hundreds of millions of dollars—to Vegan Silk for beauty and personal care, a market where it is an early-stage ingredient supplier competing against entrenched synthetic alternatives. The beauty pivot has yet to generate revenue at a scale that covers operating losses.