Bolt Partners with Goddess Maintenance Co. for Groundbreaking Beauty Launch

2/18/25 4:05:00 PM ET

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Goddess Commits to $4 Million in Annual b-silk Purchases

Bolt Projects Holdings, Inc. ("Bolt," "Bolt Projects" or the "Company") (NASDAQ:BSLK), announces a strategic partnership with Goddess Maintenance Co. ("GMCo"), an innovative beauty brand emerging as a major player in the biotech-driven beauty revolution. GMCo's first launch will debut this spring in 1,300+ retail locations across the United States, backed by a financially significant partnership on both sides.

GMCo's brings together four founders with a proven track record. Entrepreneurs Lauren Vesler and Manda Mason revolutionized nail care with the introduction of The W Nail Bar, while haircare industry disruptors Edward Connaghan and Denise Russell helped build Olaplex and K18 into global successes. Their vision of a full-body beauty brand, rooted in innovation and sustainability, perfectly aligns with Bolt's mission to advance biotech-driven, eco-conscious solutions.

GMCo's highly anticipated Spring 2025 launch will be distributed through Sally Beauty Holdings' (NYSE:SBH) Beauty Systems Group's ("BSG"), which combines its Cosmo Prof and Armstrong McCall network of stores with outside sales consultants. The new offering will be powered by cutting-edge biotechnology – "Powered by Bolt" – and will solidify Bolt's leadership in advanced ingredient solutions. To support this launch, initial projections call for a minimum $4 million annual, multi-year supply agreement from Bolt's b-silk Technology.

"At GMCo, we're not just creating products—we're building experiences that empower individuals through cutting-edge, science-backed solutions," said Lauren Vesler, CEO of Goddess Maintenance Co. "Bolt's Vegan Silk Technology Platform and its b-silk offering, we're setting a new industry benchmark."

"This partnership is pivotal in revolutionizing beauty through our innovative biomaterials," added Cintia Nardi, President of Bolt. "Our collaboration with GMCo underscores our strategy to drive growth in high-performance, clean beauty solutions."

For Bolt, working with GMCo is another validation of the significant growth potential in the global beauty and personal care market for our Vegan Silk Technology Platform. The overall market that Bolt serves is expected to grow at a compound annual growth rate (CAGR) of 7.7% reaching $973.13 billion by 2030.(1) This expands on the initial $3B+ silicone elastomer market that Bolt has previously emphasized, taking advantage of a growing industry trend. The partnership with GMCo is another key milestone in Bolt's long-term strategy to validate outsized growth in the sustainable, high-performance beauty market.

(1) https://www.grandviewresearch.com/industry-analysis/beauty-personal-care-products-market

About Bolt Projects Holdings

Bolt Projects Holdings was founded by scientists and engineers, and is dedicated to pioneering way better materials for a way better world. The company focuses on developing efficacious and sustainable solutions tailored for the consumer goods segment. "Inspired by nature, made by humans" is the Bolt model, revolving around creating and scaling materials that steer us towards a more sustainable future. Its flagship product is b-silk, a biobased and biodegradable substitute for silicone elastomers. This material not only offers valuable benefits to consumers and formulators but also positively impacts the environment. Bolt is based in Berkeley, Calif., in the U.S., and has previously been recognized by Fast Company's Most Innovative Companies.

About Goddess Maintenance Co.

Goddess Maintenance Co. (GMCo) is an innovative beauty brand founded by Lauren Vesler and Manda Mason, in partnership with Edward Connaghan and Denise Russell. With a focus on BioTech, GMCo delivers groundbreaking self-care solutions, featuring head-to-toe beauty products.

About Sally Beauty Holdings, Inc.

Sally Beauty Holdings, Inc. (NYSE:SBH), as the leader in professional hair color, sells and distributes professional beauty supplies globally through its Sally Beauty Supply and Beauty Systems Group businesses. Sally Beauty Supply stores offer up to 7,000 products for hair color, hair care, nails, and skin care through proprietary brands such as Ion®, Bondbar®, Strawberry Leopard®, Generic Value Products®, Inspired by Nature® and Silk Elements® as well as professional lines such as Wella®, Clairol®, OPI®, L'Oreal®, Wahl® and Babyliss Pro®. Beauty Systems Group stores, branded as Cosmo Prof® or Armstrong McCall® stores, along with its outside sales consultants, sell up to 8,000 professionally branded products, including Paul Mitchell®, Wella®, Matrix®, Schwarzkopf®, Kenra®, Goldwell®, Joico®, Amika®, and Moroccannoil®, intended for use in salons and for resale by salons to retail consumers. For more information about Sally Beauty Holdings, Inc., please visit https://www.sallybeautyholdings.com/

Cautionary Statement Regarding Forward-Looking Statements

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 Quarterly Report on Form 10-Q for the quarterly period ended September 30, 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.