BZAI on Nasdaq
Blaize Holdings, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
16.0%Gross margin3
-268.8%Operating margin3
-535.6%Net margin3
2386.0%Revenue growth, 20253
-530.5%Return on equity3
-$74.5MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
[Canada] brought in 91% of the revenue Blaize Holdings, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| [Canada] | $0 | $35.2M |
| United States | $1.2M | $3.3M |
| Other Countries | $7.0K | $147.0K |
| Japan | $332.0K | $3.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue43¢$32.4M
- Research and development57¢$42.5M
- Income tax0¢$217.0K
Out of $38.6M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Total revenue | $38.6M | $1.6M |
| Cost of revenue | $32.4M | $579.0K |
| Gross Profit | $6.2M | $975.0K |
| Research and development | $42.5M | $25.1M |
| Depreciation | $1.2M | $886.0K |
| Transaction costs | $12.0M | $217.0K |
| Total operating expenses | $110.0M | $48.6M |
| Loss from operations | -$103.8M | -$47.6M |
| Change in fair value of Legacy Blaize convertible notes and warrants | -$226.0M | -$15.7M |
| Change in fair value of other earnout shares | $117.1M | $0 |
| Change in fair value of Polar warrants | $4.1M | $0 |
| Change in fair value of committed equity facility, net | $1.2M | $0 |
| Change in fair value of unissued shares of common stock | -$238.0K | $0 |
| Other, net | $992.0K | $1.2M |
| Total other expense, net | -$102.8M | -$14.5M |
| Loss before income taxes | -$206.7M | -$62.1M |
| Provision for (benefit from) income taxes | $217.0K | -$952.0K |
| Net loss | -$206.9M | -$61.2M |
| Net loss per share. basic (in dollars per share) | -$1.98 | -$3.50 |
| Net loss per share. diluted (in dollars per share) | -$1.98 | -$3.50 |
| Weighted average shares outstanding, basic (in shares) | 104.3M shares | 17.5M shares |
| Weighted average shares outstanding, diluted (in shares) | 104.3M shares | 17.5M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $45.8M | $50.2M | |
| Inventories, net | $10.1M | $8.6M | |
| Prepaid expenses and other current assets | $4.0M | $12.6M | |
| Total current assets | $96.6M | $71.7M | |
| Property and equipment, net | $1.2M | $2.1M | |
| Deferred income tax assets | $2.1M | $2.2M | |
| Operating lease right-of-use assets | $1.5M | $1.8M | |
| Other assets | $739.0K | $815.0K | |
| Assets | $102.2M | $78.5M | |
| Accrued trade payables | $22.8M | $0 | |
| Accrued expenses and other current liabilities | $6.7M | $14.3M | |
| Accrued expenses - related party | $331.0K | $0 | |
| Operating lease liabilities - current | $644.0K | $578.0K | |
| Legacy Blaize convertible notes and warrants | $0 | $163.3M | |
| Total current liabilities | $43.4M | $186.1M | |
| Operating lease liabilities | $804.0K | $1.2M | |
| Other earnout shares | $8.9M | ||
| Polar warrants | $8.8M | $0 | |
| Other liabilities | $1.3M | $1.7M | |
| Total liabilities | $63.2M | $189.0M | |
| Common stock - $0.0001 par value; 600,000,000 and 136,562,809 shares authorized as of December 31, 2025 and 2024, respectively, and 122,043,966 and 48,376,052 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $12.0K | $5.0K | |
| Additional paid-in capital | $675.1M | $318.8M | |
| Accumulated deficit | -$636.2M | -$429.3M | |
| Total stockholders equity (deficit) | $39.0M | -$110.5M | -$53.2M |
| Total liabilities and stockholders equity (deficit) | $102.2M | $78.5M | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 600.0M shares | 136.6M shares | |
| Common stock, shares issued (in shares) | 122.0M shares | 48.4M shares | |
| Common stock, shares outstanding (in shares) | 122.0M shares | 48.4M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$206.9M | -$61.2M |
| Depreciation | $1.2M | $886.0K |
| Noncash lease expense | $688.0K | $649.0K |
| Debt financing charge on Legacy Blaize convertible notes | $0 | $464.0K |
| Stock-based compensation | $37.5M | $3.8M |
| Non-cash financing expense related to issuance of common stock | $2.8M | $0 |
| Non-cash financing expense related to issuance of warrants | $1.1M | $0 |
| Allowance for credit losses | $557.0K | $420.0K |
| Deferred income taxes | -$368.0K | -$1.1M |
| Change in fair value of Legacy Blaize convertible notes and warrants | $226.0M | $15.7M |
| Change in fair value of Polar warrants | -$4.1M | $0 |
| Change in fair value of other earnout shares | -$117.1M | $0 |
| Change in fair value of unissued shares of common stock | $238.0K | $0 |
| Change in fair value of committed equity facility, net | -$1.2M | $0 |
| Inventories, net | -$1.6M | -$2.0M |
| Accrued trade payables | $22.8M | $0 |
| Operating lease liabilities | -$727.0K | -$616.0K |
| Other current liabilities | -$360.0K | $402.0K |
| Net cash used in operating activities | -$73.8M | -$53.5M |
| Purchases of property and equipment | -$788.0K | -$902.0K |
| Net cash used in investing activities | -$788.0K | -$902.0K |
| Merger and PIPE financing, net of transaction costs | $15.9M | $0 |
| Funds held in escrow | $503.0K | $0 |
| Proceeds from the sale of common stock to Polar, net of offering expenses | $27.9M | $0 |
| Payment of deferred offering costs | -$7.7M | -$4.4M |
| Proceeds from sale of common stock | $33.2M | $0 |
| Proceeds from exercise of stock options | $345.0K | $98.0K |
| Proceeds from Legacy Blaize convertible notes | $0 | $110.7M |
| Cash provided by (used in) financing activities | $70.1M | $101.7M |
| Net change in cash, cash equivalents and restricted cash | -$4.4M | $47.3M |
| Total cash paid for taxes, net of refunds | $337.0K | $223.0K |
| Cash paid for interest | $0 | $245.0K |
| Conversion of Legacy Blaize convertible notes to common stock | $314.3M | $0 |
| Net exercise of Legacy Blaize warrants for common stock | $75.1M | $0 |
| Redemption of common shares with cash held in escrow | $33.2M | $0 |
| Capitalized deferred offering costs included in accounts payable and accrued expenses and other current liabilities | $0 | $6.8M |
| Issuance of Legacy Blaize warrants with Legacy Blaize convertible notes | $0 | $4.8M |
| Reversal of excise tax accrual to additional paid-in-capital | $2.7M | $0 |
| Property and equipment acquired in accounts payable and accrued expenses | $0 | $510.0K |
| Operating lease asset obtained in exchange for new operating lease liabilities | $431.0K | $0 |
| Issuance of warrants for professional services | $167.0K | $0 |
Former names
- BurTech Acquisition Corp.Aug 19, 2021 to Jan 13, 20252
Recent filings
- Oct 13, 20264
- Oct 6, 20268-K
- Oct 6, 2026424B3
- Oct 6, 2026424B3
- Oct 6, 2026424B3
- Oct 6, 2026424B3
- Oct 2, 20268-K
- Sep 30, 20268-K
- Sep 18, 2026SCHEDULE 13D/A
- Sep 1, 20264
- Aug 17, 20264
- Aug 14, 2026SCHEDULE 13G
- Aug 13, 20268-K
- Aug 13, 202610-Q
- Aug 13, 2026424B3
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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