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BZAI

Blaize Holdings, Inc.

BZAI

Blaize Holdings, Inc. • NASDAQ
$2.50 ▲ 3.96% (+0.10)
Market Cap $276.92 M
52w High $29.61
52w Low $1.70
Dividend Yield 0%
P/E -1.73
Volume 1.40M
Outstanding Shares 110.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.867M ▲ $23.997M ▲ $-26.258M ▲ -221.269% ▲ $-0.25 ▲ $-25.873M ▲
Q2-2025 $1.982M ▲ $23.061M ▼ $-29.589M ▲ -1.493K% ▲ $-0.28 ▲ $-29.094M ▼
Q1-2025 $1.007M ▲ $38.701M ▲ $-147.761M ▼ -14.673K% ▼ $-1.45 ▼ $-25.795M ▼
Q4-2024 $-1.553M ▼ $-27.216M ▼ $50.389M ▲ -3.245K% ▲ $0.5 ▲ $48.714M ▲
Q3-2024 $781K $11.673M $-25.607M -3.279K% $-0.25 $-25.301M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $24.001M ▼ $60.904M ▲ $59.598M ▲ $1.306M ▲
Q2-2025 $28.588M ▼ $53.828M ▼ $58.638M ▲ $-4.81M ▼
Q1-2025 $44.967M ▲ $100.203M ▲ $50.432M ▲ $49.771M ▲
Q4-2024 $1.506K ▼ $48.317M ▼ $24.08M ▼ $24.237M ▲
Q3-2024 $68.64M $90.66M $370.601M $-279.941M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-26.258M ▲ $-24.917M ▼ $-26K ▼ $20.345M ▲ $-5.09M ▲ $-24.943M ▼
Q2-2025 $-29.589M ▲ $-16.429M ▼ $-20K ▲ $85K ▼ $-16.364M ▼ $-16.449M ▲
Q1-2025 $-147.761M ▼ $-15.944M ▼ $-661K ▲ $11.343M ▼ $-5.262M ▼ $-16.605M ▼
Q4-2024 $-2.627M ▲ $-270.054K ▲ $-21.609M ▼ $22.571M ▲ $692.221K ▲ $-270.05K ▲
Q3-2024 $-25.607M $-14.162M $-1.084M $-3.478M $-18.724M $-15.246M

Five-Year Company Overview

Income Statement

Income Statement Blaize’s income statement looks like that of a very early‑stage or pre‑commercial company. Reported revenue has effectively been absent in recent years, while operating costs have produced modest but recurring losses. This means there is no historical track record of scaling sales or reaching profitability yet. Future performance will hinge on how quickly the company can convert its technology and partnerships into meaningful, recurring revenue while keeping spending under control.

Balance Sheet

Balance Sheet The balance sheet is small and has moved around quite a bit, which is typical of a young, venture‑style technology business. Assets and equity have fluctuated, even dipping negative at one point, suggesting periods of financial stress or restructuring before improving more recently. Reported debt is limited, but the lack of visible cash in the data suggests the company has been reliant on external funding rounds and now the IPO to support operations. Overall, the balance sheet looks lean and sensitive to execution and fundraising outcomes rather than buffered by large reserves.

Cash Flow

Cash Flow Cash flow patterns are consistent with a company still building its product and market rather than one generating steady customer receipts. Operating and free cash flow have been negative when development spending stepped up, indicating cash burn rather than cash generation. Capital spending on physical assets appears low, so most investment is likely going into people, R&D, and software rather than heavy manufacturing. Continued progress will likely require additional inflows from investors until the business can generate reliable cash from customers.

Competitive Edge

Competitive Edge Blaize is trying to carve out a focused niche in edge AI rather than competing head‑on in the large data‑center chip market. Its pitch centers on a custom processor tuned for low‑power, real‑time AI workloads and a tightly integrated software environment, aiming to make deployment easier for customers. This specialization, combined with a growing set of partners and strategic investors in automotive and infrastructure, gives it some early validation. The main competitive risk is that much larger chip and AI companies also see the opportunity at the edge and can move quickly with more resources and established customer relationships.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of Blaize’s story. The company has developed a proprietary architecture designed specifically for AI graphs and paired it with a low‑code software platform to simplify application development and deployment. Its roadmap includes next‑generation chips and more advanced software tooling, including features aimed at demanding markets like automotive. This emphasis on R&D gives Blaize differentiation but also means sustained spending and technical execution are critical before the commercial payoff is proven.

Summary

Blaize is best viewed as an emerging, R&D‑heavy semiconductor and AI platform company that is still in the early stages of commercial ramp‑up. The financial history shows little revenue and ongoing losses, so the investment case rests much more on the strength of its technology, roadmap, and partnerships than on past results. Its focus on edge AI, custom processors, and an integrated software stack offers a clear strategic angle, and backing from prominent industrial and automotive names supports its credibility. At the same time, the balance sheet is thin, cash generation is not yet established, and management’s growth targets are ambitious, so outcomes will likely be highly sensitive to execution, customer adoption, and access to capital over the next several years.

NEWS

November 17, 2025 · 6:00 AM UTC

Blaize CEO and CFO to Participate in Upcoming Wells Fargo TMT Summit and Craig-Hallum Alpha Select Conference

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November 13, 2025 · 4:05 PM UTC

Blaize Announces Third Quarter 2025 Financial Results

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November 11, 2025 · 8:00 AM UTC

Blaize Announces $30 Million Private Placement Led by Polar Asset Management Partners; Announces Preliminary Results for Third Quarter 2025

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November 10, 2025 · 6:00 AM UTC

Blaize and Reach Digital Forge Strategic Alliance at GITEX 2025 to Power the Next Generation of Sovereign AI Infrastructure Across Sectors

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November 3, 2025 · 6:00 AM UTC

Blaize to Speak at the AI Summit at Web Summit in Lisbon

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