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Blaize Holdings, Inc.

BZAI
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Business Summary

Blaize Holdings, Inc. (the "Company") develops purpose-built AI-enabled computing solutions, which include proprietary hardware and software, as well as complementary third-party hardware solutions . These solutions are designed for efficient processing of AI inference workloads in edge and data center environments, prioritizing latency, power efficiency, and cost efficiency . The Company's systems support local data processing at the edge or within data center infrastructure to reduce bandwidth usage and enable real-time decision-making for latency-sensitive applications .

The Company's core business model generates revenue through the sale of hardware and software products, and historically, strategic consulting services . In the fiscal year ended December 31, 2025, all revenue was from hardware and software sales, with no revenue from services . In contrast, for the fiscal year ended December 31, 2024, substantially all revenue was derived from strategic consulting services . The Company's primary customer segments include smart city, defense, retail, and enterprise markets .

The Company's product offerings include the Graph Streaming Processor (GSP), an AI computing accelerator designed for compute-intensive data parallel workloads such as computer vision, machine learning, and AI applications . The GSP is fully programmable and utilizes a data streaming mechanism for efficient parallelism, low energy consumption, high performance, and scalability . Hardware offerings also encompass compute cards (PCIe cards and other cards) that integrate the GSP, designed to provide AI compute acceleration across various form factors and deployment verticals, from edge to data center . Additionally, the Company delivers third-party hardware solutions, primarily servers and small form factor stand-alone systems, which host its proprietary technology . The software suite includes a software development kit that complies with open standards and Blaize AI Studio (AI Studio), a visual no-code or low-code environment for simplifying AI model creation and deployment . Strategic consulting services are also offered to configure hardware and licensed intellectual property to customer needs .

For the fiscal year ended December 31, 2025, total revenue increased to $38.632 million from $1.554 million in the prior year . Gross profit for 2025 was $6.194 million , compared to $0.975 million in 2024 . The Company reported a loss from operations of $103.841 million in 2025 , an increase from $47.635 million in 2024 . Net loss for 2025 was $206.904 million , compared to $61.195 million in 2024 . Diluted EPS for 2025 was $(1.98) , versus $(3.50) in 2024 . Cash and cash equivalents stood at $45.781 million as of December 31, 2025 , down from $50.237 million as of December 31, 2024 . Total liabilities were $63.211 million in 2025 , a decrease from $188.958 million in 2024 .

Year-over-year, total revenue increased by $37.078 million , primarily driven by hardware sales in 2025 . Cost of revenue increased by $31.859 million to $32.438 million in 2025 , compared to $0.579 million in 2024 , mainly due to purchases of hardware from third-party vendors to fulfill sales contracts . Research and development (R&D) expense increased by $17.429 million, or 69.5% , to $42.523 million in 2025 , primarily due to higher stock-based compensation expenses of $17.1 million and the acquisition of third-party intellectual property for new chip development . Selling, general and administrative (SG&A) expense increased by $31.273 million, or 140.7% , to $53.501 million in 2025 , largely due to stock-based compensation expense of $20.5 million .

During the fiscal year, the Company completed a Merger and reverse recapitalization on January 13, 2025 , changing its name to Blaize Holdings, Inc. . On July 16, 2025, the Company entered into a Strategic Cooperation Agreement with Starshine Computing Power Technology Limited to develop business opportunities in the Asia Pacific region . Starshine initiated one purchase order for $10.4 million in the third quarter of 2025 . On November 10, 2025, the Company entered into a Securities Purchase Agreement with affiliates of Polar Asset Management Partners Inc. (Polar Private Placement), resulting in aggregate gross proceeds of approximately $30.0 million from the direct sale of 9,375,000 shares of common stock at $3.20 per share and the issuance of 9,375,000 warrants . The Company also entered into a Committed Equity Facility with B. Riley Principal Capital II, LLC on July 14, 2025, under which it sold 8,493,674 shares of common stock for net proceeds of $33.2 million during 2025.

Business Outlook

Management expects to continue investing heavily in sales and marketing efforts, and in research and development for next-generation products . The increases in R&D expenses are anticipated to continue as the Company supports the development of its next generation of products . The Company's ability to continue to invest in developing automotive-grade chips and software depends upon having access to a large amount of capital expected to be sourced from revenues in other non-automotive markets, based on its current set of products . A shortfall in these revenues will significantly impact the automotive roadmap .

The Company has developed a customer pipeline for its hardware and software solutions based on its production chip that came to market at the end of 2022 . However, this pipeline may not convert in the expected timeline or at all, and there are external dependencies beyond the Company's control before customers are ready to deploy AI solutions . Future revenue growth depends on factors such as expanding the ecosystem of partners for hardware and software solutions, attracting new customers, retaining and increasing sales to existing customers, maintaining and expanding customer relationships, developing existing platforms and products, introducing new functionality, expanding into new market segments and internationally, and securing long-term revenue commitments from automotive OEMs and Tier-1 suppliers .

The Company's business strategy has historically emphasized strategic consulting services and the development, marketing, and sale of branded AI chip products, which typically yield higher margins . However, competitive pressures and supply chain considerations have led to a shift in the sales mix, with a substantial portion of revenue for the fiscal year ended December 31, 2025, generated from sales of third-party hardware products that generally carry lower gross margins . If the Company is unable to successfully promote and sell its branded products, or if market conditions continue to favor third-party hardware, its gross margin and net income could decline .

The Company anticipates that its operations will continue to increase in complexity as it grows, which will create management challenges . To manage this expected growth, substantial investments are being made to improve operational, financial, and management controls, as well as reporting systems and procedures . The Company intends to expand its international operations in the future, which may place significant strain on managerial, administrative, financial, and other resources .

The Company's primary sources of liquidity are expected to continue to be cash flows from financing activities, as expenses are anticipated to exceed revenues . The Company intends to raise additional capital through issuances of additional equity and/or debt . As of December 31, 2025, the Company had approximately $16.6 million remaining available to draw on the Committed Equity Facility . The Company has commitments to issue 28,746,278 shares of common stock under stock option awards , 9,359,499 shares under RSU awards , and 3,047,669 shares under an employee stock purchase plan as of December 31, 2025. Additionally, up to 17,600,000 Earnout Shares are committed, contingent on share price thresholds .

Risk Factors

The Company faces substantial doubt about its ability to continue as a going concern due to recurring operating losses, negative cash flows from operations, and an accumulated deficit, historically relying on financing activities to fund operations . The Company depends on a small number of customers, including related parties, for a significant portion of its revenue and accounts receivable, exposing it to material adverse effects if these customers reduce purchases or favor competitors . A substantial portion of 2025 revenue was from lower-margin third-party hardware sales, which could adversely affect overall profitability if this trend continues . Development of the next-generation chip may be delayed or unfeasible due to financial constraints , and the customer pipeline may not mature into revenue opportunities as expected . Partnerships with automotive OEMs and Tier-1 suppliers are long-term, with firm purchase order commitments not expected until the delivery of an automotive-grade chip, which is not anticipated until 2028 or later . The Company is exposed to risks from rapidly changing technology, evolving industry standards, and customer needs, with its current chip potentially not being competitive in performance and features in certain situations, impacting revenue until the next-generation chip is available . The novelty of AI technologies, especially concerning regulatory matters, safety, and security, exposes the Company to unforeseen liabilities, substantial defense costs, detrimental publicity, or compliance with new regulations . The Company relies on third-party manufacturers like Samsung Foundry and Plexus for AI chips, and any supply chain disruption could significantly impact manufacturing and financial stability . Currency controls in China, where a portion of operations, customers, or suppliers are located, may limit the Company's ability to access or repatriate funds . Future issuances of common stock or convertible securities could cause market value decline and dilution . The Company may not meet Nasdaq listing standards, risking delisting . Macroeconomic conditions, including inflation, high interest rates, and geopolitical instability, could adversely affect demand for products and increase costs . Tariffs on equipment or materials sourced from China could increase costs and disrupt the supply chain .

Management Priorities

Management's message to shareholders emphasizes the Company's purpose-built, transformative AI-enabled edge computing solutions, comprising proprietary hardware and software, and complementary third-party hardware solutions . The Company's architecture is designed for efficient processing of AI inference workloads across edge and data center environments, prioritizing latency, power efficiency, and cost efficiency . Management acknowledges the Company's history of operating losses and negative cash flows, stating that it expects to continue investing heavily in sales and marketing efforts, and in research and development for next-generation products . The Company's ability to continue as a going concern is dependent on revenue growth, cash collections, and the timing and extent of spending on sales, marketing, and R&D . Management explicitly states that the Company will need to raise additional financing through equity and/or debt to fund ongoing operations . The strategic priorities for the period ahead include expanding the ecosystem of partners for hardware and software solutions, attracting new customers and retaining existing ones, and securing long-term revenue commitments from automotive OEMs and Tier-1 suppliers .

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1, Business — Overview
  2. [2] Item 1, Business — Overview
  3. [3] Item 1, Business — Overview
  4. [4] Item 7, MD&A — Revenue
  5. [5] Item 1, Business — Customers
  6. [6] Item 1, Business — Customers
  7. [7] Item 1, Business — Overview
  8. [8] Item 1, Business — Products
  9. [9] Item 1, Business — Products
  10. [10] Item 1, Business — Products
  11. [11] Item 1, Business — Products
  12. [12] Item 1, Business — Software
  13. [13] Item 1, Business — Services
  14. [14] Item 7, MD&A — Revenue
  15. [15] Item 7, MD&A — Revenue
  16. [16] Item 7, MD&A — Gross profit
  17. [17] Item 7, MD&A — Gross profit
  18. [18] Item 7, MD&A — Loss from operations
  19. [19] Item 7, MD&A — Loss from operations
  20. [20] Item 7, MD&A — Net loss
  21. [21] Item 7, MD&A — Net loss
  22. [22] Item 7, MD&A — Net loss per share - basic and diluted
  23. [23] Item 7, MD&A — Net loss per share - basic and diluted
  24. [24] Item 7, MD&A — Material Cash Requirements, Cash Collections, and Cash Availability
  25. [25] Item 8, Consolidated Balance Sheets — Cash and cash equivalents
  26. [26] Item 8, Consolidated Balance Sheets — Total liabilities
  27. [27] Item 8, Consolidated Balance Sheets — Total liabilities
  28. [28] Item 7, MD&A — Revenue
  29. [29] Item 7, MD&A — Revenue
  30. [30] Item 7, MD&A — Cost of Revenue
  31. [31] Item 7, MD&A — Cost of Revenue
  32. [32] Item 7, MD&A — Cost of Revenue
  33. [33] Item 7, MD&A — R&D
  34. [34] Item 7, MD&A — R&D
  35. [35] Item 7, MD&A — R&D
  36. [36] Item 7, MD&A — R&D
  37. [37] Item 7, MD&A — SG&A
  38. [38] Item 7, MD&A — SG&A
  39. [39] Item 7, MD&A — SG&A
  40. [40] Item 7, MD&A — Overview
  41. [41] Item 7, MD&A — Overview
  42. [42] Item 7, MD&A — Recent Developments in Our Business
  43. [43] Item 7, MD&A — Recent Developments in Our Business
  44. [44] Item 7, MD&A — Recent Developments in Our Business
  45. [45] Item 7, MD&A — Recent Developments in Our Business
  46. [46] Item 7, MD&A — Recent Developments in Our Business
  47. [47] Item 7, MD&A — Committed Equity Facility
  48. [48] Item 1A, Risk Factors — We have a history of operating losses, and we may not be able to generate sufficient revenue to achieve and sustain profitability.
  49. [49] Item 7, MD&A — R&D
  50. [50] Item 1A, Risk Factors — Our partnerships with certain automotive OEMs and Tier-1 suppliers are long-term in nature, and we will not receive firm purchase order commitments until we deliver our automotive-grade chip.
  51. [51] Item 1A, Risk Factors — Our partnerships with certain automotive OEMs and Tier-1 suppliers are long-term in nature, and we will not receive firm purchase order commitments until we deliver our automotive-grade chip.
  52. [52] Item 1A, Risk Factors — Our customer pipeline may take time to mature and may not result in revenue opportunities.
  53. [53] Item 1A, Risk Factors — Our customer pipeline may take time to mature and may not result in revenue opportunities.
  54. [54] Item 1A, Risk Factors — Our customer pipeline may take time to mature and may not result in revenue opportunities.
  55. [55] Item 1A, Risk Factors — A substantial portion of our revenue for the fiscal year ended December 31, 2025 was generated from sales of third-party hardware products. These products generally carry lower gross margins compared to our branded offerings. As a result, our overall profitability may be adversely affected if the proportion of third-party hardware sales remains high or increases in future periods.
  56. [56] Item 1A, Risk Factors — A substantial portion of our revenue for the fiscal year ended December 31, 2025 was generated from sales of third-party hardware products. These products generally carry lower gross margins compared to our branded offerings. As a result, our overall profitability may be adversely affected if the proportion of third-party hardware sales remains high or increases in future periods.
  57. [57] Item 1A, Risk Factors — A substantial portion of our revenue for the fiscal year ended December 31, 2025 was generated from sales of third-party hardware products. These products generally carry lower gross margins compared to our branded offerings. As a result, our overall profitability may be adversely affected if the proportion of third-party hardware sales remains high or increases in future periods.
  58. [58] Item 1A, Risk Factors — We anticipate that our operations will continue to increase in complexity as we grow, which will create management challenges.
  59. [59] Item 1A, Risk Factors — We anticipate that our operations will continue to increase in complexity as we grow, which will create management challenges.
  60. [60] Item 1A, Risk Factors — If we fail to manage our growth effectively, we may be unable to execute our business plan, maintain high levels of service and customer satisfaction or adequately address competitive challenges.
  61. [61] Item 7, MD&A — Liquidity and Capital Resources
  62. [62] Item 7, MD&A — Liquidity and Capital Resources
  63. [63] Item 7, MD&A — Material Cash Requirements, Cash Collections, and Cash Availability
  64. [64] Item 7, MD&A — Future Commitments to Issue Shares of Our Common Stock
  65. [65] Item 7, MD&A — Future Commitments to Issue Shares of Our Common Stock
  66. [66] Item 7, MD&A — Future Commitments to Issue Shares of Our Common Stock
  67. [67] Item 7, MD&A — Future Commitments to Issue Shares of Our Common Stock
  68. [68] Item 1A, Risk Factors — There is substantial doubt about our ability to continue as a going concern.
  69. [69] Item 1A, Risk Factors — We depend on a small number of customers, including related parties, for a significant portion of our revenue, and our accounts receivable balances are similarly concentrated.
  70. [70] Item 1A, Risk Factors — A substantial portion of our revenue for the fiscal year ended December 31, 2025 was generated from sales of third-party hardware products. These products generally carry lower gross margins compared to our branded offerings. As a result, our overall profitability may be adversely affected if the proportion of third-party hardware sales remains high or increases in future periods.
  71. [71] Item 1A, Risk Factors — Development of our next-generation chip may be delayed or may not be feasible due to financial constraints.
  72. [72] Item 1A, Risk Factors — Our customer pipeline may take time to mature and may not result in revenue opportunities.
  73. [73] Item 1A, Risk Factors — Our partnerships with certain automotive OEMs and Tier-1 suppliers are long-term in nature, and we will not receive firm purchase order commitments until we deliver our automotive-grade chip.
  74. [74] Item 1A, Risk Factors — The novelty of AI, especially as it relates to regulatory matters, safety of AI-driven technology, and security of AI-driven products, exposes us to a higher risk of unforeseen liabilities that can represent a substantial burden on our finances to defend against lawsuits or detrimental publicity, or to comply with new regulations imposed on AI technologies or products.
  75. [75] Item 1A, Risk Factors — The novelty of AI, especially as it relates to regulatory matters, safety of AI-driven technology, and security of AI-driven products, exposes us to a higher risk of unforeseen liabilities that can represent a substantial burden on our finances to defend against lawsuits or detrimental publicity, or to comply with new regulations imposed on AI technologies or products.
  76. [76] Item 1A, Risk Factors — We depend on third-party manufacturers, including Samsung Foundry and Plexus, for producing our AI chips, and in the event of a disruption in our supply chain, any efforts to develop alternative supply sources may not be successful or may take longer to take effect than anticipated.
  77. [77] Item 1A, Risk Factors — Currency controls may limit our ability to access or repatriate funds.
  78. [78] Item 1A, Risk Factors — Future issuances of shares of our common stock or other securities convertible into our common stock could cause the market value of shares of our common stock to decline and could result in dilution of your shares.
  79. [79] Item 1A, Risk Factors — We may not be able to meet the continued listing standards of the Nasdaq from time to time. This could result in our common stock being delisted from the exchange.
  80. [80] Item 1A, Risk Factors — Macroeconomic conditions could materially adversely affect our business, financial condition, results of operations, and prospects.
  81. [81] Item 1A, Risk Factors — Our supply chain and production process may be affected by tariffs on equipment or materials that we may rely on or use for our products, which could also cause our costs to increase.
  82. [82] Item 1, Business — Overview
  83. [83] Item 1, Business — Overview
  84. [84] Item 1A, Risk Factors — We have a history of operating losses, and we may not be able to generate sufficient revenue to achieve and sustain profitability.
  85. [85] Item 2, Liquidity and Going Concern
  86. [86] Item 2, Liquidity and Going Concern
  87. [87] Item 1A, Risk Factors — Our customer pipeline may take time to mature and may not result in revenue opportunities.

Analysis on 5/20/2026