BZAI

MKT CAP:$246M

Blaize Holdings, Inc.

Market Cap

$246M

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$2.02-$0.05 (-2.66%)

Apr 24, 2026

Company Details

Blaize Holdings, Inc. provides artificial intelligence (AI)-enabled edge computing solutions. It offers AI edge computing products, including Blaize Pathfinder P1600 embedded system on modules, Blaize Xplorer X1600E EDSFF small form factor ...

CEO

Dinakar Munagala

IPO Date

Jan 14, 2025

Website

www.blaize.com

Key Metrics TTM

Revenue

$38M

+2085.9% YoY

Net Income

-$85M

EPS (Diluted)

-$0.81

Free Cash Flow

-$78M

Revenue / Share

$0.33

Gross Margin

13.7%

Operating Margin

-201.0%

Net Margin

-220.7%

FCF Margin

-202.7%

P/S

6.4x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Dec 30, 2025

$39MEPS -$1.98

Q4 2025

Dec 30, 2025

$24MEPS -$0.03

Q3 2025

Sep 29, 2025

$12M+1419.5%EPS -$0.25

Q2 2025

Jun 30, 2025

$2M+788.8%EPS -$0.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$0	$0	-$66.3K
Q1 22	$0	$0	-$126.3K
Q2 22	$0	$0	-$220.0K
Q3 22	$0	$0	-$403.0K
Q4 22	$0	$0	-$775.0K
Q1 23	$1M	$698.0K	-$9M
Q2 23	$1M	$900.0K	-$9M
Q3 23	$571.0K	$354.0K	-$8M
Q4 23	$414.0K	-$2M	-$13M
Q1 24	$549.0K	$243.0K	-$8M
Q2 24	$223.0K	-$34.0K	-$11M
Q3 24	$781.0K	$305.0K	-$11M
Q2 25	$2M	$1M	-$22M
Q3 25	$12M	$1M	-$23M
Q4 25	$24M	$2M	-$21M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	2571.4x
Q4 22	—	911.1x
Q1 23	1096.8x	—
Q2 23	531.0x	—
Q3 23	442.9x	—
Q4 23	395.4x	—
Q1 24	505.7x	—
Q2 24	867.7x	—
Q3 24	775.1x	—
Q2 25	88.2x	—
Q3 25	26.0x	—
Q4 25	5.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$100.3K	$100.3K
Q1 23	-$8M	-$8M
Q2 23	-$6M	-$6M
Q3 23	-$8M	-$8M
Q4 23	-$6M	-$6M
Q1 24	-$7M	-$8M
Q2 24	-$14M	-$14M
Q3 24	-$14M	-$15M
Q1 25	-$16M	-$17M
Q2 25	-$16M	-$16M
Q3 25	-$25M	-$25M
Q4 25	-$20M	-$20M

Capital Expenditures

Quarter	CapEx
Q4 21	$1
Q1 23	$39.0K
Q2 23	$21.0K
Q3 23	$15.0K
Q4 23	$145.0K
Q1 24	$177.0K
Q2 24	$96.0K
Q3 24	$1M
Q1 25	$661.0K
Q2 25	$20.0K
Q3 25	$26.0K
Q4 25	$81.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	—	+1069.1%
Q1 23	—	+8014.4%
Q2 23	—	+4442.6%
Q3 23	—	+2034.0%
Q4 23	—	+1647.0%
Q1 24	-60.5%	-15.3%
Q2 24	-84.9%	+13.6%
Q3 24	+36.8%	+41.3%
Q2 25	+378.7%	+76.3%
Q3 25	+2061.6%	+296.6%
Q4 25	+10561.9%	+297.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	—
Q1 23	$89.0K	6.4%
Q2 23	$75.0K	5.1%
Q3 23	$286.0K	50.1%
Q4 23	$2M	491.1%
Q1 24	$337.0K	61.4%
Q2 24	$346.0K	155.2%
Q3 24	$359.0K	46.0%
Q1 25	$11M	—
Q2 25	$8M	381.7%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	—	$66.3K
Q1 22	—	$126.3K
Q2 22	—	$220.0K
Q3 22	—	$280.5K
Q4 22	—	$725.1K
Q1 23	$5M	—
Q2 23	$5M	—
Q3 23	$4M	—
Q4 23	$4M	$6M
Q1 24	$4M	$4M
Q2 24	$6M	$5M
Q3 24	$6M	$6M
Q2 25	$10M	$13M
Q3 25	$10M	$14M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$927.4K	$0	$927.4K
Q2 22	$621.6K	$0	$621.6K
Q3 22	$480.3K	$0	$480.3K
Q4 22	$22.2K	$0	$22.2K
Q1 23	$1M	$0	$1M
Q2 23	$1M	$0	$1M
Q3 23	$358	$0	$358
Q4 23	$3M	$0	$3M
Q1 24	$7M	$0	$7M
Q2 24	$87M	$0	$87M
Q3 24	$69M	$0	$69M
Q4 24	$1.5K	$0	$1.5K
Q1 25	$45M	$0	$45M
Q2 25	$29M	$0	$29M
Q3 25	$24M	$0	$24M
Q4 25	$46M	$0	$46M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	421M	—	—
Q1 22	421M	0.0%	—
Q2 22	421M	0.0%	—
Q3 22	435M	+3.5%	—
Q4 22	435M	0.0%	+3.5%
Q1 23	373M	-14.3%	-11.3%
Q2 23	192M	-48.6%	-54.4%
Q3 23	192M	0.0%	-55.9%
Q4 23	167M	-13.1%	-61.7%
Q1 24	102M	-39.1%	-72.8%
Q2 24	102M	0.0%	-47.1%
Q3 24	102M	0.0%	-47.1%
Q2 25	105M	+3.0%	-37.3%
Q3 25	104M	-1.0%	+2.0%
Q4 25	117M	+12.5%	+14.8%

Shares Outstanding