B
Blaize Holdings, Inc.
BZAICIK 0001871638NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthSemiconductors & Related DevicesDelawareFY ends Dec 31
Period
FY 2025
Revenue
$38.63M
Net Income
$-206.90M
Total Assets
$102.21M
Equity
$39.00M
Shares Out
122.74M
Op. Cash Flow
$-73.80M
Business
Blaize Holdings, Inc. provides purpose-built AI-enabled edge computing solutions that unite programmable processors and software to optimize AI from edge devices to data centers. The company offers programmable AI processors (Graph Streaming Processor, GSP), compute cards, boards, systems and a low-code/no-code software suite called Blaize AI Studio, plus SDKs and optimized libraries for vision analytics, AI inference and developer tooling. Its key business focuses are hardware and full‑stack software solutions serving short-cycle industrial applications and long-cycle automotive/autonomy customers. Blaize distributes through OEMs, system integrators, ecosystem partners, value‑added resellers and direct engagements across enterprise, industrial, commercial, defense and automotive markets.
Summary from filing dated 2025-04-15
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Total revenue | 39 | 2 | — | — | |
| Cost of revenue | 32 | 579,000 | — | — | |
| Gross Profit | 6 | 975,000 | — | — | |
| Research and development | 43 | 25 | — | — | |
| Depreciation | 1 | 886,000 | — | — | |
| Transaction costs | 12 | 217,000 | — | — | |
| Total operating expenses | 110 | 49 | — | — | |
| Loss from operations | −104 | −48 | −3 | −2 | |
| Change in fair value of Legacy Blaize convertible notes and warrants | −226 | −16 | — | — | |
| Change in fair value of other earnout shares | 117 | 0 | — | — | |
| Change in fair value of Polar warrants | 4 | 0 | — | — | |
| Change in fair value of committed equity facility, net | 1 | 0 | — | — | |
| Change in fair value of unissued shares of common stock | −238,000 | 0 | — | — | |
| Other, net | 992,000 | 1 | — | — | |
| Total other expense, net | −103 | −15 | 6 | 4 | |
| Loss before income taxes | −207 | −62 | 2 | 2 | |
| Provision for (benefit from) income taxes | 217,000 | −952,000 | −1 | −791,758 | |
| Net loss | −207 | −61 | 1 | 2 | |
| Net loss per share. basic (in dollars per share) | −1.98 | −3.5 | — | — | |
| Net loss per share. diluted (in dollars per share) | −1.98 | −3.5 | — | — | |
| Weighted average shares outstanding, basic (in shares) | 104 | 17 | — | — | |
| Weighted average shares outstanding, diluted (in shares) | 104 | 17 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 46 | 50 | 0 | 22,232 | 2 | |
| Inventories, net | 10 | 9 | — | — | — | |
| Prepaid expenses and other current assets | 4 | 13 | — | — | — | |
| Total current assets | 97 | 72 | 26 | 208,764 | 2 | |
| Property and equipment, net | 1 | 2 | — | — | — | |
| Deferred income tax assets | 2 | 2 | — | — | — | |
| Operating lease right-of-use assets | 2 | 2 | — | — | — | |
| Other assets | 739,000 | 815,000 | — | — | 61,718 | |
| Assets | 102 | 78 | 73 | 296 | 294 | |
| Accrued trade payables | 23 | 0 | — | — | — | |
| Accrued expenses and other current liabilities | 7 | 14 | 2 | 304,952 | — | |
| Accrued expenses - related party | 331,000 | 0 | — | — | — | |
| Operating lease liabilities - current | 644,000 | 578,000 | — | — | — | |
| Legacy Blaize convertible notes and warrants | 0 | 163 | — | — | — | |
| Total current liabilities | 43 | 186 | 31 | 1 | 700,002 | |
| Operating lease liabilities | 804,000 | 1 | — | — | — | |
| Other earnout shares | 9 | — | — | — | — | |
| Polar warrants | 9 | 0 | — | — | — | |
| Other liabilities | 1 | 2 | — | — | — | |
| Total liabilities | 63 | 189 | 41 | 11 | 11 | |
| Commitments and contingencies | — | — | — | — | — | |
| 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 | 12,000 | 5,000 | — | — | — | |
| Additional paid-in capital | 675 | 319 | 0 | 0 | 0 | |
| Accumulated deficit | −636 | −429 | −16 | −10 | −9 | |
| Total stockholders equity (deficit) | 39 | −110 | −53 | −10 | −9 | |
| Total liabilities and stockholders equity (deficit) | 102 | 78 | 73 | 296 | 294 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Noncash lease expense | 688,000 | 649,000 | — | — | |
| Debt financing charge on Legacy Blaize convertible notes | 0 | 464,000 | — | — | |
| Stock-based compensation | 38 | 4 | — | — | |
| Non-cash financing expense related to issuance of common stock | 3 | 0 | — | — | |
| Non-cash financing expense related to issuance of warrants | 1 | 0 | — | — | |
| Allowance for credit losses | 557,000 | 420,000 | — | — | |
| Deferred income taxes | −368,000 | −1 | — | — | |
| Change in fair value of Legacy Blaize convertible notes and warrants | 226 | 16 | — | — | |
| Change in fair value of unissued shares of common stock | 238,000 | 0 | — | — | |
| Inventories, net | −2 | −2 | — | — | |
| Accrued trade payables | 23 | 0 | — | — | |
| Operating lease liabilities | −727,000 | −616,000 | — | — | |
| Other current liabilities | −360,000 | 402,000 | — | — | |
| Net cash used in operating activities | −74 | −54 | −2 | −1 | |
| Purchases of property and equipment | −788,000 | −902,000 | — | — | |
| Net cash used in investing activities | −788,000 | −902,000 | 230 | — | |
| Merger and PIPE financing, net of transaction costs | 16 | 0 | — | — | |
| Funds held in escrow | 503,000 | 0 | — | — | |
| Proceeds from the sale of common stock to Polar, net of offering expenses | 28 | 0 | — | — | |
| Payment of deferred offering costs | −8 | −4 | — | — | |
| Proceeds from sale of common stock | 33 | 0 | — | — | |
| Proceeds from exercise of stock options | 345,000 | 98,000 | — | — | |
| Proceeds from Legacy Blaize convertible notes | 0 | 111 | 810,345 | — | |
| Cash provided by (used in) financing activities | 70 | 102 | −227 | −144,746 | |
| Net change in cash, cash equivalents and restricted cash | −4 | 47 | — | — | |
| Total cash paid for taxes, net of refunds | 337,000 | 223,000 | 791,758 | — | |
| Cash paid for interest | 0 | 245,000 | — | — | |
| Conversion of Legacy Blaize convertible notes to common stock | 314 | 0 | — | — | |
| Net exercise of Legacy Blaize warrants for common stock | 75 | 0 | — | — | |
| Redemption of common shares with cash held in escrow | 33 | 0 | — | — | |
| Capitalized deferred offering costs included in accounts payable and accrued expenses and other current liabilities | 0 | 7 | — | — | |
| Issuance of Legacy Blaize warrants with Legacy Blaize convertible notes | 0 | 5 | — | — | |
| Reversal of excise tax accrual to additional paid-in-capital | 3 | 0 | — | — | |
| Property and equipment acquired in accounts payable and accrued expenses | 0 | 510,000 | — | — | |
| Operating lease asset obtained in exchange for new operating lease liabilities | 431,000 | 0 | — | — | |
| Issuance of warrants for professional services | 167,000 | 0 | — | — |
Filings
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