Blaize Holdings, Inc.BZAI
Blaize Holdings, Inc. Revenue Disclosure
Note 4. Revenue and Accounts Receivable
Revenue
The following table sets forth the Company’s revenue disaggregated by geographical location, determined by reference to the customer’s shipping location for the years ended December 31, 2025 and 2024:
| For the Year Ended December 31, | ||||||||||||||||||||||||||
| (Amounts in thousands, except for percentages) | 2025 | % | 2024 | % | ||||||||||||||||||||||
| China | $ | 35,155 | 91.00% | $ | — | — | % | |||||||||||||||||||
| United States | 3,327 | 8.61% | 1,215 | 78.19 | % | |||||||||||||||||||||
| Japan | 3 | 0.01% | 332 | 21.36 | % | |||||||||||||||||||||
| Other | 147 | 0.38% | 7 | 0.45 | % | |||||||||||||||||||||
| Total revenue | $ | 38,632 | $ | 1,554 | ||||||||||||||||||||||
The following table sets forth the Company’s revenue disaggregated based on the method of revenue recognition for the years ended December 31, 2025 and 2024:
| For the Year Ended December 31, | ||||||||||||||
| (Amounts in thousands) | 2025 | 2024 | ||||||||||||
| Revenue recognized at a point in time | $ | 38,606 | $ | 361 | ||||||||||
| Revenue recognized over time | 26 | 1,193 | ||||||||||||
| Total revenue | $ | 38,632 | $ | 1,554 | ||||||||||
Customer concentrations in revenue
The following table sets forth a summary of the Company’s revenue concentration by customer for the years ended December 31, 2025 and 2024:
| For the Year Ended December 31, | ||||||||||||||||||||||||||
| (Amounts in thousands, except for percentages) | 2025 | % | 2024 | % | ||||||||||||||||||||||
Customer A (1) | $ | — | —% | $ | 1,193 | 76.77% | ||||||||||||||||||||
Customer B (1) | — | —% | 332 | 21.36% | ||||||||||||||||||||||
| Customer C | 10,444 | 27.03% | — | —% | ||||||||||||||||||||||
| Customer D | 23,750 | 61.48% | — | —% | ||||||||||||||||||||||
Others (2) (3) | 4,438 | 11.49% | 29 | 1.87% | ||||||||||||||||||||||
| Total revenue | $ | 38,632 | $ | 1,554 | ||||||||||||||||||||||
(1) Customers A and B are related parties to the Company.
(2) Each of the customers within “Others” comprised less than 10% of revenue each.
(3) During the year ended December 31, 2025, “Others” included $3.4 million in revenue from a related party.
Constrained revenue and variable consideration
During each of the years ended December 31, 2025 and 2024, the Company had no revenue that was subject to constraint or variable consideration.
Other revenue-related matters
There were no contract assets (unbilled receivables) and no material contract liabilities (deferred revenue) as of December 31, 2025 and 2024. The Company did not have any outstanding or unsatisfied performance obligations as of December 31, 2025 and 2024. The Company did not have material costs related to obtaining a contract, or fulfilling a contract that are not addressed by other accounting standards, with amortization periods greater than one year as of December 31, 2025 and 2024.
Accounts Receivable, net
Normal credit terms for the Company’s accounts receivable are generally up to net 30 days, although credit terms for a customer sale that occurred in the fourth quarter of 2025 included credit terms up to 90 days. As of December 31, 2025, the Company’s accounts receivable, excluding accounts receivable due from a related party, were 69% current, 26% over 60 days past due, and 5% over 90 days past due.
The Company’s accounts receivable that were due from a related party were substantially all 90 days past due as of December 31, 2025, but were collected in full subsequent to December 31, 2025.
The balances and activity within the Company’s provision for credit losses as of and for the years ended December 31, 2025 and 2024 are set forth as follows:
(Amounts in thousands) | ||||||||
| Balance, January 1, 2024 | $ | — | ||||||
| Additions to provision for credit losses | 420 | |||||||
| Write-off activity | — | |||||||
| Balance, December 31, 2024 | $ | 420 | ||||||
| Additions to provision for credit losses | 523 | |||||||
| Additions to provision for credit losses - related party | 34 | |||||||
| Write-off activity | (420) | |||||||
| Balance, December 31, 2025 | $ | 557 | ||||||
There were no recoveries of the provision for credit losses during the years ended December 31, 2025 and 2024.
Customer concentration of accounts receivable
The following table sets forth the summary of the Company’s concentration of accounts receivable, including accounts receivable due from a related party, by customer, as of the year ended December 31, 2025:
| As of December 31, | ||||||||||||||
| (Amounts in thousands, except for percentages) | 2025 | % | ||||||||||||
| Customer A | $ | — | —% | |||||||||||
| Customer B | — | —% | ||||||||||||
Customer C (1) | 8,844 | 23.7% | ||||||||||||
Customer D (1) (2) | 23,750 | 63.8% | ||||||||||||
Others (3) (4) | 4,656 | 12.5% | ||||||||||||
| Total accounts receivable, including due from related party | $ | 37,250 | ||||||||||||
| Less: provision for credit losses: | (557) | |||||||||||||
| Accounts receivable, net, including due from related party | $ | 36,693 | ||||||||||||
(1) The geographic concentration of these accounts receivable is from customers located in China.
(2) Subsequent to December 31, 2025, the Company received payments of $15.2 million from this customer.
(3) Each customer within “Others” individually comprised less than 10% each of the Company’s accounts receivable balance.
(4) Includes receivable due from a related party of $3.4 million, which was paid in full subsequent to December 31, 2025.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.