BZAI · Blaize Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.74M | - | $781.0K | $1.98M | $549.0K | - | - | - | - | - |
| Cost of Revenue | $1.16M | - | $10.09M | $257.0K | $306.0K | - | - | - | - | - |
| Gross Profit | $1.58M | - | $1.78M | $1.73M | $243.0K | - | - | - | - | - |
| R&D | $9.68M | - | $9.68M | $5.87M | $4.09M | - | - | - | - | - |
| SG&A | - | - | $5.55M | $5.00M | $3.99M | - | - | - | - | - |
| Total Operating Expenses | $38.70M | - | $24.36M | $23.86M | $39.03M | - | $1.25M | $698.3K | $419.6K | - |
| D&A | - | - | $251.0K | $456.0K | $253.0K | - | - | - | - | - |
| Operating Income | ($23.39M) | - | ($22.59M) | ($21.88M) | ($38.02M) | - | ($1.30M) | ($748.3K) | ($475.8K) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $99.0K | - | $21.0K | $39.0K | $162.0K | - | $122.2K | $120.9K | $162.9K | - |
| Net Income | ($22.65M) | - | ($26.26M) | ($29.59M) | ($147.76M) | - | ($876.0K) | ($600.2K) | ($10.6K) | - |
| EPS - Basic | ($0.19) | - | ($0.25) | ($0.28) | ($1.23) | - | - | - | - | - |
| EPS - Diluted | ($0.19) | - | ($0.25) | ($0.89) | ($1.23) | - | - | - | - | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $33.22M | $45.78M | $24.00M | $28.59M | $7.04M | $1.5K | $0 | $26.9K | $148.7K | $843.3K |
| Accounts Receivable | - | - | $10.22M | $1.31M | $55.0K | - | - | - | - | - |
| Inventory | $9.01M | $10.13M | $8.78M | $8.23M | $8.56M | - | - | - | - | - |
| Accounts Payable | $1.57M | $22.84M | $15.11M | $16.53M | $7.90M | $0 | - | - | - | - |
| Current Assets | $65.38M | $96.61M | $54.78M | $47.41M | $93.54M | $758.8K | $192.8K | $181.6K | $280.4K | $25.70M |
| Total Assets | $70.75M | $102.21M | $60.90M | $53.83M | $100.20M | $48.32M | $50.11M | $49.07M | $48.15M | $72.59M |
| Current Liabilities | $26.54M | $43.39M | $36.80M | $39.61M | $38.44M | $14.02M | $10.38M | $8.46M | $6.94M | $31.38M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $45.31M | $63.21M | $59.60M | $58.64M | $50.43M | $24.08M | $20.44M | $18.53M | $17.01M | $41.44M |
| Stockholders' Equity | $25.45M | $39.00M | $1.31M | ($4.81M) | $16.71M | ($23.36M) | ($19.83M) | ($18.10M) | ($16.65M) | ($15.84M) |
| Retained Earnings | ($658.81M) | ($636.15M) | ($632.86M) | ($606.60M) | ($577.01M) | ($23.36M) | ($19.83M) | ($18.10M) | ($16.65M) | ($15.84M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($12.63M) | - | - | - | ($15.94M) | - | - | - | ($1.46M) | - |
| Investing Cash Flow | ($116.0K) | - | - | - | ($661.0K) | - | - | - | $24.19M | - |
| Financing Cash Flow | $58.0K | - | - | - | $11.34M | - | - | - | ($23.43M) | - |
| CapEx | $116.0K | - | - | - | $177.0K | - | - | - | - | - |
| Free Cash Flow | ($12.75M) | - | - | - | ($16.12M) | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 57.6% | - | 227.4% | 87.0% | 44.3% | - | - | - | - | - |
| Operating margin | -854.2% | - | -2891.8% | -1104.1% | -6925.5% | - | - | - | - | - |
| EBITDA margin | - | - | -2859.7% | -1081.1% | -6879.4% | - | - | - | - | - |
| Net margin | -827.4% | - | -3362.1% | -1492.9% | -26914.6% | - | - | - | - | - |
| Free cash flow margin | -465.5% | - | - | - | -2936.4% | - | - | - | - | - |
| FCF / Net income | 0.56 | - | - | - | 0.11 | - | - | - | - | - |
| R&D / Revenue | 353.4% | - | 1238.9% | 296.3% | 745.7% | - | - | - | - | - |
| SG&A / Revenue | - | - | 710.1% | 252.5% | 726.4% | - | - | - | - | - |
| Effective tax rate | - | - | - | - | - | - | - | - | 107.0% | - |
| Return on assets | -32.0% | - | -43.1% | -55.0% | -147.5% | - | -1.7% | -1.2% | -0.0% | - |
| Return on equity | -89.0% | - | -2010.6% | 615.2% | -884.3% | - | 4.4% | 3.3% | 0.1% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.46 | 2.23 | 1.49 | 1.20 | 2.43 | 0.05 | 0.02 | 0.02 | 0.04 | 0.82 |
| Quick ratio | 2.12 | 1.99 | 1.25 | 0.99 | 2.21 | 0.05 | 0.02 | 0.02 | 0.04 | 0.82 |
| Cash ratio | 1.25 | 1.06 | 0.65 | 0.72 | 0.18 | 0.00 | 0.00 | 0.00 | 0.02 | 0.03 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 2.78 | 2.62 | 46.63 | -11.19 | 6.00 | -2.07 | -2.53 | -2.71 | -2.89 | -4.58 |
| Liabilities / Assets | 0.64 | 0.62 | 0.98 | 1.09 | 0.50 | 0.50 | 0.41 | 0.38 | 0.35 | 0.57 |
| Efficiency | ||||||||||
| Asset turnover | 0.04 | - | 0.01 | 0.04 | 0.01 | - | - | - | - | - |
| Inventory turnover | 0.13 | - | 1.15 | 0.03 | 0.04 | - | - | - | - | - |
| Days sales outstanding | - | - | 4775d | 241d | 37d | - | - | - | - | - |
| Days inventory outstanding | 2831d | - | 318d | 11694d | 10212d | - | - | - | - | - |
| Days payable outstanding | 493d | - | 547d | 23481d | 9428d | - | - | - | - | - |
| Cash conversion cycle | - | - | 4546d | -11545d | 820d | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 8.8x | - | 46.2x | - | 1.6x | - | - | - | - | - |
| P / S | 81.3x | - | 77.2x | 20.5x | 50.1x | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 398.7% | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 548.6% | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 38.5% | - | -1634.5% | -2824.2% | -7890.8% | - | -78.9% | -34.5% | 46.9% | - |
| Net income growth (YoY) | 84.7% | - | -2897.6% | -4829.7% | -1389545.4% | - | - | - | - | - |
| EPS growth (YoY) | 84.6% | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 20.9% | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 52.3% | - | - | 73.4% | - | -47.5% | -38.6% | -32.8% | -26.9% | -56.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$35.65M totalHardware Revenue$35.35M · 99.2%
Software Revenue$300.0K · 0.8%
Geographic
$38.63M totalCN$35.16M · 91.0%
US$3.33M · 8.6%
Other Countries$147.0K · 0.4%
JP$3.0K · 0.0%
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing Blaize Holdings against the 5 most active filers in the same SIC group.