Blaize Holdings, Inc. BZAI
Blaize Holdings, Inc. ("Blaize," the "Company," "we," "us," and "our") develops purpose-built AI-enabled computing solutions comprised of both our proprietary hardware and software, and complementary third-party hardware solutions, as further described below. Our computing solutions are designed for efficient processing of AI inference workloads across edge and data center environments. Our architecture supports AI workloads where latency, power efficiency, and cost efficiency are important considerations. Our systems can process data locally at the edge or within data center infrastructure, depending on deployment requirements. Local processing can reduce bandwidth usage and support latency-sensitive applications requiring real-time decision making.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- China
- United States
- Other
| Region | FY2025 |
|---|---|
| China | $35.2M |
| United States | $3.3M |
| Other | $150.0K |
As the company reported it, from the “Revenue and Accounts Receivable - Revenue by Geographic Location (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $38.6M | $1.6M | — | — | — | — |
| Cost of revenue | $32.4M | $579.0K | — | — | — | — |
| Gross profit | $6.2M | $975.0K | — | — | — | — |
| R&D | $42.5M | $25.1M | — | — | — | — |
| Total operating expenses | $110.0M | $48.6M | — | — | — | — |
| Operating income | -$103.8M | -$47.6M | -$3.4M | -$1.5M | — | — |
| Pre-tax income | -$206.7M | -$62.1M | $2.4M | $2.5M | — | — |
| Income tax | $217.0K | $952.0K | $1.0M | $791.8K | — | — |
| Net income | -$206.9M | -$61.2M | $1.3M | $1.7M | — | — |
| EPS, basic | -1.98 | -3.50 | — | — | — | — |
| EPS, diluted | -1.98 | -3.50 | — | — | — | — |
| Shares, diluted (wtd. avg.) | 104.3M | 17.5M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $45.8M | $50.2M | $3.2M | $22.2K | $1.5M | — |
| Inventory | $10.1M | $8.6M | — | — | — | — |
| Total current assets | $96.6M | $71.7M | $25.7M | $208.8K | $1.9M | — |
| Property, plant and equipment | $1.2M | $2.1M | — | — | — | — |
| Total assets | $102.2M | $78.5M | $72.6M | $296.0M | $293.7M | — |
| Total current liabilities | $43.4M | $186.1M | $31.4M | $1.3M | $700.0K | — |
| Total liabilities | $63.2M | $189.0M | $41.4M | $11.4M | $10.8M | — |
| Retained earnings | -$636.2M | -$429.3M | -$15.8M | -$10.1M | -$8.8M | — |
| Total equity | $39.0M | -$110.5M | -$53.2M | -$10.1M | -$8.8M | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$73.8M | -$53.5M | -$2.3M | -$1.4M | — | — |
| Stock-based compensation | $37.5M | $3.8M | — | — | — | — |
| Capital expenditure | $788.0K | $902.0K | — | — | — | — |
| Investing cash flow | -$788.0K | -$902.0K | $230.1M | — | — | — |
| Financing cash flow | $70.1M | $101.7M | -$227.0M | -$144.7K | — | — |
| Buybacks | — | $33.1M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001871638-26-000028.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $1.6M | $38.6M |
| Gross profit | — | — | — | — | $975.0K | $6.2M |
| Net income | — | — | $1.7M | $1.3M | -$61.2M | -$206.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Results announced Item 2.02
- Material agreement signed Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Results announced Item 2.02
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 3674
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NVDA | NVIDIA CORP | $5.08T | 43.1x | 65.5% |
| AVGO | Broadcom Inc. | $1.53T | 67.4x | 23.9% |
| MU | MICRON TECHNOLOGY INC | $991.10B | 115.6x | 48.9% |
| AMD | ADVANCED MICRO DEVICES INC | $843.65B | 195.0x | 34.3% |
| INTC | INTEL CORP | $438.63B | — | -0.5% |
| AMAT | APPLIED MATERIALS INC /DE | $299.38B | 43.6x | 4.4% |
| TXN | TEXAS INSTRUMENTS INC | $259.99B | 52.2x | 13.0% |
| MRVL | Marvell Technology, Inc. | $200.38B | 74.4x | 42.1% |