Blaize Holdings Financials
This page shows Blaize Holdings (BZAI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 revenue acceleration came with sharply weaker unit economics, while the balance sheet improved mainly through external financing.
FY2025 cash ended near$45.8M despite operating cash burn of-$73.8M , which means liquidity was maintained by financing rather than by the business turning cash-generative. Liabilities then fell to$63.2M from$189.0M , so the cleaner balance sheet was largely a capital-structure reset, not an earnings-led repair.
Revenue reached
Receivables-heavy growth is visible because year-end accounts receivable were
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Blaize Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Blaize Holdings has an operating margin of -268.8%, meaning the company retains $-269 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -3065.3% the prior year.
Blaize Holdings carries a low D/E ratio of 1.62, meaning only $1.62 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 69/100, indicating a strong balance sheet with room for future borrowing.
Blaize Holdings's current ratio of 2.23 indicates adequate short-term liquidity, earning a score of 41/100. The company can meet its near-term obligations, though with limited headroom.
While Blaize Holdings generated -$73.8M in operating cash flow, capex of $788K consumed most of it, leaving -$74.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Blaize Holdings generates a -530.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Blaize Holdings passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Blaize Holdings generates $0.36 in operating cash flow (-$73.8M OCF vs -$206.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Blaize Holdings generated $38.6M in revenue in fiscal year 2025. This represents an increase of 2386.0% from the prior year.
Blaize Holdings reported -$206.9M in net income in fiscal year 2025. This represents a decrease of 238.1% from the prior year.
Blaize Holdings earned $-1.98 per diluted share (EPS) in fiscal year 2025. This represents an increase of 43.4% from the prior year.
Cash & Balance Sheet
Blaize Holdings generated -$74.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 36.9% from the prior year.
Blaize Holdings held $45.8M in cash against $0 in long-term debt as of fiscal year 2025.
Blaize Holdings had 122M shares outstanding in fiscal year 2025. This represents an increase of 152.3% from the prior year.
Margins & Returns
Blaize Holdings's gross margin was 16.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 46.7 percentage points from the prior year.
Blaize Holdings's operating margin was -268.8% in fiscal year 2025, reflecting core business profitability. This is up 2796.5 percentage points from the prior year.
Blaize Holdings's net profit margin was -535.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3402.3 percentage points from the prior year.
Blaize Holdings's ROE was -530.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Blaize Holdings invested $42.5M in research and development in fiscal year 2025. This represents an increase of 69.5% from the prior year.
Blaize Holdings invested $788K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 12.6% from the prior year.
BZAI Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $23.8M+100.4% | $11.9M+498.7% | $2.0M+96.8% | $1.0M+0.7% | $1.0M+28.0% | $781K+250.2% | $223K-59.4% | $549K |
| Cost of Revenue | $21.2M+110.2% | $10.1M+1155.1% | $804K+145.9% | $327K+100.1% | -$460.0M-96738.7% | $476K+85.2% | $257K-16.0% | $306K |
| Gross Profit | $2.6M+44.1% | $1.8M+50.8% | $1.2M+73.2% | $680K-99.9% | $461.0M+151047.5% | $305K+997.1% | -$34K-114.0% | $243K |
| R&D Expenses | $10.1M+4.5% | $9.7M+0.7% | $9.6M-26.7% | $13.1M-99.9% | $9.3B+160772.6% | $5.8M-1.2% | $5.9M+43.4% | $4.1M |
| SG&A Expenses | $28.4M+98.4% | $14.3M+10.2% | $13.0M-2.7% | $13.4M-99.9% | $17.4B+314415.0% | $5.5M+10.8% | $5.0M+25.5% | $4.0M |
| Operating Income | -$21.4M+5.5% | -$22.6M-3.2% | -$21.9M+42.4% | -$38.0M+99.8% | -$17.0B-149398.6% | -$11.4M-2.1% | -$11.1M-36.8% | -$8.1M |
| Interest Expense | N/A | $693K+120.7% | $314K-21.3% | $399K | N/A | $1.3M+101.1% | $633K+376.4% | -$229K |
| Income Tax | -$5K-123.8% | $21K-46.2% | $39K-75.9% | $162K+100.0% | -$1.3B-2363736.4% | $55K-58.0% | $131K-19.1% | $162K |
| Net Income | -$3.3M+87.4% | -$26.3M+11.3% | -$29.6M+80.0% | -$147.8M+97.8% | -$6.7B-26033.5% | -$25.6M-110.7% | -$12.2M+27.4% | -$16.7M |
| EPS (Diluted) | N/A | $-0.25+10.7% | $-0.28+82.6% | $-1.61 | N/A | $-1.47-65.2% | $-0.89+27.6% | $-1.23 |
BZAI Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $102.2M+67.8% | $60.9M+13.1% | $53.8M-46.3% | $100.2M-99.9% | $78.5B+156551.4% | $50.1M+2.1% | $49.1M+1.9% | $48.1M |
| Current Assets | $96.6M+76.3% | $54.8M+15.5% | $47.4M-49.3% | $93.5M-99.9% | $71.7B+37170304.3% | $193K+6.2% | $182K-35.2% | $280K |
| Cash & Equivalents | $45.8M+90.7% | $24.0M-16.0% | $28.6M-36.4% | $45.0M-99.9% | $50.2B | N/A | N/A | $7.0M |
| Inventory | $10.1M+15.3% | $8.8M+6.7% | $8.2M-1.8% | $8.4M-99.9% | $8.6B | N/A | N/A | N/A |
| Accounts Receivable | $36.7M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $63.2M+6.1% | $59.6M+1.6% | $58.6M-29.8% | $83.5M-100.0% | $189.0B+120484.2% | $156.7M+20.1% | $130.5M+10.8% | $117.8M |
| Current Liabilities | $43.4M+17.9% | $36.8M-7.1% | $39.6M+3.1% | $38.4M-100.0% | $186.1B+1793128.1% | $10.4M+22.6% | $8.5M+21.9% | $6.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $39.0M+2886.2% | $1.3M+127.2% | -$4.8M-128.8% | $16.7M+100.0% | -$110.5B-103529.7% | -$106.6M-31.0% | -$81.4M-16.9% | -$69.6M |
| Retained Earnings | -$636.2M-0.5% | -$632.9M-4.3% | -$606.6M-5.1% | -$577.0M+99.9% | -$429.3B-2164563.3% | -$19.8M-9.6% | -$18.1M-8.7% | -$16.7M |
BZAI Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$16.5M+33.9% | -$24.9M-51.7% | -$16.4M-3.0% | -$15.9M+99.9% | -$17.7B-125193.0% | -$14.2M+0.7% | -$14.3M-93.7% | -$7.4M |
| Capital Expenditures | $81K+211.5% | $26K+30.0% | $20K-97.0% | $661K+100.3% | -$263.0M-24362.0% | $1.1M+1229.2% | -$96K-154.2% | $177K |
| Free Cash Flow | -$16.5M+33.7% | -$24.9M-51.6% | -$16.4M+0.9% | -$16.6M+99.9% | -$18.0B-118009.7% | -$15.2M-6.2% | -$14.4M-90.4% | -$7.5M |
| Investing Cash Flow | -$81K-211.5% | -$26K-30.0% | -$20K+97.0% | -$661K-100.3% | $263.0M+24362.0% | -$1.1M-1229.2% | $96K+154.2% | -$177K |
| Financing Cash Flow | $38.3M+88.4% | $20.3M+23835.3% | $85K-99.3% | $11.3M+101.7% | -$671.0M-19192.7% | -$3.5M-103.7% | $94.5M+730.9% | $11.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BZAI Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.8%-4.2pp | 15.0%-44.5pp | 59.4%-8.1pp | 67.5%-46032.5pp | 46100.0%+46061.0pp | 39.1%+54.3pp | -15.3%-59.5pp | 44.3% |
| Operating Margin | -89.8%+100.5pp | -190.3%+913.8pp | -1104.1%+2671.6pp | -3775.7%+1695724.3pp | -1699500.0%-1698044.4pp | -1455.6%+3537.7pp | -4993.3%-3511.1pp | -1482.2% |
| Net Margin | -13.9%+207.4pp | -221.3%+1271.6pp | -1492.9%+13180.5pp | -14673.4%+654526.6pp | -669200.0%-665921.3pp | -3278.8%+2171.0pp | -5449.8%-2400.0pp | -3049.7% |
| Return on Equity | -8.5%+2002.1pp | -2010.6% | N/A | -884.3%-890.3pp | 6.1% | N/A | N/A | N/A |
| Return on Assets | -3.2%+39.9pp | -43.1%+11.9pp | -55.0%+92.5pp | -147.5%-138.9pp | -8.5%+42.6pp | -51.1%-26.3pp | -24.8%+10.0pp | -34.8% |
| Current Ratio | 2.23+0.7 | 1.49+0.3 | 1.20-1.2 | 2.43+2.0 | 0.39+0.4 | 0.020.0 | 0.02-0.0 | 0.04 |
| Debt-to-Equity | 1.62-44.0 | 45.63+57.8 | -12.19-17.2 | 5.00+6.7 | -1.71-0.2 | -1.47+0.1 | -1.60+0.1 | -1.69 |
| FCF Margin | -69.6%+140.6pp | -210.2%+619.7pp | -829.9%+819.0pp | -1649.0%+1799051.0pp | -1800700.0%-1798747.9pp | -1952.1%+4486.9pp | -6439.0%-5065.6pp | -1373.4% |
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Frequently Asked Questions
What is Blaize Holdings's annual revenue?
Blaize Holdings (BZAI) reported $38.6M in total revenue for fiscal year 2025. This represents a 2386.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Blaize Holdings's revenue growing?
Blaize Holdings (BZAI) revenue grew by 2386% year-over-year, from $1.6M to $38.6M in fiscal year 2025.
Is Blaize Holdings profitable?
No, Blaize Holdings (BZAI) reported a net income of -$206.9M in fiscal year 2025, with a net profit margin of -535.6%.
What is Blaize Holdings's gross margin?
Blaize Holdings (BZAI) had a gross margin of 16.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Blaize Holdings's operating margin?
Blaize Holdings (BZAI) had an operating margin of -268.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Blaize Holdings's net profit margin?
Blaize Holdings (BZAI) had a net profit margin of -535.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Blaize Holdings's return on equity (ROE)?
Blaize Holdings (BZAI) has a return on equity of -530.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Blaize Holdings's free cash flow?
Blaize Holdings (BZAI) generated -$74.5M in free cash flow during fiscal year 2025. This represents a -36.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Blaize Holdings's operating cash flow?
Blaize Holdings (BZAI) generated -$73.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Blaize Holdings's total assets?
Blaize Holdings (BZAI) had $102.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Blaize Holdings's capital expenditures?
Blaize Holdings (BZAI) invested $788K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Blaize Holdings spend on research and development?
Blaize Holdings (BZAI) invested $42.5M in research and development during fiscal year 2025.
What is Blaize Holdings's current ratio?
Blaize Holdings (BZAI) had a current ratio of 2.23 as of fiscal year 2025, which is generally considered healthy.
What is Blaize Holdings's debt-to-equity ratio?
Blaize Holdings (BZAI) had a debt-to-equity ratio of 1.62 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Blaize Holdings's return on assets (ROA)?
Blaize Holdings (BZAI) had a return on assets of -202.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Blaize Holdings's cash runway?
Based on fiscal year 2025 data, Blaize Holdings (BZAI) had $45.8M in cash against an annual operating cash burn of $73.8M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Blaize Holdings's Piotroski F-Score?
Blaize Holdings (BZAI) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Blaize Holdings's earnings high quality?
Blaize Holdings (BZAI) has an earnings quality ratio of 0.36x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Blaize Holdings?
Blaize Holdings (BZAI) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.