Free Trial
→ Ready to give options a try? Your first trade (Ticker included) -INSIDE (From Base Camp Trading) (Ad)tc pixel Free BZAI Stock Alerts

Blaize (BZAI) Financials

Blaize logo
$0.29 +0.01 (+2.54%)
Closing price 10/9/2026 04:00 PM Eastern
Extended Trading
$0.29 0.00 (-1.09%)
As of 10/9/2026 07:42 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Compare
Annual Income Statements for Blaize

Annual Income Statements for Blaize

This table shows Blaize's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1.67 1.34 -61 -207
Consolidated Net Income / (Loss)		 1.67 1.34 -61 -207
Net Income / (Loss) Continuing Operations		 1.67 1.34 -61 -207
Total Pre-Tax Income 		2.47 2.37 -62 -207
Total Operating Income		 -1.52 -3.38 -48 -104
Total Gross Profit		 0.00 0.00 0.98 6.19
Total Revenue		 0.00 0.00 1.55 39
Operating Revenue		 - - 1.55 39
Total Cost of Revenue		 0.00 0.00 0.58 32
Operating Cost of Revenue		 - - 0.58 32
Total Operating Expenses		 1.52 3.38 49 110
Selling, General & Admin Expense		 1.32 3.04 22 54
Research & Development Expense		 - - 25 43
Depreciation Expense		 - - 0.89 1.20
Other Operating Expenses / (Income)		 0.20 0.34 0.22 12
Total Other Income / (Expense), net		 3.99 5.75 -15 -103
Other Income / (Expense), net		 - 0.00 -15 -103
Income Tax Expense		 0.79 1.03 -0.95 0.22
Basic Earnings per Share		 $0.00 $0.18 ($3.50) ($1.98)
Weighted Average Basic Shares Outstanding		 39.57M 21.45M 17.48M 104.28M
Diluted Earnings per Share		 $0.00 $0.18 ($3.50) ($1.98)
Weighted Average Diluted Shares Outstanding		 39.57M 21.45M 17.48M 104.28M
Weighted Average Basic & Diluted Shares Outstanding		 - - 101.68M 122.74M

Quarterly Income Statements for Blaize

This table shows Blaize's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -0.34 -17 -12 -26 -2.63 -148 -30 -26 -3.30 -23 -29
Consolidated Net Income / (Loss)		 -0.34 -17 -12 -26 -2.63 -148 -30 -26 -3.30 -23 -29
Net Income / (Loss) Continuing Operations		 -0.34 -17 -12 -26 -2.63 -148 -30 -26 -3.30 -23 -29
Total Pre-Tax Income 		-0.26 -17 -12 -26 -2.52 -148 -30 -26 -3.30 -23 -29
Total Operating Income		 -1.20 -8.14 -11 -11 -2.45 -38 -22 -23 -21 -23 -31
Total Gross Profit		 - 0.24 -0.03 0.31 -0.21 0.68 1.18 1.78 2.56 1.58 0.92
Total Revenue		 - 0.55 0.22 0.78 - 1.01 1.98 12 24 2.74 12
Operating Revenue		 - 0.55 0.22 0.78 - 1.01 1.98 12 24 2.74 12
Total Cost of Revenue		 - 0.31 0.26 0.48 0.21 0.33 0.80 10 21 1.16 11
Operating Cost of Revenue		 - 0.31 0.26 0.48 - 0.33 0.80 10 21 1.16 11
Total Operating Expenses		 1.20 8.38 11 12 2.24 39 23 24 24 25 32
Selling, General & Admin Expense		 1.15 3.99 5.00 5.55 2.09 13 13 14 14 15 21
Research & Development Expense		 - 4.09 5.87 5.80 - 13 9.61 9.68 10 9.68 10
Depreciation Expense		 - 0.25 0.18 0.25 - 0.19 0.46 0.36 0.18 0.19 0.22
Other Operating Expenses / (Income)		 0.05 0.05 0.04 0.08 0.15 12 0.00 0.00 0.01 0.00 0.00
Total Other Income / (Expense), net		 0.94 -8.44 -0.89 -14 -0.07 -110 -7.67 -3.65 18 0.83 2.06
Other Income / (Expense), net		 - -8.44 -0.42 -14 - -110 -7.67 -3.65 18 0.83 2.06
Income Tax Expense		 0.07 0.16 0.13 0.06 0.11 0.16 0.04 0.02 -0.01 0.10 0.27
Basic Earnings per Share		 - ($1.23) ($0.89) ($1.47) ($0.69) ($1.61) ($0.28) ($0.25) $0.16 ($0.19) ($0.21)
Weighted Average Basic Shares Outstanding		 21.45M 13.61M 13.62M 17.48M 20.15M 91.75M 104.59M 103.59M 104.28M 122.38M 134.81M
Diluted Earnings per Share		 - ($1.23) ($0.89) ($1.47) ($0.69) ($1.61) ($0.28) ($0.25) $0.16 ($0.19) ($0.21)
Weighted Average Diluted Shares Outstanding		 21.45M 13.61M 13.62M 17.48M 20.15M 91.75M 104.59M 103.59M 104.28M 122.38M 134.81M
Weighted Average Basic & Diluted Shares Outstanding		 0.00 15.16M 15.16M 15.16M 101.68M 101.68M 102.62M 110.99M 122.74M 142.30M 144.83M

Annual Cash Flow Statements for Blaize

This table details how cash moves in and out of Blaize's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -1.52 0.82 47 -4.44
Net Cash From Operating Activities		 -1.37 -2.34 -54 -74
Net Cash From Continuing Operating Activities		 -1.37 -2.34 -54 -74
Net Income / (Loss) Continuing Operations		 1.67 1.34 -61 -207
Consolidated Net Income / (Loss)		 1.67 1.34 -61 -207
Depreciation Expense		 - - 0.89 1.20
Amortization Expense		 - - 0.46 0.00
Non-Cash Adjustments To Reconcile Net Income		 -3.99 -5.75 20 146
Changes in Operating Assets and Liabilities, net		 0.94 2.08 -14 -14
Net Cash From Investing Activities		 0.00 230 -0.90 -0.79
Net Cash From Continuing Investing Activities		 0.00 230 -0.90 -0.79
Purchase of Property, Plant & Equipment		 - - -0.90 -0.79
Net Cash From Financing Activities		 -0.14 -227 102 70
Net Cash From Continuing Financing Activities		 -0.14 -227 102 70
Repayment of Debt		 -0.14 0.81 -4.75 -0.11
Repurchase of Common Equity		 - - -4.36 -7.66
Issuance of Debt		 0.00 0.00 111 0.00
Issuance of Common Equity		 - - 0.00 61
Other Financing Activities, net		 0.00 -228 0.10 17
Cash Interest Paid		 - - 0.25 0.00
Cash Income Taxes Paid		 0.00 0.79 0.22 0.34

Quarterly Cash Flow Statements for Blaize

This table details how cash moves in and out of Blaize's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 0.84 3.83 80 17 0.69 11 -16 53 -36 -13 44
Net Cash From Operating Activities		 -0.17 -7.36 -14 -14 -0.27 -16 -16 -25 -16 -13 -29
Net Cash From Investing Activities		 0.31 -0.18 0.10 -1.08 -22 -0.66 -0.02 -0.03 -0.08 -0.12 -0.52
Net Cash From Continuing Investing Activities		 0.31 -0.18 0.10 -1.08 -22 -0.66 -0.02 -0.03 -0.08 -0.12 -0.52
Purchase of Property, Plant & Equipment		 - -0.18 0.10 -1.08 - -0.66 -0.02 -0.03 -0.08 -0.12 -0.52
Net Cash From Financing Activities		 0.71 11 94 -3.48 23 11 0.09 20 38 0.06 33
Net Cash From Continuing Financing Activities		 0.71 11 94 -3.48 23 11 0.09 20 38 0.06 33
Repurchase of Common Equity		 - - - - - -4.53 - - -7.46 0.00 -0.05
Other Financing Activities, net		 - -0.13 0.02 -3.48 22 16 0.20 0.52 4.66 0.06 -0.21

Annual Balance Sheets for Blaize

This table presents Blaize's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 294 296 73 78 102
Total Current Assets		 1.87 0.21 26 72 97
Cash & Equivalents		 1.54 0.02 0.00 50 46
Accounts Receivable		 - - - 0.00 37
Inventories, net		 - - - 8.56 10
Prepaid Expenses		 - - - 13 3.24
Other Current Assets		 0.33 0.19 25 - 0.00
Plant, Property, & Equipment, net		 0.00 0.00 0.00 2.08 1.23
Total Noncurrent Assets		 292 296 47 4.75 4.38
Noncurrent Deferred & Refundable Income Taxes		 - - - 2.16 2.12
Other Noncurrent Operating Assets		 292 296 47 2.59 2.26
Total Liabilities & Shareholders' Equity		 294 296 73 78 102
Total Liabilities		 11 11 41 189 68
Total Current Liabilities		 0.70 1.30 31 186 43
Short-Term Debt		 - 0.00 0.81 0.00 8.71
Accounts Payable		 0.01 - - 7.90 23
Accrued Expenses		 0.54 0.30 2.12 14 7.68
Total Noncurrent Liabilities		 10 10 10 2.84 29
Other Noncurrent Operating Liabilities		 10 10 10 2.84 29
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -8.83 -10 -16 -110 39
Total Preferred & Common Equity		 -8.83 -10 -16 -110 39
Total Common Equity		 -8.83 -10 -16 -110 39
Common Stock		 0.00 0.00 0.00 319 675
Retained Earnings		 -8.83 -10 -16 -429 -636
Accumulated Other Comprehensive Income / (Loss)		 - - - - 0.00

Quarterly Balance Sheets for Blaize

This table presents Blaize's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 71 48 49 50 100 54 61 71 80
Total Current Assets		 0.06 0.28 0.18 0.19 94 47 55 65 74
Cash & Equivalents		 0.00 0.00 0.00 0.00 45 29 24 33 37
Accounts Receivable		 - - - - 1.01 3.15 14 17 14
Inventories, net		 - - - - 8.38 8.23 8.78 9.01 10
Prepaid Expenses		 - 0.10 0.05 0.06 5.84 6.94 8.42 6.42 13
Other Current Assets		 0.06 0.03 0.11 0.07 33 0.50 - - 0.39
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 2.05 1.60 1.27 1.38 1.40
Total Noncurrent Assets		 71 48 49 50 4.61 4.81 4.86 3.99 4.13
Noncurrent Deferred & Refundable Income Taxes		 - - - - 2.17 2.21 2.36 1.96 2.04
Other Noncurrent Operating Assets		 71 48 49 50 2.44 2.60 2.49 2.04 2.09
Total Liabilities & Shareholders' Equity		 71 48 49 50 100 54 61 71 80
Total Liabilities		 15 17 19 20 50 59 60 45 37
Total Current Liabilities		 4.52 6.94 8.46 10 38 40 37 27 20
Short-Term Debt		 - 1.50 1.50 1.50 0.00 0.00 0.00 4.36 0.00
Accounts Payable		 - - - - 17 17 15 14 7.16
Accrued Expenses		 1.19 2.22 2.53 3.12 12 14 12 7.25 9.99
Other Current Liabilities		 0.10 0.54 1.63 2.83 4.90 4.86 5.04 0.60 2.76
Total Noncurrent Liabilities		 10 10 10 10 12 19 23 19 17
Other Noncurrent Operating Liabilities		 10 10 10 10 12 19 23 19 17
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -14 -17 -18 -20 17 -4.81 1.31 25 43
Total Preferred & Common Equity		 -14 -17 -18 -20 17 -4.81 1.31 25 43
Total Common Equity		 -14 -17 -18 -20 17 -4.81 1.31 25 43
Common Stock		 0.00 0.00 0.00 0.00 602 610 634 684 730
Retained Earnings		 -14 -17 -18 -20 -577 -607 -633 -659 -688
Accumulated Other Comprehensive Income / (Loss)		 - - - - - - - 0.13 0.49

Annual Metrics And Ratios for Blaize

This table displays calculated financial ratios and metrics derived from Blaize's official financial filings.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 38,237,500.00 17,447,703.00 - 110,988,152.00
DEI Adjusted Shares Outstanding		 38,237,500.00 17,447,703.00 - 110,988,152.00
DEI Earnings Per Adjusted Shares Outstanding		 0.04 0.08 - -1.86
Growth Metrics		 - - - -
Revenue Growth		 0.00% 0.00% 0.00% 2,385.97%
EBITDA Growth		 0.00% -122.11% -79.08% -238.00%
EBIT Growth		 0.00% -122.11% -79.08% -232.58%
NOPAT Growth		 0.00% -85.12% -81.90% -117.99%
Net Income Growth		 0.00% -19.98% -407.18% -238.11%
EPS Growth		 0.00% 0.00% -550.00% 43.43%
Operating Cash Flow Growth		 0.00% -70.14% -18.65% -37.77%
Free Cash Flow Firm Growth		 0.00% 0.00% -98.94% -245.67%
Invested Capital Growth		 0.00% -89.07% -19.74% 98.49%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 190.40%
EBITDA Q/Q Growth		 0.00% -14.54% -62.46% -31.93%
EBIT Q/Q Growth		 0.00% -14.54% -62.46% -32.70%
NOPAT Q/Q Growth		 0.00% 1.22% -33.38% -82.74%
Net Income Q/Q Growth		 0.00% -50.26% -125.45% -35.04%
EPS Q/Q Growth		 0.00% 50.00% -575.00% -409.38%
Operating Cash Flow Q/Q Growth		 0.00% 10.86% -3.61% -203.84%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -88.22% -1,749.54%
Invested Capital Q/Q Growth		 0.00% -44.70% -19.68% 89.32%
Profitability Metrics		 - - - -
Gross Margin		 0.00% 0.00% 0.00% 16.03%
EBITDA Margin		 0.00% 0.00% 0.00% -531.92%
Operating Margin		 0.00% 0.00% 0.00% -268.80%
EBIT Margin		 0.00% 0.00% 0.00% -535.02%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% -535.58%
Tax Burden Percent		 67.88% 56.58% 114.38% 100.11%
Interest Burden Percent		 -161.78% -69.92% 59.33% 100.00%
Effective Tax Rate		 32.12% 43.42% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.59% 0.85% -14.85% 579.05%
Cash Return on Invested Capital (CROIC)		 0.00% 159.36% 9.48% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% -228.76%
Return on Assets (ROA)		 0.00% 0.00% 0.00% -229.00%
Return on Common Equity (ROCE)		 -0.02% -0.07% 10.51% 579.05%
Return on Equity Simple (ROE_SIMPLE)		 -16.50% -8.45% 17.61% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.03 -1.92 -3.48 -73
NOPAT Margin		 0.00% 0.00% 0.00% -188.16%
Net Nonoperating Expense Percent (NNEP)		 12,181.19% 11,790.90% 177.91% -292.05%
Return On Investment Capital (ROIC_SIMPLE)		 10.20% 12.74% 15.94% -167.65%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 83.97%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 140.49%
R&D to Revenue		 0.00% 0.00% 0.00% 110.07%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 284.83%
Earnings before Interest and Taxes (EBIT)		 -1.52 -3.38 -6.06 -207
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -1.52 -3.38 -6.06 -205
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 5.55
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 5.55
Price to Revenue (P/Rev)		 0.00 0.00 0.00 5.60
Price to Earnings (P/E)		 232.13 139.80 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.43% 0.72% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.40 7.52 11.04 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 4.53
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.93 103.75 0.00
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 0.03 0.06 0.11
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 0.00 0.01 1.29
Leverage Ratio		 1.04 1.17 2.18 -2.53
Compound Leverage Factor		 -1.68 -0.82 1.30 -2.53
Debt to Total Capital		 0.00% 2.54% 5.83% 10.05%
Short-Term Debt to Total Capital		 0.00% 2.54% 5.83% 10.05%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 103.56% 147.02% 184.94% 0.00%
Common Equity to Total Capital		 -3.56% -49.55% -90.77% 89.95%
Debt to EBITDA		 0.00 -0.24 -0.25 -0.02
Net Debt to EBITDA		 0.00 0.01 -0.12 0.20
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 -0.42 -0.43 -0.06
Net Debt to NOPAT		 0.00 0.02 -0.21 0.57
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00
Altman Z-Score		 20.45 2.16 4.25 -12.33
Noncontrolling Interest Sharing Ratio		 103.34% 108.23% 170.77% 0.00%
Liquidity Ratios		 - - - -
Current Ratio		 0.16 0.82 0.05 2.23
Quick Ratio		 0.02 0.00 0.00 1.90
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 252 2.66 -231
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% -9,359.26%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 0.00 0.00 0.43
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 3.47
Fixed Asset Turnover		 0.00 0.00 0.00 23.36
Accounts Payable Turnover		 0.00 0.00 0.00 1.65
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 105.16
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 220.89
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 -115.73
Capital & Investment Metrics		 - - - -
Invested Capital		 285 31 25 -2.42
Invested Capital Turnover		 0.00 0.00 0.00 -0.47
Increase / (Decrease) in Invested Capital		 0.00 -254 -6.14 159
Enterprise Value (EV)		 683 234 276 175
Market Capitalization		 388 187 227 216
Book Value per Share		 ($0.27) ($0.91) ($1.54) $0.35
Tangible Book Value per Share		 ($0.27) ($0.91) ($1.54) $0.35
Total Capital		 285 32 26 43
Total Debt		 0.00 0.81 1.50 4.36
Total Long-Term Debt		 0.00 0.00 0.00 0.00
Net Debt		 -0.02 -0.03 0.74 -41
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.79
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.11 -5.71 -13 12
Debt-free Net Working Capital (DFNWC)		 -1.09 -4.87 -12 58
Net Working Capital (NWC)		 -1.09 -5.68 -13 53
Net Nonoperating Expense (NNE)		 -2.71 -3.25 0.63 134
Net Nonoperating Obligations (NNO)		 -0.02 -0.03 0.74 -41
Total Depreciation and Amortization (D&A)		 0.00 0.00 0.00 1.20
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 30.53%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 149.03%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 137.76%
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.12 $0.18 ($0.81) ($1.98)
Adjusted Weighted Average Basic Shares Outstanding		 39.57M 21.45M 20.15M 104.28M
Adjusted Diluted Earnings per Share		 $0.12 $0.18 ($0.81) ($1.98)
Adjusted Weighted Average Diluted Shares Outstanding		 39.57M 21.45M 20.15M 104.28M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 101.68M 122.74M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.03 -1.92 -3.48 -73
Normalized NOPAT Margin		 0.00% 0.00% 0.00% -188.16%
Pre Tax Income Margin		 0.00% 0.00% 0.00% -535.02%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00
Payout Ratios		 - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% -3.70%

Quarterly Metrics And Ratios for Blaize

This table displays calculated financial ratios and metrics derived from Blaize's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 17,447,703.00 17,447,703.00 15,162,663.00 15,162,663.00 - 101,683,916.00 101,683,916.00 102,620,190.00 110,988,152.00 122,744,509.00 284,598,922.00
DEI Adjusted Shares Outstanding		 17,447,703.00 17,447,703.00 15,162,663.00 15,162,663.00 - 101,683,916.00 101,683,916.00 102,620,190.00 110,988,152.00 122,744,509.00 284,598,922.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.02 -0.96 -0.80 -1.69 - -1.45 -0.29 -0.26 -0.03 -0.18 -0.10
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 83.42% 788.79% 1,419.46% 2,377,500.00% 171.90% 504.69%
EBITDA Growth		 -55.45% -1,722.71% -1,944.01% -3,376.83% -103.37% -802.79% -155.79% -2.26% 62.25% 84.83% 2.65%
EBIT Growth		 -55.45% -1,750.95% -1,977.08% -3,411.32% -103.37% -790.17% -155.67% -2.68% 60.96% 84.72% 3.41%
NOPAT Growth		 -57.94% -780.16% -3,689.70% -59,320.99% -103.37% -367.26% -96.52% -98.67% -25.64% 38.49% -39.85%
Net Income Growth		 -133.27% -1,163.19% -12,404.09% -761,759.73% -677.64% -782.52% -143.47% -2.54% 50.75% 84.67% 2.64%
EPS Growth		 0.00% -920.00% -3,066.67% 0.00% 0.00% -30.89% 68.54% 82.99% 77.78% 88.20% 25.00%
Operating Cash Flow Growth		 62.11% -1,087.04% -5,107.26% -1,017.26% -55.58% -116.54% -15.19% -75.94% 7.23% 20.79% -74.49%
Free Cash Flow Firm Growth		 0.00% -92.89% -93.31% -92.41% -98.25% -93.60% 229.70% 120.62% -196.28% -858.10% -221.30%
Invested Capital Growth		 -89.07% -40.92% -41.79% -44.74% -19.74% -85.22% -204.32% -172.97% 98.49% -171.13% 117.79%
Revenue Q/Q Growth		 0.00% 0.00% -59.38% 250.22% 0.00% 100,600.00% 96.82% 498.74% 100.35% -88.48% 337.73%
EBITDA Q/Q Growth		 -65.57% -1,255.20% 30.34% -122.45% -76.02% -1,685.03% 80.26% 11.07% 87.95% -617.61% -26.62%
EBIT Q/Q Growth		 -65.57% -1,276.20% 30.29% -121.08% -76.02% -1,645.49% 79.98% 11.21% 87.42% -583.25% -26.55%
NOPAT Q/Q Growth		 -6,197.76% -575.36% -36.84% -2.09% -88.18% -123.72% 42.45% -3.21% 5.46% -9.54% -30.85%
Net Income Q/Q Growth		 -10,147.09% -4,856.73% 27.41% -110.71% -199.87% -2,108.02% 79.98% 11.26% 87.45% -587.29% -27.18%
EPS Q/Q Growth		 0.00% 0.00% 27.64% -65.17% -475.00% -1,888.89% 82.61% 10.71% 164.00% -218.75% -10.53%
Operating Cash Flow Q/Q Growth		 86.31% -4,141.80% -93.71% 0.71% 59.93% 10.14% -3.04% -51.66% 33.94% 23.27% -126.98%
Free Cash Flow Firm Q/Q Growth		 11.37% -93.35% -9.62% 13.32% -81.76% -99.40% 4,559.45% -24.17% -556.68% 95.27% -645.51%
Invested Capital Q/Q Growth		 -44.70% 4.41% -1.47% -2.86% -19.68% 102.98% -795.21% 32.05% 89.32% 5.00% 273.92%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 44.26% -15.25% 39.05% 0.00% 67.53% 59.43% 14.97% 10.77% 57.56% 7.66%
EBITDA Margin		 0.00% -2,974.13% -5,100.45% -3,239.56% 0.00% -14,638.33% -1,467.91% -218.02% -13.11% -816.95% -236.31%
Operating Margin		 0.00% -1,482.15% -4,993.27% -1,455.57% 0.00% -3,775.67% -1,104.09% -190.32% -89.80% -854.20% -255.35%
EBIT Margin		 0.00% -3,020.22% -5,182.96% -3,271.70% 0.00% -14,657.30% -1,490.92% -221.09% -13.88% -823.74% -238.14%
Profit (Net Income) Margin		 0.00% -3,049.73% -5,449.78% -3,278.75% 0.00% -14,673.39% -1,492.89% -221.27% -13.86% -827.36% -240.38%
Tax Burden Percent		 128.41% 100.98% 101.09% 100.22% 104.42% 100.11% 100.13% 100.08% 99.85% 100.44% 100.94%
Interest Burden Percent		 21.83% 100.00% 104.01% 100.00% 102.67% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -13.02% -62.02% -36.22% 0.00% -285.15% 0.00% -421.73% 0.00% -34,801.23% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -12,363.53% -4,311.56% -2,499.46% 0.00% 270.37% 0.00% -329.13% 0.00% -34,784.22% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -25.33% -10.19% -41.68% 0.00% -145.74% 0.00% 239.82% 0.00% 34,142.79% 0.00%
Return on Equity (ROE)		 0.85% -38.35% -72.21% -77.90% -14.85% -430.89% -1,185.80% -181.91% 579.05% -658.44% -426.62%
Cash Return on Invested Capital (CROIC)		 159.36% 34.45% 18.72% 6.60% 9.48% -142.49% 0.00% 0.00% 0.00% 0.00% -1,815.44%
Operating Return on Assets (OROA)		 0.00% -27.88% -66.49% -84.01% 0.00% -397.57% -64.25% -52.99% -5.94% -388.98% -179.90%
Return on Assets (ROA)		 0.00% -28.15% -69.92% -84.19% 0.00% -398.01% -64.33% -53.03% -5.93% -390.68% -181.59%
Return on Common Equity (ROCE)		 -0.07% 13.08% 26.39% 30.94% 10.51% -0.32% 1,055.54% 108.79% 579.05% -369.03% -426.62%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 101.98% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -0.84 -5.70 -7.79 -7.96 -1.72 -27 -15 -16 -15 -16 -21
NOPAT Margin		 0.00% -1,037.50% -3,495.29% -1,018.90% 0.00% -2,642.97% -772.86% -133.22% -62.86% -597.94% -178.75%
Net Nonoperating Expense Percent (NNEP)		 1,831.91% 12,350.51% 4,249.54% 2,463.24% 257.43% -555.52% -105.26% -92.60% 25.35% -17.02% -22.58%
Return On Investment Capital (ROIC_SIMPLE)		 5.61% 37.60% 46.97% 43.42% 7.85% -159.27% 318.46% -1,210.53% -34.47% -54.93% -50.07%
Cost of Revenue to Revenue		 0.00% 55.74% 115.25% 60.95% 0.00% 32.47% 40.57% 85.03% 89.23% 42.44% 92.34%
SG&A Expenses to Revenue		 0.00% 726.41% 2,243.95% 710.12% 0.00% 1,325.62% 655.50% 120.68% 57.22% 551.61% 173.74%
R&D to Revenue		 0.00% 745.72% 2,633.18% 742.51% 0.00% 1,302.68% 485.02% 81.54% 42.55% 353.36% 87.44%
Operating Expenses to Revenue		 0.00% 1,526.41% 4,978.03% 1,494.62% 0.00% 3,843.20% 1,163.52% 205.28% 100.57% 911.76% 263.01%
Earnings before Interest and Taxes (EBIT)		 -1.20 -17 -12 -26 -2.45 -148 -30 -26 -3.30 -23 -29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -1.20 -16 -11 -25 -2.45 -147 -29 -26 -3.12 -22 -28
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 1.83 0.00 271.09 5.55 8.78 4.59
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 1.83 0.00 271.09 5.55 8.78 4.59
Price to Revenue (P/Rev)		 0.00 352.45 218.41 110.13 0.00 15.22 136.68 26.61 5.60 5.53 3.90
Price to Earnings (P/E)		 139.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.72% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 7.52 7.47 6.83 7.14 11.04 3.90 0.00 0.00 0.00 0.00 26.84
Enterprise Value to Revenue (EV/Rev)		 0.00 441.96 283.32 142.93 0.00 9.31 123.78 24.81 4.53 4.82 3.17
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.93 16.10 26.85 76.97 103.75 0.00 8.20 23.55 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.03 0.05 0.05 0.05 0.06 0.00 0.00 0.00 0.11 0.17 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 0.00 0.00 0.02 0.01 -0.54 -1.05 -0.73 1.29 -0.98 -1.72
Leverage Ratio		 1.17 1.36 1.39 1.41 2.18 1.83 4.00 3.58 -2.53 2.27 3.51
Compound Leverage Factor		 0.25 1.36 1.44 1.41 2.24 1.83 4.00 3.58 -2.53 2.27 3.51
Debt to Total Capital		 2.54% 4.60% 4.68% 4.81% 5.83% 0.00% 0.00% 0.00% 10.05% 14.62% 0.00%
Short-Term Debt to Total Capital		 2.54% 4.60% 4.68% 4.81% 5.83% 0.00% 0.00% 0.00% 10.05% 14.62% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 147.02% 146.41% 151.79% 158.81% 184.94% 66.43% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -49.55% -51.01% -56.47% -63.62% -90.77% 33.57% 100.00% 100.00% 89.95% 85.38% 100.00%
Debt to EBITDA		 -0.24 -0.14 -0.07 -0.05 -0.25 0.00 0.00 0.00 -0.02 -0.05 0.00
Net Debt to EBITDA		 0.01 -0.13 -0.07 -0.05 -0.12 0.00 0.00 0.00 0.20 0.36 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 -0.42 -0.20 -0.10 -0.07 -0.43 0.00 0.00 0.00 -0.06 -0.07 0.00
Net Debt to NOPAT		 0.02 -0.18 -0.10 -0.06 -0.21 0.00 0.00 0.00 0.57 0.46 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 2.26 5.05 3.98 2.57 4.49 -11.88 -14.27 -11.83 -5.76 -9.90 -8.63
Noncontrolling Interest Sharing Ratio		 108.23% 134.10% 136.54% 139.72% 170.77% 99.93% 189.02% 159.80% 0.00% 43.95% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.82 0.04 0.02 0.02 0.05 2.43 1.20 1.49 2.23 2.46 3.72
Quick Ratio		 0.00 0.00 0.00 0.00 0.00 1.20 0.80 1.02 1.90 1.88 2.55
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 253 17 15 17 4.43 1.08 50 38 -173 -8.15 -61
Operating Cash Flow to CapEx		 0.00% -4,159.89% 0.00% -1,306.46% 0.00% -2,412.10% -82,145.00% -95,834.62% -20,322.22% -10,887.93% -5,481.26%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 32.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 -30.74 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -30.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.01 0.01 0.03 0.00 0.03 0.04 0.24 0.43 0.47 0.76
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.55 5.92
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.47 3.83 4.77
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23.36 23.52 33.53
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.65 2.12 3.68
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 80.19 61.64
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 105.16 95.41 76.55
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 220.89 172.50 99.30
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -115.73 3.10 38.89
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 31 32 32 31 25 4.80 -33 -23 -2.42 -3.42 5.94
Invested Capital Turnover		 0.00 0.01 0.02 0.04 0.00 0.11 -3.21 3.17 -0.47 58.20 -3.67
Increase / (Decrease) in Invested Capital		 -254 -23 -23 -25 -6.14 -28 -65 -54 159 -8.22 39
Enterprise Value (EV)		 234 243 219 222 276 19 274 330 175 195 160
Market Capitalization		 187 193 169 171 227 31 303 354 216 223 196
Book Value per Share		 ($0.91) ($0.95) ($1.19) ($1.31) ($1.54) $1.10 ($0.05) $0.01 $0.35 $0.21 $0.30
Tangible Book Value per Share		 ($0.91) ($0.95) ($1.19) ($1.31) ($1.54) $1.10 ($0.05) $0.01 $0.35 $0.21 $0.30
Total Capital		 32 33 32 31 26 50 -4.81 1.31 43 30 43
Total Debt		 0.81 1.50 1.50 1.50 1.50 0.00 0.00 0.00 4.36 4.36 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -0.03 1.35 1.47 1.43 0.74 -45 -29 -24 -41 -29 -37
Capital Expenditures (CapEx)		 0.00 0.18 -0.10 1.08 0.00 0.66 0.02 0.03 0.08 0.12 0.52
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -5.71 -5.31 -6.81 -8.75 -13 10 -21 -6.02 12 9.98 17
Debt-free Net Working Capital (DFNWC)		 -4.87 -5.16 -6.78 -8.69 -12 55 7.80 18 58 43 54
Net Working Capital (NWC)		 -5.68 -6.66 -8.28 -10 -13 55 7.80 18 53 39 54
Net Nonoperating Expense (NNE)		 -0.51 11 4.36 18 0.91 121 14 10 -12 6.28 7.39
Net Nonoperating Obligations (NNO)		 -0.03 1.35 1.47 1.43 0.74 -45 -29 -24 -41 -29 -37
Total Depreciation and Amortization (D&A)		 0.00 0.25 0.18 0.25 0.00 0.19 0.46 0.36 0.18 0.19 0.22
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -967.66% -881.85% -563.62% 0.00% 503.88% -937.62% -45.22% 30.53% 24.73% 34.22%
Debt-free Net Working Capital to Revenue		 0.00% -940.57% -878.36% -559.33% 0.00% 2,738.82% 351.87% 135.20% 149.03% 107.03% 107.37%
Net Working Capital to Revenue		 0.00% -1,213.79% -1,072.66% -655.91% 0.00% 2,738.82% 351.87% 135.20% 137.76% 96.23% 107.37%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($0.12) ($0.69) ($1.61) ($0.28) ($0.25) $0.16 ($0.19) ($0.21)
Adjusted Weighted Average Basic Shares Outstanding		 21.45M 15.16M 15.16M 15.16M 20.15M 91.75M 104.59M 103.59M 104.28M 122.38M 134.81M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.12) ($0.69) ($1.61) ($0.28) ($0.25) $0.16 ($0.19) ($0.21)
Adjusted Weighted Average Diluted Shares Outstanding		 21.45M 15.16M 15.16M 15.16M 20.15M 91.75M 104.59M 103.59M 104.28M 122.38M 134.81M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 15.16M 15.16M 15.16M 101.68M 101.68M 102.62M 110.99M 122.74M 142.30M 144.83M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.84 -5.70 -7.79 -7.96 -1.72 -27 -15 -16 -15 -16 -21
Normalized NOPAT Margin		 0.00% -1,037.50% -3,495.29% -1,018.90% 0.00% -2,642.97% -772.86% -133.22% -62.86% -597.94% -178.75%
Pre Tax Income Margin		 0.00% -3,020.22% -5,391.03% -3,271.70% 0.00% -14,657.30% -1,490.92% -221.09% -13.88% -823.74% -238.14%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 -24.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 -16.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 -24.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 -16.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -3.70% -3.82% -4.16%

Financials Breakdown Chart

Key Financial Trends

Data note: The statements supplied identify the company as Blaize Holdings, Inc. (NASDAQ: BZAI), not Burtech Acquisition (NASDAQ: BRKH). The analysis below is therefore based on the provided BZAI financial data.

Blaize’s second-quarter 2026 results show a sharp increase in revenue, but the company remains deeply unprofitable and dependent on external financing. Revenue rose to $12.0 million from $2.0 million in Q2 2025 and $2.7 million in Q1 2026. However, gross profit was only $918,000, representing a gross margin of approximately 7.7%, down substantially from roughly 59.4% in Q2 2025 and 57.6% in Q1 2026.

The higher sales volume did not translate into improved operating performance. Selling, general and administrative expense increased to $20.8 million, while research and development expense reached $10.5 million. The resulting operating loss widened to $30.6 million from $21.9 million in Q2 2025 and $23.4 million in Q1 2026. Net loss also increased to $28.8 million, compared with $29.6 million in Q2 2025 and $22.7 million in Q1 2026.

  • Revenue growth accelerated: Q2 2026 revenue increased approximately 504% year over year and 338% sequentially, indicating significantly higher commercial activity.
  • Liquidity improved on the balance sheet: Cash and equivalents increased to $36.8 million from $28.6 million in Q2 2025 and $33.2 million in Q1 2026.
  • Leverage declined: Short-term debt fell to zero in Q2 2026 from $4.4 million in Q1 2026. Total liabilities also declined to $36.7 million from $58.6 million a year earlier.
  • Equity position turned positive: Total common equity rose to $42.8 million in Q2 2026 from negative $4.8 million in Q2 2025 and $25.4 million in Q1 2026.
  • Working-capital coverage strengthened: Current assets of $74.0 million exceeded current liabilities of $19.9 million, producing a current ratio of approximately 3.7. However, a significant portion of current assets consisted of receivables, inventory and prepaid expenses rather than cash.
  • Capital investment remained limited: Purchases of property and equipment were $523,000 in Q2 2026, up from $116,000 in Q1 but still modest relative to operating expenses and reported revenue.
  • Gross margins deteriorated sharply: Cost of revenue consumed about 92% of sales in Q2 2026, compared with approximately 41% in Q2 2025. Sustained revenue growth without margin recovery could continue to pressure cash flow.
  • Operating losses remain substantial: Q2 operating expenses totaled $31.5 million, more than 34 times gross profit. The company therefore remains far from operating break-even.
  • Cash burn is significant: Net cash used in operating activities increased to $28.7 million in Q2 2026 from $16.4 million in Q2 2025 and $12.6 million in Q1 2026.
  • Dilution risk remains elevated: Basic weighted-average shares outstanding increased to 134.8 million from 104.6 million in Q2 2025. Q2 financing activities provided $32.6 million, highlighting continued reliance on capital markets while operations consume cash.

Overall, the statements present a mixed picture. Revenue momentum and a stronger reported equity position are constructive, while weak gross margins, rising operating expenses and heavy operating cash burn remain major risks. Investors should also use caution when interpreting the cash-flow statement: the reported Q2 net change in cash of $44.5 million does not reconcile cleanly with the listed operating, investing and financing cash flows, suggesting that the provided data may omit or misclassify an additional cash-flow item.

10/11/26 07:19 AM ETAI Generated. May Contain Errors.

Blaize Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Blaize's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Blaize's net income appears to be on a downward trend, with a most recent value of -$206.90 million in 2025, compared with $1.67 million in 2022. The previous period was -$61.20 million in 2024. View Blaize's forecast to see where analysts expect Blaize to go next.

Blaize's total operating income in 2025 was -$103.84 million, based on the following breakdown:
  • Total Gross Profit: $6.19 million
  • Total Operating Expenses: $110.04 million

Over the last 3 years, Blaize's total revenue changed from $0.00 in 2022 to $38.63 million in 2025, a change of 3,863,200,000.0%.

In the past 11 quarters, Blaize's cash and equivalents has ranged from $0.00 in Q1 2024 to $44.97 million in Q1 2025, and is currently $36.85 million as of their latest financial filing in Q2 2026.

Blaize had total debt of $4.36 million at the end of 2025, a 190.5% increase from 2024, and none in 2022.

Over the last 3 years, Blaize's book value per share changed from -0.27 in 2022 to 0.35 in 2025.


Related Companies

Financial statements for NASDAQ:BZAI last updated on 8/14/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
ALERT: Drop these 5 stocks before the market opens tomorrow!
The Wall Street Journal is already raising the alarm about a potential market crash, and Weiss Ratings researc...
Weiss Ratings | Sponsoredtc pixel
Trump's New Dollar
Porter Stansberry says President Trump has signed an executive order initiating what he calls a full U.S. doll...
Porter & Company | Sponsoredtc pixel
Small Colorado Company (Backed by Sam Altman) Could Save U.S. Power Grid
A small Colorado company has secured rights to technology that could prevent the U.S. public power grid from c...
Altimetry | Sponsoredtc pixel
Ready to give options a try? Your first trade (Ticker included) -INSIDE
Tired of trying tactic after tactic when it comes to options trades... only to be met with market noise and st...
Base Camp Trading | Sponsoredtc pixel
The end may be near for these iconic stocks
Marc Chaikin, founder of Chaikin Analytics, says two forces - AI disruption and fracturing global trade - are ...
Chaikin Analytics | Sponsoredtc pixel
Louis Navellier: My #1 AI stock for 2026 (name & ticker inside)
Louis Navellier's Stock Grader system helped him flag Nvidia before its 82,000% run and has identified the top...
InvestorPlace | Sponsoredtc pixel
Here’s the stock symbol I’ve promised
Whitney Tilson of Stansberry Research has long recommended Berkshire Hathaway as a core retirement holding - b...
Stansberry Research | Sponsoredtc pixel
Here’s Why Trump Won’t End The Iran War
Trump has called an Iran deal close 38 times since the war began, yet the fighting keeps flaring back up. O...
Banyan Hill Publishing | Sponsoredtc pixel