The company's capital structure remains unstable, with accumulated deficits reaching $658.8M as of 2026Q1, despite a recent deleveraging effort that reduced total debt to $2.7M.
| Total Current Assets | 65.38M | 96.61M | 758.84K | 25.7M | 12.66M | 1.87M |
| Cash & Short-Term Investments | 33.22M | 45.78M | 1.51K | 0 | 4.91M | 1.54M |
| Cash Only | 33.22M | 45.78M | 1.51K | 0 | 4.91M | 1.54M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 16.73M | 36.69M | 55K | 318.89K | 2.11M | 0 |
| Days Sales Outstanding | 158.6 | 346.68 | 12.92 | 30.19 | 200.51 | - |
| Inventory | 9.01M | 10.13M | 0 | 6.52M | 4.34M | 0 |
| Days Inventory Outstanding | 95.74 | 109.94 | - | 651.13 | 521.46 | - |
| Other Current Assets | 3.38M | 4M | 702.34K | 18.63M | 965K | 326.48K |
| Total Non-Current Assets | 5.37M | 5.64M | 47.56M | 46.89M | 6.62M | 291.88M |
| Property, Plant & Equipment | 2.69M | 2.74M | 0 | 3.98M | 5.05M | 0 |
| Fixed Asset Turnover | 14.10x | 14.09x | - | 0.97x | 0.76x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 801K | 0 | 47.56M | 0 | 0 | 291.81M |
| Other Non-Current Assets | 467K | 739K | 0 | 41.88M | 643K | 61.72K |
| Total Assets | 70.75M | 102.24M | 48.32M | 72.59M | 19.28M | 293.74M |
| Asset Turnover | 0.56x | 0.38x | 0.03x | 0.05x | 0.20x | - |
| Asset Growth % | -0.94% | 111.61% | -33.44% | 276.57% | -93.44% | - |
| Total Current Liabilities | 26.54M | 43.39M | 14.02M | 31.38M | 20.22M | 700K |
| Accounts Payable | 14.33M | 31.36M | 0 | 14.93M | 8.72M | 0 |
| Days Payables Outstanding | 194.18 | 340.3 | - | 1.49K | 1.05K | - |
| Short-Term Debt | 2.1M | 2.14M | 1.5M | 810.35K | 0 | 144.75K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 733K | 730K | 0 |
| Other Current Liabilities | 7.25M | 9.57M | 4.06M | -1.3M | 2.04M | 555.26K |
| Current Ratio | 2.46x | 2.23x | 0.05x | 0.82x | 0.63x | 2.67x |
| Quick Ratio | 2.12x | 1.99x | 0.05x | 0.61x | 0.41x | 2.67x |
| Cash Conversion Cycle | 60.16 | 116.32 | - | -808.74 | -327.21 | - |
| Total Non-Current Liabilities | 18.77M | 19.85M | 10.06M | 10.06M | 69.59M | 10.06M |
| Long-Term Debt | 0 | 0 | 0 | 18.06M | 3.14M | 0 |
| Capital Lease Obligations | 2.52M | 0 | 0 | 1.79M | 781K | 0 |
| Deferred Tax Liabilities | 33K | 33K | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 18.13M | 19.82M | 10.06M | -10.16M | 64.57M | 10.06M |
| Total Liabilities | 45.31M | 63.24M | 24.08M | 41.44M | 89.82M | 10.76M |
| Total Debt | 2.74M | 2.14M | 1.5M | 21.23M | 4.81M | 144.75K |
| Net Debt | -30.48M | -43.64M | 1.5M | 21.23M | -107K | -1.39M |
| Debt / Equity | 0.11x | 0.05x | 0.06x | 0.68x | - | 0.00x |
| Debt / EBITDA | -0.03x | - | - | - | - | - |
| Net Debt / EBITDA | 0.35x | - | - | - | - | - |
| Interest Coverage | - | - | - | -0.99x | -0.88x | - |
| Total Equity | 25.45M | 39M | 24.24M | 31.15M | -70.54M | 282.98M |
| Equity Growth % | 210.61% | 60.91% | -22.2% | 144.16% | -124.93% | - |
| Book Value per Share | 0.21 | 0.37 | 0.24 | 0.31 | -0.17 | 0.67 |
| Total Shareholders' Equity | 25.45M | 39M | 24.24M | 31.15M | -70.54M | 282.98M |
| Common Stock | 12K | 0 | 47.6M | 46.99M | 0 | 291.81M |
| Retained Earnings | -658.81M | -636.15M | -23.36M | -15.84M | -280.47M | -8.83M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 125K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable capital structure
As reported in financial statements, Blaize Holdings has seen its equity base fluctuate from a deficit of $279.9M in 2024Q3 to a positive $25.4M by 2026Q1, reflecting a highly unstable balance sheet trajectory driven by recurring losses and intermittent capital infusions.
The erratic movement in total equity suggests that the company relies heavily on external financing to offset persistent operational deficits. Investors should monitor whether this volatility indicates a structural inability to retain earnings or merely the byproduct of aggressive, non-recurring capital restructuring.
Based on the provided balance sheet data, the company's debt profile has shifted significantly, with total debt peaking at $166.5M in 2024Q3 before contracting to $2.7M in 2026Q1, signaling a potential deleveraging effort that warrants further investigation into the underlying financing terms.
The sharp reduction in debt levels appears to be a strategic necessity to avoid insolvency rather than a sign of organic cash-flow-driven repayment. This rapid shift suggests that the company's access to credit may be constrained, forcing a reliance on equity-linked financing to maintain operations.
According to recent quarterly filings, the current ratio has oscillated wildly from a low of 0.05 in 2024Q4 to 2.46 in 2026Q1, indicating that the company's ability to meet short-term obligations remains highly sensitive to the timing of cash injections and project-based revenue recognition.
The inconsistency in liquidity metrics suggests that the company lacks a stable working capital cushion, leaving it vulnerable to operational shocks. Without a consistent path to positive cash flow, the current liquidity position appears fragile and dependent on continuous external support.
As evidenced by the reported figures, the company has amassed a staggering $658.8M in accumulated losses as of 2026Q1, which significantly distorts the book value of equity and highlights the severe long-term value destruction inherent in the current business model.
This massive deficit suggests that the company's historical R&D investments have yet to translate into a scalable, profitable product architecture. Investors should be wary that the headline equity figures may not reflect the true economic cost of the company's ongoing burn-to-scale strategy.
Quick answers to the most common questions about buying BZAI stock.
As of 2025, Blaize Holdings, Inc. (BZAI) had total assets of $102.2M including $96.6M in current assets.
Blaize Holdings, Inc. (BZAI) carries total debt of $2.1M, offset by $45.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Blaize Holdings, Inc. (BZAI) has total shareholders' equity (book value) of $39.0M ($0.37 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Blaize Holdings, Inc. (BZAI) reported a current ratio of 2.23x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.