Free cash flow remains structurally negative, with margins frequently dipping below -15% and share-based compensation reaching as high as $11.0M in 2025Q1, masking the true economic cost of operations.
| Cash from Operations | -73.76M | -81.41M | -53.53M | -2.34M | -40.22M | 100.27K |
| Operating CF Margin % | - | -210.73% | -3444.79% | -60.56% | -1047.18% | - |
| Operating CF Growth % | -7297.4% | -52.08% | -2192.26% | 94.19% | -40214.09% | - |
| Net Income | -81.8M | -206.9M | -61.2M | 1.34M | -104.63M | -65.89K |
| Depreciation & Amortization | 1.01M | 0 | 1.35M | 2.04M | 2.75M | 0 |
| Stock-Based Compensation | 7.57M | 0 | 3.85M | 2.48M | 1.25M | 0 |
| Deferred Taxes | -43K | 0 | 0 | -107K | -48K | 0 |
| Other Non-Cash Items | 2.04M | 139.64M | 28.91M | -10.17M | 58.54M | -899 |
| Working Capital Changes | -2.54M | -14.14M | -26.45M | 2.08M | 1.92M | 167.06K |
| Change in Receivables | -2.14M | -37.2M | -147K | 1M | -1.89M | 0 |
| Change in Inventory | 149K | -1.57M | -2.04M | -2.19M | -910K | 0 |
| Change in Payables | -10.55M | 15.34M | 0 | 9.5M | 4.42M | 0 |
| Cash from Investing | -243K | -788K | -902K | 230.12M | -493K | -291.81M |
| Capital Expenditures | -243K | -788K | -902K | -220K | -493K | 0 |
| CapEx % of Revenue | 0.6% | 2.04% | 58.04% | 5.71% | 12.84% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 230.34M | 0 | 0 |
| Cash from Financing | 62.14M | 77.76M | 101.71M | -226.97M | 39.09M | 293.25M |
| Debt Issued (Net) | 0 | 0 | 110.72M | 810.35K | 33.77M | 0 |
| Equity Issued (Net) | 61.55M | 61.5M | 0 | -227.78M | 5.26M | 293.25M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -227.78M | 0 | 0 |
| Other Financing | 587K | 16.26M | -9.01M | 0 | 52K | 0 |
| Net Change in Cash | -12.24M | 45.02M | 47.27M | 821.08K | -1.63M | 1.54M |
| Free Cash Flow | -74.01M | -82.2M | -54.43M | -2.34M | -40.72M | 100.27K |
| FCF Margin % | -183.35% | -212.77% | -3502.83% | -60.56% | -1060.01% | - |
| FCF Growth % | -59.88% | -51% | -2230.88% | 94.26% | -40705.37% | - |
| FCF per Share | -0.60 | -0.79 | -0.54 | -0.02 | -0.10 | 0.00 |
| FCF Conversion (FCF/Net Income) | 0.90x | 0.39x | 0.87x | 0.03x | 0.38x | -1.52x |
| Interest Paid | 0 | 0 | 245K | 3K | 0 | 0 |
| Taxes Paid | 309K | 0 | 0 | 791.76K | 454K | 0 |
Unsustainable cash burn rate
As reported in financial statements, the relationship between net income and operating cash flow remains highly erratic, with OCF/NI ratios fluctuating wildly from 0.11 to 6.00, suggesting that accounting earnings provide little visibility into the actual cash-generating capacity of the company's core semiconductor operations.
The significant variance between net income and operating cash flow indicates that non-cash items and accruals are heavily distorting the bottom line. Investors should monitor this divergence closely, as it suggests that the company's reported losses may not fully capture the underlying cash burn required to sustain its current R&D-heavy business model.
Based on Blaize Holdings' reported figures, free cash flow remains consistently negative across the observed ten-quarter period, with FCF margins frequently dipping below -15%, highlighting a structural inability to fund operations through internal cash generation despite the company's aggressive pursuit of market share.
The persistent negative FCF trajectory underscores the company's reliance on external financing to bridge the gap between its high operating costs and limited revenue. This trend suggests that the firm is currently in a capital-intensive phase where growth is being purchased at the expense of long-term liquidity.
According to recent SEC filings, working capital changes have swung from a $10.9M inflow in 2025Q1 to a $5.3M outflow in 2024Q3, indicating that the company's cash conversion cycle is highly sensitive to lumpy project-based revenue recognition and inventory management challenges.
The lack of stability in working capital suggests that the company may be struggling to manage its supply chain and customer payment terms effectively. Such volatility warrants further investigation into whether these fluctuations are driven by seasonal demand or underlying inefficiencies in the order-to-cash process.
As evidenced by the provided cash flow data, share-based compensation has periodically reached as high as $11.0M in a single quarter, which effectively obscures the true economic cost of talent acquisition and dilutes the impact of the company's ongoing cash burn on shareholder value.
The reliance on equity-based incentives appears to be a strategic lever to preserve cash, yet it masks the true operational cost of the business. Analysts should consider these non-cash expenses when evaluating the company's long-term path to profitability, as they represent a significant claim on future equity.
Quick answers to the most common questions about buying BZAI stock.
Blaize Holdings, Inc. (BZAI) generated $-81.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Blaize Holdings, Inc. (BZAI) reported negative free cash flow of $82.2M in 2025, indicating capital requirements exceeded cash from operations.
Blaize Holdings, Inc. (BZAI) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.