The company has significantly deleveraged, reducing total debt to $2.7M in 2026Q1 from a peak of $166.5M in 2024Q3, though this is offset by an accumulated deficit of $658.8M.
| 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 liquidity depletion
As reported in recent financial filings, Blaize's equity position has experienced extreme volatility, swinging from a deficit of $279.9M in 2024Q3 to a positive $25.4M by 2026Q1, reflecting the significant impact of capital raises and ongoing operational losses on the company's long-term solvency trajectory.
The rapid shift from deep negative equity to a positive balance suggests heavy reliance on external financing to offset persistent operating deficits. Investors should monitor whether this equity stabilization is sustainable or merely a temporary byproduct of recent capital injections that do not address the underlying cash burn.
Based on the provided balance sheet data, Blaize's debt profile has shifted significantly, with total debt peaking at $166.5M in 2024Q3 before contracting to $2.7M by 2026Q1, indicating a strategic effort to deleverage following the company's transition to public markets via a SPAC merger.
The reduction in debt levels appears to be a necessary move to improve the balance sheet, yet the company remains vulnerable to future financing needs given its negative profitability. The current low debt-to-equity ratio of 0.11 may provide some flexibility, but it does not mitigate the fundamental risk posed by the lack of internal cash generation.
According to quarterly balance sheet figures, Blaize's current ratio has fluctuated wildly, reaching 2.46 in 2026Q1 from a low of 0.05 in 2024Q4, which highlights the company's precarious reliance on periodic capital infusions to maintain sufficient liquidity for its ongoing semiconductor development and operational requirements.
While the current ratio suggests a temporary improvement in liquidity, the absolute cash balance of $33.2M remains modest relative to the company's high burn rate. This suggests that the company may face recurring liquidity crunches unless it can achieve a significant improvement in unit economics or secure additional funding.
As indicated by historical financial statements, the company's equity base has been severely distorted by massive accumulated deficits totaling $658.8M as of 2026Q1, which suggests that the headline equity figures may mask the true extent of value destruction inherent in the current business model.
The persistent accumulation of losses warrants further investigation into the long-term viability of the GSP architecture's commercialization. Investors should be cautious that the current equity position may be highly sensitive to future impairment risks or the need for further dilutive capital raises to sustain operations.
Quick answers to the most common questions about buying BZAIW stock.
As of 2025, Blaize Holdings, Inc. (BZAIW) had total assets of $102.2M including $96.6M in current assets.
Blaize Holdings, Inc. (BZAIW) 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. (BZAIW) 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. (BZAIW) 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.