Free cash flow remains deeply negative, with a $19.9M burn in 2025Q4 and an erratic OCF/NI ratio that reached 6.00 in the same period, indicating poor cash quality.
| 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
Based on reported financial statements, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio fluctuating from 0.11 in 2025Q1 to 6.00 in 2025Q4, suggesting that accruals and non-cash items significantly distort the company's underlying cash generation capabilities.
The extreme volatility in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual cash-generating capacity. Investors should monitor whether this divergence stems from aggressive revenue recognition or the timing of large, lumpy payments from automotive partners.
As reported in recent filings, Blaize's free cash flow trajectory remains deeply negative, with the company burning $19.9M in 2025Q4 alone, a trend that underscores the structural inability of current operations to self-fund the high R&D requirements of its GSP architecture.
The consistent negative FCF margins, which reached -83.6% in 2025Q4, suggest that the company is currently in a capital-intensive phase where growth is being purchased rather than earned. This trajectory warrants further investigation into the company's runway and the potential for future dilutive financing.
According to quarterly data, working capital changes have been highly inconsistent, swinging from a $10.9M inflow in 2025Q1 to a $2.5M outflow in 2025Q2, which may indicate significant variability in the timing of customer collections and inventory management for its hardware platforms.
The lack of a stable working capital cycle suggests that the company's cash flow is highly sensitive to the specific payment terms of its project-based contracts. This instability may indicate that the company lacks the bargaining power to enforce favorable payment terms with its larger industrial and automotive customers.
Based on the provided figures, the company's capital deployment strategy appears focused on maintaining liquidity, as evidenced by the $21.8M share repurchase in 2024Q4, which seems counterintuitive given the persistent operating losses and the ongoing need for capital to fund semiconductor development.
The decision to allocate cash toward share repurchases while operating margins remain deeply negative suggests a potential misalignment between capital allocation and the company's immediate operational needs. Investors should monitor whether this reflects management's confidence in future cash flows or a misallocation of scarce resources.
Quick answers to the most common questions about buying BZAIW stock.
Blaize Holdings, Inc. (BZAIW) generated $-81.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Blaize Holdings, Inc. (BZAIW) reported negative free cash flow of $82.2M in 2025, indicating capital requirements exceeded cash from operations.
Blaize Holdings, Inc. (BZAIW) 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.