Revenue growth reached 171.9% in 2026Q1, yet gross margins remain highly unstable, fluctuating from a 50.8% peak down to 10.0% in 2025Q4.
| Sales/Revenue | 40.36M | 38.63M | 1.55M | 3.86M | 3.84M | 0 |
| Revenue Growth % | 8712.9% | 2385.97% | -59.7% | 0.39% | - | - |
| Cost of Goods Sold | 34.46M | 33.63M | 579K | 3.66M | 3.04M | 0 |
| COGS % of Revenue | - | 87.06% | 37.26% | 94.81% | 79.02% | - |
| Gross Profit | 5.9M | 5M | 975K | 200K | 806K | 0 |
| Gross Margin % | 14.62% | 12.94% | 62.74% | 5.19% | 20.98% | - |
| Gross Profit Growth % | - | 412.72% | 387.5% | -75.19% | - | - |
| Operating Expenses | 95.11M | 96.8M | 48.61M | 38.73M | 51.02M | 66.79K |
| OpEx % of Revenue | - | 250.56% | 3128.06% | 1004.36% | 1328.35% | - |
| Selling, General & Admin | 42.42M | 0 | 0 | 0 | 15.66M | 66.79K |
| SG&A % of Revenue | - | - | - | - | 407.84% | - |
| Research & Development | 28.96M | 0 | 25.09M | 18.11M | 24.3M | 0 |
| R&D % of Revenue | - | - | 1614.8% | 469.79% | 632.7% | - |
| Other Operating Expenses | 1000K | 96.8M | 23.52M | 20.61M | 11.05M | 0 |
| Operating Income | -89.21M | -91.8M | -47.63M | -38.53M | -50.22M | -66.79K |
| Operating Margin % | -221.01% | -237.62% | -3065.32% | -999.17% | -1307.37% | - |
| Operating Income Growth % | - | -92.71% | -23.64% | 23.28% | -75083.78% | - |
| EBITDA | -88.2M | -91.8M | -46.75M | -36.49M | -47.47M | -65.89K |
| EBITDA Margin % | -218.52% | -237.62% | -3008.3% | -946.27% | -1235.75% | - |
| EBITDA Growth % | -10458.77% | -96.36% | -28.12% | 23.13% | -71934.54% | - |
| D&A (Non-Cash Add-back) | 1.01M | 0 | 886K | 2.04M | 2.75M | 0 |
| EBIT | -89.21M | -91.8M | -47.63M | -38.53M | -50.22M | -65.89K |
| Net Interest Income | 0 | 0 | 2.47M | -33.23M | -57.04M | 899 |
| Interest Income | 0 | 0 | 2.47M | 5.75M | 0 | 899 |
| Interest Expense | 0 | 0 | 0 | 38.98M | 57.04M | 0 |
| Other Income/Expense | 7.57M | -114.89M | -14.51M | -49.66M | -53.88M | 899 |
| Pretax Income | -81.64M | -206.69M | -62.15M | -88.19M | -104.1M | -65.89K |
| Pretax Margin % | -202.27% | -535.01% | -3999.16% | -2287.01% | -2710.13% | - |
| Income Tax | 154K | 217K | -952K | -598K | 534K | 0 |
| Effective Tax Rate % | -0.19% | -0.1% | 1.53% | 0.68% | -0.51% | 0% |
| Net Income | -81.8M | -206.9M | -61.2M | -87.59M | -104.63M | -65.89K |
| Net Margin % | -202.65% | -535.58% | -3937.9% | -2271.5% | -2724.03% | - |
| Net Income Growth % | 39.47% | -238.11% | 30.13% | 16.29% | -158690.14% | - |
| Net Income (Continuing) | -81.8M | -206.9M | -61.2M | -87.59M | -104.63M | -65.89K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.67 | -1.98 | -0.04 | 0.01 | -0.26 | -0.00 |
| EPS Growth % | 43.31% | -4788.89% | -406.82% | 105.08% | - | - |
| EPS (Basic) | - | -1.98 | -0.04 | 0.01 | -0.26 | -0.00 |
| Diluted Shares Outstanding | 122.38M | 104.28M | 101.64M | 101.59M | 404.15M | 420.61M |
| Basic Shares Outstanding | 122.38M | 104.28M | 101.64M | 101.59M | 404.15M | 420.61M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Unsustainable cash burn rate
According to recent quarterly filings, Blaize achieved a significant revenue surge to $23.8M in 2025Q4, representing a dramatic acceleration from earlier periods, though the consistency of this growth remains questionable given the transactional nature of hardware deployments in the automotive and smart vision sectors.
The rapid revenue expansion suggests that the company is successfully transitioning from pilot programs to production-scale deployments. However, investors should monitor whether this growth is driven by sustainable recurring software licensing or one-time engineering fees that may not repeat in future cycles.
As reported in financial statements, Blaize's gross margin plummeted to 10.0% in 2025Q4, a stark decline from the 50.8% peak observed in 2026Q1, suggesting that the company may be sacrificing pricing power to secure market share in a highly competitive edge AI hardware landscape.
This margin volatility indicates that the company's current cost structure is highly sensitive to manufacturing yields or potentially aggressive discounting strategies. The inability to maintain consistent margins suggests that the proprietary GSP architecture has not yet established the pricing premium necessary to offset high production costs.
Based on the provided income statement data, Blaize's operating expenses, particularly R&D and SG&A, have consistently dwarfed gross profit, resulting in an operating margin of -237.62% that highlights the company's heavy reliance on external capital to fund its ongoing semiconductor development and market expansion efforts.
The high fixed-cost base is characteristic of early-stage semiconductor firms, yet the lack of operating leverage is concerning. Without a significant increase in software attach rates to improve unit economics, the current expense trajectory appears to be fundamentally misaligned with the company's revenue-generating capacity.
Analysis of the income statement reveals that Blaize is currently losing more than two dollars for every dollar of revenue generated, a trend that warrants further investigation into whether the company's business model can ever achieve the scale required to reach sustainable profitability.
Short-term revenue spikes may be masking a lack of customer diversification and the potential for significant revenue cliffs if large, low-margin contracts fail to renew. The reliance on non-recurring engineering fees and the high cash burn rate suggest that the company remains in a precarious financial position.
Quick answers to the most common questions about buying BZAIW stock.
For fiscal year 2025, Blaize Holdings, Inc. (BZAIW) reported total revenue of $38.6M.
Blaize Holdings, Inc. (BZAIW) reported a net loss of $206.9M for the fiscal year ending 2025.
Blaize Holdings, Inc. (BZAIW) reported an operating income of $-91.8M, resulting in an operating profit margin of -237.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Blaize Holdings, Inc. (BZAIW) generated $5.0M in gross profit for the year, representing a gross profit margin of 12.9%. This demonstrates the company's core pricing power and production efficiency.