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Blaize Holdings, Inc.

BZAI Nasdaq Semiconductors & Related Devices Financials FY2022โ€“FY2025

Last close ยท Oct 23, 2026

$0.24

2.7%
Compare
Revenue Total sales reported in the income statement.
$38.6M
2,386.0% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’268.8%
2,796.5ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$207M
Free cash flow Cash from operations minus capital spending.
โˆ’$74.5M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
$32.3M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.49 EPS (TTM)

What Blaize Holdings, Inc. does

No business description yet.

Legal name
Blaize Holdings, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Mar 24, 2026
Accession ยท CIK
0001871638-26-000011
0001871638

Revenue and margins

Blaize Holdings, Inc. had $38.6M of revenue in fiscal 2025, up 2,386.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$74.5M in fiscal 2025, โˆ’192.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Blaize Holdings, Inc. returned โ€” to shareholders in fiscal 2025. The diluted share count rose 496.7%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Blaize Holdings, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25
Cash and short-term investments $0.0M$0.0M$50.2M$45.8M
Current ratio 0.2x0.8x0.4x2.2x
Quick ratio 0.2x0.8x0.3x2.0x
Total assets $296M$72.6M$78.5M$102M
Total liabilities $11.4M$41.4M$189M$63.2M
Shareholders' equity โˆ’$10.1Mโˆ’$53.2Mโˆ’$110M$39.0M
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โ€”

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY22FY23FY24FY25
Net income is positive โœ“ โœ“ โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ•
Return on assets rose โ€” โœ“ โœ• โœ•
Cash from operations exceeds net income โœ• โœ• โœ“ โœ“
Debt fell relative to assets โ€” โ€” โ€” โ€”
Current ratio rose โ€” โœ“ โœ• โœ“
Share count didn't rise โ€” โ€” โ€” โœ•
Gross margin rose โ€” โ€” โ€” โœ•
Revenue rose relative to assets โ€” โ€” โ€” โœ“
F-score โ€” / 3โ€” / 5โ€” / 53 / 8
Accruals ratio 1.0%2.0%โˆ’10.1%โˆ’147.4%
Altman Z'' โˆ’1.11โˆ’2.89โˆ’32.08โˆ’23.05

4 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY22FY23FY24FY25
Income statement
Revenue โ€” โ€” $1.6M $38.6M
Gross profit โ€” โ€” $1.0M $6.2M
Research and development โ€” โ€” $25.1M $42.5M
Operating income โˆ’$1.5M โˆ’$3.4M โˆ’$47.6M โˆ’$104M
Pretax income $2.5M $2.4M โˆ’$62.1M โˆ’$207M
Income tax $0.8M $1.0M โˆ’$1.0M $0.2M
Net income $1.7M $1.3M โˆ’$61.2M โˆ’$207M
Net income to common โ€” โ€” โˆ’$61.2M โˆ’$207M
Diluted EPS โ€” โ€” โˆ’$3.50 โˆ’$1.98
Diluted shares โ€” โ€” 0.02B 0.10B
Cash flow
Cash from operations โˆ’$1.4M โˆ’$2.3M โˆ’$53.5M โˆ’$73.8M
Capital expenditure โ€” โ€” $0.9M $0.8M
Free cash flow โ€” โ€” โˆ’$54.4M โˆ’$74.5M
Stock-based compensation โ€” โ€” $3.8M $37.5M
Balance sheet
Cash and short-term investments $0.0M $0.0M $50.2M $45.8M
Current assets $0.2M $25.7M $71.7M $96.6M
Current liabilities $1.3M $31.4M $186M $43.4M
Inventory โ€” โ€” $8.6M $10.1M
Property and equipment, net โ€” โ€” $2.1M $1.2M
Total assets $296M $72.6M $78.5M $102M
Total liabilities $11.4M $41.4M $189M $63.2M
Shareholders' equity โˆ’$10.1M โˆ’$53.2M โˆ’$110M $39.0M
Margins
Gross margin โ€” โ€” 62.7% 16.0%
Operating margin โ€” โ€” โˆ’3,065.3% โˆ’268.8%
Net margin โ€” โ€” โˆ’3,937.9% โˆ’535.6%
FCF margin โ€” โ€” โˆ’3,502.8% โˆ’192.9%
Returns
Return on capital employed โˆ’0.5% โˆ’8.2% 44.3% โˆ’176.5%
Return on assets 0.6% 0.7% โˆ’81.0% โˆ’229.0%
Return on tangible equity โ€” โ€” โ€” โˆ’530.5%
Growth
Revenue growth โ€” โ€” โ€” 2,386.0%
Net income growth โ€” โˆ’20.0% โˆ’4,669.9% โ€”
Share count change โ€” โ€” โ€” 496.7%
Financial health
Current ratio 0.2x 0.8x 0.4x 2.2x
Quick ratio 0.2x 0.8x 0.3x 2.0x
Capital allocation
Capex / revenue โ€” โ€” 58.0% 2.0%
Stock comp / revenue โ€” โ€” 247.6% 97.2%
Quality scores
Piotroski F-score โ€” โ€” โ€” 3.0
Altman Z'' โˆ’1.1 โˆ’2.9 โˆ’32.1 โˆ’23.1
Accruals ratio 1.0% 2.0% โˆ’10.1% โˆ’147.4%

Source: SEC EDGAR XBRL filings (CIK 0001871638). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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