Revenue growth remains highly erratic, evidenced by a 171.9% surge in 2026Q1, while operating expenses consistently dwarf revenue, resulting in an operating margin of -237.62% across recent periods.
| 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
As evidenced by the quarterly income statement data, Blaize Holdings has experienced erratic revenue fluctuations, including a notable 171.9% growth in 2026Q1, which suggests that the company's top-line performance remains highly sensitive to lumpy, project-based deployments rather than a consistent, scalable organic growth trajectory.
The extreme variance in quarterly revenue figures indicates that the company has yet to establish a predictable commercial cadence. Investors should monitor whether these spikes represent sustainable market adoption or merely the irregular timing of non-recurring engineering contracts.
According to the provided financial records, gross margins have fluctuated significantly, reaching a low of -4.2% in 2023Q4 and failing to maintain consistent levels, which implies that the company faces substantial challenges in achieving the economies of scale necessary for a viable semiconductor business model.
The inability to sustain healthy gross margins suggests that production costs for the GSP architecture are currently prohibitive. This lack of pricing power relative to established industry peers warrants further investigation into whether the company's hardware is being sold at a loss to secure market entry.
Based on reported figures, the company's operating expenses, particularly R&D and SG&A, consistently dwarf quarterly revenue, resulting in an operating margin of -237.62% that highlights a severe disconnect between the firm's aggressive investment in proprietary technology and its current ability to monetize those assets.
The heavy reliance on high R&D spending to maintain the GSP architecture appears to be the primary driver of the company's persistent operating losses. Without a clear path to operational leverage, the current cost structure may continue to necessitate significant external capital infusions.
As highlighted by the net margin of -535.58% in recent periods, the company's financial profile suggests a high-risk burn-to-scale strategy that may be unsustainable, as the current revenue base is insufficient to cover the massive overhead required to support its specialized semiconductor design operations.
Short-sellers would likely focus on the extreme disparity between the company's growth narrative and its actual bottom-line performance. The reliance on external financing to bridge the gap between revenue and expenses suggests that the company remains highly vulnerable to shifts in capital market sentiment.
Quick answers to the most common questions about buying BZAI stock.
For fiscal year 2025, Blaize Holdings, Inc. (BZAI) reported total revenue of $38.6M.
Blaize Holdings, Inc. (BZAI) reported a net loss of $206.9M for the fiscal year ending 2025.
Blaize Holdings, Inc. (BZAI) 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. (BZAI) 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.