BLAIZE HOLDINGS INC C/WTS 13/01/2030 (TO PUR COM) | 10-K: FY2025 Revenue: USD 38.63 M

Revenue: As of FY2025, the actual value is USD 38.63 M.

EPS: As of FY2025, the actual value is USD -1.98.

EBIT: As of FY2025, the actual value is USD -105.59 M.

Segment Revenue

• Total Revenue: Blaize Holdings, Inc. reported total revenue of $38,632 thousand for the year ended December 31, 2025, a significant increase from $1,554 thousand in 2024, primarily driven by hardware sales to third parties in 2025 .
• Revenue by Product/Service (2025 vs. 2024):
  • Hardware Revenue: $35,354 thousand in 2025 compared to $29 thousand in 2024 .
  • Software Revenue: $300 thousand in 2025 compared to $0 in 2024 .
  • Hardware Revenue - related party: $2,499 thousand in 2025 compared to $0 in 2024 .
  • Software Revenue - related party: $479 thousand in 2025 compared to $0 in 2024 .
  • Strategic Consulting Services Revenue - related party: $0 in 2025 compared to $1,525 thousand in 2024 .
• Revenue by Geographical Location (2025 vs. 2024):
  • China: $35,155 thousand (91.00% of total revenue) in 2025 compared to $0 in 2024 .
  • United States: $3,327 thousand (8.61%) in 2025 compared to $1,215 thousand (78.19%) in 2024 .
  • Japan: $3 thousand (0.01%) in 2025 compared to $332 thousand (21.36%) in 2024 .
  • Other: $147 thousand (0.38%) in 2025 compared to $7 thousand (0.45%) in 2024 .

Operational Metrics

• Gross Profit: $6,194 thousand in 2025 compared to $975 thousand in 2024 .
• Gross Margin: Approximately 16.03% in 2025 compared to 62.74% in 2024, with the decrease attributed to a substantial portion of revenue from lower-margin third-party hardware products .
• Operating Expenses (2025 vs. 2024):
  • Cost of Revenue: $32,438 thousand in 2025, up from $579 thousand in 2024, primarily due to purchases of hardware from third-party vendors .
  • Research and Development (R&D): $42,523 thousand in 2025, an increase of $17,429 thousand (69.5%) from $25,094 thousand in 2024, mainly due to $17.1 million in higher stock-based compensation and acquisition of third-party intellectual property .
  • Selling, General and Administrative (SG&A): $53,501 thousand in 2025, an increase of $31,273 thousand (140.7%) from $22,228 thousand in 2024, primarily due to $20.5 million in stock-based compensation expense .
  • SG&A - related party: $773 thousand in 2025 compared to $185 thousand in 2024 .
  • Depreciation: $1,195 thousand in 2025 compared to $886 thousand in 2024 .
  • Transaction costs: $12,043 thousand in 2025 compared to $217 thousand in 2024 .
  • Total Operating Expenses: $110,035 thousand in 2025 compared to $48,610 thousand in 2024 .
• Loss from Operations: -$103,841 thousand in 2025, significantly higher than -$47,635 thousand in 2024 .
• Other Expense, Net (2025 vs. 2024):
  • Total Other Expense, Net: -$102,846 thousand in 2025 compared to -$14,512 thousand in 2024 . This includes a -$226,048 thousand change in fair value of Legacy Blaize convertible notes and warrants in 2025 .
• Net Loss: -$206,904 thousand in 2025, compared to -$61,195 thousand in 2024 .
• EBITDA: -$207,244 thousand in 2025 compared to -$63,165 thousand in 2024 .
• Adjusted EBITDA: -$50,478 thousand in 2025 compared to -$42,696 thousand in 2024 .

Cash Flow

• Net Cash Used in Operating Activities: -$73,751 thousand in 2025 compared to -$53,532 thousand in 2024 .
• Net Cash Used in Investing Activities: -$788 thousand in 2025 compared to -$902 thousand in 2024, primarily for property and equipment purchases .
• Net Cash Provided by Financing Activities: $70,101 thousand in 2025 compared to $101,709 thousand in 2024 . Financing in 2025 included $33,250 thousand from the Committed Equity Facility, $27,902 thousand from the Polar Private Placement, and $15,873 thousand from the Merger and PIPE financing .
• Cash and Cash Equivalents: $45,781 thousand as of December 31, 2025, compared to $50,237 thousand as of December 31, 2024 .

Unique Metrics

• Customer Pipeline (as of December 31, 2025):
  • Proof of Concept Stage (POCs): 25 initiated or in progress with potential customers .
  • Partners: 30 total Partners .
  • Design Wins: 20 confirmed with Partners or customers .

Outlook / Guidance

Blaize Holdings, Inc. expects continued increases in R&D expenses to support next-generation product development and anticipates future revenue from third-party solutions, its hardware and software products, and strategic consulting services . The Company has substantial doubt about its ability to continue as a going concern due to recurring operating losses and negative cash flows, necessitating additional financing .