--- title: "BLAIZE HOLDINGS INC C/WTS 13/01/2030 (TO PUR COM) | 10-K: FY2025 Revenue: USD 38.63 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/280367389.md" datetime: "2026-03-24T20:26:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280367389.md) - [en](https://longbridge.com/en/news/280367389.md) - [zh-HK](https://longbridge.com/zh-HK/news/280367389.md) generator: "portal-rs" --- # 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 . ### Related Stocks - [BZAIW.US](https://longbridge.com/en/quote/BZAIW.US.md) ## Related News & Research - [Watts Water Technologies (WTS) Runs Near Fair Value, Is The Stock Now Too Pricey?](https://longbridge.com/en/news/297071015.md) - [$1000 Invested In Watts Water Technologies 10 Years Ago Would Be Worth This Much Today](https://longbridge.com/en/news/296960055.md) - [16:05 ETEverpure Announces Second Quarter Fiscal 2027 Financial Results](https://longbridge.com/en/news/297082911.md) - [Rubrik Q2 revenue jumps 38% on subscription ARR growth](https://longbridge.com/en/news/297228242.md) - [FGMA Rises to No. 38 in BD+C's 2026 Top 200 Architecture Firms Ranking](https://longbridge.com/en/news/297187912.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**