Revenue: As of FY2026 Q1, the actual value is USD 2.7 M.

EBIT: As of FY2026 Q1, the actual value is USD -22.73 M.

First Quarter 2026 Financials

Gross Margin

Gross margin expanded to 58% in the first quarter of 2026, a significant increase from 11% in the fourth quarter of 2025 .

Net Loss

Net loss for the first quarter of 2026 was - $22.7 million, which is an improvement compared to a net loss of - $147.8 million in the first quarter of 2025 .

Adjusted EBITDA Loss

Adjusted EBITDA loss was - $13.9 million for the first quarter of 2026, compared to an Adjusted EBITDA loss of - $15.4 million in the first quarter of 2025 .

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA (Unaudited, Amounts in thousands)

Q1 2026 vs. Q1 2025

• Net loss: - $22,653 for Q1 2026, compared to - $147,761 for Q1 2025 .
• Depreciation: $186 for Q1 2026, compared to $191 for Q1 2025 .
• Provision for income taxes: $99 for Q1 2026, compared to $162 for Q1 2025 .
• Interest income, net: - $179 for Q1 2026, compared to - $399 for Q1 2025 .
• EBITDA: - $22,547 for Q1 2026, compared to - $147,807 for Q1 2025 .
• Stock-based compensation: $8,948 for Q1 2026, compared to $11,040 for Q1 2025 .
• Fair value changes and financing charges: - $1,027 for Q1 2026, compared to $109,530 for Q1 2025 .
• Transaction costs: $0 for Q1 2026, compared to $12,043 for Q1 2025 .
• Non-cash inventory cost realignment adjustments: $106 for Q1 2026, compared to - $625 for Q1 2025 .
• Other adjustments: $594 for Q1 2026, compared to $439 for Q1 2025 .
• Adjusted EBITDA: - $13,926 for Q1 2026, compared to - $15,380 for Q1 2025 .

Operational Metrics

Strategic Partnerships

Blaize announced four new strategic partnerships with NeoTensr, Nokia, Datacomm Diangraha, and Winmate . A contract with NeoTensr is valued at up to $50 million, including an $11 million purchase order expected to be fulfilled in the second quarter . The strategic partnership with Winmate aims to close approximately $15 million in business during the first year .

Product and Capitalization

The company introduced the Blaize AI Services platform at GITEX AI 2026, with face recognition as the initial application-level AI service, indicating a shift towards recurring, API-based revenue . Blaize strengthened its capitalization through a $35 million registered equity offering, supported by large institutional investors .

Financial Outlook for Full Year Ending December 31, 2026

Blaize reaffirmed its full-year 2026 revenue guidance at approximately $130.0 million . The company anticipates an Adjusted EBITDA loss in the range of $45.0 million to $50.0 million . Stock-based compensation is projected to be approximately $34.4 million, with weighted average shares outstanding around 142 million shares .