Blaize Holdings Inc

blaize.com

What Do They Do?

Sells AI processors, computing systems and software for enterprise, smart-city and defense applications.

How Do They Make Money?

Customers buy hardware and on-premises software licenses, generally on credit terms of up to net 30 days. Hardware sales are counted when products are transferred, licenses upfront when made available, and services across the contract period as Blaize provides them.

FY2025 revenue

Who Are Their Customers?

Its solutions serve smart-city, defense, retail and enterprise markets. Software and hardware vendors, including system integrators, resellers and distributors, work with Blaize to integrate its products into their offerings.

Customers above 10% of revenue, FY2025

of revenue from two customers (27%, 62%)

FY2024: 98% from two customers

Do Revenues Turn Into Profits?

No. It lost $206.9M in FY2025.

Operating income, FY2025

−269% of revenue

▲ +118% (Loss) vs FY2024 (−$47.6M, −3063%)

Net income, FY2025

−536% of revenue

▲ +238% (Loss) vs FY2024 (−$61.2M, −3938%)

Free cash flow, FY2025

−193% of revenue

▲ +37% (Loss) vs FY2024 (−$54.4M, −3501%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +505%; vs $2M in Q2 FY2025
Net income: ▼ −3% (Loss); vs −$29.6M in Q2 FY2025

Oct 5, 2026 Cuts full-year revenue guidance to $32.0 million–$36.0 million The filing also disclosed subpoenas from the U.S. Department of Justice and information requests from the Securities and Exchange Commission.

From blank-check company to AI computing The older report described a blank-check company seeking a business combination; the latest describes AI computing solutions built from proprietary hardware and software plus third-party systems.

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