Blaize Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
BZAI$0.18-10.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
| Redeemable Convertible · Common Stock Subject · Stockholders’ Equity (Deficit) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Preferred Stock · to Possible Redemption · Common Stock · Treasury Stock · Additional · Accumulated · Total Stockholders’ | |||||||||||
| (Amounts in thousands, except shares) | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Paid-in Capital | Deficit | Equity (Deficit) |
| Balance as of June 30, 2025 | — | $— | — | $— | 98,881,933 | $10 | — | $— | $601,781 | $(606,601) | $(4,810) |
| Issuance of common stock to advisors | — | — | — | — | 769,231 | — | — | — | 2,238 | — | 2,238 |
| Exercises of stock options | — | — | — | — | 15,080 | — | — | — | 18 | — | 18 |
| Releases of restricted stock units | — | — | — | — | 1,331,257 | — | — | — | — | — | — |
| Common stock issued under the committed equity facility | — | — | — | — | 5,673,734 | 1 | — | — | 20,388 | — | 20,389 |
| Committed equity facility fee settled in common stock | — | — | — | — | 83,353 | — | — | — | 243 | — | 243 |
| Stock-based compensation | — | — | — | — | — | — | — | — | 9,486 | — | 9,486 |
| Net loss | — | — | — | — | — | — | — | — | — | (26,258) | (26,258) |
| Balance as of September 30, 2025 | — | $— | — | $— | 106,754,588 | $11 | — | $— | $634,154 | $(632,859) | $1,306 |
| Redeemable Convertible · Common Stock Subject · Stockholders’ Deficit | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Preferred Stock · to Possible Redemption · Common Stock · Treasury Stock · Additional · Accumulated · Total Stockholders’ | |||||||||||
| (Amounts in thousands, except shares) | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Paid-in Capital | Deficit | Deficit |
| Balance as of June 30, 2024 | 34,712,525 | $173,347 | — | $— | 13,633,706 | $— | 96,887 | $— | $142,221 | $(396,952) | $(254,731) |
| Retroactive application of recapitalization | (34,712,525) | (173,347) | — | — | 34,712,525 | 5 | (96,887) | — | 173,342 | — | 173,347 |
| Adjusted balance - beginning of period | — | — | — | — | 48,346,231 | 5 | — | — | 315,563 | (396,952) | (81,384) |
| Exercise of stock options | — | — | — | — | 7,384 | — | — | — | 38 | — | 38 |
| Stock-based compensation | — | — | — | — | — | — | — | — | 359 | — | 359 |
| Net loss | — | — | — | — | — | — | — | — | — | (25,607) | (25,607) |
| Balance as of September 30, 2024 | — | $— | — | $— | 48,353,615 | $5 | — | $— | $315,960 | $(422,559) | $(106,594) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| (Amounts in thousands) | 2025 | 2024 |
| Net cash used in operating activities: | $(57,290) | $(35,788) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (707) | (1,165) |
| Net cash used in investing activities | (707) | (1,165) |
| Cash flows from financing activities: | ||
| Merger and PIPE financing, net of transaction costs | 15,874 | — |
| Funds held in escrow | 503 | — |
| Payment of deferred offering costs | (4,332) | (3,668) |
| Repayment of advances from related party | (114) | — |
| Proceeds from issuance of common stock, net of financing charge on the committed equity facility | 20,024 | — |
| Payment of committed equity facility transaction costs | (200) | — |
| Repayment of short-term demand notes | — | (4,750) |
| Proceeds from exercise of stock options | 18 | 80 |
| Proceeds from convertible notes | — | 110,718 |
| Net cash provided by financing activities | 31,773 | 102,380 |
| Net change in cash, cash equivalents and restricted cash | (26,224) | 65,427 |
| Cash, cash equivalents and restricted cash at beginning of period | 50,488 | 3,213 |
| Cash, cash equivalents and restricted cash at end of period | $24,264 | $68,640 |
| Components of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | $24,001 | $68,640 |
| Restricted cash (included within other assets) | 263 | — |
| Total cash, cash equivalents and restricted cash | $24,264 | $68,640 |
| Supplemental non-cash disclosures: | ||
| Capitalized deferred offering costs included in accounts payable and accrued expenses and other current liabilities | $241 | $864 |
| Issuance of warrants with convertible notes | — | 4,816 |
| Operating lease asset obtained in exchange for new operating lease liabilities | 431 | — |
| Issuance of common stock under committed equity facility | 243 | — |
| Issuance of common stock to advisors | 2,538 | — |
| Conversion of convertible notes to common stock | 314,334 | — |
| Net exercise of warrants for common stock | 75,056 | — |
| Issuance of warrants for professional services | 167 | — |
| Issuance of common stock for shareholder note receivable | 8,754 | — |
| Redemption of common shares with cash held in escrow | 33,157 | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.