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$0.20-2.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Statements (unaudited)Condensed Consolidated Balance Sheets
| As of September 30, | As of December 31, | |
|---|---|---|
| (Amounts in thousands, except shares and per share amounts) | 2025 | 2024 |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $24,001 | $50,237 |
| Accounts receivable, net | 10,218 | 55 |
| Accounts receivable - related party, net | 3,363 | — |
| Inventories | 8,782 | 8,561 |
| Prepaid expenses and other current assets | 8,418 | 14,837 |
| Total current assets | 54,782 | 73,690 |
| Property and equipment, net | 1,265 | 2,081 |
| Deferred income tax assets | 2,363 | 2,157 |
| Operating lease right-of-use assets | 1,692 | 1,773 |
| Other assets | 802 | 815 |
| Total assets | $60,904 | $80,516 |
| Liabilities and stockholders’ equity (deficit) | ||
| Current liabilities: | ||
| Accounts payable | $15,112 | $7,904 |
| Accrued expenses and other current liabilities | 10,537 | 11,996 |
| Accrued expenses and other current liabilities - related party | 384 | — |
| Accrued loss on purchase commitments | 601 | 603 |
| Accrued compensation | 2,610 | 1,613 |
| Income tax payable | 2,518 | 2,109 |
| Operating lease liabilities, current | 678 | 578 |
| Working capital loan - related party | 1,500 | — |
| Advances from related party | 2,857 | — |
| Warrants | — | 14,711 |
| Convertible notes | — | 148,629 |
| Total current liabilities | 36,797 | 188,143 |
| Operating lease liabilities | 948 | 1,166 |
| Other earnout shares | 20,561 | — |
| Other liabilities | 1,292 | 1,670 |
| Total liabilities | 59,598 | 190,979 |
| Commitments and contingencies | ||
| Stockholders’ equity (deficit): | ||
| Common stock - $0.0001 par value; 600,000,000 and 136,562,809 shares authorized as of September 30, 2025 and December 31, 2024, respectively, and 106,754,588 and 48,376,052 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 11 | 5 |
| Additional paid-in capital | 634,154 | 318,783 |
| Accumulated deficit | (632,859) | (429,251) |
| Total stockholders’ equity (deficit) | 1,306 | (110,463) |
| Total liabilities and stockholders’ equity (deficit) | $60,904 | $80,516 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (Amounts in thousands, except shares and per share amounts) | 2025 | 2024 | 2025 | 2024 |
| Revenue | ||||
| Hardware revenue | $10,528 | $23 | $11,592 | $28 |
| Software revenue | — | — | 300 | — |
| Hardware revenue - related party | 1,124 | — | 2,486 | — |
| Software revenue - related party | 215 | — | 478 | — |
| Engineering services revenue - related party | — | 758 | — | 1,525 |
| Total revenue | 11,867 | 781 | 14,856 | 1,553 |
| Cost of revenue | 10,091 | 476 | 11,222 | 1,039 |
| Gross profit | 1,776 | 305 | 3,634 | 514 |
| Operating expenses | ||||
| Research and development | 9,676 | 5,799 | 32,407 | 15,765 |
| Selling, general and administrative | 14,321 | 5,546 | 40,207 | 14,538 |
| Selling, general and administrative - related party | — | — | 455 | — |
| Depreciation and amortization | 364 | 251 | 1,011 | 688 |
| Transaction costs | — | 77 | 12,043 | 163 |
| Total operating expenses | 24,361 | 11,673 | 86,123 | 31,154 |
| Loss from operations | (22,585) | (11,368) | (82,489) | (30,640) |
| Other expense, net | ||||
| Debt financing charge on convertible notes | — | — | — | (464) |
| Gain (loss) on foreign exchange | (88) | 31 | (154) | (62) |
| Change in fair value of convertible notes | — | (15,398) | (165,703) | (25,921) |
| Change in fair value of warrants | — | (90) | (60,345) | 1,255 |
| Change in fair value of other earnout shares | (3,798) | — | 105,463 | — |
| Change in fair value of unissued shares of common stock | 56 | — | (244) | — |
| Change in fair value of committed equity facility | (63) | — | (63) | — |
| Other, net | 241 | 1,273 | 149 | 1,677 |
| Total other expense, net | (3,652) | (14,184) | (120,897) | (23,515) |
| Loss before income taxes | (26,237) | (25,552) | (203,386) | (54,155) |
| Provision for income taxes | 21 | 55 | 222 | 348 |
| Net loss | $(26,258) | $(25,607) | $(203,608) | $(54,503) |
| Net loss per share - basic and diluted | $(0.25) | $(1.47) | $(2.03) | $(3.12) |
| Weighted average shares outstanding - basic and diluted | 103,585,681 | 17,478,371 | 100,130,737 | 17,466,606 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.