Blaize Holdings, Inc.

For the period ended Dec 31, 2025. Filed Mar 24, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 24, 2026

BZAI$0.20-2.5%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Operations

(Amounts in thousands, except shares and per share amounts)

	For the Year Ended December 31,
	2025	2024
Revenue
Products:
Hardware revenue	$35,354	$29
Software revenue	300	—
Hardware revenue - related party	2,499	—
Software revenue - related party	479	—
Services:
Strategic consulting services revenue - related party	—	1,525
Total revenue	38,632	1,554
Cost of revenue	32,438	579
Gross profit	6,194	975
Operating expenses
Research and development	42,523	25,094
Selling, general and administrative	53,501	22,228
Selling, general and administrative - related party	773	185
Depreciation	1,195	886
Transaction costs	12,043	217
Total operating expenses	110,035	48,610
Loss from operations	(103,841)	(47,635)
Other expense, net
Change in fair value of Legacy Blaize convertible notes and warrants	(226,048)	(15,723)
Change in fair value of other earnout shares	117,113	—
Change in fair value of Polar warrants	4,125	—
Change in fair value of committed equity facility, net	1,210	—
Change in fair value of unissued shares of common stock	(238)	—
Other, net	992	1,211
Total other expense, net	(102,846)	(14,512)
Loss before income taxes	(206,687)	(62,147)
Provision for (benefit from) income taxes	217	(952)
Net loss	$(206,904)	$(61,195)
Net loss per share - basic and diluted	$(1.98)	$(3.50)
Weighted average shares outstanding - basic and diluted	104,275,265	17,476,105

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.