Blaize Holdings, Inc.
For the period ended Dec 31, 2025. Filed Mar 24, 2026.
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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$0.18-10.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| For the Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(206,904) | $(61,195) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 1,195 | 886 |
| Noncash lease expense | 688 | 649 |
| Debt financing charge on Legacy Blaize convertible notes | — | 464 |
| Stock-based compensation | 37,546 | 3,847 |
| Non-cash financing expense related to issuance of common stock | 2,767 | — |
| Non-cash financing expense related to issuance of warrants | 1,073 | — |
| Allowance for credit losses | 557 | 420 |
| Deferred income taxes | (368) | (1,124) |
| Change in fair value of Legacy Blaize convertible notes and warrants | 226,048 | 15,723 |
| Change in fair value of Polar warrants | (4,125) | — |
| Change in fair value of other earnout shares | (117,113) | — |
| Change in fair value of unissued shares of common stock | 238 | — |
| Change in fair value of committed equity facility, net | (1,210) | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (33,865) | (464) |
| Accounts receivable, net - related party | (3,330) | 467 |
| Inventories, net | (1,569) | (2,039) |
| Prepaid expenses and other current assets | 10,116 | (21,615) |
| Prepaid expenses and other current assets - related party | 250 | — |
| Accounts payable and accrued expenses | (8,007) | 10,663 |
| Accounts payable and accrued expenses - related party | 511 | — |
| Accrued trade payables | 22,838 | — |
| Operating lease liabilities | (727) | (616) |
| Other current liabilities | (360) | 402 |
| Net cash used in operating activities | (73,751) | (53,532) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (788) | (902) |
| Net cash used in investing activities | (788) | (902) |
| Cash flows from financing activities: | ||
| Merger and PIPE financing, net of transaction costs | 15,873 | — |
| Funds held in escrow | 503 | — |
| Proceeds from the sale of common stock to Polar, net of offering expenses | 27,902 | — |
| Payment of deferred offering costs | (7,658) | (4,357) |
| Repayment of advances from related party | (114) | — |
| Proceeds from issuance of common stock, net of financing charge on the committed equity facility | 33,250 | — |
| Repayment of short-term demand notes | — | (4,750) |
| Proceeds from exercise of stock options | 345 | 98 |
| Proceeds from Legacy Blaize convertible notes | — | 110,718 |
| Net cash provided by financing activities | 70,101 | 101,709 |
CONSOLIDATED STATEMENTS OF CASH FLOWS(cont.)
(Amounts in thousands)
| For the Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Net change in cash, cash equivalents and restricted cash | (4,438) | 47,275 |
| Cash, cash equivalents and restricted cash at beginning of period | 50,488 | 3,213 |
| Cash, cash equivalents and restricted cash at end of period | $46,050 | $50,488 |
| Components of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | $45,781 | $50,237 |
| Restricted cash (included within other assets) | 269 | 251 |
| Total cash, cash equivalents and restricted cash | $46,050 | $50,488 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for taxes - State | $1 | N/A |
| Cash paid for taxes - Foreign (India) | 384 | N/A |
| Cash refund received for taxes - Foreign (United Kingdom) | (48) | N/A |
| Total cash paid for taxes, net of refunds | $337 | $223 |
| Cash paid for interest | — | 245 |
| Supplemental non-cash disclosures: | ||
| Conversion of Legacy Blaize convertible notes to common stock | 314,331 | — |
| Net exercise of Legacy Blaize warrants for common stock | 75,056 | — |
| Redemption of common shares with cash held in escrow | 33,157 | — |
| Issuance of common stock for shareholder note receivable | 8,754 | — |
| Capitalized deferred offering costs included in accounts payable and accrued expenses and other current liabilities | — | 6,764 |
| Issuance of Legacy Blaize warrants with Legacy Blaize convertible notes | — | 4,816 |
| Issuance of common stock to advisors | 2,788 | — |
| Reversal of excise tax accrual to additional paid-in-capital | 2,660 | — |
| Property and equipment acquired in accounts payable and accrued expenses | — | 510 |
| Operating lease asset obtained in exchange for new operating lease liabilities | 431 | — |
| Issuance of common stock under committed equity facility | 243 | — |
| Issuance of warrants for professional services | 167 | — |
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