Revenue: As of FY2025 Q4, the actual value is USD 23.78 M.

EPS: As of FY2025 Q4, the actual value is USD -0.03.

EBIT: As of FY2025 Q4, the actual value is USD -21.7 M.

Financial Highlights

Revenue

• Blaize’s total revenue for the full year 2025 was $38,632 thousand, a significant increase from $1,554 thousand in 2024, marking its first full year of commercial revenue generation. Fourth quarter 2025 revenue reached $23,776 thousand, more than doubling from the third quarter, and grew approximately 20x in 2025, scaling from approximately $1 million in Q1 2025. Hardware revenue for Q4 2025 was $23,762 thousand, and for the full year 2025, it was $35,354 thousand. Software revenue for the full year 2025 was $300 thousand. Revenue from related parties included $13 thousand in hardware and $1 thousand in software for Q4 2025, and $2,499 thousand in hardware and $479 thousand in software for the full year 2025.

Net Income / Loss

• Blaize reported a net loss of - $3,296 thousand for the fourth quarter of 2025, an improvement from a - $26,258 thousand net loss in the prior quarter. The net loss for the full year 2025 was - $206,904 thousand, compared to a net loss of - $61,195 thousand in 2024.

Gross Margin / Gross Profit

• Gross profit for the fourth quarter of 2025 was $2,560 thousand. For the full year 2025, gross profit was $6,194 thousand, up from $975 thousand in 2024.

Operating Profit / Loss from Operations

• Loss from operations for the fourth quarter of 2025 was - $21,352 thousand. For the full year 2025, the loss from operations was - $103,841 thousand, compared to - $47,635 thousand in 2024.

Operating Costs

• Research and development (R&D) spend and Selling, General & Administrative (SG&A) costs were flat sequentially in Q4 2025. R&D expenses were $10,116 thousand in Q4 2025 and $42,523 thousand for the full year 2025, compared to $25,094 thousand in 2024. SG&A expenses were $13,294 thousand in Q4 2025 and $53,501 thousand for the full year 2025, compared to $22,228 thousand in 2024. Total operating expenses for the full year 2025 were $110,035 thousand, compared to $48,610 thousand in 2024.

Adjusted EBITDA Loss

• Adjusted EBITDA loss for the fourth quarter of 2025 was - $11,106 thousand, which was flat from the prior quarter’s - $11,066 thousand. For the full year 2025, the Adjusted EBITDA loss was - $50,478 thousand, compared to - $42,696 thousand in 2024.

Cash Flow

• Net cash used in operating activities for the full year 2025 was - $73,751 thousand, compared to - $53,532 thousand in 2024. Cash and cash equivalents at the end of 2025 were $45,781 thousand, down from $50,237 thousand at the end of 2024.

Operational Metrics and Business Developments

• Commercial engagements expanded across cloud infrastructure, sovereign AI initiatives, and industrial environments. Strategic progress continued into Q1 2026 through strategic partnerships, sovereign AI initiatives, and go-to-market leadership expansion. The AI Services platform initiative progressed toward an initial release, expected early in the second quarter of 2026. Blaize’s 2025 growth was driven by increased commercial traction in core AI infrastructure markets, including ecosystem development with cloud providers and data center operators, and an increased global footprint across various regions. Since year-end 2025, Blaize has expanded commercial activity, including a strategic collaboration with Nokia for joint AI inference platform development, plans to establish an India Cloud AI Innovation Hub, and industrial AI validation in Korea with GSIL for Physical AI solutions. The company also appointed Stephen Patak as Chief Revenue Officer to scale AI deployments.

Company Outlook and Execution Readiness

• Blaize expects continued growth as global investment in AI infrastructure expands, with an increasing focus on inference economics and AI services monetization. The company anticipates launching the AI Services platform in the second quarter of 2026 to enable API-based AI capabilities and recurring revenue models. For fiscal year 2026, Blaize projects full-year revenue of $130 million and forecasts an Adjusted EBITDA loss between - $45.0 million and - $50.0 million.