Blaize Holdings (BZAI)
NASDAQ:BZAI
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Blaize Holdings
(NASDAQ:BZAI)
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Rating:52Neutral
Price Target:
$1.50
▼(-22.28% Downside)
Action:ReiteratedDate:03/31/26
The score is primarily constrained by weak financial performance—large losses and heavy cash burn—despite a meaningful revenue rebound. Technical indicators are moderately supportive with improving near-term momentum, while valuation is difficult to justify due to negative earnings and no dividend. The latest earnings call adds support via strong growth guidance and strategic progress, but margin pressure and continued losses remain key risks.
Positive Factors
Revenue Rebound
A sharp top-line inflection demonstrates accelerating product adoption and expanding deployments. Durable revenue momentum provides a stronger base to scale sales, invest in productization and move toward operational leverage over the next several quarters, improving long-term viability.
Negative Factors
Cash Burn
Sustained negative operating and free cash flow creates a structural financing vulnerability: the company must raise capital or materially improve margins to avoid dilution. Ongoing cash burn limits strategic optionality and increases risk to continuity of operations absent sustained revenue scaling.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Rebound
A sharp top-line inflection demonstrates accelerating product adoption and expanding deployments. Durable revenue momentum provides a stronger base to scale sales, invest in productization and move toward operational leverage over the next several quarters, improving long-term viability.
Read all positive factors
Blaize Holdings (BZAI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$236.90M
Dividend YieldN/A
Average Volume (3M)6.11M
Price to Earnings (P/E)―
Beta (1Y)0.03
Revenue GrowthN/A
EPS Growth-1827.24%
CountryUS
Employees232
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.03
Shares Outstanding122,744,510
10 Day Avg. Volume14,364,445
30 Day Avg. Volume6,108,021
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)5.21
Price to Sales (P/S)5.26
P/FCF Ratio-2.47
Enterprise Value/Market Cap0.82
Enterprise Value/Revenue5.00
Enterprise Value/Gross Profit34.23
Enterprise Value/Ebitda-1.89
Forecast
1Y Price Target
$5.63Price Target Upside191.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.5
Revenue Forecast (FY)$133.30M
Blaize Holdings Business Overview & Revenue Model
Company Description
Blaize Holdings, Inc. provides artificial intelligence (AI)-enabled edge computing solutions. It offers AI edge computing products, including Blaize Pathfinder P1600 embedded system on modules, Blaize Xplorer X1600E EDSFF small form factor acceler...
How the Company Makes Money
Blaize generates revenue primarily by selling AI inference computing products and related software. Key revenue streams include: (1) sales of AI accelerator hardware (e.g., chips, accelerator cards, or modules) used to run inference workloads; (2)...
Blaize Holdings Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The earnings call for Blaize Holdings, Inc. showcased substantial revenue growth and strategic progress through new partnerships and investments. Despite the decline in gross margins and continued EBITDA losses, the company's financial position and expansion plans indicate a strong growth trajectory heading into 2026.Positive Updates
Record Revenue Growth
Blaize Holdings, Inc. reported revenue of $11.9 million for Q3 2025, marking a 499% sequential increase from Q2. This exceeded the upper end of their guidance by $400,000.
Negative Updates
Gross Margin Decline
Gross margin decreased to 15% this quarter compared to 59% in 2025, primarily due to higher third-party hardware components in the Starshine contract.
Read all updates
Q3-2025 Updates
Positive
Negative
Record Revenue Growth
Blaize Holdings, Inc. reported revenue of $11.9 million for Q3 2025, marking a 499% sequential increase from Q2. This exceeded the upper end of their guidance by $400,000.
Read all positive updates
Company Guidance
During the third quarter of 2025, Blaize Holdings, Inc. reported significant achievements, including a revenue of $11.9 million, marking a 499% increase from the previous quarter. The company anticipates doubling its revenue in Q4. They secured a $30 million investment from Polar Asset Management Partners to support growth and development. Key partnerships were established with Technology Control Company and Reach Digital, enhancing Blaize's presence in the Middle East. The Starshine Hybrid AI infrastructure initiative contributed approximately $10.4 million to Q3 revenue, with a focus on smart city development across Asia. Blaize's gross margin was reported at 15%, with efforts underway to improve margins by replacing third-party GPUs with their proprietary GSP cards. The company's Q3 adjusted EBITDA loss was $11.1 million, a $2 million outperformance against guidance. Blaize projects Q4 revenue to range between $21.1 million and $23.1 million. Looking forward, they expect sustained growth into 2026, with a focus on expanding practical AI solutions globally.Blaize Holdings Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
55
Neutral
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 38.63M | 1.55M | 3.86M | 3.84M | 0.00 |
| Gross Profit | 5.00M | 975.00K | 200.00K | 806.00K | 0.00 |
| EBITDA | -91.80M | -46.75M | -36.49M | -47.47M | -65.89K |
| Net Income | -206.90M | -61.20M | -87.59M | -104.63M | -65.89K |
Balance Sheet | |||||
| Total Assets | 102.24M | 48.32M | 72.59M | 19.28M | 293.74M |
| Cash, Cash Equivalents and Short-Term Investments | 45.78M | 1.51K | 0.00 | 4.91M | 1.54M |
| Total Debt | 2.14M | 1.50M | 21.23M | 4.81M | 144.75K |
| Total Liabilities | 63.24M | 24.08M | 41.44M | 89.82M | 10.76M |
| Stockholders Equity | 39.00M | 24.24M | 31.15M | -70.54M | 282.98M |
Cash Flow | |||||
| Free Cash Flow | -82.20M | -54.43M | -2.34M | -40.72M | 100.27K |
| Operating Cash Flow | -81.41M | -53.53M | -2.34M | -40.22M | 100.27K |
| Investing Cash Flow | -788.00K | -902.00K | 230.12M | -493.00K | -291.81M |
| Financing Cash Flow | 77.76M | 101.71M | -226.97M | 39.09M | 293.25M |
Blaize Holdings Technical Analysis
Positive
1.93
Price Trends
1.32
Positive
1.78
Positive
2.75
Negative
Market Momentum
0.17
Negative
69.43
Neutral
86.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BZAI, the sentiment is Positive. The current price of 1.93 is above the 20-day moving average (MA) of 1.38, above the 50-day MA of 1.32, and below the 200-day MA of 2.75, indicating a neutral trend. The MACD of 0.17 indicates Negative momentum. The RSI at 69.43 is Neutral, neither overbought nor oversold. The STOCH value of 86.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BZAI.
Blaize Holdings Risk Analysis
Blaize Holdings disclosed 15 risk factors in its most recent earnings report. Blaize Holdings reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Nasdaq Rule 5815 was amended effective October 7, 2024 to provide for the immediate suspension and delisting for failure to meet the 36-month requirement in Nasdaq Rule IM 5101-2(b) to complete a business combination, and our securities will face an immediate suspension and delisting action once we receive a delisting determination letter from Nasdaq after the 36-month window ends on December 10, 2024 Q3, 2024
Blaize Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $273.83M | -11.32 | 1.74% | ― | -10.74% | ― | |
62 Neutral | $1.35B | 7.47 | 99.25% | ― | 0.19% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | $236.90M | -0.98 | -970.62% | ― | ― | -1827.24% | |
52 Neutral | $536.21M | -49.15 | -3.73% | ― | 5.55% | -239.94% | |
47 Neutral | $823.87M | -19.92 | 361.65% | ― | 20.45% | 12.28% | |
45 Neutral | $124.25M | -4.64 | -27.53% | ― | 7.53% | -15.00% |
* Technology Sector Average
BZAI
Blaize Holdings
1.93
-0.42
-17.87%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.