Blaize Holdings, Inc. (BZAI)
NASDAQ:BZAI
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Blaize Holdings
(NASDAQ:BZAI)
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Rating:44Neutral
Price Target:
$1.50
▼(-40.48% Downside)
Action:Reiterated
Date:05/20/26
The score is held down primarily by weak financial performance—large operating losses and heavy negative free cash flow—alongside bearish technicals with the price below major moving averages and negative momentum indicators. The earnings call provides some offset via reaffirmed revenue guidance, improving gross margin and narrowing losses, but execution, supply-chain, and revenue concentration risks remain material. Valuation provides limited support due to negative earnings and no indicated dividend yield.
Positive Factors
Revenue Growth Trajectory
Blaize is showing multi-period revenue acceleration and scale from a small base. Sustained double-digit annual growth and a 172% YoY quarter imply expanding market adoption of its inference platforms, improving leverage on fixed costs and enabling multi-quarter progress toward sustainable unit economics and commercial scale.
Negative Factors
High Cash Burn & Funding Reliance
Persistent, large negative operating and free cash flow indicates the business relies on external financing to fund growth. Even with a recent $35M raise, runway is finite and continued cash burn amplifies dilution and execution risk if revenue or margin inflection lags, pressuring operations over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth Trajectory
Blaize is showing multi-period revenue acceleration and scale from a small base. Sustained double-digit annual growth and a 172% YoY quarter imply expanding market adoption of its inference platforms, improving leverage on fixed costs and enabling multi-quarter progress toward sustainable unit economics and commercial scale.
Read all positive factors
Blaize Holdings (BZAI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$209.18M
Dividend YieldN/A
Average Volume (3M)13.09M
Price to Earnings (P/E)―
Beta (1Y)0.33
Revenue Growth3908.24%
EPS Growth60.14%
CountryUS
Employees232
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.75
Shares Outstanding142,299,450
10 Day Avg. Volume10,016,068
30 Day Avg. Volume13,086,239
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 Cap0.64
Enterprise Value/Revenue3.32
Enterprise Value/Gross Profit22.69
Enterprise Value/Ebitda-1.52
Forecast
1Y Price Target
$4.63Price Target Upside83.53% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.37
Revenue Forecast (FY)$123.38M
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:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call presents a constructive operational narrative: strong YoY revenue growth in Q1, a large pipeline of contracts and partnerships (NeoTensr, Winmate, Nokia/Datacomm), a new AI services strategy that can drive higher-margin recurring revenue, and an improved profitability trend with a fresh $35M equity raise extending runway to mid-2027. Offsetting these positives are tangible near-term headwinds — an industry HBM shortage that delayed meaningful order fulfillment, revenue concentration and timing risk around NeoTensr, expected margin compression in the next two quarters due to third‑party hardware, and an unchanged full‑year adjusted EBITDA loss guidance of $45M–$50M. Overall, the company shows momentum and a clear strategic path but with execution and supply-chain risks that push material revenue and margin improvement into the back half of 2026 and into 2027.Positive Updates
Strong YoY Revenue Growth in Q1
Q1 2026 revenue of $2.7 million, up ~172% year-over-year, in line with the April pre-release; management reiterates full-year 2026 revenue guidance of $130 million.
Negative Updates
HBM Memory Shortage and Supply Chain Constraints
An industry-wide shortage of high-bandwidth memory (HBM) limited server availability and delayed a NeoTensr order into Q2 2026, directly impacting Q1 revenue; management noted potential premiums if HBM supply was procured earlier and is exploring strategic memory procurement.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong YoY Revenue Growth in Q1
Q1 2026 revenue of $2.7 million, up ~172% year-over-year, in line with the April pre-release; management reiterates full-year 2026 revenue guidance of $130 million.
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 revenue guidance of $130 million while reporting Q1 revenue of ~$2.7 million (up ~172% YoY) and a Q1 gross margin of 58% (vs. 11% in Q4 2025); Q1 net loss was $22.7 million (vs. $147.8 million YoY), adjusted EBITDA loss was $13.9 million, total operating expense was $25 million (including $8.9 million stock‑based comp), R&D excl. SBC was $5.8 million and SG&A excl. SBC was $10 million, and cash at March 31 was $33.3 million before a $35 million equity raise on May 6 that extends runway to mid‑2027; the company expects revenue to be back‑half weighted, to deliver over $11 million to a single customer in Q2 (NeoTensr), to realize up to $50 million from NeoTensr in year one (building on >$20 million recognized in Q4 2025 for a total NeoTensr opportunity of ~$70 million), to close roughly $15 million with Winmate in year one, to see AI services (hardware + software) contribute roughly 15–20% of 2026 revenue beginning to appear in Q4 with recurring monthly monetization, to have ~20% of 2026 system revenue HBM‑dependent, to face compressed blended margins in the next two quarters from third‑party hardware but target Q4 gross margins >30%, and to maintain adjusted EBITDA guidance for 2026 of a $45–50 million loss.Blaize Holdings Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
14
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.36M | 38.63M | 1.55M | 3.86M | 3.84M | 0.00 |
| Gross Profit | 5.90M | 5.00M | 975.00K | 200.00K | 806.00K | 0.00 |
| EBITDA | -88.20M | -91.80M | -46.75M | -36.49M | -47.47M | -65.89K |
| Net Income | -81.80M | -206.90M | -61.20M | -87.59M | -104.63M | -65.89K |
Balance Sheet | ||||||
| Total Assets | 70.75M | 102.24M | 48.32M | 72.59M | 19.28M | 293.74M |
| Cash, Cash Equivalents and Short-Term Investments | 33.22M | 45.78M | 1.51K | 0.00 | 4.91M | 1.54M |
| Total Debt | 2.74M | 2.14M | 1.50M | 21.23M | 4.81M | 144.75K |
| Total Liabilities | 45.31M | 63.24M | 24.08M | 41.44M | 89.82M | 10.76M |
| Stockholders Equity | 25.45M | 39.00M | 24.24M | 31.15M | -70.54M | 282.98M |
Cash Flow | ||||||
| Free Cash Flow | -74.01M | -82.20M | -54.43M | -2.34M | -40.72M | 100.27K |
| Operating Cash Flow | -73.76M | -81.41M | -53.53M | -2.34M | -40.22M | 100.27K |
| Investing Cash Flow | -243.00K | -788.00K | -902.00K | 230.12M | -493.00K | -291.81M |
| Financing Cash Flow | 62.14M | 77.76M | 101.71M | -226.97M | 39.09M | 293.25M |
Blaize Holdings Technical Analysis
Negative
2.52
Price Trends
1.72
Negative
1.63
Negative
2.50
Negative
Market Momentum
-0.12
Positive
43.20
Neutral
38.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BZAI, the sentiment is Negative. The current price of 2.52 is above the 20-day moving average (MA) of 1.77, above the 50-day MA of 1.72, and above the 200-day MA of 2.50, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 43.20 is Neutral, neither overbought nor oversold. The STOCH value of 38.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BZAI.
Blaize Holdings Risk Analysis
Blaize Holdings disclosed 59 risk factors in its most recent earnings report. Blaize Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Blaize Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $374.10M | -19.59 | -3.41% | ― | -8.30% | -139.29% | |
62 Neutral | $1.82B | ― | 75.20% | ― | 67.18% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $1.68B | -23.52 | 445.97% | ― | 25.57% | 2.16% | |
58 Neutral | $1.10B | -28.99 | -3.89% | ― | 2.99% | -64.99% | |
48 Neutral | $339.04M | -3.58 | -29.33% | ― | 11.92% | 7.07% | |
44 Neutral | $209.18M | -2.46 | -536.89% | ― | 3908.24% | 60.14% |
* Technology Sector Average
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Blaize Holdings Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Blaize Holdings Announces Public Equity Offering and Warrant Revision
Neutral
May 6, 2026
On May 5, 2026, Blaize Holdings, Inc. entered into an underwriting agreement with Northland Securities and other underwriters for a public offering of 18,918,918 shares of common stock at $1.85 per share, with a 30‑day option for underwriter...
Business Operations and StrategyRegulatory Filings and Compliance
Blaize Holdings Adopts Stockholder Rights Plan to Counter Control
Neutral
Apr 22, 2026
On April 22, 2026, Blaize Holdings, Inc. announced that its board adopted a limited-duration stockholder rights plan set to expire on April 21, 2027, in response to a specific threat from investors seeking to form a group large enough to exert neg...
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.