Blaize Holdings (BZAI) AI Stock Analysis

• Market Cap: $272.16M
• Dividend Yield: N/A
• Average Volume (3M): 1.36M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.28
• Revenue Growth: N/A
• EPS Growth: -1827.24%
• Country: US
• Employees: 232
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): -0.25
• Shares Outstanding: 122,043,070
• 10 Day Avg. Volume: 1,254,507
• 30 Day Avg. Volume: 1,355,664
• PEG Ratio: 0.91
• Price to Book (P/B): 62.90
• Price to Sales (P/S): 981.05
• P/FCF Ratio: -550.19
• Enterprise Value/Market Cap: 1.24
• Enterprise Value/Revenue: 25.29
• Enterprise Value/Gross Profit: 195.98
• Enterprise Value/Ebitda: -10.50
• 1Y Price Target: $8.33
• Price Target Upside: 273.54% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.34
• Revenue Forecast (FY): $134.68M

• Rating: 46 Neutral
• Price Target: $2.00 ▼(-10.31% Downside)

Blaize Holdings' overall score is driven by significant revenue growth and strategic partnerships, as highlighted in the earnings call. However, the stock faces challenges with profitability, negative valuation metrics, and bearish technical indicators.

Positive Factors

Record Revenue Growth

A 499% sequential revenue surge signals accelerating product adoption and expanding commercial traction in edge AI. Durable revenue scaling validates go-to-market execution and supports longer-term investment in product roadmap and customer deployments across automotive, smart cities, and other verticals.

Strategic Partnerships & Market Expansion

Partnerships with regional systems integrators deepen distribution and provide local channel access for large infrastructure projects. These alliances support sustained revenue growth and reduce go-to-market costs, positioning the company to capture structural demand in Middle East smart-city and public-safety AI deployments.

Secured Growth Capital

A $30M strategic investment materially extends runway and funds next-gen chip development, reducing near-term refinancing risk. This capital enables multi-quarter R&D and commercialization efforts, supporting durable competitiveness in AI edge hardware versus reliance on external funding cycles.

Negative Factors

High Leverage

Elevated debt-to-equity raises interest and refinancing exposure, constraining financial flexibility for capex and R&D. Over a multi-quarter horizon, high leverage can force priority on cash conservation over strategic investments, increasing execution risk for hardware and chip development initiatives.

Negative Operating & Free Cash Flow

Sustained negative operating and free cash flows indicate the business currently consumes cash to grow. Without consistent positive cash generation, the company remains dependent on external financing to fund operations and scale, creating execution risk if capital markets tighten or investor support wanes.

Weak & Declining Margins

A dramatic gross margin decline driven by third-party GPU use highlights structural margin vulnerability in hardware-heavy contracts. Until proprietary GSP cards replace costly components, margin recovery is uncertain, pressuring long-term profitability and the ability to sustainably scale commercial deployments.

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 accelerators, Blaize Xplorer X600M M.2 small form factor accelerator platforms, Blaize Xplorer X1600P PCIe accelerators, Blaize Xplorer X1600P-Q PCIe accelerators, and Blaize Pathfinder 1600-DK embedded kits. The company also provides Blaize AI studio that delivers AI-driven application end-to-end data operations, development operations, and machine learning operation tools; and AI Studio marketplace, which allows users to browse and use AI/ML artifacts to run or share securely across their team and organization. It serves automotive, smart vision, and enterprise computing markets. The company was founded in 2010 and is headquartered in El Dorado Hills, California.

How the Company Makes Money

Blaize Holdings generates revenue through multiple streams, primarily by selling its proprietary edge computing hardware and software solutions. The company offers various products, including AI-optimized processors and integrated software platforms that enable clients to deploy machine learning applications at the edge. Additionally, Blaize engages in partnerships with technology firms and system integrators, allowing it to extend its market reach and create bundled offerings that enhance its value proposition. The company may also derive income from subscription-based services or licensing agreements for its software, contributing to recurring revenue. Furthermore, strategic collaborations with industry leaders help Blaize secure large-scale contracts, significantly boosting its earnings potential.

Blaize Holdings Financial Statement Overview

Summary

Blaize Holdings shows rapid revenue growth but faces significant profitability and cash flow challenges. High leverage and negative margins pose risks, requiring strategic improvements for stabilization.

Income Statement

Blaize Holdings shows significant revenue growth in the TTM, but this is overshadowed by substantial negative margins across the board, indicating persistent profitability challenges. The gross profit margin is low, and the net profit margin is deeply negative, reflecting high operational costs relative to revenue.

Balance Sheet

The company's balance sheet reveals a high debt-to-equity ratio in the TTM, suggesting increased leverage and financial risk. The return on equity is negative, indicating that the company is not generating profits from its equity base. However, the equity ratio is relatively stable, showing some level of asset backing.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, with a slight improvement in free cash flow growth. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting some alignment between cash flow and accounting profits.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	13.30M	1.55M	3.86M	3.84M	0.00
Gross Profit	1.72M	975.00K	200.00K	806.00K	0.00
EBITDA	-32.05M	-46.75M	-36.49M	-47.47M	-65.89K
Net Income	-153.22M	-61.20M	-87.59M	-104.63M	-65.89K
Balance Sheet
Total Assets	60.90M	48.32M	72.59M	19.28M	293.74M
Cash, Cash Equivalents and Short-Term Investments	24.00M	1.51K	0.00	4.91M	1.54M
Total Debt	3.13M	1.50M	21.23M	4.81M	144.75K
Total Liabilities	59.60M	24.08M	41.44M	89.82M	10.76M
Stockholders Equity	1.31M	24.24M	31.15M	-70.54M	282.98M
Cash Flow
Free Cash Flow	-58.27M	-54.43M	-2.34M	-40.72M	100.27K
Operating Cash Flow	-57.56M	-53.53M	-2.34M	-40.22M	100.27K
Investing Cash Flow	-22.32M	-902.00K	230.12M	-493.00K	-291.81M
Financing Cash Flow	54.34M	101.71M	-226.97M	39.09M	293.25M

Blaize Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.23
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BZAI, the sentiment is Neutral. The current price of 2.23 is above the 20-day moving average (MA) of 2.10, below the 50-day MA of 2.40, and below the 200-day MA of 3.04, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 49.96 is Neutral, neither overbought nor oversold. The STOCH value of 76.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BZAI.

Blaize Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SKYT	60 Neutral	$1.48B	11.81	101.23%	―	0.19%	―
VLN	58 Neutral	$213.94M	-7.23	-23.56%	―	7.53%	-15.00%
CEVA	52 Neutral	$611.68M	-47.84	-4.22%	―	5.55%	-239.94%
AIP	50 Neutral	$746.99M	―	―	―	20.45%	12.28%
XPER	49 Neutral	$282.65M	40.48	1.74%	―	-10.74%	―
BZAI	46 Neutral	$272.16M	-0.96	-1331.73%	―	―	-1827.24%

Blaize Holdings Corporate Events

Blaize Holdings Formalizes Executive Change-in-Control Severance Program

On November 5, 2025, Blaize Holdings, Inc.’s board approved a standardized four-year change-in-control and severance framework for its senior executives, later entering into these agreements with Vice President of Platform Engineering Santiago Fernandez-Gomez on December 26, 2025, and Chief Financial Officer Harminder Sehmi on January 4, 2026. The program defines severance terms for involuntary terminations both with and without a change in control, including lump-sum salary payments, continued medical benefits, extended stock option exercise periods, and varying levels of accelerated vesting of time-based and performance-based equity awards, with enhanced protections and richer benefits for certain key leaders such as the CEO and CFO; these agreements replace prior severance arrangements and signal a move to formalize executive protections around potential corporate transactions and leadership changes.

The most recent analyst rating on (BZAI) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Blaize Holdings stock, see the BZAI Stock Forecast page.

Blaize Holdings Concludes Annual Stockholders Meeting

On December 3, 2025, Blaize Holdings, Inc. conducted its Annual Meeting of Stockholders to elect seven directors, amend its Certificate of Incorporation regarding director removal, and ratify UHY LLP as its independent accounting firm for fiscal 2025. The election of directors was successful, but the amendment to the Certificate of Incorporation was not approved, while the ratification of UHY LLP was confirmed.

The most recent analyst rating on (BZAI) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Blaize Holdings stock, see the BZAI Stock Forecast page.

Blaize Holdings Secures $30M Investment for AI Growth

On November 11, 2025, Blaize Holdings announced a $30 million private placement led by Polar Asset Management Partners. This investment aims to fuel the growth and commercialization of Blaize’s AI platform across key verticals in growth markets and support the development of its next-generation chip. The company expects the proceeds, along with other funding sources, to support its core operations into the second half of 2026. Additionally, Blaize reported preliminary financial results for the third quarter of 2025, with expected revenue of approximately $11.9 million and a net loss of around $26.3 million. The company also recognized significant revenue from its first product shipment to Starshine Computing Power Technology Limited.

The most recent analyst rating on (BZAI) stock is a Sell with a $2.50 price target. To see the full list of analyst forecasts on Blaize Holdings stock, see the BZAI Stock Forecast page.