Blaize
Blaize's revenue rose 2386.0% to $39 million in fiscal 2025. Its operating margin was −268.8%, up from −3,065.3% a year earlier. Free cash flow was −$75 million. The diluted share count rose 496.7%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Blaize does
Blaize designs computing hardware and software for AI inference, the stage where a trained AI model is put to work. Its systems are meant to run at the edge, close to where data is collected, and in data centers. Local processing can cut bandwidth use and help in applications that need real-time decisions.
Its own hardware is the GSP, a programmable AI processor, and compute cards that carry it. It also sells third-party hardware, mainly servers and small stand-alone systems that run its technology. On the software side it offers a development kit and Blaize AI Studio, a no-code or low-code tool for building and deploying AI models. It also sells consulting services to configure its hardware and licensed technology for a customer.
Blaize says a substantial part of its 2025 revenue came from third-party hardware, which carries lower margins than its own products. Its revenue comes from a limited number of large customers, some of them related parties. It relies on outside manufacturers, including Samsung Foundry and Plexus, to build its chips. It became public in January 2025 by merging with BurTech Acquisition Corporation, a blank-check company, and is based in El Dorado Hills, California.
Its biggest risks, as it describes them
- It has a history of operating losses and may not reach profitability.
- It depends on a small number of customers, some of them related parties, for much of its revenue.
- Much of its revenue comes from third-party hardware that earns lower margins than its own products.
- Its next-generation chip may be delayed or not built because of limited funds.
- It depends on a few suppliers and outside manufacturers, including Samsung Foundry and Plexus.
Income statement
Blaize lost money in fiscal 2025: a net loss of $207 million.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | 0 | 0 | 50 | 46 |
| Debt incl. finance leases | — | — | — | — |
| Net debt (negative means net cash) | — | — | — | — |
| Net debt to EBITDA | — | — | — | — |
| Debt to equity | — | — | — | — |
| Interest coverage | — | — | −194.4x | — |
| Current ratio | 0.2x | 0.8x | 0.4x | 2.2x |
| Quick ratio | 0.2x | 0.8x | 0.3x | 2.0x |
Cash flow
Projections
Project Blaize's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of Blaize reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | — | — | 2,193.0% |
| Altman Z'' | −2.89 | −32.08 | −23.05 |
| Accruals ratio | 2.0% | −10.1% | −147.4% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Fail | Fail |
| Cash from operations is positive | Fail | Fail | Fail |
| Return on assets rose | — | Fail | Fail |
| Cash from operations exceeds net income | Fail | Pass | Pass |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | Pass | Fail | Pass |
| Share count didn't rise | — | — | Fail |
| Gross margin rose | — | — | Fail |
| Revenue rose relative to assets | — | — | Pass |
| F-score | — | — | — |
Compare
Put Blaize side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Blaize | FY25 | 2,386.0% | −268.8% | −192.9% | — | — | — | |
| Navitas Semiconductor | FY25 | −44.9% | −234.7% | −96.6% | −36.3% | — | 1 | Compare |
| Everspin Technologies | FY25 | 9.5% | −11.8% | 5.7% | −20.4% | — | 3 | Compare |
| NVE | FY26 | 1.8% | 60.5% | 55.0% | — | — | — | Compare |
| GSI Technology | FY26 | 22.4% | −69.6% | −65.3% | — | — | — | Compare |
4 years of figures
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | — | — | 2 | 39 |
| Revenue growth | — | — | — | 2,386.0% |
| Gross profit | — | — | 1 | 6 |
| Research and development | — | — | 25 | 42 |
| Operating income | −2 | −3 | −48 | −104 |
| Net income | 2 | 1 | −61 | −207 |
| Diluted EPS (US$) | — | — | −3.50 | −1.98 |
| Diluted shares (millions) | — | — | 18 | 104 |
| Cash flow | ||||
| Cash from operations | −1 | −2 | −54 | −74 |
| Capital expenditure | — | — | 1 | 1 |
| Free cash flow | — | — | −54 | −75 |
| Dividends paid | 0 | 0 | 0 | 0 |
| Share buybacks | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock-based compensation | — | — | 4 | 38 |
| Balance sheet at fiscal year end | ||||
| Cash and short-term investments | 0 | 0 | 50 | 46 |
| Debt incl. finance leases | — | — | — | — |
| Total assets | 296 | 73 | 78 | 102 |
| Total liabilities | 11 | 41 | 189 | 63 |
| Shareholders' equity | −10 | −53 | −110 | 39 |
| Margins and ratios | ||||
| Gross margin | — | — | 62.7% | 16.0% |
| Operating margin | — | — | −3,065.3% | −268.8% |
| Net margin | — | — | −3,937.9% | −535.6% |
| Free cash flow margin | — | — | −3,502.8% | −192.9% |
| Rule of 40 (growth + FCF margin) | — | — | — | 2,193.0% |
| Return on capital | — | — | — | — |
| Return on equity | — | — | — | — |
| Return on assets | — | 0.7% | −81.0% | −229.0% |
| Net debt to EBITDA | — | — | — | — |