Blaize Holdings, Inc. (BZAI) Income Statement
BZAI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBZAI revenue and net income
Where BZAI's revenue goes
2025Each bar shows an amount and its share of revenue. BZAI kept −535.6% of revenue as net income.
BZAI profit margins
BZAI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2,386.0% | +115.9% | — | — |
| Gross profit | +5,516.9% | +83.7% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BZAI quarterly EPS vs estimates
Blaize beat the analyst EPS estimate in 4 of the last 7 quarters. Next report: November 12, 2026 (estimate $-0.19).
BZAI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $38.6M | $1.6M | $3.9M | $3.8M | $0 |
| Cost of revenue | $33.6M | $1.5M | $3.7M | $3.0M | — |
| Gross profit | $5.0M | $89,000 | $200,000 | $806,000 | — |
| Research & development | $42.5M | $25.1M | $18.1M | $24.3M | — |
| Sales, general & admin | $54.3M | $22.4M | $17.3M | $15.7M | — |
| Total operating expenses | $96.8M | $47.5M | $3.4M | $1.5M | $66,791 |
| Operating income | −$91.8M | −$47.4M | −$3.4M | −$1.5M | −$66,791 |
| Interest income | — | $2.5M | $5.8M | — | — |
| Interest expense | — | — | $39.0M | $57.0M | — |
| Income before taxes | −$206.7M | −$62.1M | $2.4M | $2.5M | −$65,892 |
| Income taxes | $217,000 | −$952,000 | $1.0M | $791,758 | — |
| Net income | −$206.9M | −$61.2M | $1.3M | $1.7M | −$65,892 |
| EBITDA | −$90.6M | −$46.5M | −$1.3M | $1.2M | −$66,791 |
| EPS (diluted) | −$2.07 | −$0.48 | $0.03 | $0.04 | $0.00 |
| Gross margin | 12.9% | 5.7% | 5.2% | 21.0% | — |
| Operating margin | −237.6% | −3,051.4% | −87.8% | −39.7% | — |
| Net margin | −535.6% | −3,937.9% | 34.7% | 43.6% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.0M | $2.7M | $23.8M | $11.9M | $2.0M | $1.0M | $1,000 | $781,000 | $223,000 | $549,000 | $414,000 | $571,000 |
| Cost of revenue | $11.3M | $1.3M | $21.4M | $10.5M | $1.3M | $518,000 | −$262,000 | $727,000 | $441,000 | $559,000 | $2.2M | $217,000 |
| Gross profit | $698,999 | $1.4M | $2.4M | $1.4M | $722,000 | $489,000 | $263,000 | $54,000 | −$218,000 | −$10,000 | −$1.8M | $354,000 |
| Research & development | $10.5M | $9.7M | $10.1M | $9.7M | $9.6M | $13.1M | $9.3M | $5.8M | $5.9M | $4.1M | $3.9M | $3.9M |
| Sales, general & admin | $20.8M | $15.1M | $13.6M | $14.3M | $13.0M | $13.4M | — | $5.5M | $5.0M | $4.0M | $6.2M | $3.7M |
| Total operating expenses | $31.3M | $24.8M | $23.7M | $24.0M | $22.6M | $26.5M | $17.2M | $11.3M | $10.9M | $8.1M | $1.2M | $727,703 |
| Operating income | −$30.6M | −$23.4M | −$21.4M | −$22.6M | −$21.9M | −$26.0M | −$16.9M | −$11.3M | −$11.1M | −$8.1M | −$1.2M | −$727,703 |
| Interest expense | — | — | — | $0 | $0 | — | — | $0 | $464,000 | $0 | $5.7M | $2.6M |
| Income before taxes | −$28.5M | −$22.6M | −$3.3M | −$26.2M | −$29.6M | −$147.6M | −$8.0M | −$25.6M | −$12.0M | −$16.6M | −$263,048 | $182,688 |
| Income taxes | $268,000 | $99,000 | −$5,000 | $21,000 | $39,000 | $162,000 | −$1.3M | $55,000 | $131,000 | $162,000 | $74,735 | $179,326 |
| Net income | −$28.8M | −$22.7M | −$3.3M | −$26.3M | −$29.6M | −$147.8M | −$6.7M | −$25.6M | −$12.2M | −$16.7M | −$337,783 | $3,362 |
| EBITDA | −$30.4M | −$23.2M | −$21.2M | −$22.2M | −$21.4M | −$25.8M | −$16.7M | −$11.0M | −$10.9M | −$7.8M | −$1.2M | −$727,703 |
| EPS (diluted) | −$0.21 | −$0.11 | −$0.09 | −$0.10 | −$0.27 | −$1.61 | −$0.38 | −$0.06 | −$0.04 | −$0.00 | −$0.02 | $0.00 |
| Gross margin | 5.8% | 50.8% | 10.0% | 11.9% | 36.4% | 48.6% | 26,300.0% | 6.9% | −97.8% | −1.8% | −423.2% | 62.0% |
| Operating margin | −255.4% | −854.2% | −89.8% | −190.3% | −1,104.1% | −2,580.5% | −1,694,100.0% | −1,445.7% | −4,974.9% | −1,474.0% | −291.0% | −127.4% |
| Net margin | −240.4% | −827.4% | −13.9% | −221.3% | −1,492.9% | −14,673.4% | −669,200.0% | −3,278.7% | −5,449.8% | −3,049.7% | −81.6% | 0.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BZAI's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BZAI financial results
In fiscal year 2025 (ended December 31, 2025), Blaize reported revenue of $38.6 million, up 2,386.0% from the year before. It had a net loss of $206.9 million, a net profit margin of −535.6%. Diluted earnings per share came to −$2.07.
See the BZAI stock overview for the latest quote and news, or the BZAI chart for price history and technical indicators.
BZAI income statement FAQ
What is Blaize's annual revenue?
Blaize reported total revenue of $38.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 2,386.0% from $1.6 million the previous year.
Is Blaize profitable?
No. Blaize reported a net loss of $206.9 million in fiscal 2025, a net profit margin of −535.6%; its operating margin was −237.6%.
What is Blaize's gross margin?
Blaize's gross margin was 12.9% in fiscal 2025: for every $100 of revenue, Blaize kept $13 after the direct cost of its products and services.
How much does Blaize spend on research and development?
Blaize spent $42.5 million on research and development in fiscal 2025, 110.1% of revenue.
What are Blaize's earnings per share?
Blaize earned $-2.07 per diluted share in fiscal 2025, compared with $-0.48 a year earlier.
When will Blaize report its next earnings?
Blaize is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 after the market closes.
When does Blaize's fiscal year end?
Blaize's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.