Blaize Holdings, Inc.

The grade, in three tenses

Headline 3.7 out of ten, 4 of 9 metrics filed and 5 estimated: past 2.6 out of ten, present 3.6 out of ten, future 5.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 0.7 out of ten. 13 warning events since 2021; the latest 2026-10-02. 7th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.1 out of ten. CrossAssetData estimate 5.1/10, confidence 20 of 100 (family median). 50th percentile among 93 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Shareholder treatment (past): 0.2 out of ten. CrossAssetData estimate 0.2/10, confidence 35 of 100 (one part). 2nd percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 0.9 out of ten. ROE -531%: lost 531¢ per shareholder dollar. Leverage 62%: owes 62¢ per asset dollar. 9th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 4.1 out of ten. bottom 41% of 97 in its family; net margin -535.6%. 41st percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 8.3 out of ten. CrossAssetData estimate 8.3/10, confidence 35 of 100 (one part). 82nd percentile among 79 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Room to expand (future): 5.1 out of ten. top 49% of 94 in its family for room to expand. 51st percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 5.0 out of ten. CrossAssetData estimate 5.0/10, confidence 20 of 100 (family median). 50th percentile among 93 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Expectations vs reality (future): 5.2 out of ten. CrossAssetData estimate 5.2/10, confidence 20 of 100 (family median). 50th percentile among 88 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.

The filing record

Newest annual report: Form 10-K filed 2026-03-24 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-13 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-10-06 for the period ended 2026-10-05 (on EDGAR). Newest filing: Form 424B3, 2026-10-06. Filings on record since 2021. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-03-24.

The people

Dinakar Munagala has run Blaize since it began. He co-founded the business, then called Blaize, Inc., and served as its chief executive and a member of its board from the company's inception in January 2010; he became chief executive and a director of the listed company in January 2025, when the merger that took the business public closed. Before Blaize he held a leadership role in the Graphics Division of Intel Corporation. He holds a bachelor of science in electrical and computer engineering from Osmania University and a master's degree in electric and computer engineering from Purdue University. [1, 2, 3]

Harminder Sehmi has been chief financial officer since January 2025 and held the same job at Legacy Blaize from November 2023. He joined that company in July 2019 as vice president of finance, looking after finance, legal and human resources until October 2023. Earlier he was finance director of Truphone, a mobile network based in London, from October 2011 to May 2016, and held operational, group and global roles at Vodafone Group PLC. He is a chartered accountant, a member of the Institute of Chartered Accountants in England and Wales. [4, 5]

The board has seven directors and Lane M. Bess chairs it. He has been chairman since January 2025 and sat on Legacy Blaize's board from January 2022. Since September 2022 he has been chief executive of Deep Instinct, a cybersecurity company, and since March 2015 the principal and founder of Bess Ventures and Advisory; earlier he was chief operating officer of Zscaler Inc. and president and chief executive of Palo Alto Networks. The board counts every director except Bess and Munagala as independent under Nasdaq's rules, keeps the chair and the chief executive as two people, and has no nominating and corporate governance committee: the independent directors recommend who joins them. [6, 7, 8, 9, 10, 11]

On the insider record this site holds, 18 people have filed insider reports for this company and 11 of them have filed in the last fifteen months. The oldest entries, from 2021, are people who filed when the listed company was still called BurTech Acquisition Corporation. Three names arrived after the annual report: Stephen Paul Patak as chief revenue officer and Kimberly Peterson Evans as general counsel, both first filing in 2026, and Kurt J Lauk as a director. At the end of 2025 the company employed 254 people, 228 of them full time; none are represented by a labor union or covered by collective bargaining agreements. [12, 13, 14]

How it operates

Blaize designs computing for artificial intelligence inference, the step where a trained model is put to work on new data, and sells it as hardware and software together. Its own chip is the GSP, short for Graph Streaming Processor, an accelerator built from the ground up for compute-intensive data parallel work such as computer vision and machine learning, and fully programmable rather than fixed to one task. The chip goes onto compute cards, PCIe cards among them, in the form factors the industry already uses. The software is a development kit that follows open standards, so customers can program their own models, and Blaize AI Studio, a visual no-code or low-code environment for building and deploying AI models. Blaize also sells strategic consulting to configure its hardware and licensed intellectual property to a customer's needs. [15, 16, 17, 18, 19]

Alongside its own products Blaize delivers third-party hardware, mostly servers and small stand-alone systems that host its technology, and that bought-in hardware is the main thing in its cost of revenue. The company lists smart city, defense, retail and enterprise as the markets it sells into, and computer vision, advanced video analytics and AI inference as the work its platforms do. Its own summary of where it stands is blunt: the principal market for its products is currently China. [20, 21, 22, 23]

Revenue comes from a very short list of buyers, some of them related parties. In 2025 two major customers in China took 61% and 27% of total revenue, and neither was a related party; in the company's own table they are Customer D at 61.5% and Customer C at 27.0%, with everything else at 11.5%, a figure that includes 3.4 million dollars of revenue from a related party. The year before, 98% of a far smaller total came from two different customers, in the United States and Japan, both of them related parties, and almost all of that revenue was strategic consulting whose contracts have since expired. [24, 25, 26, 27]

Blaize is fabless, meaning it designs its chips and pays others to make them. It outsources all manufacturing of its AI chips and PCIe cards: Samsung Foundry makes the current generation system on a chip, and partners in Taiwan do all the packaging and testing. Plexus, a contract manufacturer with a plant in Penang, Malaysia, mass produces everything, assembling circuit boards, putting products together, testing them and shipping them on to the logistics partner and to customers around the world. A design, manufacturing and sales agreement with VeriSilicon, Inc. supplies design expertise and certain prototypes, products and services. The raw materials behind all of it, silicon, polymers, copper, aluminum and the rest, are largely provided by companies in China. [28, 29, 30, 31, 32]

Blaize Holdings, Inc. is a Delaware corporation, incorporated in 2010, with its head office in El Dorado Hills, California; every facility it uses is leased office space. It reports in United States dollars, which is also the functional currency of its Indian and British subsidiaries, whose local currencies are the rupee and the pound. It runs as a single operating and reportable segment, and its common stock is listed on The Nasdaq Global Market under the symbol BZAI. [33, 34, 35, 36, 37, 38]

The specifics

Blaize arrived on the exchange by merger rather than by flotation. On January 13, 2025, BurTech Acquisition Corporation completed a deal in which its merger subsidiary combined with Blaize, Inc., leaving that business as a wholly owned subsidiary; the parent then changed its name from BurTech Acquisition Corporation to Blaize Holdings, Inc. For accounting the direction is reversed: BurTech counts as the company acquired and Blaize as the acquirer. That is why the record this site holds shows filings with the SEC going back to 2021, years in which the listed shell, not the chip designer, was doing the filing. [3, 39, 13, 40]

The annual report carries a going concern warning, and so does the auditor's opinion. UHY LLP, auditor since 2023, wrote that recurring operating losses, negative cash flows from operations, an accumulated deficit and a history of living on financing raise substantial doubt about the company's ability to continue as a going concern. The figures behind it: cash and equivalents of 45.8 million dollars at the end of 2025 and receivables after allowance of 33.4 million against payables and accruals of 37.9 million; financing supplied 70.1 million during the year while operations used 73.8 million; the loss from operations was 103.8 million in 2025 after 47.6 million in 2024. To keep going, the company says, it will need to raise additional financing, if such financing is available at all. [41, 42, 43, 44, 45, 46]

What Blaize owns of its own is modest but real: 43 patents and 16 pending applications at the end of 2025, expiring between June 16, 2031 and September 24, 2044, two issued foreign patents, one in the United Kingdom and one in the Republic of Korea, and five pending foreign applications including in India. On rivals the filing says almost nothing. It names no competitor at all, explaining only that a scalable and programmable architecture sells into a broad set of markets, so that its competitors vary by the line of business being sold into. [47, 48]

Rules reach into this business from several directions. It is subject to United States sanctions administered by the Treasury Department's Office of Foreign Assets Control and to export controls administered by the Commerce Department's Bureau of Industry and Security, and because it develops technology deemed critical from a national security point of view, certain investments by persons or entities outside the United States could require a mandatory CFIUS filing before they close. It cannot predict, it says, what may be done about tariffs or trade relations between the United States and China. It also warns that it may not always meet Nasdaq's continued listing standards, which would leave its common stock delisted from the exchange. [49, 50, 51, 52]

What drives growth, line by line

Revenue was 38.6 million dollars in 2025 against 1.6 million the year before, close to a standing start. The company puts the jump down to hardware sales, mostly hardware sold to third parties, where the year before revenue had come mainly from strategic consulting services provided to related parties; that development contract has been completed and no more revenue is expected from it. Cost of revenue rose to 32.4 million from 0.6 million, driven by buying hardware from third party vendors to fulfil sales contracts, so gross profit was 6.2 million. [53, 54, 55]

China. 35.2 million dollars, 91.0% of 2025 revenue, against nothing from China the year before. This is where the two big buyers sit. The filing says two major customers located in China took 61% and 27% of total revenue and that neither was a related party; its own table puts Customer D at 61.5% and Customer C at 27.0%. Neither is named, and a third customer in China sits inside the Others row of the same table. [56, 57, 24, 25, 58]

United States. 3.3 million dollars, 8.6% of revenue, up from 1.2 million the year before, a rise of 173.8%. The American line is a different business from the one it was: in 2024 Customer A, a related party in the United States, was 76.8% of a far smaller total, and that revenue was strategic consulting whose contracts have since expired. [56, 25, 26]

Japan. 3 thousand dollars, next to nothing, against 332 thousand the year before, a fall of 99.1%. Japan's place in the record was Customer B, a related party, at 21.4% of 2024 revenue, again consulting work whose contracts have expired. [56, 25, 26]

Other Countries. 147 thousand dollars, four tenths of one percent of revenue, against 7 thousand the year before. The company's own note on geography is that with so few customers, revenue from any one of them can move the whole geographic mix. [56, 58]

What comes next, in the company's own words: it expects to derive revenue from sales of third-party solutions and its hardware and software products as well as from strategic consulting services, and expects research and development spending to keep climbing as it supports the next generation of products. Its stated pipeline at the end of 2025 was 25 proofs of concept initiated or in progress, 30 partners and 20 design wins. The largest commitment it describes is the Starshine agreement of July 2025, under which Starshine Computing Power Technology Limited, a Hong Kong company, agreed to deliver a minimum of 120.0 million dollars of revenue over the agreement's first 18 months, subject to purchase orders. One purchase order arrived, for 10.4 million dollars in the third quarter of 2025; 1.6 million was paid and 8.8 million was still outstanding on March 24, 2026, by which date no further purchase orders had come. [59, 60, 61, 62, 63, 64, 65]

What the desk infers (inferred, not filed)

• Customer C, the buyer behind roughly a quarter of 2025 revenue, is almost certainly Starshine Computing Power Technology Limited, the partner named in the same filing. Because: Starshine placed one purchase order in the third quarter of 2025 for 10.4 million dollars, and Customer C's revenue for the year was 10,444 thousand dollars. [65, 25] Of that order 1.6 million dollars was paid and 8.8 million was still outstanding on March 24, 2026; Customer C's receivable at the end of 2025 was 8,844 thousand dollars. [65, 66] The filing places Customer C in China, and Starshine is a Hong Kong company. [58, 64] Confidence 88 of 100. Wrong if: A filing or disclosure that names Customer C as a company other than Starshine, or that books the Starshine purchase order under a different customer heading.
• What Blaize booked as revenue in 2025 was, in cash terms, credit extended to two buyers in China: almost the whole year's sales were still owed at the end of it. Because: Revenue for 2025 was 38.6 million dollars, while accounts receivable including amounts due from a related party stood at 37,250 thousand dollars at the end of the year. [53, 66] The whole 23,750 thousand dollars of Customer D's revenue was still in receivables at the year end, 63.8% of the total owed, and 15.2 million dollars of it came in afterwards. [66, 67] Leaving the related party aside, 26% of receivables were more than 60 days past due and 5% more than 90 days, against normal credit terms of up to net 30 days. [68, 69] The going concern assessment names cash collections of accounts receivable among the factors the company's ability to continue depends on. [70] Confidence 85 of 100. Wrong if: A later filing showing the December 2025 receivables collected in full within the stated credit terms, with the going concern discussion no longer resting on cash collections.
• Most of what Blaize sold in 2025 was other companies' hardware rather than its own silicon, so the year reads less like a chip business scaling than like a systems integrator passing bought-in servers through at a thin margin. Because: Cost of revenue was 32.4 million dollars against revenue of 38.6 million, leaving gross profit of 6.2 million. [55, 53] The company says the increase in cost of revenue was driven by purchases of hardware from third party vendors in order to fulfil sales contracts. [55] Its cost of revenue is primarily the purchase of hardware from third parties, servers into which its GSP products can be placed. [21] The increase in revenue is attributed to hardware sales, primarily hardware sales to third parties. [54] Confidence 72 of 100. Wrong if: A filing that splits revenue between Blaize's own semiconductor and software products and third-party hardware and shows its own products are the larger part.

Sources

1. Blaize Holdings, Inc., Form DEF 14A filed 2025-10-20: “Dinakar Munagala, 50, has served as our Chief Executive Officer and Director since January 2025, and as a co-founder of Legacy Blaize, he previously served as our Chief Executive Officer and a member of the board of directors of Legacy Blaize since our inception in January 2010. Prior to that, Mr. Munagala served in a leadership role in the Graphics Division of Intel Corporation.”
2. Blaize Holdings, Inc., Form DEF 14A filed 2025-10-20: “Mr. Munagala holds a Bachelor of Science in Electrical and Computer Engineering from Osmania University and a Master’s Degree in Electric and Computer Engineering from Purdue University.”
3. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “On January 13, 2025, BurTech completed the Merger, pursuant to the Merger Agreement, whereby Merger Sub merged with and into Legacy Blaize, with Legacy Blaize being the surviving company and a wholly owned subsidiary of BurTech.”
4. Blaize Holdings, Inc., Form DEF 14A filed 2025-10-20: “Harminder Sehmi, 63, has served as our Chief Financial Officer since January 2025, and previously served as Chief Financial Officer of Legacy Blaize since November 2023. From July 2019 to October 2023, Mr. Sehmi served as the Vice President of Finance of Legacy Blaize overseeing the Finance, Legal and Human Resources functions.”
5. Blaize Holdings, Inc., Form DEF 14A filed 2025-10-20: “from October 2011 to May 2016, Mr. Sehmi served as the Finance Director of Truphone, a GSMA-accredited global mobile network headquartered in London, with operations globally. In addition, Mr. Sehmi served in a variety of operational, group and global roles with Vodafone Group PLC. Mr. Sehmi is a member of the Institute of Chartered Accountants in England and Wales (ACA)”
6. Blaize Holdings, Inc., Form DEF 14A filed 2025-10-20: “We currently have seven directors on our Board.”
7. Blaize Holdings, Inc., Form DEF 14A filed 2025-10-20: “Lane Bess, 64, has served as Chairman of our Board since January 2025, and previously served as a member of the board of directors of Legacy Blaize since January 2022. Since September 2022, Mr. Bess has served as the Chief Executive Officer of Deep Instinct, a cybersecurity company that applies deep learning to cybersecurity. In addition, he has served as the Principal and Founder of Bess Ventures and Advisory since March 2015.”
8. Blaize Holdings, Inc., Form DEF 14A filed 2025-10-20: “Prior to that, he served as the Chief Operating Officer of Zscaler Inc., a cloud-based internet security services company and the President and Chief Executive Officer of Palo Alto Networks, a provider of AI-powered platforms for cybersecurity.”
9. Blaize Holdings, Inc., Form DEF 14A filed 2025-10-20: “Our Board has determined that all of our directors, other than Dinakar Munagala and Lane M. Bess, are considered “independent directors” as defined under the listing requirements and rules of Nasdaq”
10. Blaize Holdings, Inc., Form DEF 14A filed 2025-10-20: “Currently, the roles of Chair of the Board and Chief Executive Officer are separated, and our Board has appointed Lane M. Bess to serve as Chair of the Board and Dinakar Munagala to serve as our Chief Executive Officer.”
11. Blaize Holdings, Inc., Form DEF 14A filed 2025-10-20: “We do not have a nominating and corporate governance committee of the Board.”
12. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
13. The record on this page: the filing record (the EDGAR submissions feed)
14. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “As of December 31, 2025, we employed 254 people, of whom 228 were full-time employees. None of our employees are represented by a labor union or covered by collective bargaining agreements.”
15. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: ““GSP” means Graph Streaming Processor, a specialized AI accelerator designed for graph-native computing.”
16. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “We have created an AI computing accelerator, the GSP. This processor has been designed from the ground up for compute-intensive data parallel workloads, such as computer vision, machine learning, and AI applications. It is fully programmable, making it flexible and adaptable.”
17. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Additionally, our hardware offerings include compute cards (PCIe cards and other cards) that incorporate our GSP and come in a comprehensive set of commonly used form factors.”
18. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Our software suite includes a software development kit which complies with open standards and can be used by customers to program their own models and algorithms. We also provide a comprehensive software suite, Blaize AI Studio (“AI Studio”). AI Studio provides a visual no-code or low-code environment intended to simplify the creation and deployment of AI models”
19. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “We also offer strategic consulting services to configure our hardware and licensed intellectual property to a customer’s needs.”
20. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “In addition to our internally developed products, we deliver third-party hardware solutions, primarily comprised of servers and small form factor stand-alone systems, that host our proprietary technology.”
21. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Cost of revenue is currently primarily comprised of the cost of purchase of hardware from third parties (servers into which our GSP products can be placed and can otherwise enhance our branded products), and also includes Blaize-designed semiconductors purchased from foundries and various edge form factors supplied to us by contract manufacturers”
22. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Our portfolio includes highly efficient, programmable AI processors in a broad range of form factors, deployable across several verticals, including smart city, defense, retail and enterprise markets.”
23. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “The Company’s principal market for its products is currently China.”
24. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Our revenue has been generated from a limited number of significant customers, some of whom have been, and may in the future be, related parties. For the year ended December 31, 2025, two major customers located in China accounted for 61% and 27% of our total revenue, respectively. Neither of these customers was a related party.”
25. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Customer A (1) $ — —% $ 1,193 76.8% Customer B (1) — —% 332 21.4% Customer C 10,444 27.0% — —% Customer D 23,750 61.5% — —% Others (2) (3) 4,438 11.5% 29 1.9% Total revenue $ 38,632 $ 1,554”
26. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “In 2024, 98% of our revenue was attributable to two different customers, located in the United States and Japan, both of whom were related parties. In 2024, substantially all of our revenue was derived from providing strategic consulting services, and these service contracts have since expired.”
27. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “(3) During the year ended December 31, 2025, “Others” included $3.4 million in revenue from a related party.”
28. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “As a fabless company, we do not manufacture our own semiconductor or SoC products and currently rely on third-party manufacturers, including Samsung Foundry and Plexus, to produce our products.”
29. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “We outsource all of our manufacturing in relation to our AI chips and PCIe cards. Samsung Foundry is our foundry for the current generation SoC. All packaging and testing of the SoC is performed by our partners located in Taiwan.”
30. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “We also have manufacturing contracts with Plexus, a contract manufacturer with a facility located in Penang, Malaysia, that provides new product introduction services and mass produces all of our products. In addition to performing printed circuit board assembly, final assembly, and functional testing for our products, Plexus procures raw material components to meet our periodic build forecasts and provides turnaround shipments of our products to our third-party logistics partner and customers around the world.”
31. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Additionally, we have a design, manufacturing and sales agreement with VeriSilicon, Inc. (“VeriSilicon”) that provides us with design expertise, support and assistance, and certain deliverables, prototypes, products and services from VeriSilicon.”
32. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “The raw materials and components used in our products include silicon, polymers, copper, aluminum, other metal alloys, and plastics, which are generally available throughout the world but are largely provided by companies in China.”
33. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “We are a Delaware corporation, incorporated in 2010, headquartered in El Dorado Hills, California.”
34. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Our corporate headquarters is located in leased office space located in El Dorado Hills, California. All of our facilities are substantially comprised of leased premises for office space.”
35. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “The Company’s reporting and functional currency is the United States dollar (“USD”). The local currencies of its foreign subsidiaries are the Indian rupee and British pound, however, the functional currency of its foreign subsidiaries is also the USD.”
36. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “The Company operates as a single operating and reportable segment.”
37. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Our common stock is listed on The Nasdaq Global Market under the symbol “BZAI”.”
38. The record on this page: the filing record (the EDGAR submissions feed)
39. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “In connection with the de-SPAC, we changed our name from “BurTech Acquisition Corporation” to “Blaize Holdings, Inc.,” and the Merger was accounted for as a reverse merger and recapitalization, with BurTech considered the acquired company, and Legacy Blaize considered the acquirer, for financial statement reporting purposes.”
40. The record on this page: the filing record (the EDGAR submissions feed)
41. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 2 to the consolidated financial statements, the Company has incurred recurring operating losses and negative cash flows from operations, has an accumulated deficit, and has historically relied on cash flows from financing activities to fund its operations. These conditions raise substantial doubt about its ability to continue as a going concern.”
42. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “We have served as the Company’s auditor since 2023. /s/ UHY LLP Melville, New York”
43. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “As of December 31, 2025, the Company had cash and cash equivalents on hand of $45.8 million and accounts receivable less allowance for credit losses of $33.4 million, while accounts payable along with and accrued expenses and other current liabilities (excluding amounts due to related parties) and accrued trade payables totaled $37.9 million.”
44. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Cash provided by financing activities was $70.1 million and $101.7 million for the years ended December 31, 2025 and 2024, respectively, and cash used in operations was $73.8 million and $53.5 million for the years ended December 31, 2025 and 2024, respectively.”
45. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “The Company has historically incurred recurring operating losses, including a loss from operations of $103.8 million and $47.6 million for the years ended December 31, 2025 and 2024, respectively.”
46. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “In order to continue its operations, the Company, as currently structured, will need to raise additional financing, if such financing is available at all.”
47. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “As of December 31, 2025, we held 43 patents and had 16 pending patent applications. Our patents are expected to expire between June 16, 2031 and September 24, 2044. We own two issued foreign patents, one in the United Kingdom and one in the Republic of Korea. Our five pending foreign patent applications include patent applications in India.”
48. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Our scalable and programmable architecture enables us to sell into a broad set of markets and applications. As a result, our competitors vary depending on the target market line of business.”
49. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “In addition, we are subject to U.S. and foreign laws and regulations that restrict our activities in certain countries and with certain persons. These include the economic sanctions regulations administered by the U.S. Treasury Department’s Office of Foreign Assets Control and the export control laws administered by the U.S. Commerce Department’s Bureau of Industry and Security.”
50. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Because we develop technology that is deemed “critical” from a U.S. national security perspective, certain investments by non-U.S. persons or entities could trigger mandatory CFIUS filings before an investment is allowed to close.”
51. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “We cannot predict what actions, if any, may be taken with respect to tariffs or trade relations between the United States and China, what products may be subject to the imposition of tariffs by the United States, or what actions may be taken by China in retaliation.”
52. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “We may not be able to meet the continued listing standards of the Nasdaq from time to time. This could result in our common stock being delisted from the exchange.”
53. The record on this page: the filed annual figures (EDGAR's company facts)
54. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “For the year ended December 31, 2025, revenue increased to $38.6 million compared to $1.6 million for the year ended December 31, 2024. The increase was due to hardware sales in 2025, primarily comprised of hardware sales to third parties, while revenue from the comparable period in 2024 was derived primarily from strategic consulting services provided to related parties.”
55. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “For the year ended December 31, 2025, cost of revenue increased by $31.9 million to $32.4 million, compared to $0.6 million for the year ended December 31, 2024. The increase was primarily driven by purchases of hardware from third party vendors in order to fulfil sales contracts.”
56. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
57. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “China $ 35,155 $ — $ 35,155 * United States 3,327 1,215 2,112 * Japan 3 332 (329) * Other 147 7 140 * Total revenue $ 38,632 $ 1,554”
58. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Since our revenue is concentrated among a small number of customers, revenue from any one significant customer may significantly change the geographical mix of our revenue. Customer C and Customer D, below, are both located in China, along with a customer in “Others,” below.”
59. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Going forward, we expect to derive revenue from sales of third-party solutions and our hardware and software products, as well as from strategic consulting services.”
60. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “The increases in R&D expenses described above are expected to continue as we support the development of our next generation of products.”
61. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “As of December 31, 2025, 25 POCs were initiated or in progress with a potential customer.”
62. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Such vendors may include original equipment manufacturers (“OEMs”), original design manufacturers, system integrators, or hardware resellers or distributors, among others. As of December 31, 2025, we had a total of 30 Partners.”
63. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “A design win (“Design Win”) represents that a Partner or a customer has selected our products and/or services to be incorporated into a product that it intends to produce or consume, as applicable, and has confirmed that our offerings integrate into such product accordingly. As of December 31, 2025, 20 Design Wins had been confirmed with a Partner or customer.”
64. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “On July 16, 2025, we entered into a Strategic Cooperation Agreement (the “Starshine Agreement”) with Starshine Computing Power Technology Limited, a Hong Kong company (“Starshine”). Pursuant to the terms of the Starshine Agreement, we entered into a strategic partnership with Starshine to develop business opportunities for the sale of our hybrid AI platform and other products and services through Starshine in the Asia Pacific region. Starshine agreed to deliver a minimum of $120.0 million in revenue to us over the first 18 months of the Starshine Agreement.”
65. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Starshine initiated one purchase order to us in the third quarter of 2025 for $10.4 million. Starshine paid $1.6 million to us in regards to its account receivable, and the remainder of $8.8 million of its account receivable remains outstanding as of March 24, 2026. As of March 24, 2026, we have not received any further purchase orders from Starshine.”
66. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Customer C (1) 8,844 23.7% Customer D (1) (2) 23,750 63.8% Others (3) (4) 4,656 12.5% Total accounts receivable, including due from related party $ 37,250”
67. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “(2) Subsequent to December 31, 2025, the Company received payments of $15.2 million from this customer.”
68. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “As of December 31, 2025, the Company’s accounts receivable, excluding accounts receivable due from a related party, were 69% current, 26% over 60 days past due, and 5% over 90 days past due.”
69. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “Normal credit terms for the Company’s accounts receivable are generally up to net 30 days, although credit terms for a customer sale that occurred in the fourth quarter of 2025 included credit terms up to 90 days.”
70. Blaize Holdings, Inc., Form 10-K filed 2026-03-24: “The Company’s ability to continue to meet its obligations, to achieve its business objectives, and continue as a going concern is dependent upon several factors, including its revenue growth rate, cash collections of its accounts receivable, and the timing and extent of spending to support further sales and marketing and research and development efforts.”

Where the revenue comes from

By geography: China 91%, United States 9%, Other under 1%, Japan under 1%. As tagged in its annual report (Form 10-K, filed 2026-03-24).

Who runs it

Munagala, Dinakar (Chief Executive Officer); Sehmi, Harminder (Chief Financial Officer); Patak, Stephen Paul (Chief Revenue Officer); Evans, Kimberly Peterson (General Counsel); Lauk, Kurt J (director); Bess, Lane (director); Cannestra, Anthony (director); De, Urioste George (director); Frank, Edward H. (director); Fujimori, Yoshiaki (director); and 1 more. 11 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

This file: Overview · Past · Present · Future · Filings · every company on file

Every stock is a company. We grade the company behind the stock. CrossAssetData is a company research product: no investment advice, no price targets, no price predictions; every claim carries its source, and unseen means unseen. The full file draws when the page's script runs: the essentials, the balance sheet, the estimators, the trend, and every filing of the last ten years.