$BZAIW

Blaize Holdings, Inc.

CIK:0001871638|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 11,985	$ 1,982	$ 14,723	$ 2,989
Cost of revenue	11,067	804	12,229	1,131
Gross profit	918	1,178	2,494	1,858
Operating expenses
Research and development	10,480	9,613	20,155	22,731
Depreciation	219	456	405	647
Transaction costs	0	0	0	12,035
Total operating expenses	31,522	23,061	56,486	61,762
Loss from operations	(30,604)	(21,883)	(53,992)	(59,904)
Other income (expense), net
Change in fair value of Legacy Blaize convertible notes and warrants	0	0	0	(226,048)
Change in fair value of Polar warrants	2,344	0	2,813	0
Change in fair value of earnout shares	1,573	(7,257)	2,131	109,261
Change in fair value of unissued shares of common stock	0	(300)	0	(300)
Financing charge on Polar warrants modification	(1,969)	0	(1,969)	0
Other, net	115	(110)	(78)	(158)
Total other income (expense), net	2,063	(7,667)	2,897	(117,245)
Loss before income taxes	(28,541)	(29,550)	(51,095)	(177,149)
Provision for income taxes	268	39	367	201
Net loss	(28,809)	(29,589)	(51,462)	(177,350)
Change in foreign currency translation adjustments, net	365	0	490	0
Other comprehensive income	365	0	490	0
Comprehensive loss	$ (28,444)	$ (29,589)	$ (50,972)	$ (177,350)
Net loss per share - basic (in dollars per share)	$ (0.21)	$ (0.28)	$ (0.40)	$ (1.80)
Net loss per share - diluted (in dollars per share)	$ (0.21)	$ (0.28)	$ (0.40)	$ (1.80)
Weighted average shares outstanding, basic (in shares)	134,813,711	104,588,373	128,627,046	98,374,632
Weighted average shares outstanding, diluted (in shares)	134,813,711	104,588,373	128,627,046	98,374,632
Nonrelated party
Operating expenses
Selling, general and administrative	$ 18,029	$ 12,965	$ 33,095	$ 26,082
Nonrelated party \| Hardware revenue
Total revenue	11,956	57	12,098	1,064
Nonrelated party \| Software revenue
Total revenue	0	300	0	300
Related party
Total revenue		1,600	2,600	1,600
Operating expenses
Selling, general and administrative	2,794	27	2,831	267
Related party \| Hardware revenue
Total revenue	28	1,362	2,206	1,362
Related party \| Software revenue
Total revenue	$ 1	$ 263	$ 419	$ 263

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net cash used in operating activities	$ (41,297)	$ (32,373)
Cash flows from investing activities:
Purchases of property and equipment	(639)	(681)
Net cash used in investing activities	(639)	(681)
Cash flows from financing activities:
Merger and PIPE financing, net of transaction costs	0	15,874
Proceeds from issuance of common stock in public offering, net of expenses	32,825	0
Additional expenses of issuance of stock in public offering	(239)	0
Payment of deferred offering costs	0	(4,332)
Repurchase of shares to satisfy employee tax withholdings	(47)	0
Proceeds from exercise of stock options	447	0
Repayment of advances from related party	(357)	(114)
Cash provided by (used in) financing activities	32,629	11,428
Effect of exchange rate changes on cash, cash equivalents and restricted cash	369	0
Net change in cash, cash equivalents and restricted cash	(8,938)	(21,626)
Cash, cash equivalents and restricted cash at beginning of period	46,050	50,488
Cash, cash equivalents and restricted cash at end of period	37,112	28,862
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	36,847	28,588
Restricted cash (included within other assets)	265	274
Total cash, cash equivalents and restricted cash	37,112	28,862
Supplemental non-cash disclosures:
Conversion of Legacy Blaize convertible notes to common stock	0	314,334
Net exercise of Legacy Blaize warrants for common stock	0	75,056
Issuance of warrants for professional services	0	167
Issuance of common stock for shareholder note receivable	0	8,753
Operating lease asset obtained in exchange for new operating lease liabilities	229	0
Release of liabilities to Sponsor	4,180	0
Liability to issue shares of common stock in related party settlement	2,760	0
Non-cash warrant modification expense	1,969	0
Capitalized deferred offering costs included in accounts payable and accrued expenses and other liabilities	0	380
Redemption of common shares with cash held in escrow	$ 0	$ 33,157

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 36,847,000	$ 45,781,000	$ 28,588,000
Inventories, net	10,027,000	10,130,000
Prepaid expenses and deposits	12,858,000	3,240,000
Other current assets	392,000		763,000
Total current assets	73,984,000	96,607,000
Property and equipment, net	1,401,000	1,226,000
Deferred income tax assets	2,036,000	2,123,000
Other assets	2,093,000	2,255,000
Assets	79,514,000	102,211,000
Current liabilities
Accrued trade payables	1,528,000	22,838,000
Accrued expenses and other current liabilities	9,988,000	7,344,000
Accrued expenses - related party	0	331,000
Unissued shares of common stock for related party settlement	2,760,000	0
Total current liabilities	19,904,000	43,389,000
Other earnout shares	6,827,000	8,929,000
Polar warrants	7,969,000	8,813,000
Other liabilities	2,024,000	2,080,000
Total liabilities	36,724,000	63,211,000
Commitments and contingencies
Stockholders’ equity:
Common stock - $0.0001 par value; 600,000,000 and 600,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively, and 142,778,075 and 122,043,966 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	14,000	12,000
Additional paid-in capital	729,903,000	675,143,000
Accumulated other comprehensive income	490,000	0
Accumulated deficit	(687,617,000)	(636,155,000)
Total stockholders’ equity	42,790,000	39,000,000	$ (4,810,000)
Total liabilities and stockholders’ equity	79,514,000	102,211,000
Nonrelated party
Current assets:
Accounts receivable, net of allowance for credit losses of $9,548 and $523, respectively	13,860,000	33,363,000
Current liabilities
Accounts payable	5,628,000	8,339,000
Other earnout shares	5,163,000	6,745,000
Related party
Current assets:
Accounts receivable, net of allowance for credit losses of $9,548 and $523, respectively	0	3,330,000
Current liabilities
Accounts payable	0	180,000
Other earnout shares	1,664,000	2,184,000
Working Capital Loan
Current liabilities
Working capital loan and advances from related party	0	1,500,000
Advances from related party
Current liabilities
Working capital loan and advances from related party	$ 0	$ 2,857,000