- Blaize solutions optimized for low-power AI processing for
smart computing at the edge
- Fueled by rising demand in existing beachhead sectors, as well
as newly emerging use cases
- Expected acceleration of revenue driven by established and
growing pipeline
Blaize Holdings, Inc. (NASDAQ:BZAI) (“Blaize”), a provider of
purpose-built, transformative artificial intelligence (AI)-enabled
edge computing solutions that unite software and silicon to
optimize AI from the edge to the core, has released its financial
results for the fiscal year ending December 31, 2024.
Blaize CEO Dinakar Munagala said, “Having successfully concluded
the Company’s business combination with BurTech Acquisition Corp.
in January 2025, Blaize has seen continued interest in our AI-edge
compute solutions from multiple parties in the Smart Cities,
defense, and automotive industries. As we continue to focus on our
go-to-market strategy and the overall market’s growing demand for
AI at the edge, Blaize is well-positioned to expand our customer
footprint.”
Fiscal Year 2024 Financial Highlights
Results compare the year ended December 31, 2024, to the year
ended December 31, 2023:
- Net revenue for fiscal year 2024 decreased to $1.6 million from
$3.9 million in the prior year. In both years, the revenues
primarily reflected the recognition of strategic consulting fees
received from a major European automotive OEM as part of a
multi-year and multi-vendor program. Phase I was largely completed
during 2024 which accounts for the decrease.
- Net loss for fiscal year 2024 was $61.2 million, a 30% decrease
from net loss of $87.6 million in the prior year. Included in 2024
were financing charges and fair value adjustments of $14.5 million
related to convertible notes and warrant liabilities compared to
$49.7 million for the prior year, which included a non-recurring
Pay-to-Play equity financing charge.
- Adjusted EBITDA loss, a non-GAAP measure of operating
performance, reconciled to net loss below, for fiscal year 2024 was
$43.3 million, compared to $30.3 million for fiscal year 2023. For
a reconciliation of Adjusted EBITDA to net loss, the most directly
comparable GAAP financial metric, see “Non-GAAP Financial Measures”
below.
- As of December 31, 2024, Blaize’s cash and cash equivalents
were $50.2 million.
Recent Business Announcements
Our pipeline continues to expand, driven by strong and
accelerating market interest in AI at the edge, and ongoing
engagement with high-quality prospective customers across key
sectors, including, but not limited to, Smart Cities, defense, and
the automotive industry.
- Joint technology agreement with KAIST to produce new edge AI
computing applications across biomedical, neuromorphic,
photovoltaics, thermoelectrics and green hydrogen
- Partnership with alwaysAI to revolutionize real-time insights
with AI Edge Computing and advanced computer vision
applications
- Partnership with VSBLTY to develop new AI-enabled hybrid
technology for large-scale global safety and security
solutions
- Partnership with Turbo Federal to procure contracts to
accelerate AI solutions for the U.S. Department of Defense
Financial Outlook
The following forward-looking statements are based on current
expectations, and actual results may differ materially, as
described below in “Cautionary Statement Regarding Forward-Looking
Statements.”
Q1 2025 Guidance
Fiscal Year 2025
Guidance
Total Revenue
$0.9 million
$19 million - $50 million
Adjusted EBITDA Loss
(non- GAAP)
$15 million - $16 million
$70 million - $75 million
Stock Based Compensation
$7.7 million
~$20 million
Weighted Average Shares Outstanding
90 million
99 million
Earnings Conference Call
Dinakar Munagala, Chief Executive Officer of Blaize, and
Harminder Sehmi, Chief Financial Officer of Blaize, will host a
conference call at 2:00 p.m. Pacific Time today, March 27, 2025, to
discuss the Company’s financial results and outlook. A live webcast
will be accessible on Blaize’s investor relations website at
ir.blaize.com, and an archived conference call webcast will be
available on Blaize’s investor relations website for one year
following the live call.
About Blaize
Blaize provides a full-stack programmable processor architecture
suite and low-code/no-code software platform that enables AI
processing solutions for high-performance computing at the
network’s edge and in the data center. Blaize solutions deliver
real-time insights and decision-making capabilities at low power
consumption, high efficiency, minimal size, and low cost. Blaize
has raised over $330 million from strategic investors such as
DENSO, Mercedes-Benz AG, Magna, and Samsung and financial investors
such as Franklin Templeton, Temasek, GGV, Bess Ventures, BurTech LP
LLC, Rizvi Traverse, and Ava Investors. Headquartered in El Dorado
Hills (CA), Blaize has more than 200 employees worldwide with teams
in San Jose (CA) and Cary (NC), and subsidiaries in Hyderabad
(India), Leeds and Kings Langley (UK), and Abu Dhabi (UAE). To
learn more, visit www.blaize.com or follow us on LinkedIn and on X
at @blaizeinc.
Non-GAAP Financial Measures
In addition to providing results that are determined in
accordance with accounting principles generally accepted in the
United States of America ("GAAP"), we present Adjusted EBITDA,
which is a non-GAAP financial measure. This measure is not
considered a measure of financial performance or liquidity under
GAAP and the items excluded therefrom are significant components in
understanding and assessing our financial performance or liquidity.
This measure should not be considered in isolation or as an
alternative to GAAP measures such as net income (loss) or other
financial statement data presented in our financial statements as
an indicator of our financial performance or liquidity.
We define Adjusted EBITDA as EBITDA as further adjusted for
certain items management believes are not reflective of the
underlying operations of our business, including but not limited to
(a) stock-based compensation; (b) non-recurring inventory cost
realignments; and (c) other non-recurring charges. Net loss is the
most directly comparable GAAP measure to Adjusted EBITDA.
We use Adjusted EBITDA to assess the operating results and
effectiveness and efficiency of our business. We present this
non-GAAP financial measure because we believe that investors
consider it to be an important supplemental measure of performance,
and we believe that this measure is frequently used by securities
analysts, investors and other interested parties in the evaluation
of companies in our industry. Non-GAAP financial measures as
reported by us may not be comparable to similarly titled metrics
reported by other companies and may not be calculated in the same
manner. These measures have limitations as analytical tools, and
you should not consider them in isolation or as substitutes for
analysis of our results as reported under GAAP.
In reliance on the exception provided by Item 10(e)(1)(i)(B) of
Regulation S-K, we have not reconciled the forward-looking Adjusted
EBITDA (Non-GAAP) for the first quarter of 2025 or full fiscal year
2025 included above because we are unable to quantify certain
amounts that would be required to be included in net income (loss),
the most directly comparable GAAP measure, without unreasonable
efforts due to the high variability and difficulty in predicting,
with reasonable certainty, certain items excluded from Adjusted
EBITDA. Consequently, we believe such reconciliation would imply a
degree of precision that would be misleading to investors.
Preparation of such reconciliations would require a forward-looking
balance sheet, statement of income and statement of cash flow,
prepared in accordance with GAAP, and such forward-looking
financial statements are unavailable to Blaize without unreasonable
effort. For the same reasons, Blaize is unable to address the
probable significance of the unavailable information. We expect the
variability of these excluded items may have an unpredictable, and
potentially significant, impact on our future GAAP financial
results.
The following table sets forth a reconciliation of net loss to
Adjusted EBITDA for the periods presented:
Dollars in Thousands
Year Ended December
31,
2024
2023
Net Loss
(61,195
)
(87,589
)
Depreciation and amortization
886
2,040
Benefit from income taxes
(952
)
(598
)
Other expenses (1)
14,512
49,659
EBITDA
(46,749
)
(36,488
)
Stock based compensation
3,847
2,483
Non cash inventory cost realignment
adjustments
(354
)
3,681
Adjusted EBITDA
(43,256
)
(30,324
)
(1)
Includes but not limited to interest
receivable/payable, financing charges, gains/losses on foreign
exchanges and movements in fair value of convertible notes and
warrants.
Cautionary Statement Regarding Forward Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the U.S. Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the U.S.
Securities Exchange Act of 1934, as amended (the “Exchange Act”)
that are based on beliefs and assumptions and on information
currently available to Blaize, including statements regarding the
industry in which Blaize operates, market opportunities, and
product offerings. In some cases, you can identify forward-looking
statements by the following words: “may,” “will,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “project,” “potential,” “continue,”
“ongoing,” “target,” “seek” or the negative or plural of these
words, or other similar expressions that are predictions or
indicate future events or prospects, although not all
forward-looking statements contain these words. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
document, including but not limited to: (i) changes in domestic and
foreign business, market, financial, political and legal
conditions; (ii) the expected benefits of Blaize’s business
combination with BurTech Acquisition Corp. (the “Business
Combination”) are not obtained; (iii) the ability to continue to
meet stock exchange listing standards following the consummation of
the Business Combination; (iv) the risk that the Business
Combination disrupts current plans and operations of Blaize as a
result of the consummation of the Business Combination; (v) failure
to realize the anticipated benefits of the Business Combination,
which may be affected by, among other things, competition, the
ability of the combined company to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees; (vi) costs related to the
Business Combination; (vii) changes in applicable law or
regulations; (viii) the outcome of any legal proceedings that may
be instituted against Blaize; (ix) the effects of competition on
Blaize’s future business; (x) the ability of the combined company
to issue equity or equity-linked securities or obtain debt
financing; (xi) the enforceability of Blaize’s intellectual
property rights, including its copyrights, patents, trademarks and
trade secrets, and the potential infringement on the intellectual
property rights of others; and (xii) those factors discussed under
the heading “Risk Factors” in our Registration Statement on Form
S-1/A filed with the Securities and Exchange Commission (SEC) on
February 10, 2025 and other documents filed by Blaize from time to
time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Blaize assumes no
obligation to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by law, including the securities laws
of the United States and the rules and regulations of the SEC.
Blaize does not give any assurance that it will achieve its
expectations.
The financial projections in this release are forward-looking
statements that are based on assumptions that are inherently
subject to significant uncertainties and contingencies, many of
which are beyond Blaize’s control. While such projections are
necessarily speculative, Blaize believes that the preparation of
prospective financial information involves increasingly higher
levels of uncertainty the further out the projection extends from
the date of preparation. The assumptions and estimates underlying
the projected results are inherently uncertain and are subject to a
wide variety of significant business, economic and competitive
risks and uncertainties that could cause actual results to differ
materially from those contained in the projections. The inclusion
of financial information or projections in this press release
should not be regarded as an indication that Blaize, or its
representatives and advisors, considered or consider the
information or projections to be a reliable prediction of future
events. The independent registered public accounting firm of Blaize
has not audited, reviewed, compiled or performed any procedures
with respect to the projections for the purpose of their inclusion
in this press release and, accordingly, has not expressed an
opinion or provided any other form of assurance with respect
thereto for the purpose of this press release.
Blaize, Inc. and Subsidiaries
Consolidated Balance Sheets
(Amounts in thousands, except
share and per share data)
December 31,
2024
2023
Assets:
Current assets:
Cash and cash equivalents
$
50,237
$
3,213
Accounts receivable, net
55
11
Accounts receivable - related party
—
467
Inventories
8,561
6,522
Prepaid expenses and other current
assets
14,837
2,836
Total current assets
73,690
13,049
Property and equipment, net
2,081
1,555
Deferred income tax assets
2,157
1,033
Operating lease right of use assets
1,773
2,423
Other assets
815
579
Total assets
$
80,516
$
18,639
Liabilities, redeemable convertible
preferred stock and stockholders’ deficit:
Current liabilities:
Demand notes
$
—
$
4,750
Accounts payable
7,904
14,925
Accrued expenses and other current
liabilities
11,996
7,464
Accrued loss on purchase commitments
603
3,588
Accrued compensation
1,613
1,938
Income tax payable
2,109
1
Current operating lease liabilities
578
569
Warrant liabilities, current portion
14,711
—
Convertible notes, current portion
148,629
14,641
Total current liabilities
188,143
47,876
Long-term operating lease liabilities
1,166
1,791
Warrant liabilities
—
3,730
Convertible notes
—
18,064
Other liabilities
1,670
391
Total liabilities
190,979
71,852
Commitments and contingencies
Redeemable convertible preferred stock -
$0.00001 par value; 96,650,097 shares authorized as of December 31,
2024 and 2023, respectively; 44,494,703 shares issued and
outstanding at December 31, 2024 and 2023, respectively;
liquidation preference of $173,347 as of December 31, 2024 and
2023, respectively
173,347
173,347
Stockholders’ deficit:
Common stock - $0.00001 par value;
175,095,000 shares authorized as of December 31, 2024 and 2023,
respectively; 17,519,999 and 17,454,353 shares issued and
outstanding as of December 31, 2024 and 2023, respectively
—
—
Treasury stock, at cost: 124,225 shares at
December 31, 2024 and 2023
—
—
Additional paid-in capital
145,441
141,496
Accumulated deficit
(429,251
)
(368,056
)
Total stockholders’ deficit
(283,810
)
(226,560
)
Total liabilities, redeemable convertible
preferred stock and stockholders’ deficit
$
80,516
$
18,639
Blaize, Inc. and Subsidiaries
Consolidated Statements of
Operations
(Amounts in thousands, except
share and per share amounts)
Year Ended
December 31,
2024
2023
Revenue:
Engineering services revenue - related
party
$
1,525
$
3,840
Hardware revenue
29
16
Total revenue
1,554
3,856
Costs and expenses:
Cost of revenue (exclusive of depreciation
and amortization)
579
3,656
Research and development
25,094
18,115
Selling, general and administrative
22,413
17,303
Depreciation and amortization
886
2,040
Loss on purchase commitments
—
1,165
Transaction costs
217
105
Total costs and expenses
49,189
42,384
Loss from operations
(47,635
)
(38,528
)
Other income (expense), net:
Pay-to-Play financing charge
—
(35,832
)
Debt financing charge on convertible
notes
(464
)
(3,145
)
Other income (expense), net
1,903
(255
)
(Loss) gain on foreign exchange
transactions
(228
)
50
Change in fair value of convertible
notes
(10,022
)
(9,532
)
Change in fair value of warrant
liabilities
(5,701
)
(945
)
Total other expense
(14,512
)
(49,659
)
Loss before income taxes
(62,147
)
(88,187
)
Benefit from income taxes
(952
)
(598
)
Net loss
$
(61,195
)
$
(87,589
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(3.50
)
$
(20.79
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
17,476,105
4,213,244
Blaize, Inc. and Subsidiaries
Consolidated Statements of Cash
Flows
(Amounts in thousands)
December 31,
2024
2023
Cash flows from operating activities:
Net loss
$
(61,195
)
$
(87,589
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
886
2,040
Noncash lease expense
649
815
Pay-to-Play financing charge
—
35,832
Debt financing charge on convertible
notes
464
3,145
Stock-based compensation
3,847
2,483
Credit loss expense
570
421
Deferred income taxes
(1,124
)
(107
)
Change in fair value of convertible
notes
10,022
9,532
Change in fair value of warrant
liabilities
5,701
945
Loss on purchase commitments
—
1,165
Noncash loss on lease termination
—
(18
)
Changes in operating assets and
liabilities:
Accounts receivable, net
(614
)
362
Accounts receivable - related party
467
639
Inventories
(2,039
)
(2,186
)
Prepaid expenses and other current
assets
(21,630
)
167
Other assets
15
64
Accounts payable and accrued
liabilities
10,988
9,500
Operating lease liabilities
(616
)
(854
)
Income taxes payable
2,108
(590
)
Accrued loss on purchase commitments
(2,985
)
(3,022
)
Accrued compensation
(325
)
34
Other liabilities
1,279
(733
)
Net cash used in operating activities
(53,532
)
(27,955
)
Cash flows from investing activities:
Purchases of property and equipment
(902
)
(220
)
Net cash used in investing activities
(902
)
(220
)
Cash flows from financing activities:
Payment of deferred offering costs
(4,357
)
—
Proceeds from Pay-to-Play convertible
notes and Common Rights Offering
—
9,425
Proceeds from convertible notes
110,718
12,300
Proceeds from short term demand notes
—
4,925
Repayment of short term demand notes
(4,750
)
(176
)
Proceeds from exercise of stock
options
98
1
Net cash provided by financing
activities
101,709
26,475
Net increase (decrease) in cash, cash
equivalents and restricted cash
47,275
(1,700
)
Cash, cash equivalents and restricted
cash- beginning of period
3,213
4,913
Cash, cash equivalents and restricted
cash- end of period
$
50,488
$
3,213
Components of cash, cash equivalents and
restricted cash:
Cash and cash equivalents
$
50,237
$
3,213
Restricted cash (included within Other
Assets)
251
—
Total cash, cash equivalents and
restricted cash
$
50,488
$
3,213
Supplemental disclosures of cash flow
information:
Cash paid during the period for taxes
$
223
$
—
Cash paid during the period for
interest
$
245
$
3
Supplemental disclosures of noncash
investing and financing activities:
Reissuance of Shadow Preferred in
Pay-to-Play Pull Through Exchange at redemption value
$
—
$
109,327
Operating lease asset obtained in exchange
for new operating lease liabilities
$
—
$
1,673
Property and equipment acquired in
accounts payable & accrued expenses
$
510
$
—
Right-of-use assets and lease liabilities
extinguished upon termination of lease, net of gain
$
—
$
(108
)
Issuance of warrants with convertible
notes
$
4,816
$
1,690
Capitalized deferred offering costs
included in accounting payable and accrued liabilities
$
6,764
$
1,491
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250326603564/en/
Investors ir@blaize.com
Media Leo Merle info@blaize.com
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