10-Q · July 2, 2026
Blaize Holdings reported Q1 2026 results with revenues of $2.738 million, showcasing a 172% increase from the prior year. Despite an EPS of -$0.19, the net loss improved significantly by 84.7% compared to the same…
Earnings analysis · 10-Q
BZAI earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Blaize’s Q2 2026 revenue increased to $12.0 million from $3.0 million sequentially and $2.0 million year over year, but gross margin collapsed to 8.0% from 57.6% in Q1 and 59.4% in the prior-year quarter. Management…
Read full summary
Blaize’s Q2 2026 revenue increased to $12.0 million from $3.0 million sequentially and $2.0 million year over year, but gross margin collapsed to 8.0% from 57.6% in Q1 and 59.4% in the prior-year quarter. Management reduced full-year revenue expectations to $40.0 million-$43.0 million from approximately $130.0 million and expects a $62.0 million-$65.0 million Adjusted EBITDA loss. Liquidity and execution risks are elevated given the $12.4 million of cash held in China, the potential loss of the primary manufacturer by December 14, 2026, limited access to the $15.5 million equity facility, and newly disclosed securities litigation.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Gross margin
- 8.0%
What stood out
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Revenue Rebounded Sequentially
Q2 2026 revenue was $12.0 million, up from $3.0 million in Q1 2026 and $2.0 million in Q2 2025.
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Equity Offering Added Liquidity
The company completed an offering of 18,918,918 shares at $1.85 per share, generating approximately $32.8 million of net proceeds.
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Cash Balance Strengthened
As of June 30, 2026, cash and cash equivalents totaled $36.8 million, including approximately $16.3 million of unused proceeds from the May offering.
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Disclosure Controls Remained Effective
Management reported that disclosure controls were effective as of June 30, 2026, with no changes in internal control that materially affected, or were reasonably likely to materially affect, financial reporting.
What to watch
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Severe Gross Margin Compression
Gross margin fell to 8.0% in Q2 2026 from 57.6% in Q1 2026 and 59.4% in Q2 2025, indicating substantial margin compression.
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Major Revenue Outlook Reduction
The company reduced full-year 2026 revenue outlook from approximately $130.0 million to $40.0 million-$43.0 million and expects an Adjusted EBITDA loss of $62.0 million-$65.0 million.
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New Securities Class Action
A securities class action was filed on August 4, 2026, covering investors who purchased shares between July 18, 2025 and April 28, 2026; the complaint seeks compensatory damages, costs, fees and other relief.
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Primary Manufacturer Termination
The primary contract manufacturer notified the company of its intent to terminate the manufacturing agreement by December 14, 2026, creating supply-chain and fulfillment risk.
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Restricted Access to China Cash
Approximately $12.4 million, or 34%, of the company’s $36.8 million cash balance was held in China as of June 30, 2026, while substantially all accounts receivable were due in China and accounts payable were largely outside China.
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Equity Facility May Be Unavailable
The Committed Equity Facility had approximately $15.5 million of remaining capacity as of June 30, 2026, but drawdowns require the common stock to trade at or above $1.00 per share, and the company stated that its stock had recently traded below that threshold.
Management's outlook
Full-year 2026 revenue outlook was reduced from approximately $130.0 million to $40.0 million-$43.0 million. Management also expects a full-year Adjusted EBITDA loss of $62.0 million-$65.0 million, citing delayed order conversions and higher memory pricing.
Earlier filings 4
10-Q · May 14, 2026
Blaize Holdings reported strong Q1 2026 results with revenues of $2.738 million, reflecting a significant 172% increase year-over-year. Although EPS came in slightly worse than expected at -$0.16, down from -$1.61 a…
10-K · April 30, 2026
Blaize Holdings, Inc. reported significant revenue growth in Fiscal Year 2025, particularly in Q4 2025 with revenue reaching $24M, marking an increase from $12M in Q3. Despite this, the company continues to face…
10-K · March 24, 2026
Blaize reported a sharp revenue ramp through 2025 (quarterly revenue: $1M, $2M, $12M, $24M) driven by hardware and third‑party hardware sales and a Q4 EPS improvement to $0.05. Revenue remains highly concentrated (two…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.