Blaize (BZAI) Q4 2025 earnings summary

Executive summary

• Revenue grew from $1M in Q1 to $23.8M in Q4 2025, totaling $38.6M for the year and exceeding guidance, marking a 20x year-over-year increase and the first full year of commercial revenue.

• Expanded global footprint through partnerships, notably with Nokia in Asia Pacific, GSIL in Korea, and government initiatives in India.

• Focused on AI inference infrastructure, targeting efficient, smaller task-specific models for real-world business outcomes.

• Strategic leadership hires, including a Chief Revenue Officer, are driving commercial expansion and execution.

• Preparing to launch the AI Services platform in Q2 2026 to unify fragmented AI capabilities and drive monetization.

Financial highlights

• Full year 2025 revenue reached $38.6M, up from $1.6M in 2024, with Q4 revenue doubling sequentially to $23.8M.

• Adjusted EBITDA loss for 2025 was $50.5M, with Q4 adjusted EBITDA loss flat at $11.1M.

• Gross margin was 11% in Q4 and 16% for the year, with gross profit of $6.2M in 2025.

• GAAP net loss for 2025 was $206.9M, impacted by a $226M non-cash charge, $37.5M in share-based compensation, and $12M in transaction expenses.

• Ended 2025 with $46M in cash and $15.6M available under a committed equity facility.

Outlook and guidance

• Fiscal 2026 revenue guidance is $130M, with a lighter first half and stronger second half expected.

• Gross margins projected to average 30–35% by Q4 2026.

• Adjusted EBITDA loss for 2026 expected between $45M and $50M.

• Launch of the AI Services platform in Q2 2026 aims to drive recurring revenue and API-based AI capabilities.

• Long-term gross margin model targets 55%+ as software and recurring revenue increase.