Blaize Announces First Quarter 2025 Financial Results

   -- Converted pipeline into execution across key markets, including U.S. 
      defense, South Korea, and the Gulf 
 
   -- Selected by CBIST to lead South Korea's Chungbuk Digital Innovation Hub 
      for smart city AI deployment 
 
   -- Finalizing purchase orders with Turbo Federal as defense engagement moves 
      into commercialization 
 
   -- Showcased deployable AI solutions at the largest U.S. physical security 
      event--drawing strong interest from federal and enterprise customers 
      across public safety, defense, and smart city sectors 
 
   -- Exceeded Q1 revenue guidance with increased commercial momentum and 
      expanding pipeline 
EL DORADO HILLS, Calif.--(BUSINESS WIRE)--May 14, 2025-- 

Blaize Holdings, Inc. $(BZAI)$, a leader in energy-efficient AI inference at the edge for physical systems, today announced financial results for the quarter ended March 31, 2025. The company reported strong customer traction and continued commercial momentum across its key verticals in smart infrastructure, defense, and mobility.

"This quarter proved we're executing where it counts. Blaize has deployed real systems that solve mission-critical challenges in the physical world--from perimeter defense and smart ports to AI-powered city infrastructure," said Dinakar Munagala, co-founder and CEO of Blaize. "We're seeing strong customer demand and have been selected for foundational programs in the U.S., South Korea, and the Gulf region. As we prepare to introduce our most complete vertical AI solution platform to date, we're proving that real-time inference at the edge is not just possible--it's happening. With strong customer validation, our strategy is clear: deliver fast, scalable intelligence that drives real-world results."

First Quarter 2025 Financial Highlights

Results compare the quarter ended March 31, 2025, to the quarter ended March 31, 2024:

   -- Revenue for the first quarter of 2025 increased 83% year-on-year to just 
      over $1.0 million. This growth was driven by product shipments to 
      customers with smart city applications, while first quarter 2024 revenues 
      represented strategic consulting fees from an automotive customer. 
 
   -- Net loss for the first quarter of 2025 was $147.8 million, compared to a 
      net loss of $16.7 million in the first quarter of 2024. The increase in 
      net loss was primarily due to non-recurring expenses and non-cash 
      adjustments attributable to the completion of our business combination 
      with BurTech Acquisition Corporation in January 2025 (the "Business 
      Combination"). 
 
   -- Adjusted EBITDA loss, a non-GAAP measure of underlying operating 
      performance, in the first quarter of 2025 was $15.4 million, compared to 
      an Adjusted EBITDA loss of $7.5 million for the first quarter of 2024. 
      The increase in Adjusted EBITDA loss was primarily due to investments in 
      our go-to-market and customer support strategy, software tools and public 
      company expenses. For a reconciliation of Adjusted EBITDA to Net loss, 
      the most directly comparable GAAP financial metric, and a definition of 
      Adjusted EBITDA, see "Non-GAAP Financial Measures" below. 
 
   -- As of March 31, 2025, Blaize's cash and cash equivalents were $45.0 
      million. 

Recent Business Announcements and Updates

Blaize is capitalizing on growing global demand for edge AI, translating pipeline into execution across priority sectors. In the first half of 2025, the company advanced from pilot programs to real deployments--securing wins in South Korea, the Gulf, and U.S. defense markets. With formal selection by CBIST and commercialization now underway with Turbo Federal, Blaize is demonstrating its ability to convert strategic engagements into revenue-generating opportunities across national-scale initiatives.

   -- CBIST (South Korea): Blaize was selected by the Chungbuk Institute of 
      Science and Technology (CBIST) to lead the Chungbuk Digital Innovation 
      Hub, delivering edge AI infrastructure to support regional smart city 
      deployment across South Korea's Chungcheongbuk-do province. 
 
   -- Turbo Federal (Defense): Blaize's collaboration with Turbo Federal has 
      progressed rapidly from strategic engagement to execution. The 
      partnership is now entering the commercialization phase, with purchase 
      orders in motion to deploy Blaize-powered servers and AI Studio 
      orchestration software for perimeter security and real-time inference 
      across defense environments. 
 
   -- Ministry of Defense (Gulf Region): Blaize continues to deepen its 
      engagement with a national Ministry of Defense, progressing through 
      proof-of-concept and field qualification stages. These engagements are 
      focused on delivering trusted AI inference capabilities for situational 
      awareness and mission-critical decision-making. 
 
   -- Smart Security Showcase (U.S. Market): At North America's largest 
      physical security and smart infrastructure technology event, Blaize 
      demonstrated real-time, deployable AI applications for perimeter defense, 
      school safety, and smart surveillance. Integrated with partners such as 
      OrionVM, Thrive Logic, and CVEDIA, Blaize's live demonstrations attracted 
      significant interest from commercial and federal decision-makers seeking 
      scalable edge intelligence solutions. 

Blaize plans to announce a new vertical AI solution platform in Q3 2025, designed to simplify and accelerate deployment for smart city, defense, and infrastructure customers--extending its edge AI leadership into packaged, turnkey systems.

Blaize is building toward a future where real-time inference and multimodal intelligence--vision, sensors, speech, and language--work together at the edge to power physical environments in motion. That future is not theoretical. It's already starting to take shape.

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."

 
                              Q2 2025 Guidance       Fiscal Year 2025 Guidance 
------------------------  -------------------------  ------------------------- 
                             $1.5 million - $1.7 
Total Revenue                      million           $19 million - $50 million 
------------------------  -------------------------  ------------------------- 
                                                        $40 million to $55 
Adj EBITDA Loss           $13 million - $14 million           million 
------------------------  -------------------------  ------------------------- 
Stock Based Compensation  Approximately $10 million  Approximately $35 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, May 14, 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. 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 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 expenses. Net loss is the most directly comparable GAAP measure to Adjusted EBITDA.

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