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Blaize Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$29.2M in Q2 2026 · −$83.4M over twelve months

Operating cash flow−$28.7M
Capital spending−$523K
Free cash flow−$29.2M
Cash conversion cycle182 days

Analysis

In Q2 2026, Blaize Holdings generated −$28.7M of operating cash flow and spent $523K on capital projects, leaving free cash flow of −$29.2M. That is $12.7M less than in Q2 2025 (−$16.4M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$82.7M; the largest uses were operating cash flow ($82.7M), capital spending ($746K); besides operations, cash came from shares issued ($66.9M), other financing ($24.4M); the cash balance rose by $7.9M.

Operating cash flow was −$28.7M against net income of −$28.8M.

Its cash conversion cycle was 182 days (receivables 116 + inventory 78 − payables 13).

Free cash flow

Blaize Holdings: free cash flow by quarterBlaize Holdings: free cash flow by quarter−$15.2MQ3 2024−$17.5MQ4 2024−$16.6MQ1 2025−$16.4MQ2 2025−$24.9MQ3 2025−$16.5MQ4 2025−$12.7MQ1 2026−$29.2MQ2 2026
Operating cash flow less capital spending.
Blaize Holdings: operating cash flow against capital spendingBlaize Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$14.2M$1.1MQ3 2024−$17.7M−$263KQ4 2024−$15.9M$661KQ1 2025−$16.4M$20KQ2 2025−$24.9M$26KQ3 2025−$16.5M$81KQ4 2025−$12.6M$116KQ1 2026−$28.7M$523KQ2 2026
Latest (Q2 2026): Operating cash flow −$28.7M, Capital spending $523K.

Capital allocation, year by year

Blaize Holdings: where the cash came from (up) and went (down), by fiscal yearBlaize Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2022: Operating cash flow −$1.4MFY2022: Net borrowing −$289KFY2022FY2023: Operating cash flow −$2.3MFY2023: Net borrowing $810K$810KFY2023FY2024: Operating cash flow −$53.5MFY2024: Net borrowing $690KFY2024: Shares issued $98KFY2024: Capital spending −$902K$788KFY2024FY2025: Operating cash flow −$73.8MFY2025: Shares issued $33.6MFY2025: Capital spending −$788K$33.6MFY2025
Over these 4 years operating cash flow totalled −$131M; the largest uses were operating cash flow ($131M) and capital spending ($1.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$36.8M
Debtnone
Net cash$36.8M
Cash runway5 months

Blaize Holdings is burning cash: its operations consume cash, a free cash flow of −$83.4M a year at the current rate against $36.8M of cash and investments: a runway of about 5 months before any new financing.

Where the cash came from and went

Blaize Holdings: sources (+) and uses (−) of cash, Q2 2026Blaize Holdings: sources (+) and uses (−) of cash, Q2 2026Other financing$32.2MOperating cash flow−$28.7MCash drawn (+) / kept (−)−$3.6MCapital spending−$523KShares issued$389KExchange rates$248K
Blaize Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Blaize Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$82.7MShares issued$66.9MOther financing$24.4MCash drawn (+) / kept (−)−$7.9MCapital spending−$746K

From profit to cash

Blaize Holdings: net income to operating cash flow, Q1 2026Blaize Holdings: net income to operating cash flow, Q1 2026Net income−$22.7MStock-based pay$8.9MOperating cash flow−$12.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20261167813182
Q1 2026878741945674
Q3 20254578144-22
Q2 20255310391904-812
Q1 20254825723443-823

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$28.7M−$523K$389K−$3.6M−$29.2M
Q1 2026−$12.6M−$116K$58K$12.6M−$12.7M
Q4 2025−$16.5M−$81K$13.6M−$21.8M−$16.5M
Q3 2025−$24.9M−$26K$20.0M$4.6M−$24.9M
Q2 2025−$16.4M−$20K—$16.4M−$16.4M
Q1 2025−$15.9M−$661K—$5.3M−$16.6M
Q4 2024−$17.7M$263K$18K$65.5M−$17.5M
Q3 2024−$14.2M−$1.1M$38K−$66.2M−$15.2M

Blaize Holdings: income statement and cash flow

Blaize Holdings, Q2 2026: revenue $12.0M (+505% year over year), operating margin -255.4%. The chart follows the revenue to costs, profit and cash.

Blaize Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.