Filing Flows › Blaize Holdings (BZAI) › Q3 2025
Blaize Holdings (BZAI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Blaize Holdings (BZAI) reported revenue of $11.9M for the third quarter 2025 (Q3 2025), up 15-fold from a year earlier and +499% from the quarter before. Operating margin was -190.3%, net loss $26.3M (221.3% of revenue).
Blaize Holdings, Q3 2025: revenue $11.9M (15× year over year), operating margin -190.3%, net loss $26.3M, operating cash flow −$24.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.9M | +499% | 15× |
| Operating profit | −$22.6M | — | — |
| Net earnings | −$26.3M | — | — |
| Operating cash flow | −$24.9M | — | — |
What changed
Revenue was $11.9M in Q3 2025, up 1419% year over year and up 499% from the previous quarter. Hardware Service was the largest line at 89% of revenue. Hardware Service added $10.5M year over year (up 45674%), 95% of the total change.
Gross margin was 15.0%, down 24.1 points from a year earlier. Operating costs exceeded revenue by $22.6M, an operating margin of -190.3%. Operating expenses grew 109% against revenue growth of 1419%. The fastest-growing cost line was SG&A (+158%). The quarter ended with a net loss of $26.3M, narrower than the previous quarter's $29.6M loss.
Operating cash flow was −$24.9M. Non-cash charges added back $364K of depreciation and amortization and $9.5M of share-based compensation. Working capital and other items used $8.5M. Capital expenditures of $26K exceeded it, leaving free cash flow of −$24.9M.
Questions
What was Blaize Holdings' revenue in the third quarter 2025?
Blaize Holdings (BZAI) reported revenue of $11.9M for the third quarter 2025 (Q3 2025), up 15-fold from a year earlier and +499% from the quarter before.
Was Blaize Holdings profitable in the third quarter 2025?
Operating loss was $22.6M (-190.3% of revenue) and net loss $26.3M.
Source: Blaize Holdings 10-Q on SEC EDGAR.