Filing Flows › Blaize Holdings (BZAI) › Q4 2025
Blaize Holdings (BZAI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 24, 2026
Blaize Holdings (BZAI) reported revenue of $23.8M for the fourth quarter 2025 (Q4 2025), up 23,776-fold from a year earlier and +100% from the quarter before. Operating margin was -89.8%, net loss $3.3M (13.9% of revenue).
Blaize Holdings, Q4 2025: revenue $23.8M (23,776× year over year), operating margin -89.8%, net loss $3.3M, operating cash flow −$16.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.8M | +100% | 23,776× |
| Operating profit | −$21.4M | — | — |
| Net earnings | −$3.3M | — | — |
| Operating cash flow | −$16.5M | — | — |
What changed
Revenue was $23.8M in Q4 2025, up 2377500% year over year and up 100% from the previous quarter.
Gross margin was 10.8%. Operating costs exceeded revenue by $21.4M, an operating margin of -89.8%. The fastest-growing cost line was Other operating costs (+80%). The quarter ended with a net loss of $3.3M, narrower than the previous quarter's $26.3M loss. Non-operating items added $18.1M, -547% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$16.5M. Non-cash charges added back $9.5M of share-based compensation. Working capital and other items used $22.6M. Capital expenditures of $81K exceeded it, leaving free cash flow of −$16.5M.
Questions
What was Blaize Holdings' revenue in the fourth quarter 2025?
Blaize Holdings (BZAI) reported revenue of $23.8M for the fourth quarter 2025 (Q4 2025), up 23,776-fold from a year earlier and +100% from the quarter before.
Was Blaize Holdings profitable in the fourth quarter 2025?
Operating loss was $21.4M (-89.8% of revenue) and net loss $3.3M.
Source: Blaize Holdings 10-K on SEC EDGAR.