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Blaize Holdings (NASDAQ: BZAI) lifts Q2 revenue to $12M but trims 2026 outlook

(Moderate)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Blaize Holdings, Inc. reported second-quarter 2026 revenue of $12.0 million, up from $2.7 million in the first quarter and $2.0 million a year earlier. Growth was driven by edge AI and Hybrid AI Platform activity, including a first European order and increased Asia-Pacific demand.

Profitability deteriorated, with gross margin at 8% versus 58% in the prior quarter and 59% a year ago, reflecting a mix shift toward lower-margin third-party server hardware. Net loss was $28.8 million and Adjusted EBITDA loss was $20.9 million. Cash and cash equivalents were $36.8 million at June 30, 2026, up from $33.2 million at March 31, 2026.

The company updated its 2026 outlook to revenue of $40.0–$43.0 million and Adjusted EBITDA loss of $62.0–$65.0 million, citing slower conversion of opportunities and higher memory pricing. Blaize signed a binding agreement for 2,000 servers worth about $70.0 million, expecting roughly $20.0 million as 2026 revenue and about $50.0 million as contracted backlog for 2027.

Positive

  • Revenue accelerated sharply, reaching $12.0 million in Q2 2026 versus $2.7 million in Q1 2026 and $2.0 million a year earlier.
  • A binding agreement for 2,000 servers (~$70.0 million) provides visibility, with about $20.0 million expected as 2026 revenue and $50.0 million as 2027 contracted backlog.
  • Cash and cash equivalents rose to $36.8 million at June 30, 2026, from $33.2 million at March 31, 2026, improving liquidity.
  • First-half 2026 net loss narrowed to $51.5 million from $177.4 million in the prior-year period, reflecting lower one-time items.

Negative

  • Gross margin compressed significantly, falling to 8% in Q2 2026 from 58% in Q1 2026 and 59% in Q2 2025, driven by lower-margin hardware mix.
  • The company cut its full-year 2026 revenue outlook to $40.0–$43.0 million, citing slower order conversion and higher memory pricing.
  • Losses widened on an operating basis: Q2 2026 net loss was $28.8 million and Adjusted EBITDA loss was $20.9 million, both larger than in Q1 2026 and Q2 2025.
  • Full-year guidance calls for a sizable Adjusted EBITDA loss of $62.0–$65.0 million and $34.7 million of stock-based compensation, indicating continued heavy cash and equity usage.

Filing Explained

The 2026 forecast is limited to binding, non-cancellable orders, excluding advancing opportunities that have not become orders.

On August 13, 2026, Blaize furnished its second-quarter results and 2026 outlook in an Item 2.02 Form 8-K; the disclosure is not treated as filed for Section 18 purposes or incorporated into other filings unless expressly referenced.

For the outlook, management says it is based on binding, non-cancellable purchase orders and excludes opportunities still advancing without orders, so the forecast does not include those unconverted opportunities.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $12.0 million Second quarter 2026 revenue compared with $2.0 million in Q2 2025
Q2 2026 Gross Margin 8% Second quarter 2026 gross margin vs 58% in Q1 2026 and 59% in Q2 2025
Q2 2026 Net Loss $28.8 million Net loss for the quarter ended June 30, 2026
Q2 2026 Adjusted EBITDA Loss $20.9 million Adjusted EBITDA loss for the quarter ended June 30, 2026
Cash and Cash Equivalents $36.8 million Balance as of June 30, 2026, vs $33.2 million as of March 31, 2026
2026 Revenue Outlook $40.0–$43.0 million Full-year 2026 revenue guidance range
2026 Adjusted EBITDA Outlook $62.0–$65.0 million loss Full-year 2026 Adjusted EBITDA loss guidance
Server Agreement Value $70.0 million Approximate value of binding agreement for 2,000 servers at current memory pricing
Adjusted EBITDA financial
"Adjusted EBITDA loss, a non-GAAP financial measure, was $20.9 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
gross margin financial
"Gross margin was 8%, compared with 58% in the first quarter of 2026"
Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.
contracted backlog financial
"with the remaining approximately $50.0 million representing contracted backlog expected"
Contracted backlog is the total dollar value of customer orders or projects that a company has formally committed to deliver but has not yet completed or recognized as revenue. For investors it is a forward-looking measure of expected future sales and cash flow—like a paid to-do list that shows the pipeline of work—but it can overstate certainty if contracts are cancellable, delayed, or subject to change.
stock-based compensation financial
"Stock-based compensation of approximately $34.7 million"
Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.
non-cash inventory cost realignment adjustments financial
"Non-cash inventory cost realignment adjustments | | (572)"
Business Combination financial
"risks related to the Business Combination, as defined in the Glossary"
A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.
Q2 2026 Revenue $12.0 million Up from $2.0 million in the second quarter of 2025 and $2.7 million in the first quarter of 2026.
Q2 2026 Gross Margin 8% Down from 58% in the first quarter of 2026 and 59% in the second quarter of 2025.
Q2 2026 Net Loss $28.8 million Compared with a net loss of $22.7 million in Q1 2026 and $29.6 million in Q2 2025.
Q2 2026 Adjusted EBITDA Loss $20.9 million Compared with Adjusted EBITDA loss of $13.9 million in Q1 2026 and $12.9 million in Q2 2025.
First-half 2026 Revenue $14.7 million Up from $3.0 million in the first six months of 2025.
First-half 2026 Net Loss $51.5 million Improved from a net loss of $177.4 million in the first six months of 2025.
Guidance

For full-year 2026, Blaize guides to revenue of $40.0–$43.0 million, Adjusted EBITDA loss of $62.0–$65.0 million, stock-based compensation of approximately $34.7 million, and weighted average shares outstanding of about 141 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Blaize Holdings (BZAI) perform financially in Q2 2026?

Blaize reported Q2 2026 revenue of $12.0 million, up from $2.0 million a year earlier. Gross margin was 8%, while net loss was $28.8 million and Adjusted EBITDA loss was $20.9 million, reflecting growth but weaker profitability.

What is Blaize Holdings’ (BZAI) updated 2026 revenue and profit outlook?

For 2026, Blaize now expects revenue of $40.0–$43.0 million and an Adjusted EBITDA loss of $62.0–$65.0 million. Guidance also includes $34.7 million of stock-based compensation and about 141 million weighted average shares outstanding.

What major contract did Blaize Holdings (BZAI) secure in 2026?

Blaize closed a binding agreement for 2,000 servers, worth approximately $70.0 million at current memory pricing. Around $20.0 million is expected as revenue in the second half of 2026, with about $50.0 million as contracted backlog for 2027.

What is Blaize Holdings’ (BZAI) cash position as of June 30, 2026?

As of June 30, 2026, Blaize held $36.8 million in cash and cash equivalents, compared with $33.2 million at March 31, 2026. Management is reviewing the cost structure to emphasize operating discipline and optimize cash consumption.

How did Blaize Holdings’ (BZAI) first-half 2026 results compare to 2025?

For the first six months of 2026, Blaize generated $14.7 million in revenue versus $3.0 million in 2025. Net loss was $51.5 million, compared with $177.4 million a year earlier, while Adjusted EBITDA loss increased to $34.8 million from $28.3 million.
0001871638FALSE00018716382026-08-132026-08-130001871638us-gaap:CommonStockMember2026-08-132026-08-130001871638us-gaap:WarrantMember2026-08-132026-08-13


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 13, 2026


Blaize Holdings, Inc.
(Exact name of Registrant as Specified in Its Charter)


Delaware001-4113986-2708752
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)(IRS Employer
Identification No.)
4659 Golden Foothill Parkway, Suite 206
El Dorado Hills, California
95762
(Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, Including Area Code: (916) 347-0050

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading
Symbol(s)

Name of each exchange on which registered
Common stock, par value $0.0001 per shareBZAIThe Nasdaq Stock Market
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per shareBZAIWThe Nasdaq Stock Market
Preferred Stock Purchase Rights
The Nasdaq Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 2.02    Results of Operations and Financial Condition.

On August 13, 2026, Blaize Holdings, Inc. (“Blaize”) issued a press release announcing its results of operations for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information provided pursuant to this Item 2.02 and in Exhibit 99.1 is being “furnished” herewith and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by Blaize under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filings, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit No.Description
99.1
Press Release, dated August 13, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL Document).






SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: August 13, 2026
Blaize Holdings, Inc.
By: /s/ Kim Evans
Kim Evans
General Counsel






Exhibit 99.1
Blaize Reports Second Quarter 2026 Financial Results

El Dorado Hills, Calif. – August 13, 2026 – Blaize Holdings, Inc. (NASDAQ: BZAI, NASDAQ: BZAIW) (“Blaize,” the “Company,” “we,” “us,” and “our”) , a leader in programmable, energy-efficient edge AI computing, today reported financial results for the second quarter ended June 30, 2026.

Second-quarter revenue was $12.0 million, compared with $2.7 million in the first quarter of 2026. Blaize also updated its full-year 2026 revenue outlook to a range of $40.0 million to $43.0 million, reflecting engagements that did not convert into orders, and supply chain cost inflation driven by materially higher memory pricing.

Commercial activity continues across Blaize’s two primary revenue engines: physical AI, spanning autonomous systems, robotics and ruggedized equipment, and the Company’s Hybrid AI Platform. Recent progress includes a first purchase order from Europe for several thousand units and increased activity across the Asia-Pacific region.

Blaize closed a binding agreement covering 2,000 servers, representing approximately $70.0 million at current memory pricing. The Company expects approximately $20.0 million of the agreement to be recognized as revenue in the second half of 2026, with the remaining approximately $50.0 million representing contracted backlog expected to be fulfilled in 2027. The total value of the agreement will vary with memory pricing.

Management Commentary
“While we delivered solid sequential revenue growth in the second quarter, we have reduced our full-year revenue outlook,” said Dinakar Munagala, co-founder and CEO of Blaize. “What changed is the pace at which opportunity converts into orders, alongside materially higher memory pricing.”
“At the same time, we are seeing broader commercial engagement across our target markets and customer base. We opened Europe this year and activity across Asia-Pacific has increased. We believe that diversification, together with more disciplined forecasting and execution, can provide a stronger foundation for more predictable growth over time.”

Harminder Sehmi, CFO of Blaize, added, “Our revised full-year revenue outlook is weighted toward revenue from our largest customer and is based on binding, non-cancellable purchase orders that we believe we can fulfill with inventory commitments already made or planned. We have excluded opportunities that are still advancing, regardless of how far along they may be. This provides a more disciplined basis for our outlook for the remainder of 2026.”

“We are also reviewing our cost structure against our revenue priorities, with an emphasis on operating discipline, optimizing cash consumption and preserving the core capabilities required to execute our strategy.”




Business and Operational Highlights

Received a first purchase order from Europe for several thousand Blaize-branded units.
Actively pursuing four national-scale Hybrid AI Platform programs at different stages of development, including applications for facility supervision, production quality grading and fuel-retail monitoring.
Advancing development of Blaize AI Services in response to requirements from active customer programs, with additional capabilities planned across document processing, quality grading, compliance scoring, video analytics, small language model assistants and industry-specific services.
Advanced customer qualifications in aerial robotics and ruggedized platforms, supporting potential higher-volume deployments.

Second Quarter 2026 Financials
Revenue was $12.0 million, compared with $2.0 million in the second quarter of 2025.
Gross margin was 8%, compared with 58% in the first quarter of 2026 and 59% in the second quarter of 2025. The sequential decline primarily reflects a revenue mix weighted toward lower-margin third-party server hardware.
Net loss was $28.8 million, compared with a net loss of $22.7 million in the first quarter of 2026 and $29.6 million in the second quarter of 2025.
Adjusted EBITDA loss, a non-GAAP financial measure, was $20.9 million, compared with an Adjusted EBITDA loss of $13.9 million in the first quarter of 2026 and $12.9 million in the second quarter of 2025.
Cash and cash equivalents were $36.8 million as of June 30, 2026, compared with $33.2 million as of March 31, 2026.

First Six Months of 2026 Financials

Revenue was $14.7 million, compared with $3.0 million in the first six months of 2025.
Gross margin was 17%, compared with 62% in the first six months of 2025.
Net loss was $51.5 million, compared with a net loss of $177.4 million in the first six months of 2025.
Adjusted EBITDA loss was $34.8 million, compared with an Adjusted EBITDA loss of $28.3 million in the first six months of 2025.

2026 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.”

Full-year revenue in the range of $40.0 million to $43.0 million
Full-year Adjusted EBITDA loss in the range of $62.0 million to $65.0 million
Stock-based compensation of approximately $34.7 million
Weighted average shares outstanding of approximately 141 million shares




This updated revenue outlook reflects what we currently expect to recognize as revenue in 2026, not the full value of business that we expect to book by year-end.

Conference Call

Blaize management will host a conference call today, August 13, 2026, at 2:00 p.m. Pacific Time 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 delivers a programmable AI platform, purpose-built for AI inference workloads in real-world environments. Its Hybrid AI architecture combines the Blaize GSP (Graph Streaming Processor) with GPU-based infrastructure, enabling AI inference workloads to run across edge, cloud, and data center. Blaize solutions support computer vision, multimodal AI, and sensor-driven applications across smart cities, industrial automation, telecommunications, retail, logistics, and mission-critical operations. Blaize is headquartered in El Dorado Hills, California, with presence across North America, Europe, the Middle East, and Asia. Visit www.blaize.com or follow us on LinkedIn @blaizeinc.

Non-GAAP Measures

In addition to financial measures presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”), we report certain key financial measures that are not required by, or presented in accordance with, GAAP. Non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation of, or as a substitute for or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Accordingly, you are cautioned not to place undue reliance on this information. We believe that along with our GAAP financial information, our non-GAAP financial information when taken collectively and evaluated appropriately, is helpful to investors in assessing our operating performance. In conjunction with net loss calculated in accordance with GAAP, we also use EBITDA and Adjusted EBITDA, as defined below, to evaluate our ongoing operations and for internal planning and forecasting purposes.

EBITDA and Adjusted EBITDA

EBITDA is defined as “Earnings before interest, income taxes, depreciation, and amortization”. Adjusted EBITDA is defined as EBITDA further adjusted for non-cash items such as stock-based compensation, changes in fair value, and operational income and expenses that are not expected to be ongoing, as discussed below in the footnote to “other adjustments”. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not reconciled the forward-looking Adjusted EBITDA (Non-GAAP) for the full fiscal year 2026 included above because we are unable to quantify certain amounts that would be required to be included in net income (loss), the most directly comparable GAAP measure, without unreasonable efforts due to the high variability and difficulty in predicting, with reasonable certainty, certain items excluded from Adjusted EBITDA. Consequently, we believe such reconciliation would imply a degree of precision that would be misleading to investors. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income



and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to Blaize without unreasonable effort. For the same reasons, Blaize is unable to address the probable significance of the unavailable information. We expect the variability of these excluded items may have an unpredictable, and potentially significant, impact on our future GAAP financial results.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements regarding our 2026 financial outlook; financial projections; stock-based compensation; weighted average shares outstanding; release of the AI Services platform; expectations for growth; the expectations for AI infrastructure ecosystem development and AI services deployment; expected cost reductions and operating expense optimization; the industry in which Blaize operates; market and customer opportunities; and product offerings. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in domestic and foreign business, market, financial, political and legal conditions; risks related to the Business Combination, as defined in the Glossary of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 24, 2026, and amended by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2026 (the “Annual Report on Form 10-K” or “Form 10-K”), including that the expected benefits of the Business Combination are not obtained, whether due to competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees, among other things, and that the Business Combination disrupts current plans and operations of the Company; the ability to meet with the applicable stock exchange listing standards from time to time; the ability of the Company to successfully market its products and services; the ability of the Company to successfully deploy its technologies across customer settings; changes in applicable law or regulations; changes in global and U.S. economic conditions, including impacts from geopolitical conflicts, recession, inflation, changes in trade policies (including tariffs and other trade measures) of the United States and other countries, interest rate fluctuations, and financial market conditions; prolonged or recurring U.S. federal government shutdowns; the outcome of any legal proceedings that have been or may be instituted against the Company or may involve the Company; the effects of competition on Blaize’s future business; the ability of the combined company to issue equity or equity-linked securities or obtain debt financing on favorable terms or at all; the enforceability of our intellectual property rights, including our copyrights, patents, trademarks and trade secrets, and the potential infringement on the intellectual property rights of others; risks related to human capital; risks related to cybersecurity and data privacy; the outcome of any government and regulatory proceedings, investigations and inquiries that have been or may be instituted against the Company or may involve the Company; and those factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K, and other documents filed by Blaize from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made, and



Blaize assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. Readers are cautioned not to put undue reliance on forward-looking statements. Blaize does not give any assurance that it will achieve its expectations. While financial projections are necessarily speculative, Blaize believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The inclusion of financial information or projections in this press release should not be regarded as an indication that Blaize, or its representatives and advisors, considered or consider the information or projections to be a reliable prediction of future events. The independent registered public accounting firm of Blaize has not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this press release and, accordingly, has not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this press release.


Contacts:
Blaize Contact
press@blaize.com

Investors
ir@blaize.com



BLAIZE HOLDINGS, INC.
RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands)2026202520262025
Net loss$(28,809)$(29,589)$(51,462)$(177,350)
Depreciation219 456 405 647 
Provision for income taxes268 39 367 201 
Interest income, net(183)(314)(362)(713)
EBITDA(28,505)(29,408)(51,052)(177,215)
Stock-based compensation8,689 7,566 17,637 18,606 
Fair value changes and financing charges(1,948)7,557 (2,975)117,087 
Transaction costs— — — 12,035 
Related party settlement expense2,760 — 2,760 — 
Non-cash inventory cost realignment adjustments(572)81 (466)(544)
Other adjustments(1,287)1,271 (693)1,710 
Adjusted EBITDA$(20,863)$(12,933)$(34,789)$(28,321)

Filing Exhibits & Attachments

5 documents