Blaize Holdings, Inc. provides artificial intelligence (AI)-enabled edge computing solutions. Its portfolio includes programmable AI processors in a broad range of form ...
Blaize Holdings, Inc. (ticker: BZAI) is a technology company specializing in AI-enabled edge computing, headquartered in El Dorado Hills, California, and listed on NASDAQ Global Market. Founded in 2010 by CEO Dinakar Munagala along with co-founders Satyaki Koneru and Ke Yin, the company has developed a transformative compute solution that ...Blaize Holdings, Inc. (ticker: BZAI) is a technology company specializing in AI-enabled edge computing, headquartered in El Dorado Hills, California, and listed on NASDAQ Global Market. Founded in 2010 by CEO Dinakar Munagala along with co-founders Satyaki Koneru and Ke Yin, the company has developed a transformative compute solution that integrates silicon and software to optimize AI from the edge to the core. Its product portfolio includes the GSP (Graph Streaming Processor) AI accelerator designed for computer vision, machine learning, and AI inference; compute cards in PCIe and other form factors; and a software development kit. Additionally, Blaize offers Blaize AI Studio, a visual no-code or low-code environment that simplifies AI model creation and deployment, as well as strategic consulting services. The company targets verticals such as smart city, defense, retail, and enterprise applications. As of the latest data, Blaize employs 241 full-time staff, with a market capitalization around 120 million USD. The company faces financial challenges, as indicated by negative profitability margins (e.g., net profit margin at -202.7%), negative free cash flow (-57.5 million USD TTM), and negative return on equity (-536.9%). However, it demonstrates a current ratio of 2.46, suggesting adequate short-term liquidity. Research and development expenses constitute 96.8% of revenue, reflecting a strong focus on innovation. The leadership team, under CEO Dinakar Munagala, brings over two decades of experience in chip development from firms like Intel and AMD. Blaize positions itself as a next-generation AI platform company, delivering efficient, scalable inference solutions for edge, data center, and cloud environments, with a mission to enable customers to create better experiences and lives through intelligent products.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$38.6M
+2386.0%
+337.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-206.9M
-238.1%
-27.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+12.9%
+125.9%
-88.5%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-237.6%
+92.2%
+70.1%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-535.6%
+86.4%
+70.9%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-82.2M
-51.0%
-129.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-212.8%
+93.9%
+47.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
5.5%
+103.7%
-100.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.23x
+478.2%
+50.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good afternoon, everyone, and thank you for joining Blaize's Second Quarter 2026 Conference Call. Before management begins the prepared remarks, we would like to remind everyone that earlier today, Blaize Holdings issued a press release announcing its Second Quarter 2026 Results. Earnings materials are available on the Investor Relations section of the Blaize Holdings website. Today's earnings call and press release reflect management's views as of today only and include statements related to the company's 2026 financial guidance, revenue, gross margin, competitive position, anticipated industry trends, market opportunities, products, and financing opportunities, all of which constitute forward-looking statements under the federal securities laws. Actual results may differ materially from those contained or implied by these forward-looking statements due to risks and uncertainties associated with Blaize Holdings' business. For a discussion of the material risk and other important factors that could cause the company's actual results, please refer to the company's Form 10-K and Amendment No. 1 on Form 10-K, for the year ended December 31, 2025, and our Form 10-Q for the period ending June 30, 2026, including the risk factor section therein and today's press release. Any forward-looking statements that management makes on this call are based on assumptions as of today, and other than as may be required by law, we undertake no obligation to update these statements as a result of new information or future events. During this call, management will discuss certain non-GAAP financial measures. These non-GAAP financial measures should be considered as a supplement to and not a substitute for measures prepared in accordance with GAAP. For reconciliation of non-GAAP financial measures discussed during this call to the most directly comparable GAAP measures, please refer to today's press release. Now I would like to turn the call over to Dinakar Munagala, Chief Executive Officer of Blaize Holdings.
Dinakar Munagala: Thank you, and good afternoon. With me today are Harminder Sehmi, our Chief Financial Officer, and Stephen Patak, our Chief Revenue Officer. I will start with the outlook and where the business stands. Harminder will take you through the numbers, and Stephen will cover our commercial engines. I will then have some closing remarks after the Q&A. As you saw from our earnings release this afternoon, we reduced our revenue outlook for 2026. Our full-year revenue is now expected to be between $40 million and $43 million. What that number does not show you is what we have already secured. We hold a signed agreement covering 2,000 servers worth approximately $70 million at current memory prices. Part of that converts into revenue this year. The rest is committed business we carry into 2027. Let me tell you what changed and what did not. First, several engagements have not converted into orders, including some where pilots were completed …
