Blaize (BZAI) investor relations material

Executive summary

• Q1 2026 revenue reached $2.7 million, up 172% year-over-year, driven by hardware sales to a related party and new contracts, despite supply chain constraints.

• Major new partnerships and contracts were secured, including NeoTensr (potential $70 million value), Winmate ($15 million), and expanded collaborations with Nokia and Datacom in Asia Pacific.

• Blaize AI Services was launched, introducing recurring, higher-margin API-based revenue streams, starting with face recognition.

• Strengthened capital position with a $35 million equity offering in May 2026, attracting institutional investors and extending cash runway to mid-2027.

• Asia Pacific expansion accelerated through NeoTensr and Winmate contracts, targeting edge AI and infrastructure markets.

Financial highlights

• Q1 2026 revenue: $2.7 million (up from $1.0 million in Q1 2025), with 94.9% from a single related party customer.

• Gross margin expanded to 58% in Q1 2026, up from 11% in Q4 2025.

• Net loss for Q1 2026 was $22.7 million, a significant improvement from $147.8 million in Q1 2025.

• Adjusted EBITDA loss for Q1 2026 was $13.9 million, improved from $15.4 million in Q1 2025.

• Cash and cash equivalents at quarter-end were $33.3 million.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $130 million, with revenue expected to be back-half weighted.

• Adjusted EBITDA loss guidance for 2026 remains $45–$50 million.

• Q2 revenue expected to exceed $11 million from NeoTensr, with additional contributions from other customers.

• AI Services expected to contribute 15–20% of 2026 revenue, with recurring revenue ramping in Q4 and becoming significant in 2027.

• Management highlights a robust pipeline with 25 proof-of-concept projects, 30 partners, and 20 design wins as of March 31, 2026.