Blaize (BZAI) Q2 2026 earnings summary

Executive summary

• Full-year 2026 revenue guidance reduced to $40–$43 million, down from $130 million, due to delayed customer orders, slower deployment cycles, and supply chain cost inflation.

• Achieved Q2 2026 revenue of $12 million, up from $2.7 million in Q1 and $2 million in Q2 2025, driven by commercial activity and major sales in China, Europe, and Asia-Pacific.

• Signed agreement for 2,000 servers worth $70 million, with $20 million recognized in 2026 and $50 million as backlog for 2027.

• Business is expanding geographically, with new orders in Europe and increased activity in Asia-Pacific.

• Focus on two revenue engines: silicon/SDK for OEMs and a hybrid AI platform with AI Services.

Financial highlights

• Q2 2026 revenue was $12 million, up from $2.7 million in Q1 and $2 million in Q2 2025; H1 2026 revenue totaled $14.7 million, a 390% year-over-year increase.

• Gross profit for Q2 was $0.9 million (8% margin), down from 58% in Q1 and 59% in Q2 2025, due to a higher mix of third-party hardware.

• Net loss for Q2 2026 was $28.8 million, a slight improvement from $29.6 million in Q2 2025.

• Adjusted EBITDA loss for Q2 was $20.9 million; full-year guidance is $62–$65 million loss.

• Ended Q2 with $36.8 million in cash, including $12.4 million held in China and subject to currency controls.

Outlook and guidance

• 2026 revenue guidance set at $40–$43 million, with $50 million in backlog expected at year-end, mostly from binding, non-cancelable orders.

• Gross margin expected to improve to 17–19% in the second half of 2026.

• Adjusted EBITDA loss for 2026 projected at $62–$65 million.

• 2027 revenue expected to be 2.5x–3x higher than 2026 guidance, driven by backlog and new contracts.

• Management highlights substantial uncertainty regarding future purchase orders from key customers.