Blaize (BZAI) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $11.9 million, marking a 499% sequential and 1,419% year-over-year increase, surpassing guidance and driven by major customer programs, hardware sales to Asia Pacific, and expanding Hybrid AI platform adoption.

• Strong commercial traction with initial shipments under the $120 million Starshine contract, ongoing Yota order fulfillment, and new partnerships with TCC (Saudi Arabia) and Reach Digital (UAE).

• Completed a reverse recapitalization merger in January 2025, converting all outstanding convertible notes, preferred stock, and warrants into common stock.

• Secured $30 million investment from Polar Asset Management Partners to accelerate commercialization and next-gen chip development.

• Expanded global presence through new partnerships and participation in major innovation forums, with platform recognized for programmability, efficiency, and operation in harsh environments.

Financial highlights

• Q3 2025 revenue: $11.9 million, up 499% sequentially and 1,419% year-over-year, $400,000 above guidance.

• Gross margin: 15% in Q3 2025, down from 59% in Q2 2025 and 39% in Q3 2024, due to higher third-party hardware content.

• Adjusted EBITDA loss: $11.1 million in Q3 2025, improved from $12.9 million in Q2 2025.

• Net loss: $26.3 million in Q3 2025, improved from $29.6 million in Q2 2025, but up from $25.6 million in Q3 2024.

• Cash and cash equivalents: $24.0 million as of September 30, 2025, with $30 million available under the equity facility.

Outlook and guidance

• Q4 2025 revenue expected between $21.1 million and $23.1 million; adjusted EBITDA loss projected at $15.6–$18.6 million.

• FY 2025 revenue guidance: $36.0–$38.0 million; adjusted EBITDA loss: $55.0–$58.0 million.

• Revenue pipeline supported by $160 million in Yota and Starshine contracts over the next six quarters.

• 2026 revenue guidance reiterated at a minimum of $130 million.

• Initial revenues from TCC partnership expected in 2026; Reach Digital engagement anticipated to accelerate regional adoption.