Blaize Holdings��Inc
BZAIBuild a strategy around BZAI
Blaize Holdings��Inc AI Insights
Informational only. Not investment advice.Snapshot
- Cash burn of -24.3M TTM against 24M cash on hand implies ~12 months runway without financing[Free Cash Flow TTM]
- P/S ratio of 17.8x vs industry median 2.7x despite -338% operating margin and 15% gross margin[P/S Ratio]
- Equity nearly wiped out at 1.3M vs 59.6M liabilities - debt/equity at 2.4x with minimal tangible assets[Debt to Equity]
Watch Triggers
- Cash and Equivalents: Falls below 15M — Would signal <6 months runway, forcing emergency financing at distressed terms
- Gross Margin: Rises above 25% — Would indicate product mix shift or pricing power enabling path to sustainability
- Operating Expense TTM: Declines below 35M — Would show restructuring success and extend runway meaningfully
Bull Case
Revenue growing 14% 1Y with 3.8M restructuring charges suggesting cost rationalization underway - if successful, path to reduced burn exists
Working capital positive at 18M with 13.6M receivables suggests customer traction; inventory 8.8M indicates product demand
Bear Case
Existential liquidity risk: 24M cash with -24M annual burn and 1.3M equity leaves zero margin for error or dilutive raise
Valuation disconnected from fundamentals: 17.8x P/S for company burning 180% of revenue annually with 15% gross margin
Bull vs Bear Balance
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Forward Thesis
Capital raise required within 12 months or operational restructuring to survive
- Cash burn -24.3M/yr exceeds cash position 24M
- Equity cushion exhausted at 1.3M
- No debt capacity with 2.4x leverage
Revenue growth (14% 1Y) insufficient to reach profitability at current cost structure
- OpEx 48M vs revenue 13.3M (3.6x)
- R&D alone at 9.7M (73% of revenue)
- Gross margin only 15%
Valuation Context
Caveats
BZAI Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$214.87M | — | ||
$184.39M | — | ||
0.00 | — | ||
$0 | — | ||
$0.00 | — | ||
0% | — | ||
0% | — | ||
$0 | — | ||
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
BZAI Dividend History
BZAI Stock Splits
BZAI SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/14/26 | 03/31/26 | 10-Q | |
03/24/26 | 12/31/25 | 10-K | |
11/13/25 | 09/30/25 | 10-Q | |
08/14/25 | 06/30/25 | 10-Q | |
05/14/25 | 03/31/25 | 10-Q | |
04/15/25 | 12/31/24 | 10-K | |
12/02/24 | 09/30/24 | 424B3 | |
09/09/24 | 06/30/24 | S-4/A | |
07/19/24 | 03/31/24 | S-4 | |
12/02/24 | 12/31/23 | 424B3 | |
12/02/24 | 09/30/23 | 424B3 | |
09/09/24 | 06/30/23 | S-4/A | |
07/19/24 | 03/31/23 | S-4 |