Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Blaize Holdings, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2023
FY2024
FY2025
Revenue
1.55
38.6
Cost of revenue
0.58
32.4
Gross profit
0.98
6.19
Research and development
25.1
42.5
Operating expenses
48.6
110
Operating income
-1.52
-3.38
-47.6
-104
Interest income
3.99
5.75
2.47
Other non-operating income
3.99
5.75
-14.5
-103
Pre-tax income
2.47
2.37
-62.1
-207
Income tax
0.79
1.03
-0.95
0.22
Net income
1.67
1.34
-61.2
-207
EPS, basic
-3.50
-1.98
EPS, diluted
-3.50
-1.98
Shares, basic (weighted)
17.5
104
Shares, diluted (weighted)
17.5
104
Balance sheet
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.02
0
50.2
45.8
Receivables
0.06
Inventory
8.56
10.1
Other current assets
0.19
0.15
0.33
Total current assets
0.21
25.7
71.7
96.6
Property, plant and equipment
2.08
1.23
Lease right-of-use assets
1.77
1.52
Other non-current assets
0.82
2.26
Total assets
296
72.6
78.5
102
Accounts payable
7.9
22.8
Accrued liabilities
0.3
2.12
14.3
7.34
Deferred revenue
1.1
0
Total current liabilities
1.3
31.4
186
43.4
Lease liabilities
1.17
0.8
Other non-current liabilities
1.67
2.08
Total liabilities
11.4
41.4
189
63.2
Paid-in capital
0
0
319
675
Retained earnings
-10.1
-15.8
-429
-636
Other comprehensive income
0
Shareholders' equity
-10.1
-53.2
-110
39
Total equity
-10.1
-53.2
-110
39
Total liabilities and equity
296
72.6
78.5
102
Shares outstanding
48.4
122
Cash flow statement
FY2022
FY2023
FY2024
FY2025
Net income
1.67
1.34
-4.11
-207
Stock-based compensation
3.85
37.5
Deferred income tax
-1.12
-0.37
Change in inventory
-2.04
-1.57
Cash from operations
-1.37
-2.34
-53.5
-73.8
Capital expenditures
-0.9
-0.79
Cash from investing
230
-0.9
-0.79
Stock issued
0
33.3
Cash from financing
-0.14
-227
102
70.1
Net change in cash
-1.52
0.82
-0.08
Free cash flow
-54.4
-74.5
Interest paid
0.25
0
Income taxes paid
0.79
0.22
0.34
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.51 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
13.6%
Gross profit / revenue.
Operating margin
-194.4%
Operating income / revenue.
Pre-tax margin
-160.1%
Pre-tax income / revenue.
Net margin
-160.9%
Net income / revenue.
FCF margin
-165.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-164.1%
Cash from operations / revenue.
Return on equity (ROE)
-189.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-101.9%
Net income / average total assets.
Return on invested capital (ROIC)
-1,302.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
79.3%
Research and development expense / revenue.
Capex / revenue
1.5%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
2,386.0%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
535.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
30.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-29.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
496.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.72x
Current assets / current liabilities.
Quick ratio
1.85x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.85x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.37
Revenue / diluted weighted shares.
FCF per share
-$0.62
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.61
Cash from operations / diluted weighted shares.
Book value per share
$0.30
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.48x
Market cap / revenue.
P/B
1.74x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.74x
Market cap / tangible book value, when positive.
EV/Sales
0.75x
Enterprise value / revenue.
FCF yield
-112.1%
Free cash flow / market cap.
Earnings yield
-108.9%
Net income / market cap (the inverse of P/E).
What was Blaize Holdings, Inc.'s revenue in fiscal 2025?
Blaize Holdings, Inc. reported revenue of $38.6M for fiscal 2025, 2,386% higher than the year before.
Was Blaize Holdings, Inc. profitable in fiscal 2025?
No. It reported a net loss of $206.9M.
How much free cash flow did Blaize Holdings, Inc. generate in fiscal 2025?
Cash from operations of $73.8M minus capital expenditures of $788.0K left free cash flow of -$74.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.