Blaize Holdings Reports 83% Revenue Increase to $1.0 Million in Q1 2025

Blaize Holdings, Inc. reported a significant increase in revenue for the first quarter of 2025, generating $1.0 million compared to $549,000 in the same period last year, marking an 83% rise. This growth was primarily driven by hardware sales, which accounted for $1.0 million, although it was partially offset by a decrease in engineering services revenue due to the conclusion of a multi-year contract with a strategic investor. The company’s net loss widened to approximately $147.8 million, up from a loss of $16.7 million in the prior year, largely due to a substantial change in the fair value of convertible notes and warrant liabilities.

The company underwent a merger with BurTech Acquisition Corp. on January 13, 2025, which was treated as a reverse recapitalization. This transaction resulted in the conversion of all outstanding convertible notes and redeemable convertible preferred stock into shares of common stock. Following the merger, Blaize's common stock began trading on Nasdaq under the ticker symbols "BZAI" and "BZAIW." The merger also included a PIPE financing that raised approximately $15.3 million, contributing to Blaize's cash position of $45.0 million as of March 31, 2025.

Operationally, Blaize has seen a notable increase in its research and development expenses, which surged by 220% to $13.1 million, reflecting investments in personnel and new product development. Selling, general, and administrative expenses also rose significantly, increasing by 235% to $13.4 million, driven by the hiring of new executives and costs associated with becoming a public company. The company reported a total operating expense of $39.0 million for the quarter, a substantial increase from $8.7 million in the previous year.

Blaize's customer base remains concentrated, with one customer accounting for approximately 95% of its revenue for the quarter. The company is actively working on expanding its market presence, having initiated 40 proof-of-concept projects and established 34 partnerships as of March 31, 2025. Blaize is also focused on developing its next-generation product portfolio, which it anticipates will drive future growth.

Looking ahead, Blaize acknowledges the challenges posed by its current financial condition, including a substantial accumulated deficit of $577.0 million. The company is exploring additional financing options to support its growth initiatives and maintain operations. Management has expressed concerns regarding its ability to continue as a going concern, emphasizing the need for strategic financial planning and potential capital raises to navigate the evolving market landscape.