Monitor Q2 2026 results for execution on the $11M NeoTensr purchase order and progress toward the $130M full-year guidance. The $35M equity raise extends runway but dilutes existing holders — watch for further capital needs if revenue ramp disappoints.
Price Chart
Executive Summary
Blaize reported Q1 2026 revenue of $2.7M, up 172% YoY, in line with the preliminary estimate and consensus. Gross margin expanded to 58% from 11% in Q4 2025, and net loss narrowed to $22.7M from $147.8M YoY. The company reaffirmed full-year 2026 revenue guidance of $130M, announced four strategic partnerships, and completed a $35M equity offering on May 6, 2026. The stock (BZAIW warrants) may see modest positive sentiment from the reaffirmed guidance and partnership pipeline, but the small absolute revenue base and ongoing losses limit near-term impact.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $2.7M, up 172% YoY, in line with preliminary estimate of $2.7M
- Gross margin expanded to 58% from 11% in Q4 2025
- Net loss narrowed to $22.7M from $147.8M in Q1 2025
- Adjusted EBITDA loss of $13.9M vs $15.4M in Q1 2025
- Full-year 2026 revenue guidance reaffirmed at approximately $130M
- Completed $35M registered equity offering of 18.9M shares at $1.85/share on May 6, 2026
- Announced strategic partnerships with NeoTensr (up to $50M contract), Nokia, Datacomm Diangraha, and Winmate
- Blaize AI Services platform launched with face recognition as first application-level AI service
Financial Impact
Q1 revenue $2.7M (172% YoY growth); net loss $22.7M; full-year guidance $130M revenue reaffirmed
Risk Factors
- Pre-revenue company with $2.7M quarterly revenue base — full-year $130M guidance implies massive ramp that may not materialize
- Recent $35M equity offering at $1.85/share (20% discount to prior close) is highly dilutive to existing common and warrant holders
- Dependence on large customer contracts (NeoTensr, Winmate) that may not convert to revenue as expected
- Warrant exercise price of $11.50 is far above current stock price of ~$2.31, making warrants deeply out-of-the-money
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001871638-26-000030 |
| Document: blz-20260514.htm | 0001871638-26-000030 |
| Document: 0001871638-26-000030-index-headers.html | 0001871638-26-000030 |
| Document: 0001871638-26-000030-index.html | 0001871638-26-000030 |
| Document: 0001871638-26-000030.txt | 0001871638-26-000030 |
| 8-K Data (Synthetic) | 0001871638-26-000030 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 14, 2026 23w ago | 8-K | $0.2901 $0.2250 | ▼ −22.44% | ▼ −26.96% | — |
May 6, 2026 24w ago | 8-K | $0.2901 $0.1979 | ▲ +31.78% | ▲ +33.84% | — |
Apr 22, 2026 26w ago | 8-K | $0.2901 $0.2601 | ▼ −10.34% | ▼ −15.36% | — |
Apr 14, 2026 27w ago | 8-K | $0.2901 $0.3254 | ▲ +12.17% | ▲ +4.03% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers