--  Revenue grew approximately 20x in 2025, scaling from approximately $1 
      million in Q1 2025 to $23.8 million in Q4 2025 
 
   --  Commercial engagements expanded across cloud infrastructure, sovereign 
      AI initiatives, and industrial environments 
 
   --  Strategic progress continued into Q1 2026 through strategic 
      partnerships, sovereign AI initiatives, and go-to-market leadership 
      expansion 
 
   --  AI Services platform initiative progressed toward initial release, 
      expected early in the second quarter 
EL DORADO HILLS, Calif.--(BUSINESS WIRE)--March 24, 2026-- 

Blaize Holdings, Inc. (NASDAQ: BZAI, NASDAQ: BZAIW) ("Blaize," the "Company," "we," "us," and "our"), a leader in programmable, energy-efficient edge AI computing, today announced financial results for the fourth quarter and full year ended December 31, 2025, reflecting strong execution as AI infrastructure increasingly centers on inference-driven systems, enabled by efficiency-focused architectures designed for real-world AI deployment.

In 2025, Blaize delivered $38.6 million in revenue, up from $1.6 million in 2024, marking its first full year of commercial revenue generation. This was driven by expanding engagements with system integrators and solution providers supporting AI inference infrastructure buildout, sovereign AI initiatives, and public safety applications. Fourth-quarter performance also reflected continued sequential growth, with revenue more than doubling from the third quarter.

This execution reflects increasing demand for efficient, real-world AI deployments and positions Blaize to extend its platform into AI services and application delivery over time.

"AI infrastructure is entering its next phase as the industry moves from model training to inference at global scale," said Dinakar Munagala, co-founder and CEO of Blaize. "As this evolution continues, customers are increasingly focused on cost per inference, power efficiency, and revenue per rack. Blaize is enabling this through a programmable, hybrid AI platform designed for efficient inference across edge and data center environments. Our focus is execution, expanding commercial engagements and converting pipeline into revenue. We are also progressing toward the initial release of the Blaize AI Services platform in the second quarter, extending our strategy toward monetizable, API-based AI capabilities."

"We delivered strong revenue growth in 2025 and exceeded the upper end of our full-year guidance, reflecting continued execution across our commercial engagements," said Harminder Sehmi, Chief Financial Officer of Blaize. "We remain focused on disciplined execution as we scale the business, with continued emphasis on efficiency and expanding recurring revenue opportunities over time."

Fourth Quarter and Full Year 2025 Financial Highlights

   --  Fourth quarter and full year revenue exceeded the upper end of the 
      Company's guidance 
 
   --  Fourth quarter net loss of $3.2 million an improvement over $26.3 
      million net loss from prior quarter 
 
   --  Adjusted EBITDA loss of $11.1 million was flat from prior quarter 
 
   --  Research & Development spend and Sales, General & Administrative costs 
      were flat sequentially 

2025 Business Highlights

Blaize's 2025 growth was driven by increased commercial traction across its core AI infrastructure markets.

   --  Revenue Contribution: Converted AI infrastructure opportunities into 
      revenue growth throughout 2025. 
 
   --  Ecosystem Development: Established partnerships with cloud providers, 
      data center operators, and infrastructure partners, enabling AI 
      infrastructure buildout and revenue generating deployments. 
 
   --  Global Footprint: Increased presence across Asia-Pacific, South Asia, 
      the Middle East, North America, and Europe, strengthening pipeline across 
      infrastructure and application-level opportunities. 

Business Developments Since Year-End

Since the end of 2025, Blaize has continued to expand its commercial activity and ecosystem partnerships across key markets:

   --  Nokia Strategic Collaboration: Following its January 2026 strategic 
      announcement with Nokia, Blaize is advancing the joint AI inference 
      platform development, expanding regional engagements, and preparing for 
      market showcase at GITEX Asia, with active solution work across Southeast 
      Asia and Australia in safety, retail, and infrastructure use cases. 
 
   --  India Cloud AI Innovation Hub: Through its MoU with the Government of 
      Telangana, Blaize plans to establish the AI innovation hub and R&D center, 
      supporting applied AI pilots and implementations initiatives across 
      mining safety, smart cities, and agriculture, with real-time monitoring 
      of operations. 
 
   --  Industrial AI Validation in Korea: Building on its partnership with 
      GSIL, Blaize is co-developing Physical AI solutions for industrial safety, 
      enabling real-time risk detection and predictive safety capabilities, 
      starting with pilots in Korea's manufacturing environments and expanding 
      globally. 
 
   --  Commercial Leadership Expansion: Blaize appointed former Cisco leader 
      Stephen Patak as Chief Revenue Officer to scale AI deployments across 
      public and private sector markets. 

These developments reflect continued execution of Blaize's strategy to expand AI infrastructure activity, strengthen ecosystem partnerships, and position the platform for long-term AI services monetization.

Company Outlook and Execution Readiness

Blaize expects continued growth as global investment in AI infrastructure expands, with increasing focus on inference economics and AI services monetization.

Blaize is also seeing an expanding range of AI use cases across its target markets, with increasing traction in public safety, retail analytics, smart infrastructure, and aerial robotics. Recent activities include AI data center buildout, drone detection and airspace awareness, and smart community applications such as patient safety and remote monitoring, with enterprise engagements underway.

These trends position Blaize across both infrastructure and application-level AI services, spanning a broad and expanding set of inference-driven workloads.

The Company's execution priorities for 2026 include:

   --  Launching the AI Services platform in the second quarter to enable 
      API-based AI capabilities and recurring revenue models. 
 
   --  Expanding AI services and application delivery to support 
      production-oriented, revenue generating deployments. 
 
   --  Converting pipeline and partner-driven engagements into revenue across 
      infrastructure and application use cases. 

Financial Outlook for Fiscal Year 2026

The following forward-looking statements are based on current expectations, and actual results may differ materially, as described below in "Cautionary Statement Regarding Forward-Looking Statements."

   --  Full year revenue - $130 million 
 
   --  Adjusted EBITDA loss - $45.0 million to $50.0 million 
 
   --  Stock-based compensation - approximately $34.4 million 
 
   --  Weighted average shares outstanding - approximately 150 million shares 
 

Earnings Conference Call

Dinakar Munagala, co-founder and CEO of Blaize, and Harminder Sehmi, CFO of Blaize, will host a conference call at 2:00 p.m. Pacific Time today, March 24, 2026, to discuss the company's financial results and outlook. A live webcast will be accessible on Blaize's investor relations website at ir.blaize.com, and an archived conference call webcast will be available on Blaize's investor relations website for one year following the live call.

About Blaize

Blaize delivers a programmable AI platform, purpose-built for inference in real world environments. Its Hybrid AI architecture enables Practical AI and Physical AI workloads to run efficiently at the edge while integrating seamlessly with cloud and GPU based infrastructure. Blaize solutions support computer vision, multimodal AI, and sensor driven applications across smart cities, industrial automation, telecommunications, retail, logistics, and defense. Blaize is headquartered in El Dorado Hills, California, with a global presence across North America, Europe, the Middle East, and Asia. To learn more, visit www.blaize.com or follow us on LinkedIn @blaizeinc.

Non-GAAP Measures

In addition to financial measures presented in accordance with accounting principles generally accepted in the U.S. ("GAAP"), we report certain key financial measures that are not required by, or presented in accordance with, GAAP. Non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation of, or as a substitute for or superior to, financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. Accordingly, you are cautioned not to place undue reliance on this information. We believe that along with our GAAP financial information, our non-GAAP financial information when taken collectively and evaluated appropriately, is helpful to investors in assessing our operating performance.

In conjunction with net loss calculated in accordance with GAAP, we also use EBITDA and Adjusted EBITDA, as defined below, to evaluate our ongoing operations and for internal planning and forecasting purposes.

EBITDA and Adjusted EBITDA

EBITDA is defined as "Earnings before interest, income taxes, depreciation, and amortization". Adjusted EBITDA is defined as EBITDA further adjusted for non-cash items such as stock-based compensation, changes in fair value, and operational income and expenses that are not expected to be ongoing, as discussed below in the footnote to "other adjustments".

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