Blaize Holdings, Inc. (BZAI) Earnings
Blaize Holdings, Inc. is expected to report next earnings on August 13, 2026 (in NaN days), with a consensus EPS estimate of $-0.12. BZAI has beaten EPS estimates in 1 of its last 6 reported quarters (average surprise -21.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $-0.13 | $-0.13 | +0.0% | $3M | +0.0% |
| Mar 24, 2026 | $-0.14 | $-0.14 | +0.0% | $24M | +8.2% |
| Nov 13, 2025 | $-0.14 | $-0.14 | +0.0% | $12M | -46.0% |
| Aug 14, 2025 | $-0.15 | $-0.28 | -86.7% | $2M | -11.0% |
| May 14, 2025 | $-0.18 | $-0.29 | -61.1% | $1M | -37.4% |
| Mar 27, 2025 | $-0.66 | $-0.44 | +33.0% | $1000 | +11.1% |
| Sep 30, 2024 | — | $-1.47 | — | $781000 | — |
| Jun 30, 2024 | — | $-0.12 | — | $223000 | — |
| Mar 31, 2024 | — | $-0.16 | — | $549000 | — |
| Dec 31, 2023 | — | $-3.99 | — | $414000 | — |
| Sep 30, 2023 | — | $-3.38 | — | $571000 | — |
| Jun 30, 2023 | — | $-2.75 | — | $1M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 14, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Strategic Commercial Progress & Partnerships - Expanded the NeoTensor contract to a total potential value of $70 million, with $50 million expected in revenue in the first year of the engagement. The contract covers co-branded AI servers running on Blaze QuadCard, with rollout across multiple Asia Pacific cities in multiple phases. - Signed a strategic partnership with ruggedized computing leader Winmate to integrate Blaze AI into drones, handheld devices, vehicle-mounted units and embedded systems for mission-critical use cases including border security and infrastructure protection, with approximately $15 million in expected first-year revenue. - Launched a joint AI innovation lab with Nokia across Asia Pacific for hybrid AI rack-scale development, including a strategic partnership with leading Southeast Asian cloud provider Datacom. - Announced Blaze AI Services, a new line of business that delivers production-ready AI APIs for partners to deploy, monetize and resell; the first service, face recognition, will launch soon, followed by intelligent document processing. ### Market & Strategic Positioning - Management identifies a major industry shift from large centralized training GPU clusters to sovereign, in-country AI inference at the edge, which aligns with Blaze's hybrid AI architecture. Blaze's strategic pillars are: 1) sovereign AI infrastructure for governments and enterprises that require data control, 2) smaller domain-specific tuned AI models that run on affordable infrastructure, 3) programmable, energy-efficient compute with deterministic latency that can run vision and language workloads on the same hardware. ### Financial & Operational Update - Closed a $35 million equity offering with large institutional investors in May 2026, strengthening the balance sheet and extending cash runway to mid-2027. Proceeds will fund commercial commitments, AI services development, platform advancement, and next-generation product development. - Q1 2026 revenue was constrained by an industry-wide high bandwidth memory (HBM) shortage that delayed an $11 million+ NeoTensor order, which will now be fulfilled in Q2 2026. Customer demand remains strong, and the company has placed forward orders for Blaze chips and cards, with HBM-free hybrid servers expected to ship in H2 2026 to mitigate future supply constraints. - Q1 2026 net loss was $22.7 million, compared to a $147.8 million net loss in Q1 2025 (which included large non-cash one-time merger accounting adjustments). Total operating expenses were $25 million, down $14.7 million year-over-year.
Guidance
- Management reaffirms full-year 2026 total revenue guidance of $130 million, maintaining the prior forecast. Revenue is expected to be back-half weighted, with the second half of 2026 meaningfully stronger than the first. - Adjusted EBITDA loss guidance for full-year 2026 is maintained at $45 million to $50 million. - Blended gross margins are expected to be compressed in Q2 and Q3 2026 due to a higher share of third-party hardware in the revenue mix, but are forecast to exceed 30% in Q4 2026, with further expansion expected in 2027 as Nokia-driven global data center opportunities grow. - Blaze AI Services recurring revenue is expected to start contributing to revenue in Q4 2026, and will become a significant portion of 2027 revenue, with higher-margin recurring revenue growing over time as the business scales. - HBM-free hybrid Blaze servers are expected to begin shipping at scale in the second half of 2026.
Segment performance
Blaze does not break out formal product segment financials in the call. Total company Q1 2026 revenue is $2.7 million, up 170% year-over-year. Gross margin for the quarter was 58%, driven by a higher mix of higher-margin software and Blaze-powered hardware, and the shift of the HBM-intensive NeoTensor order to Q2. Full-year 2026 guidance of $130 million total revenue expects 15-20% to come from Blaze AI Services (a combination of upfront hardware CapEx and recurring software revenue). Of the remaining system revenue, roughly 20% of total 2026 revenue is expected to be HBM-intensive configurations, with the majority being HBM-free hybrid configurations leveraging DDR/LPDDR memory.
Risks & headwinds
- Industry-wide high bandwidth memory (HBM) shortages have caused order delays, and securing HBM supply can require premium pricing that the company is not always willing to pay, creating ongoing supply chain uncertainty that could impact revenue timing. - Forward-looking statements are inherently uncertain, and actual results may differ materially from guidance due to a range of business, market and regulatory risks, which are detailed in the company's SEC filings including 10-K and 10-Q reports. - Global macroeconomic and geopolitical instability (including ongoing conflicts in the Middle East) creates uncertainty for near-term opportunity conversion, even as inbound demand for relevant security use cases has increased. - The AI infrastructure market is rapidly evolving and competitive, which could pressure market share and margins even as Blaze positions itself to capitalize on the shift to edge inference.
Analyst Q&A
Q: How is the full-year 2026 $130 million revenue target spread geographically, what impact has the conflict in Iran had on opportunities, and are supply chain issues limited to HBM? /
A: The 2026 revenue is expected to come from Europe, Asia Pacific, with a growing pipeline in North America and early opportunities in Africa. The conflict has driven increased inbound demand for Blaze's drone detection and perimeter security solutions, though these have not yet converted to purchase orders. Supply chain constraints are primarily concentrated in HBM-intensive servers; the company chose not to pay high premiums for HBM in Q1, delaying the NeoTensor order. Supply issues are expected to ease once HBM-free hybrid servers ship in H2 2026, though broader macro supply risks remain.
Q: When will Blaze AI Services launch, when will revenue begin, what are the initial target markets, and how should we model recurring revenue relative to hardware sales? /
A: The first Blaze AI Service (face recognition) is launching imminently, with initial anchor customers in Asia for use cases including immigration, citizen safety, elderly care and smart kitchens. Intelligent document processing will launch next. Blaze AI Services includes both upfront CapEx revenue for Blaze-powered hybrid servers, recognized immediately, and recurring monthly revenue from API usage. Recurring revenue is expected to start contributing to the top line in Q4 2026, and will become a significant, higher-margin portion of 2027 revenue as the business scales.
Q: What share of the 2026 $130 million revenue is attributable to AI Services, and how much of system revenue is split between HBM-dependent and HBM-free configurations? /
A: AI Services (including both hardware CapEx and software revenue) is expected to make up 15-20% of full-year 2026 revenue, most of which will come in Q4 2026. Roughly 20% of total 2026 revenue will be HBM-intensive configurations; the majority of system revenue is based on HBM-free DDR/LPDDR hybrid configurations, and the company expects a faster migration to HBM-free designs as HBM supply constraints and high pricing make HBM-based servers uneconomical for many smaller players.
Q: What is the pricing/revenue model for recurring AI Services, when will the 15-20% 2026 AI Services revenue be recognized, how large is Blaze's qualified opportunity pipeline, and what types of opportunities is Blaze pursuing in the US and Europe? /
A: Recurring revenue will be a mix of revenue share agreements with cloud service provider partners and licensing fees for Blaze's pre-built AI model library. Most of the 2026 AI Services revenue will come in Q4, when Blaze servers are available at scale. The pipeline is sizable and evolving, with management prioritizing near-term opportunities that leverage Blaze's hybrid AI advantages. In the US, Blaze is pursuing energy-efficient data center opportunities, while Europe has strong demand for edge AI applications. Blaze offers both small form-factor cards that integrate directly into drones, and back-end infrastructure for drone detection and perimeter security, which has seen growing demand amid rising geopolitical instability.