Blaize Holdings, Inc. Q3 FY2025 earnings call

• Q3 was a breakout quarter for Blaize with strong execution, commercial traction, and expanded global visibility, achieving $11.9 million in revenue. - Secured a $30 million investment from Polar Asset Management Partners to support acceleration, commercialization, and next-generation chip development. - Strengthened the ecosystem through partnerships with Technology Control Company (TCC) and Reach Digital. - Participated in influential innovation forums like Milken Institute Asia Summit 2025, GITEX Global 2025, and Web Summit 2025, showcasing hybrid AI platform capabilities. - Continued commercial rollout of the AI platform, integrating hardware, software, and orchestration into a unified stack. - Advancing development of the next-generation chip and working on hybrid AI infrastructure where GSPs and GPUs complement each other for better performance and power efficiency. - Cash balance improved to over $60 million after a $30 million private placement and other initiatives.

Blaize Holdings, Inc. reported revenue of $11.9 million for the third quarter, which was a 499% increase from Q2. Q4 revenue is expected to double from Q3. Approximately $10.4 million of the third quarter revenue came from initial shipments of servers under the Starshine contract to the Asia Pacific region, with expectation to collect this in full by the end of the year. The Yota purchase order is anticipated to contribute approximately $6 million in revenue this year. Revenue contribution is tied to various contracts and partnerships, with the Starshine project and Yota order being key components.

• Q4 revenue is expected to be between $21.1 million and $23.1 million, nearly doubling Q3's performance. - Adjusted EBITDA loss for Q4 is anticipated to be in the range of $15.6 million to $18.6 million. - In 2026, focus on global expansion of practical AI, deepening partnerships in sectors such as urban AI, infrastructure build-out, defense, and retail, and advancing development of the next-generation GSP architecture.

Actual results may differ materially from forward-looking statements due to risks and uncertainties associated with the business. These include risks discussed in the company's SEC filings and other important factors that could impact actual results, such as uncertainties related to business execution, market adoption, and competitive landscape.

Q: How many more quarters before starting to ship GSP-heavy servers?

A: Harminder Sehmi responded that they expect in the latter part of the second half of next year, as work is ongoing to create an orchestration layer for workloads to seamlessly go across GSP and GPU.

Q: Can you give hints on the next-generation silicon and its improvements?

A: Dinakar Munagala said the next-generation chip will address existing video image visual workloads and expand into other areas to capture a wider set of workloads, incorporating customer demand and feedback from the platformization and orchestration layer.

Q: Can you scope the size of the TCC and Reach deals?

A: Dinakar Munagala stated that details of the deal sizes weren't disclosed, but the market in the Middle East is rapidly growing with demand for AI solutions, and both partnerships are progressing well.

Q: Is the pipeline still robust and what about conversion?

A: Harminder Sehmi said the pipeline remains robust, and conversion is expected to accelerate with deployments, with initiatives like shipping on the Starshine contract and working with Yota contributing to this.

Q: What's the competitive landscape like?

A: Dinakar Munagala mentioned that while competition exists, Blaize's hybrid AI platform with its TCO advantage, programmability, and ability to withstand harsh conditions helps them stand out in the market