Blaize Holdings, Inc. Q3 FY2025 earnings call

• Q3 was a breakout quarter with $11.9 million revenue, up 499% from Q2. • Secured a $30 million investment from Polar Asset Management Partners. • Announced partnerships with Technology Control Company (TCC) and Reach Digital. • Participated in major innovation forums like Milken Institute Asia Summit, GITEX Global, and Web Summit. • Progressed on Starshine Hybrid AI infrastructure, TCC partnership for Saudi Arabia's Vision 2030, and EutraSmart Infrastructure in India. • Continued commercial rollout of the AI platform with integrated hardware, software, and orchestration. • Developed next-generation chip and strengthened capital position with $30 million financing.

Revenue for the third quarter was $11.9 million, a 499% increase from Q2. Approximately $10.4 million of the third quarter revenue came from initial shipments of servers under the Starshine contract in the Asia Pacific region. The Yota purchase order is expected to contribute around $6 million in revenue this year. This reflects the shift from customer validation to growth at scale.

• Q4 revenue expected to double from Q3, with Q4 revenue guidance $21.1M to $23.1M. • Adjusted EBITDA loss guidance for Q4 is $15.6M to $18.6M. • Pipeline opportunities from Yota and Starshine deals total $160 million over the next six quarters. • 2026 focus on global expansion of practical AI, deepening partnerships in sectors like urban AI, infrastructure, defense, and retail.

• Risks associated with forward-looking statements, including uncertainties in market adoption, execution of partnerships and product development, and potential deviations from financial guidance due to unforeseen events or market conditions.

Q: Tied in with the Starshine project, how many more quarters before starting to ship GSP-heavy servers?

A: Harminder Sehmi expects in the latter part of the second half of next year as work on orchestration layer completes.

Q: Can you give hints on next-generation silicon?

A: Dinakar Munagala says next-gen chip will address existing workloads and expand into new areas based on customer demand and feedback.

Q: Scope of TCC and Reach deals?

A: Dinakar Munagala mentions both are in the Middle East with growing demand for AI solutions, with details to be announced as contracts solidify.

Q: Conversion of pipeline?

A: Harminder Sehmi states pipeline remains robust with expected conversions from Starshine, Yota, and expanding use cases.

Q: Competitive landscape?

A: Dinakar Munagala notes customers value Blaize's ecosystem and programmability, setting it apart from competitors focusing on GPUs alone.