Blaize Holdings . Common Stock Stock Earnings Reports

Blaize reported Q1 2026 revenue of $2.7M (up ~172% YoY) but noted shipments were delayed by an industry-wide high‑bandwidth memory (HBM) shortage; management says customer demand remains intact and expects fulfillment of a >$11M NeoTensr order in Q2. The company reaffirmed full‑year 2026 revenue guidance of $130M and expects revenue to be back‑half weighted. Key commercial developments include: an expanded NeoTensr engagement (total potential ~ $70M), a strategic partnership with Winmate (targeting ~ $15M first‑year business), deeper Nokia joint rack‑scale hybrid AI engagements (including Datacomm in Southeast Asia), and the launch of Blaize AI Services with face‑recognition as the first application. Gross margin expanded to 58% in Q1 (from 11% in Q4 2025) driven by a higher mix of software and Blaize‑powered hardware; management expects blended gross margins to be compressed near term due to third‑party hardware but to exceed 30% by Q4 2026 and expand further in 2027. Adjusted EBITDA loss for Q1 was $13.9M; full‑year adjusted EBITDA loss guidance remains $45–50M. Blaize closed a $35M equity raise in May, extending runway to mid‑2027 to fund commercial rollouts, AI services development and rack‑scale platform work. Management emphasized the strategic shift in the market toward sovereign, edge and hybrid inference deployments and positioned Blaize’s energy‑efficient, programmable GSP-based hybrid rack approach and AI services as differentiators.