Blaize Holdings . Warrants Stock Earnings Reports

Blaize reported Q1 2026 revenue of approximately $2.7 million (up ~172% YoY) but was impacted by an industry-wide shortage of high-bandwidth memory (HBM) that delayed fulfillment of a large NeoTensr order into Q2 (~$11M+ expected) and constrained server availability. Management reaffirmed full-year 2026 revenue guidance of $130 million, expecting revenue to be back-half weighted with greater visibility as large orders convert. Key commercial progress includes expanding the NeoTensr engagement to a potential ~$70M total value, a strategic partnership with Winmate (targeting ~$15M first-year business), deeper rack-scale hybrid AI engagements with Nokia (including a partnership with Datacomm in Southeast Asia), and the launch of Blaize AI Services with a face recognition service as the first application. Management emphasized a strategic pivot toward hybrid rack-scale inference (sovereign AI, domain-specific LLMs, and energy-efficient programmable compute) that drives recurring, higher-margin application-level revenue. Gross margin improved to 58% in Q1 (from 11% in Q4 2025) driven by mix shift to software and Blaize-powered hardware; management expects blended gross margins to be compressed in the near term due to third-party hardware but to exceed 30% in Q4 2026 and to expand further in 2027. Operating discipline reduced operating expenses vs. prior year; adjusted EBITDA loss guidance for 2026 remains $45M–$50M. Blaize closed a $35M equity raise in May, extending runway to mid-2027 to support commercial commitments, AI services development, rack-scale platform work, and next-gen product development. Management highlighted strong partner momentum, diversified geographic pipeline (Asia Pacific, Europe, North America, Africa), and multiple edge and data center use cases (smart cities, border/security, drones, healthcare, document processing).